The Parisian, Macao The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore (Targeted to open late 2015)
2Q14 Earnings Call Presentation July 16, 2014
Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo Las Vegas 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 and operation, delivering strong growth in revenue, cash flow, earnings and dividends
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, powerful convention‐ based business model and the industry’s strongest balance sheet to the world’s most promising Integrated Resort development opportunities
Committed to maximizing shareholder returns by delivering strong growth while continuing to increase the return of capital through recurring dividend and stock repurchase programs
The industry’s most experienced leadership team: visionary, disciplined and dedicated to driving long‐term shareholder value 3 Second Quarter 2014 Highlights Steady Quarterly Growth and Increased Return of Capital to Shareholders
Adjusted diluted EPS increased 30.8% to $0.85 per share¹
Consolidated adjusted property EBITDA increased 18.6% to $1.31 billion¹
Macao – Adjusted property EBITDA¹ increased 21.9% to $801.3 million driven by strong growth in the mass market
Marina Bay Sands – Adjusted property EBITDA increased 17.6% to $417.8 million
LVS returned a total of $723.3 million to shareholders during the quarter
— $403.3 million ($0.50 per share) returned through recurring dividend
— $320.0 million returned through share repurchases Maximizing Return to Shareholders by: 1. Delivering strong growth in current markets 2. Using leadership position in convention‐based Integrated Resort development and operation to pursue global growth opportunities 3. Increasing return of capital to shareholders NOTE: All comparisons in this presentation compare the second quarter 2014 against the second quarter 2013 unless otherwise specified. 1. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been 4 approximately $29 million higher both in Macao and on a consolidated basis, and Adjusted Earnings per Diluted Share would have been $0.03 higher. Second Quarter 2014 Financial Results Growth in Revenue, Adjusted Property EBITDA, EPS and Dividends per Share
$ in millions, except per share information 2Q13 2Q14 $ Change % Change
Net Revenue$ 3,242.9 $ 3,624.4 $ 381.5 11.8%
Adjusted Property EBITDA¹ $ 1,106.9 $ 1,312.6 $ 205.7 18.6%
Adjusted Property EBITDA Margin 34.1% 36.2% 210 bps
Adjusted Diluted EPS¹ $ 0.65 $ 0.85 $ 0.20 30.8%
Dividends per Common Share$ 0.35 $ 0.50 $ 0.15 42.9%
Hold‐Normalized Adjusted Property EBITDA¹ $ 1,157.0 $ 1,218.8 $ 61.8 5.3%
Hold‐Normalized Adj. Property EBITDA Margin 35.0% 35.2% 20 bps
Hold‐Normalized Adjusted Diluted EPS¹ $ 0.71 $ 0.77 $ 0.06 8.5%
1. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been 5 approximately $29 million higher both in Macao and on a consolidated basis, and Adjusted Earnings per Diluted Share would have been $0.03 higher. Macao – Strong Growth in Mass Segment Singapore –Growth in Mass, Hotel and Retail Segments
Macao –Steady EBITDA growth driven by growth in mass segment
—Mass table win increased 34.3% to $1.25 billion
—Slot and ETG win increased 18.8% to $177.6 million
— Rolling win decreased 5.7% to $1.12 billion
—Retail mall revenue increased 9.0% to $78.0 million
Singapore –Steady operating performance with growth in hotel and retail segments
—Mass table and slot win increased 3.7% to $426.0 million (property record $4.7 million win per day)
— Room revenue increased 7.6% to $93.1 million with ADR of $409, occupancy of 99.1% and RevPAR of $405
— Rolling win decreased 0.9% to $360.3 million
—Mall revenue increased 12.6% to $40.3 million
6 Increasing Return of Capital to Shareholders Nearly $8.3 Billion of Capital Returned to Shareholders Over Last 10 Quarters
LVS Recurring Dividends per Share1 The LVS Board of Directors increased the recurring $2.50 dividend by 42.9% to $2.00 per share for the 2014 $2.00 calendar year ($0.50 per share payable quarterly) $2.00 $1.40 $1.50 The company remains committed to returning $1.00 $1.00 capital to shareholders via: $0.50 — Recurring quarterly dividend program at Las $0.00 Vegas Sands with a commitment to grow 2012 2013 2014 the recurring dividend by at least 10% annually Total Capital Returned to Shareholders — $2.0 billion Las Vegas Sands stock Year Year Six Months Ended Ended Ended repurchase program with a commitment to $ in millions 12/31/2012 12/31/2013 6/30/2014 Total purchase at least $75 million of stock each
LVS Dividends Paid1 $ 823 $ 1,153 $ 809 $ 2,785 month (approximately $300 million LVS Special Dividend Paid 2,262 ‐ ‐ 2,262 remaining under current authorization) LVS Shares Repurchased ‐ 570 1,130 1,700 Subtotal LVS$ 3,085 $ 1,723 $ 1,939 $ 6,747 SCL Dividends Paid2 357 411 777 1,545 —Special dividends Total$ 3,442 $ 2,134 $ 2,716 $ 8,292
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. and excludes the $2.75 per share special dividend paid in December 2012. 2. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. (total SCL dividends paid since 2011 of $5.18 billion). 7 LVS Generates Greater Dividend Yield than the S&P500 Index
2014 Forward Dividend Yield of LVS and S&P5001 Sensitivity of LVS Dividend Yield
4.0% 4.0%
3.5% 3.5% 3.3% Dividend 3.0% 3.0% 2.9% Yield as of 2.7% 2.7% 7/15/14² 2.5% 2.5% 2.5% 2.2% 2.1% +60 bps 2.0% 2.0% 2.0%
1.5% 1.5%
1.0% 1.0%
0.5% 0.5%
0.0% 0.0% $60.00 $70.00 $74.22 $80.00 $90.00 $100.00 LVS S&P500
LVS’s 2014 Dividend Yield of 2.7% Reflects a 60 bps Premium Above the S&P500 Forward Dividend Yield Estimates
1. Reflects the 2014 dividend yield for LVS and the Bloomberg 2014 forward dividend yield estimate for the S&P500 on July 15, 2014. 8 2. Reflects the 2014 forward LVS dividend ($2.00) over the closing price for LVS on July 15, 2014. Strong Cash Flow, Balance Sheet and Liquidity Flexibility for Future Growth Opportunities and Increasing Return of Capital
At June 30, 2014: Trailing Twelve Months EBITDA – $5.28 billion1 Trailing Twelve Months LVS Dividends Paid – $1.38 billion Trailing Twelve Months SCL Dividends Paid – $776.6 million2 Trailing Twelve Months LVS Stock Repurchases – $1.65 billion Cash Balance – $3.30 billion Net Debt – $7.08 billion Net Debt to TTM EBITDA –1.3x Figures as of June 30, 2014 Sands China U.S. Corporate (US GAAP in $MM) Ltd. Singapore Operations 3 and Other Total
Cash, Cash Equivalents and Restricted Cash$ 1,514.0 $ 515.9 $ 395.5 $ 873.6 $ 3,299.0
Debt$ 3,216.8 $ 3,682.2 $ 3,480.0 $ ‐ $ 10,379.0
Net Debt$ 1,702.8 $ 3,166.3 $ 3,084.5 $ (873.6) $ 7,080.0
Trailing Twelve Months Adjusted Property EBITDA$ 3,361.3 $ 1,485.4 $ 435.5 $ ‐ $ 5,282.2
Gross Debt to Trailing Twelve Months EBITDA 1.0 x2.5 x8.0 xNM2.0 x
Net Debt to Trailing Twelve Months EBITDA 0.5 x2.1 x7.1 xNM1.34 x
Strong Balance Sheet and Cash Flow Maximize Financial Flexibility
1. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher. 2. Reflects only the public (non‐LVS) portion of dividends paid by Sands China Ltd. Total TTM dividends paid by Sands China Ltd. were $2.60 billion. 3. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $65.5M in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem. 9 4. The net leverage ratio for covenant compliance purposes was 1.2x, reflecting the dividends and royalty fees paid by Sands China Ltd. and Marina Bay Sands to the U.S. Operations. Macao Operating Performance
Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin¹ Actual Hold‐Normalized
($MM) +21.9% $1,000 +14.5% 60%
$900 $801.3 50% $800 $752.5
$700 $657.2 $657.2 40% $600
34.0% 33.3% $500 32.1% 32.1% 30%
$400 20% $300
$200 10% $100
$0 0% 2Q13 2Q14 2Q13 2Q14 1. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been 10 approximately $29 million higher in Macao. Macao Gaming Performance Strong Growth and Increased Efficiency Across Macao Mass Property Portfolio
Mass tables
— Mass table win up 34.3% to $1.25 billion (compared to 32.6% growth for the Macao market)
—Mass table efficiency up 17.4% to $11,963 win per table per day (despite an increase of 145 mass tables compared to the same quarter last year)
—Mass table count increased by 14.4% to reach an average of 1,147 mass tables during the quarter Slots and ETGs
— Slot and ETG win up 18.8% to $177.6 million driven by increased slot play at The Venetian Macao VIP gaming
— Rolling win down 5.7% to $1.12 billion (compared to a decrease of 5.9% for the Macao market)
—VIP table efficiency increased 31.5% to $32,568 win per VIP table per day
—VIP table count decreased by 28.2% to an average of 377 VIP tables during the quarter
Strong Operating Momentum Across Mass Gaming Segments 11 Strong and Consistent Growth in Macao’s High Margin Mass Market
Macao Mass Table and Slot Gross Gaming Revenue ($MM)
$20,000 60%
$18,000 $17,528 50% $16,000 $15,309
$14,000 39% 36% 40% $11,674 $12,000 33% 33% 30% 30% 31% $10,000 $8,949 30% $8,000 $6,587 16% 20% $6,000 $4,952 $4,358 $4,000 $3,355 14% $2,084 $2,409 10% $2,000
$0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2Q14
Mass Table and Slot GGR Year‐over‐Year Growth Macao’s Mass Table and Slot Revenue has Grown by at Least 30% in each of the Last 18 Quarters, Including 33% Growth in TTM 2Q14 (37% Mass Table Growth and 8% Slot Growth) 12 Source: Macao DICJ The Mass Business is the Primary Driver of Earnings Growth in Macao Macao Market VIP and Mass Gaming Est. Operating Profit ¹
($MM) $12,000 ( ) = % of total operating profit for period $10,044 $10,000 $9,108 $3,033 (30%) $8,000 $7,307 $2,985 (33%) $6,026 $2,637 $6,000 (36%) $2,446 $7,011 (41%) $6,123 (70%) $4,000 (67%) $4,670 $3,579 (64%) $2,000 (59%)
$0 2011 2012 2013 TTM 2Q14
Mass Tables, Slots and ETGs VIP Tables
Since 2011, the VIP Business Generated An Additional $587 Million in Operating Profit While the Mass Business Generated an Additional $3.4 Billion in Operating Profit Source: Macao DICJ 13 1. This presentation reflects an assumed operating profit margin of 10.0% on gross VIP revenue and a blended margin of 40% on mass table and slot gross revenue. Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China
Macao Departmental Profit Contribution by Segment
TTM 2Q131 TTM 2Q14
VIP 20% VIP 17% Other 2% Other 1% Mall 8% Mall 8% Mass Tables 50% Mass Tables 53%
Hotel 12% Hotel 12%
Slots 9% Slots 8%
Mass Tables / Slots and Non‐Gaming Generated 83% of Macao’s Departmental Profit in the TTM Period Ending 2Q14 vs. 80% in the TTM Period Ending 2Q13
1. Represents departmental profit by segment (before unallocated expenses) for the respective TTM periods ending June 30, 2013 and 2014. 14 Executing Our Mass Strategy in Macao
World Class Concerts, Sporting Events Portfolio of Nearly Family-friendly Entertainment and Other Entertainment Offerings 9,300 Suites and Hotel Rooms
Over 1.2 million sq. feet of World Class Shopping The Broadest and Deepest Market-Leading Customer Database Mass Tourism Offerings in Macao
Expansion of Mass Market Highly Themed Tourism Attractions Offerings Underway with The Parisian
Over 2 million sq. feet of Conference, Exhibition and Carpeted Meeting Space
Our Unmatched Mix of Non‐Gaming Amenities Drives Visitation, Length of Stay and Growth 15 Strong Growth in Macao Mass Table Business Strong Growth and Productivity Gains in Macao’s Most Important Segment Mass Table Win Increased 34.3% Mass Table Win per Table per Day2
($MM) $16,000 $1,600 60%
55% $14,000 $13,210 $1,400 $1,336.7 $1,248.8 $12,143 $1,218.5 50% $11,963 $12,000 $1,200 45% $10,961 $1,061.2 $10,190 40% $10,000 $1,000 $929.6 35% $8,000 $800 30% 31.6% 29.9% 29.8% 30.5% 30.4% 25% $6,000 $600 20% $4,000 $400 15%
10% $2,000 $200 5% $0 $0 0% 2Q13 3Q13 4Q13 1Q14 2Q14 2Q13 3Q13 4Q13 1Q14 2Q14 Mass 1 1,003 1,052 1,091 1,124 1,147 Mass Table Win % of Macao Mass Table Win Tables
Over $2.2 Billion of Annual Departmental Profit at the 2Q14 Run‐Rate
Source: Macao DICJ 1. LVS’s mass table market share as presented above reflects the Macao DICJ’s presentation methodology, which includes live dealer ETG configurations within the mass table segment and Paiza cash revenue within the VIP segment. For financial reporting purposes, LVS presents a non‐rolling table segment (which includes Paiza cash and excludes all ETGs) and a slot segment (which includes all ETGs). 16 2. Excludes revenue from all ETGs. Extending Our Leadership in Macao’s Mass Market Meaningful Opportunity to Continue to Grow Mass Table Business
Illustrative Profitability of LVS’s Macao Market Mass Table Offering ($MM)1
Mass Table Win per Unit per Day $11,000 $11,963 $12,000 $13,000 $14,000 $15,000 $16,000
1,250 $2,258 $2,456 $2,464 $2,669 $2,874 $3,080 $3,285
# of 1,200 $2,168 $2,358 $2,365 $2,562 $2,759 $2,957 $3,154
Mass 1,150 $2,078 $2,260 $2,267 $2,456 $2,644 $2,833 $3,022
Tables 1,147 $2,072 $2,254 $2,261 $2,449 $2,638 $2,826 $3,014 1,100 $1,987 $2,161 $2,168 $2,349 $2,529 $2,710 $2,891
Our departmental profit LVS’s 2Q14 annualized mass opportunity in the mass table departmental profit table segment in Macao
Over $2.2 billion of Annualized Mass Table Departmental Profit Today… Opportunity for Additional Growth Through Continued Execution of Our Mass Strategy
1. Based on departmental profit margin of 45% of mass table revenue for LVS’s Macao operations. 17 Macao: Strong Growth in Base Mass and Premium Mass Revenues LVS Base Mass Table Win by Quarter LVS Premium Mass Table Win by Quarter
LVS Departmental Profit Margin: 45% - 50% LVS Departmental Profit Margin: 35% - 45%
($MM) ($MM)
$900 $900
$800 $757 $800 $702 $700 $659 $700 $609 $580 $600 $557 $600 $559 $547
$500 $500 $452
$400 $400 $372
$300 $300
$200 $200
$100 $100
$0 $0 2Q13 3Q13 4Q13 1Q14 2Q14 2Q13 3Q13 4Q13 1Q14 2Q14
Tables 761 798 829 877 857 Tables 241 255 261 248 290
Mass Table Offering is Broadest and Deepest in Macao market
Note: LVS base mass and premium mass table revenues are based on geographic position of the tables on the gaming floor. 18 Profitable Macao Slot Business Continues to Grow
Macao Slot and ETG Win Increased 18.8% Macao Slot and ETG Win per Unit per Day
($MM) $450 $220 45% $401 $200 $400 $388 40% $184.3 $353 $173.8 $177.6 $180 $350 $165.9 35% $327 $160 $149.4 $300 $285 32.6% 32.7% 32.2% 32.4% 30% $140 30.1% $250 $120 25% $200 $100 20%
$80 $150 15% $60 $100 10% $40 $50 5% $20 $0 $0 0% 2Q13 3Q13 4Q13 1Q14 2Q14 2Q13 3Q13 4Q13 1Q14 2Q14 Slots & 5,348 5,277 1 ETGs 5,757 5,507 4,865 Slot & ETG Win % of Macao Market Slot Win ~ $330 Million of Annual Departmental Profit at the 2Q14 Run‐Rate
Source: Macao DICJ 1. LVS’s slot market share as presented above reflects the Macao DICJ’s slot revenue reporting methodology, which excludes ETG play. Live dealer ETG configurations are reported within the mass table segment. For financial reporting purposes, LVS presents a non-rolling table segment (which excludes all ETGs) and a slot segment (which includes all ETGs). 19 Strong Mass Growth Across our Macao Property Portfolio Macao Property Portfolio Growing Faster than the Market
Mass Table, Slot and ETG Win Per Day
Cotai Strip Properties Peninsula Total $18.0 ($MM) $15.7 $15.0 $13.3 $11.9 $12.0 $9.7 $9.0 $7.0 $5.6 $6.0 $5.2 $3.5 $3.0 $2.1 $2.4 $1.0 $0.6 $0.0 Venetian Sands Cotai Plaza Casino Total Sands Macao Total 2Q14 Average Table,Macao Slot and ETG UnitsCentral (Four 2Q13Seasons) Cotai Strip 2Q14(Peninsula) Macao Ops Mass Tables 536 35459 949 199 1,147 Slots 1,502 1,059145 2,706 583 3,289 ETGs 548 6898 1,245 331 1,576 Strong Growth at Every Property in our Macao Portfolio Drove an Increase of 31.9% in our Portfolio‐wide Mass Win per Day to Market‐Leading $15.7 million per day 20 1. This compares to a 28.9% increase for the Macao market mass table, slot and ETG win for 2Q14. Macao VIP Business Modestly Declining Revenue with Increased Table Productivity
Rolling Win Decreased 5.7% Rolling Win per Table per Day
($MM) $45,000 $1,600 30% $1,445.3 $39,167 $40,000 $1,400 $1,303.4 $1,327.2 25% $1,183.9 $35,000 $32,837 $32,568 $1,200 $1,116.9 $30,365 20% $30,000 $1,000 $24,763 18.4% 18.3% $25,000 17.1% $800 16.8% 16.9% 15% $20,000 $600 10% $15,000 $400
5% $10,000 $200 $5,000 $0 0% 2Q13 3Q13 4Q13 1Q14 2Q14 $0 Rolling Win % of Macao Market Rolling Win 2Q13 3Q13 4Q13 1Q14 2Q14 Rolling Rolling 2.82% 2.87% 2.68% 3.18% 3.19% 525 467 439 410 377 Win % Tables
Greater Than $550 Million of Annual Departmental Profit at the 2Q14 Run‐Rate 21 1. This compares to a decrease of 6.0% for the Macao market. Expanding Our Critical Mass on the Cotai Strip The Parisian Macao
Rendering of The Parisian Macao The Parisian Macao will be a $2.7 billion themed, aspirational destination Integrated Resort Construction is progressing 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
Map of Macao’s Cotai Strip Construction Progress –July 14, 2014
LVS Planned LVS Third Party Third Party Development Operating Operating Future 22 Assets Asset Development Marina Bay Sands Operations Second Quarter 2014 Details
Adjusted property EBITDA of $417.8 million, an Adjusted Property EBITDA and Adjusted Property EBITDA Margin increase of 17.6% Actual Hold‐Normalized —Hold‐normalized adjusted property EBITDA of ($MM) $500 60% $368.5 million, a decrease of 4.0% $417.8 $384.0 $400 $355.3 $368.5 50% Total mass (non‐rolling tables and slots) win per $300 51.9% 49.5% 49.6% day increased 3.8% to reach $4.7 million 48.1% $200 40% —Non‐Rolling win increased 0.7% to $274.4 $100
million¹ $0 30% 2Q13 2Q14 2Q13 2Q14 —Slot win increased 9.6% to $151.5 million² Non‐Rolling Table and Slot Win Per Day ($MM) Rolling win decreased 0.9% to $360.3 million $5.0 $4.51 $4.68 (rolling volume decreased 27.3% to $10.45 $4.0 $1.52 $1.66 billion) $3.0 $2.0 $2.99 $3.02 Strong growth in hotel ADR, which increased 7.9% $1.0 to $409 while room revenue increased 7.6% to $0.0 reach $93.1 million 2Q13 2Q14 Non‐Rolling Tables Slot Machines Continued Growth in Slot, Hotel and Retail Businesses, Mass Table Play Steady
1. Non‐rolling win has been between $260 million and $280 million in each of the past twelve quarters. 23 2. Slot win has been between $135 million and $155 million in each of the past twelve quarters. Asian Retail Mall Revenue Increasing Steadily
Trailing Twelve Months Retail Mall Revenue
($MM) $600
$502 $512 $500 $478 $450 $422 $156 $160 $400 $154 $155 $157 $43 $45 $300 $42 $38 $29 $126 $125 $113 $97 $200 $87
$100 $177 $149 $160 $169 $182
$0 2Q13 3Q13 4Q13 1Q14 2Q14 Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands² Operating $355M $379M $407M $430M Profit $442M Operating 84% 84% 85% 86% 86% Profit Margin
1. At June 30, 2014, 305,929 square feet of gross leasable area were occupied out of a total of up to 600,000 square feet of retail mall space that will be featured at completion of all phases. 24 2. 44,000 square feet of the Shoppes at Marina Bay Sands (6.8% of total mall square footage) was being repositioned to higher yielding luxury tenants during the second quarter. Disciplined Execution of Our Global Growth Strategy
As the global leader in Integrated Resort development and operation, Las Vegas Sands is uniquely positioned to bring its unmatched track record and powerful convention‐based business model to the world’s most promising Integrated Resort development opportunities
Development opportunity parameters: — Minimum of 20% return on total invested capital
— 25% ‐ 35% of total project costs to be funded with equity (project financing to fund 65% ‐ 75% of total project costs) Promising Areas of Future Development Interest for Las Vegas Sands
Macao Japan South Korea Vietnam The Parisian Macao St. Regis Tower at Sands Cotai Central
25
Appendix Historical Hold‐Normalized Adj. Property EBITDA1
$ in millions 2Q13 3Q13 4Q13 1Q14 2Q14
Macao Property Operations Reported$ 657.2 $ 784.3 $ 835.9 $ 939.8 $ 801.3 ³ Hold‐Normalized$ 657.2 $ 784.3 $ 866.8 $ 864.8 $ 752.5
Marina Bay Sands Reported$ 355.3 $ 373.6 $ 258.8 $ 435.2 $ 417.8 Hold‐Normalized$ 384.0 $ 373.6 $ 341.3 $ 377.9 $ 368.5
Las Vegas Operations Reported$ 63.0 $ 87.1 $ 88.2 $ 79.7 $ 66.1 Hold‐Normalized$ 84.4 $ 61.6 $ 93.7 $ 97.3 $ 70.4
Sands Bethlehem Reported$ 33.6 $ 29.6 $ 30.3 $ 26.5 $ 27.9 Hold‐Normalized$ 33.6 $ 29.6 $ 30.3 $ 26.5 $ 27.9
2 LVS Consolidated Reported$ 1,106.9 $ 1,275.8 $ 1,214.0 $ 1,479.7 $ 1,312.6 ³ Hold‐Normalized$ 1,157.0 $ 1,250.3 $ 1,332.9 $ 1,365.2 $ 1,218.8
1. This schedule presents hold-normalized 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 for the quarter. (b) for Las Vegas operations: if the quarter’s Baccarat win percentage is outside of the 22.0%-30.0% band, then a hold-adjustment is calculated by applying a Baccarat win percentage of 26.0%, and if the quarter’s non-Baccarat win percentage is outside of the 14.0%-18.0% band, then a hold-adjustment is calculated by applying a non-Baccarat win percentage of 16.0%. (c) for Sands Bethlehem: no hold-adjustment is made. (d) for all properties: gaming taxes, commissions paid to third parties on incremental win, bad debt expense, discounts and other incentives are applied to determine the EBITDA impact. 2. Reflects consolidated adjusted property EBITDA inclusive of Other Asia (principally CotaiJet operations) segment. 3. Includes the impact of the initiation of a “14th month” special bonus accrual for non-management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately 28 $29 million higher both in Macao and on a consolidated basis. Strong Historical Revenue and EBITDA Growth Over the Last Four Years LVS Historical Net Revenue LVS Historical Adjusted Property EBITDA
($MM) ($MM) $16,000 $6,000 $14,859 $13,770 $5,282 $14,000 $5,000 $4,763
$12,000 $11,131 $4,000 $3,791 $10,000 $9,411 $3,532
$8,000 $3,000 $6,853 $2,229 $6,000 $2,000 $4,563
$4,000 $1,086 $1,000 $2,000
$0 $0 2009 2010¹ 2011 2012² 2013 TTM 2Q14³ 2009 2010¹ 2011 2012² 2013 TTM 2Q14 Margin 23.8% 32.5%37.5% 34.1% 34.6% 35.5% The Power and Consistency of our Convention‐Based Integrated Resort Business Model is Reflected in our Financial Results 1. Marina Bay Sands opened in April 2010. 2. Sands Cotai Central opened in April 2012. 3. Includes the impact of the initiation of a “14th month” special bonus accrual for non-management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would 29 have been approximately $29 million higher. Strong Historical Net Income and EPS Growth Over the Last Four Years LVS Historical Adjusted Net Income LVS Historical Adjusted Diluted Earnings per Share ($MM)$3,000 $4.00 $2,758 $3.50 $3.37 $2,500 $2,399 $3.00 $2.90
$2,000 $2.50 $1,768 $2.14 $1,644 $2.02 $2.00 $1,500
$1.50
$1,000 $0.98 $775 $1.00
$500 $0.50 $0.07 $48 $0.00 $0 2009 2010¹ 2011 2012² 2013 TTM 2Q14 ³ 2009 2010¹ 2011 2012² 2013 TTM 2Q14 Diluted 4 Shares 728M 792M812M 825M 826M 819M Outstanding The Power and Consistency of our Convention‐Based Integrated Resort Business Model is Reflected in our Financial Results 1. Marina Bay Sands opened in April 2010. 2. Sands Cotai Central opened in April 2012. 3. Includes the impact of the initiation of a “14th month” special bonus accrual for non-management employees in Macao in 2Q14. Absent this accrual, Adjusted Earnings per Diluted Share would have been $0.03 higher. 30 4. Reflects the simple average of the diluted shares outstanding for the four component quarters. Capital Expenditures Expectations Future Investments Include The Parisian Macao, St. Regis at SCC and Maintenance
($MM) $2,500 LVS Capex Expectations $2,210
$2,000 $1,900 $400 $145 $100 $1,449 $1,500 $107 $40 $680 $1,250 $1,050 $1,000 $898 $200 $830 $49 $225 $210 $350 $250 $600$25 $192 $60 $75 $500
$472 $447 $500 $500 $500 $500
$0 2012A 2013A 2014E 2015E 2016E 2017E Maintenance Investments in Current Properties¹ Sands Cotai Central The Parisian Macao² St. Regis at SCC Other
Development Timeline Pre‐Opening Post‐Opening Sands Cotai Central The Parisian Macao2 St. Regis at Sands Cotai Central Future Capital Expenditures Focused on Growth in Asia 1. Reflects investments that will generate future income in our current property portfolio (including the Four Seasons Apart‐Hotel and a third gaming area at Sands Cotai Central). 31 2. The timing of capex is subject to the receipt of timely government approvals. Debt Maturity Profile Debt Maturity by Year at June 30, 2014
($MM) $4,000 $3,748
$3,500
$3,000 2,115 $2,500 $2,420
$2,000 1,191 $1,439 $1,500
$950 $1,013 $1,000 $656 1,178 810 1,633 $500 $163 921 980 626 418 $0 147 180 1 2014 2015 2016 2017 2018 2019 2020 SCL2 MBS USRG LVSC
% of Total 2% 6% 9%14% 23% 10% 36%
Long Term and Low Cost Financing in Place
1. Reflects remaining 2014 payments. 32 2. Reflects refinancing of Macao Credit Facility in the first quarter of 2014. LVS Outperforming the Macao Market in EBITDA Generation and Growth
1Q14 TTM Macao Market EBITDA1 1Q14 TTM Macao Market EBITDA Growth
($MM) ($MM) $9,865 $4,000 $10,000 $1,333 $3,500 $3,361 $3,217 $9,000 $1,048 $3,000 $8,000 $7,484 $2,500 56% of $7,000 Incremental $2,000 $1,756 44% of EBITDA $1,473 $6,000 Incremental $1,500 $1,378 EBITDA $1,127 $914 $5,000 $1,000 $4,000 $500
$0 $3,000 LVS LVS TTM Galaxy³ MPEL Wynn SJM MGM EBITDA $2,000 Margin 34% 2Q14²34% 29% 28%Macau 33% 17%China 26% EBITDA TTM 48% 40% 31% 43% 14% 11% 26% $1,000 Growth Macao $0 Market EBITDA 33% TBD 18% 15% 14% 11% 9% 1Q13 TTM LVS All Others 1Q14 TTM Share (%) EBITDA EBITDA EBITDA EBITDA Growth Growth LVS Had 33% Market Share of EBITDA in TTM 1Q14 and Generated 44% of the Incremental EBITDA Created in Macao in TTM 1Q14 Source: Company Reports 1. Reflects adjusted property EBITDA for operating properties based on US GAAP for the twelve months ended March 31, 2014, and for LVS TTM 2Q14 for the 12 months ended June 30, 2014. 2. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher. 33 3. Galaxy only includes revenue and EBITDA from Starworld and Galaxy Macau. MBS –Credit Collections Remain Healthy Reserve Balance Has Now Increased to 40.9% of Gross A/R
Casino Credit Collections Remain Healthy ($MM) $450 $418 $408 $403 $378 $368 $345 $342 $361 $375 $314 $311 $317 $326 $300 $250 $271 $225 $203 $146 $150 $75 $40 $0 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Reserve Balance Has Increased to $420 Million as Accounts Receivable Balance Has Grown
Quarterly $0 $17M$10M $19M $11M $24M $37M $32M $40M $40M $38M $39M $37M $39M $36M $36M $33M Provision $1,200 50.0% $1,045 $1,087 $1,059 $1,120 $1,016 $1,068 $1,028 $896 40.0% $900 $822 $780 40.9% $656 37.2% 37.5% 30.0% $561 $600 $510 30.3% 32.0% $361 26.8% 26.7% 27.8% 20.0% $285 23.4% $300 $208 19.8% 18.2% 10.0% $70 12.9% 14.6% 9.6% 11.3% $0 0.0% 8.4% 0.0% 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
Gross Casino A/R Balance at End of Period Reserve Against Casino A/R Balance
Life to Date Provision of $488M Represents 9.8% of Rolling Win Since Opening of Property 34 Las Vegas Operations Second Quarter 2014 Details
Adjusted property EBITDA was $66.1 million, an Adjusted Property EBITDA increase of 5.0% and Adjusted Property EBITDA Margin Actual Hold‐Normalized —On a hold‐normalized basis, adjusted property ($MM) $100 40% EBITDA was $70.4 million, a decrease of 16.6% $84.4 $80 $70.4 ADR increased 8.8% to $223, with RevPAR increasing $63.0 $66.1 30% $60 6.9% to $201 20% $40 22.7% 18.2% 18.7% 19.6% 10% Table games drop decreased 20.2% to $440.0 million, $20 driven by a 26.2% decrease in Baccarat drop $0 0% 2Q13 2Q14 2Q13 2Q14 —Non‐Baccarat drop decreased 10.4% to $187.5 million Composition of Table Games Drop ($MM) Slot handle increased 1.7% to $483.6 million $700 $600 $551 $500 $440 $209 Best opportunities for future growth: $400 $188 $300 — High‐end Asian gaming growth $200 $342 $100 $252 $0 —Increase in group room pricing in 2014 and 2015 2Q13 2Q14 Baccarat Non‐Baccarat
Strong RevPAR Recovery Continues 35 Sands Bethlehem Operations Second Quarter 2014 Details
Adjusted Property EBITDA Adjusted property EBITDA decreased 16.9% to $27.9 and Adjusted Property EBITDA Margin million ($MM) $40 40% Table games drop increased 0.7% to reach $260.6 million, $33.6
driven by a 5.4% increase in baccarat drop $30 $27.9 30%
$20 26.5% 20% Slot handle decreased 3.5% to $1.02 billion 22.1% $10 10% Retail outlet mall (130,000 SF) features 26 stores $0 0% including Coach, Tommy Hilfiger, DKNY, European Body 2Q13 2Q14 Concepts Day Spa and recently opened Joli French Bakery and Cafe Composition of Table Games Drop
($MM) Event Center (50,000 SF) $300 $259 $261
— Headline events have included Belator MMA, Yes, $200 $138 $133 Tiesto, Willie Nelson, The Beach Boys, Incubus, Glenn Frey, Crosby, Stills and Nash, NBC Fight Night, $100 $128 and Diana Krall with average occupancy of 82% $121 $0 2Q13 2Q14 Baccarat Non‐Baccarat
36 Macao Market Background and Infrastructure Slides VIP Gaming Represents 63% of Total Macao GGR… …but Mass Tables and Slots Generate ~70% of Gaming Operating Profit
TTM 2Q14 Macao Market Composition of Macao Market Gross Gaming Gross Gaming Revenue Revenue and Est. Gaming Operating Profit2 2Q14 YoY ($MM) Growth 100% $50,000 $47,856 +5% $45,000 30% 80% $40,000
$35,000 63% $30,328 ‐6% 60% $30,000
$25,000 ~2X 40% $20,000 70% $15,000 20% $10,000 37% $17,528 +29%1 $5,000 0% $0 Gross Gaming Revenue Operating Profit Gross Gaming Revenue Mass Tables and Slots VIP Gaming Mass Tables and Slots VIP Gaming
Mass Gaming Generates 37% of the Gaming Revenue, but ~70% of the Gaming Operating Profit
Source: Macao DICJ 1. In the second quarter of 2014, the mass table segment grew 33% and the slot business grew 4% compared to the second quarter of 2013. 38 2. This presentation reflects an assumed operating profit margin of 10.0% on gross VIP revenue and a blended margin of 40% on mass table and slot gross revenue. Evolution of the Macao Visitor
Drivers As a result, Macao’s visitors are:
. More efficient and affordable . Coming From transportation infrastructure Further Away
. Additional tourism attractions in . Staying Longer Macao and Hengqin Island . Spending More On: Greater number of hotel rooms . Dining in Macao • • Retail • Entertainment . Rapidly expanding middle‐class • Gaming with growing disposable income
39 Five Trends that Will Contribute To Growth in the Macao Market Over the Next Five Years 200 million Chinese are expected to travel outside of China by 1 2020,compared to 83 million in 2012 and 97 million in 2013
2 Infrastructure and transportation connectivity throughout China, especially in the Pearl River Delta region, will be meaningfully expanded
3 Increasing length of stay in Macao
4 Hengqin Island will contribute to Macao’s diversification and to its further development as a business and leisure tourism destination
5 Over 13,000 new hotel rooms will open in Macao by 2018
40 Sources: McKinsey, Ernst & Young, CLSA China Is The World’s Largest and Fastest 1 Growing Outbound Tourism Market Outbound Travel from China Outbound Travel Penetration¹
350 50% Expenditure (US$bn) China 44.5% Chinese outbound $306 45% 300 tourists (millions) Japan 40% Korea CLSA estimates $268 Taiwan 250 35% CAGR $234 2009‐2013 2012‐2020 $205 200 30% 27.5% 200 Expenditure 27.2% 14.3% Tourists 16.1% 10.9% $179 180 25% $157 163 $138 150 147 20% $120 132 14.5% $102 119 100 108 15% 73 97 57 83 10% 48 $70 6.1% 41 50 31 $55 20 $14 $44 5% 5 $8 $11 $30 $22 0 12 $15 $4 5 9 0% '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '56 '60 '64 '68 '72 '76 '80 '84 '88 '92 '96 '00 '04 '08 '12 Wealth Generation and Increased Mobility in China Have Driven Strong Growth in Outbound Trips and Tourism Spend, And Comparative Outbound Travel Penetration Rates Show a Meaningful Opportunity for Continued Long Term Growth
Source: CLSA, UNWTO 41 1. Outbound travel penetration is defined as total departures by residents as a percentage of the respective country’s population. Growth in Visitation to Macao from 1 Throughout China Year‐Over‐Year Visitation Growth Mainland Chinese Visitation to Macao
Twelve Months Ended May 31, Population Penetration Province 2013 2014 % Change (MM) Rate (LTM) Guangdong 7,896,953 8,502,545 +8% 104 8.2%
Fujian 774,928 807,691 +4% 37 2.2%
Subtotal 8,671,881 9,310,236 +7% 141 6.6%
Hunan 594,554 697,160 +17% 66 1.1%
Zhejiang 624,323 670,044 +7% 54 1.2%
Hubei 502,485 601,824 +20% 58 1.0%
Shanghai 532,910 544,835 +2% 23 2.4%
Jiangsu 504,286 540,950 +7% 79 0.7%
Sichuan 361,781 381,694 +6% 80 0.5%
Henan 346,650 420,480 +21% 94 0.4%
Beijing 336,972 376,312 +12% 20 1.9%
Shandong 250,842 280,095 +12% 13 2.2%
Chongqing 202,368 238,046 +18% 13 1.8%
Guangxi 377,576 428,131 +13% 46 0.9%
Hebei 251,944 284,247 +13% 72 0.4%
All Other ‐10% ‐ 0% 10% ‐ 20% Data Not Available Provinces 3,895,248 5,033,481 +29% 784 0.6% 0% ‐ 10% Greater than 20% Subtotal (Excluding 8,781,939 10,497,299 +20% 1,403 0.7% Guangdong & Fujian) Total China 17,453,820 19,807,535 +13% 1,544 1.3%
NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor. 42 Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates 2 Infrastructure: China’s High‐Speed Rail Connecting More of Mainland China to Macao
Beijing – Guangzhou High‐Speed Rail . World’s longest high‐speed rail route
. Covers 2,298km in ~10 hours, compared to 22 hours previously Guangzhou – Zhuhai Intercity Rail . Rail line connecting Guangzhou to . Provides seamless connection from Zhuhai, where the Gongbei border Northern China to the Macao border via gate to Macao is located the Guangzhou‐Zhuhai Intercity Rail . Guangzhou is the largest city in Wuhan– Guangzhou High‐Speed Rail Guangdong province and is a key economic and transportation hub . Wuhan is the capital of Hubei Province and one of the most populous cities in Central . Reduces travel time from Guangzhou China with ~10 million people to Zhuhai from 2+ hours by bus to as short as 60 minutes . Wuhan is a major transportation hub and known as the economic hub of Central . Zhuhai station opened in Jan 2013 China . Future link to Macao Light Rail . HSR reduces travel time to Guangzhou from System 11 hours by bus to 3.5 hours by train
. One of the most successful routes with 75‐ 80 trains in each direction each day
China’s Ministry of Railways Plans to Spend Greater than US$100 billion per Year on Rail Development for the Foreseeable Future, and Highlighted Rail Development in the February 2014 Stimulus Plan 43 Source: Wikipedia, LVS, NYT Infrastructure: Meaningful Improvements 2 Throughout the Pearl River Delta Region
Guangzhou Wuhan – Guangzhou High‐Speed Rail Population: 13M • 3.5 hour train ride GDP Per Capita: US$14,000 • 75‐80 trains in each direction per day
Guangzhou – Shenzhen –Hong Kong Rail Guangzhou – Zhuhai Intercity Rail • 2 hour train ride from Guangzhou to HK • 70 ‐ 90 minute train ride (2+ hours by bus) • 25 trains in each direction per day • 25 ‐ 35 trains in each direction per day • Final link to Gongbei border gate completed in January 2013 Shenzhen Population: 10M China Border Gate Expansion GDP Per Capita: US$22,000 • Daily capacity increased from 150,000 to 350,000 people in 2H13 • Reduced average wait times on China side of border Hong Kong Gongbei – Hengqin Railway Population: 7.2M • Connects the Gongbei border crossing with GDP Per Capita: US$38,000 Hengqin Island • Stops at Lotus Bridge crossing and ends at Chimelong theme park • Expected completion 2017 Hong Kong‐Macao‐Zhuhai Bridge (expected completion 2016) Hengqin Island • Special economic area Macao • Over $20B of overall investment Infrastructure Legend Population: 0.6M • Over 10,000 hotel rooms GDP Per Capita: US$91,300 Existing • First phase of Chimelong theme park opened in Jan. 2014 and expected to attract 20M visitors Completed in 1Q13 annually at completion of all phases Future 44 Source: World Bank, China Daily, Chinatrainguide.com, Analyst reports. Note: population and GDP data from 2013. Chinese Day‐Trip and Overnight Visitation To 3 Macao Both Continue to Grow
Mainland China Day‐Trip Visitors to Macao Mainland China Overnight Visitors to Macao Growth ‐9% +19% +28% 0% +10% Growth ‐1% +22% +16% +10% +10%0
(MM) (MM) 9.0 8.9 12.0 8.1 8.0 7.3 10.0 9.7 8.8 8.8 7.0 6.3 8.0 6.0 6.9 5.2 5.0 5.8 6.0 4.0
4.0 3.0
2.0 2.0
1.0 0.0 2009 2010 2011 2012 2013 0.0 2009 2010 2011 2012 2013 Additional Hotel Capacity and Transportation Infrastructure will Enhance Overnight Visitation Growth to Macao in the Future 45 Source: Macao DSEC 3 Visitation to Macao Can Meaningfully Grow 40.7 Million Residents of Mainland China Visited Hong Kong in 2013
Mainland China Visitation to Macao and Hong Kong
Macao ‐5% +20% +22% +5% +10% Hong Kong+6% +26% +24% +24% +17% (MM)45.0 40.7 40.0
34.9 35.0 Hong Kong Received 30.0 28.1 22.1M More Visitors from China in 2013 25.0 22.7 than did Macao 20.0 18.0 18.6 16.2 16.9 15.0 13.2 11.0 10.0
5.0
0.0 2009 2010 2011 2012 2013 Macao Hong Kong Robust Transportation Infrastructure, 74,000 Hotel Rooms and World‐Class Dining and Shopping Amenities Enabled 40.7 Million Mainland Chinese Visitors to Travel to Hong Kong in 2013 46 Source: Macao DSEC; Hong Kong Tourism Board Opportunity for Increased Overnight Visitation 3 and Length of Stay In Macao
Composition of 2013 Visitation from Mainland China Avg. Length of Stay for Mainland Chinese Total 2013 Mainland Daytrip Visitors Overnight Visitors Overnight Visitors in 2013 Chinese Visitor Nights² (MM) (Days) (MM)70.0 25.0 23.7 4.0 3.7 1 63.3
3.5 60.0 20.0 3.0 17.1 50.0
2.5 15.0 40.0 2.1 2.0 9.7 30.0 10.0 8.9 1.5
20.0 18.7 1.0 5.0 10.0 0.5
0.0 0.0 0.0 Macao Hong Kong Mainland Visitors Spent 63.3 Million Visitor Nights in Hong Kong in 2013 Compared to Just 18.7 Million Visitor Nights Spent in Macao 1. The Hong Kong average length of stay figure is not yet available for 2013. The 3.7 day figure presented is from 2012. 2. Calculated as total overnight visitors from Mainland China multiplied by average length of stay for Mainland overnight visitors in each market for 2013. 47 Source: Macao DSEC, Hong Kong Tourism Board Hengqin Island Expands Critical Mass of 4 Tourism Offerings for Visitors to the Region
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 One of three current “New Area” reform zones in China — Support from the Central Government to enable long term success — Empowerment to have broad flexibility on economic and legal matters Designed to contribute to the diversification of Macao — US$3.2 billion Chimelong International Ocean Resort opened January 28 and is expected to generate 20 million visits in the future after completion of all phases¹ — Hengqin’s central business district will feature a 1.2 million square foot convention center — More than 10,000 hotel rooms expected to open over the next five years Source: Macau Daily, Zhuhai Daily, Chimelong Group, Hengqin New Area Administrative Committee 1. The Chimelong Hengqin Hotel had a soft opening on January 18, 2014. On November 20, 2013, Chimelong opened the China International Circus Town (Arena) portion of Phase 1 48 for the China International Circus Festival, and regular circus shows began on January 18, 2014. Phase 1 is scheduled to be fully operational by mid‐2014. 5 Market Leading Hotel Capacity at LVS Las Vegas Sands Operates 38% 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 9,277 56% 38% Macao, 360 ` Galaxy Entertainment 3,309 20% 14% 8,000 Melco Crown 1,677 10% 7% The Wynn Resorts 1,014 6% 4% 7,000 Venetian Macao SJM Holdings² 839 5% 4% 2,905 MGM China 587 4% 2% Subtotal Gaming Operators 16,703 100% 68% 6,000 Other 4/5 Star 7,537 0% 32% Total 24,240 100% 100% 5,000
4,000 3,309 Sands Cotai Starworld, 509 3,000 Central 5,723 Grand Waldo, 550 2,000 1,677 Altira Macau, 216 Galaxy Macau 1,014 839 1,000 2,250 City of Dreams 587 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 Hotel Inventory Exceeds the Other Five Gaming Operators Combined
1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,587 additional four‐ and five‐star hotel rooms in Macao. 2. Reflects only SJM Holdings self‐owned hotels. 49 Source: Company filings, Macao DSEC 5 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 12,677 Gaming Operator Rooms Operators Market St. Regis Las Vegas Sands 12,677 43% 34% 12,000 Macao, 400 ` Galaxy Entertainment 4,659 16% 12% The Parisian Melco Crown 4,457 15% 12% Macao Wynn Resorts 2,714 9% 7% 10,000 3,000 SJM Holdings² 2,839 10% 8% MGM China 2,187 7% 6% Sands Macao, 289 Four Seasons Macao, 360 Subtotal Gaming Operators 29,533 100% 79% 8,000 Other 4/5 Star 7,773 0% 21% The Total 37,306 100% 100% Venetian Macao 2,905 6,000 4,659 4,457 4,000 Galaxy Macau Phase II CoD Tower Five, 780 Sands Cotai 1,350 2,714 2,839 Central Starworld, 509 Macau Studio City 2,187 5,723 Grand Waldo, 550 2,000 2,000 Wynn Cotai SJM Cotai Galaxy Macau Altira Macau, 216 1,700 2,000 MGM Cotai 2,250 City of Dreams 1,600 Wynn Macau, 1,014 Sofitel Macau, 408 0 1,461 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 43% of all Gaming Operator Hotel Rooms
1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,823 additional four‐ and five‐star hotel rooms in Macao. 2. Reflects only SJM Holdings self‐owned hotels. 50 Source: Company filings, DSEC