The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore The Parisian, Macao
4Q14 Earnings Call Presentation January 28, 2015
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 and diversified cash flow and earnings as well as growing recurring dividends
Best positioned operator to deliver growth in Asia, with the pre-eminent destination Integrated Resort properties in the world’s largest and 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 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
Maximizing Return to Shareholders by: 1. Delivering 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 3 Fourth Quarter 2014 Highlights Steady Operating Quarter with Increasing Returns of Capital to Shareholders
Adjusted diluted EPS increased 27.8% to $0.92 per share
Consolidated adjusted property EBITDA increased 10.9% to $1.35 billion
Macao – Adjusted property EBITDA decreased 14.9% to $711.2 million, reflecting growth in non- gaming segments but a challenging environment in VIP and Premium mass gaming segments
Marina Bay Sands – Adjusted property EBITDA increased 100.3% to a record $518.5 million reflecting growth in gaming and non-gaming segments, including a record retail performance¹
LVS returned a total of $635.3 million to shareholders during the quarter
— $400.3 million ($0.50 per share) returned through recurring dividend
— $235.0 million returned through share repurchases
NOTE: All comparisons in this presentation compare the fourth quarter 2014 against the fourth quarter 2013 unless otherwise specified. 1. MBS’s quarterly results were positively impacted by a property tax reassessment of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014. Excluding the property tax reassessment, adjusted property EBITDA would have increased 65.5% to $428.4 million. 4 Fourth Quarter 2014 Financial Results
$ in millions, except per share information 4Q13 4Q14 $ Change % Change
Net Revenue $ 3,655.7 $ 3,416.0 $ (239.7) -6.6%
Adjusted Property EBITDA¹ $ 1,214.0 $ 1,346.1 $ 132.1 10.9%
Adjusted Property EBITDA Margin¹ 33.2% 39.4% 620 bps
Adjusted Diluted EPS $ 0.72 $ 0.92 $ 0.20 27.8%
Dividends per Common Share $ 0.35 $ 0.50 $ 0.15 42.9%
Hold-Normalized Adjusted Property EBITDA² $ 1,332.9 $ 1,273.3 $ (59.6) -4.5%
Hold-Normalized Adj. Property EBITDA Margin² 34.8% 38.4% 360 bps
Hold-Normalized Adjusted Diluted EPS $ 0.84 $ 0.85 $ 0.01 1.2%
1. LVS’s quarterly results were positively impacted by a property tax reassessment at MBS of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014. Excluding the property tax reassessment, adjusted property EBITDA would be $1,256.0 million with adjusted property EBITDA margin of 36.8%. 2. Excluding the property tax reassessment, hold-normalized adjusted property EBITDA would be $1,183.2 million with hold-normalized adjusted property EBITDA margin of 35.7%. 5 Macao – Growth in Non-gaming Segments; VIP Soft Singapore – Growth in Mass Gaming and Nongaming Segments
Macao – Growth in retail mall and hotel revenue; VIP and premium mass gaming remain soft
— Mass table win decreased 9.2% to $1.11 billion (compared to a 16.1%¹ decrease in the Macao market) — Base mass table revenues were relatively resilient (decreasing just 2%) while premium mass table revenues decreased 17% — Slot and ETG win decreased 9.7% to $156.9 million (compared to a 16.8%¹ decrease in the Macao market) — Retail mall revenue increased 10.4% to a record $128.0 million — Rolling win decreased 36.9% to $837.7 million
Singapore – Growth in mass, VIP and retail — Mass table and slot win increased 4.1% to $443.5 million ($4.82 million win per day) — Retail mall revenue increased 5.5% to a record $45.7 million — Rolling win increased 36.3% to $359.3 million — RevPAR increased 1.0% to $415, ADR decreased 0.7% to $422 and room revenue decreased 3.9% to $92.1 million (~11,000 fewer room nights were available during the quarter due to remodeling)
1. Based on Macau DICJ disclosure. 6 LVS Increasing Return of Capital to Shareholders Over $9.6 Billion of Capital Returned to Shareholders Over Last 12 Quarters
LVS Recurring Dividends per Share1 In the fourth quarter of 2014, the LVS Board of Directors increased the LVS recurring dividend by $3.00 $2.60 30.0% to $2.60 per share for the 2015 calendar year $2.50 ($0.65 per share payable quarterly) $2.00 $2.00 $1.40 In the fourth quarter of 2014, the LVS Board of $1.50 $1.00 Directors also authorized an additional $2.0 billion $1.00 stock repurchase program following the completion $0.50 of the previous $2.0 billion program $0.00 2012 2013 2014 2015 The company remains committed to returning Total Capital Returned to Shareholders capital to shareholders via:
Year Year Year — Recurring quarterly dividend program at Las Ended Ended Ended $ in millions 12/31/2012 12/31/2013 12/31/2014 Total Vegas Sands with a commitment to grow the recurring dividend each year LVS Dividends Paid1 $ 823 $ 1,153 $ 1,610 $ 3,586 LVS Special Dividend Paid 2,262 - - 2,262 LVS Shares Repurchased - 570 1,665 2,235 — $2.0 billion Las Vegas Sands stock repurchase Subtotal LVS $ 3,085 $ 1,723 $ 3,275 $ 8,083 program to be used to return excess capital SCL Dividends Paid2 357 411 777 1,545 Total $ 3,442 $ 2,134 $ 4,052 $ 9,628 to shareholders on an opportunistic basis
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 total $5.18 billion). 7 SCL Also Increasing Return of Capital to Shareholders Nearly US$5.2 Billion³ of Capital Returned to Shareholders Over Last 3 Years
SCL Recurring Dividends per Share (HK$)1 In January 2015, the SCL Board of Directors $3.00 increased the SCL recurring interim dividend by $2.50 13.8% to HK$0.99 per share $2.00 $1.73 $1.50 $1.16 $1.33 $0.87 $0.99 $1.00 $0.50 The company remains committed to returning $0.00 capital to shareholders via: 2012 2013 2014 Interim Interim 2014 2015 — Recurring bi-annual dividend program at SCL Total Capital Returned to Shareholders Sands China Ltd. with a commitment to grow the recurring dividend each year Year Ended Year Ended Year Ended 12/31/2012 12/31/2013 12/31/2014 US$ in millions Interim Final Interim Final Interim Final Total
SCL Dividends Paid1 $ 600 $ 602 $ 696 $ 685 $ 906 $ 894 $ 4,383
SCL Special Dividend Paid - - - - 801 - 801
SCL Shares Repurchased² ------Total $ 600 $ 602 $ 696 $ 685 $ 1,707 $ 894 $5,184 ³
SCL Remains Committed to Returning Capital to Shareholders While Maintaining a Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities
1. Excludes the special dividend paid in 2014. 2. SCL has not repurchased any shares to date. 8 3. Includes $3.64 Billion in dividends paid to the parent company, Las Vegas Sands Corp. LVS Generates Greater Forward Dividend Yield than the S&P500 Index
2015 Forward Dividend Yield of LVS and S&P5001 Sensitivity of LVS Dividend Yield
5.5% 5.5% 5.2% Dividend 5.0% 5.0% Yield as of 4.6% 4.6% 1/27/15² 4.5% 4.5% 4.3%
4.0% 4.0% 3.7% 3.5% +250 bps 3.5% 3.3% 3.0% 3.0% 2.9%
2.5% 2.5% 2.1% 2.0% 2.0%
1.5% 1.5%
1.0% 1.0%
0.5% 0.5%
0.0% 0.0% LVS S&P500 $50.00 $56.80 $60.00 $70.00 $80.00 $90.00 LVS’s 2015 Dividend Yield of 4.6% Reflects a 250 bps Premium Above the S&P500 Forward Dividend Yield Estimates
1. Reflects the 2015 dividend yield for LVS and the Bloomberg 2015 forward dividend yield estimate for the S&P500 on January 27, 2015. 9 2. Reflects the 2015 LVS dividend ($2.60) over the closing price for LVS on January 27, 2015. Strong Cash Flow, Balance Sheet and Liquidity Flexibility for Future Growth Opportunities and Increasing Return of Capital
At December 31, 2014: Trailing Twelve Months Adjusted Property EBITDA – $5.42 billion Trailing Twelve Months LVS Dividends Paid – $1.61 billion Trailing Twelve Months SCL Dividends Paid – $776.6 million1 Trailing Twelve Months LVS Stock Repurchases – $1.66 billion Cash Balance – $3.51 billion Net Debt – $6.48 billion Net Debt to TTM EBITDA – 1.2x Figures as of December 31, 2014 Sands China U.S. Corporate (US GAAP in $MM) Ltd. Singapore Operations2 and Other Total
Cash, Cash Equivalents and Restricted Cash $ 2,541.9 $ 420.9 $ 405.7 $ 144.4 $ 3,512.9
Debt $ 3,214.0 $ 3,460.1 $ 3,318.5 $ - $ 9,992.6
Net Debt $ 672.1 $ 3,039.2 $ 2,912.8 $ (144.4) $ 6,479.7
Trailing Twelve Months Adjusted Property EBITDA $ 3,263.5 $ 1,723.1 $ 434.4 $ 1.3 $ 5,422.3
Gross Debt to Trailing Twelve Months EBITDA 1.0 x 2.0 x 7.6 x NM 1.8 x
3 Net Debt to Trailing Twelve Months EBITDA 0.2 x 1.8 x 6.7 x NM 1.2 x Strong Balance Sheet and Cash Flow Maximize Financial Flexibility
1. 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. 2. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $63.7M in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem. 3. The net leverage ratio for covenant compliance purposes, which includes the dividends and royalty fees paid by Sands China Ltd. and Marina Bay Sands to the U.S. Operations, was 1.0x. 10 Macao Operating Performance Most Diversified and Defensive Cash Flows in the Macao Market
Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin Actual Hold-Normalized
($MM) -14.9% -20.8% $1,000 60%
$900 $866.8 $835.9 50% $800 $711.2 $686.2 $700 40% $600
$500 33.4% 33.9% 33.7% 33.4% 30%
$400 20% $300
$200 10% $100
$0 0% 4Q13 4Q14 4Q13 4Q14 11 Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China
Macao Departmental Profit Contribution by Segment
FY 2013 FY 2014
VIP 18% VIP 16% Other 2% Other 2%
Mall 9% Mall 8% Mass Tables Mass Tables 52% 52%
Hotel 12% Hotel 13%
Slots 8% Slots 8%
Mass Tables / Slots and Non-Gaming Generated 84% of Macao’s Departmental Profit in the 2014 Year vs. 82% in the 2013 Year 12 Macao: Base Mass Showing Greater Stability in Softer Market Than Premium Mass LVS Base Mass Table Win by Quarter LVS Premium Mass Table Win by Quarter
LVS Departmental Profit Margin: 40% - 50% LVS Departmental Profit Margin: 25% - 40%
Avg. Win per Table per Day: $8,491 Avg. Win per Table per Day: $15,541 ($MM) ($MM)
$900 $900
$800 $800 $757 $702 $709 $700 $700 $659 $645 $580 $600 $600 $559 $547 $509 $500 $500 $461
$400 $400
$300 $300
$200 $200
$100 $100
$0 $0 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 Avg. Avg. 829 877 857 836 826 261 248 290 314 323 Tables Tables Our Mass Table Offering is the Broadest and the Deepest in the Macao Market
Note: LVS base mass and premium mass table revenues are based on geographic position of the tables on the gaming floor. 13 Leadership in Macao’s Mass Market Meaningful Opportunity to Grow Mass Table Business
Illustrative Profitability of LVS’s Macao Market Mass Table Offering ($MM)1 Mass Table Win per Unit per Day $10,000 $10,469 $11,000 $12,000 $13,000 $14,000
1,300 $1,898 $1,987 $2,088 $2,278 $2,467 $2,657
# of 1,250 $1,825 $1,911 $2,008 $2,190 $2,373 $2,555
Mass 1,200 $1,752 $1,834 $1,927 $2,102 $2,278 $2,453
Tables 1,149 $1,678 $1,756 $1,845 $2,013 $2,181 $2,349 1,100 $1,606 $1,681 $1,767 $1,927 $2,088 $2,248
Our departmental profit LVS’s 4Q14 annualized mass table departmental profit opportunity in the mass table segment in Macao
Over $1.75 billion of Annualized Mass Table Departmental Profit Today… Opportunity for Growth Through Continued Execution of Our Mass Strategy
1. Based on departmental profit margin of 40% of mass table revenue for LVS’s Macao operations. 14 Executing Our Mass Strategy in Macao
World Class Concerts, Sporting Events Portfolio of Nearly Family-friendly Entertainment and Other Entertainment Offerings 9,300 Suites and Hotel Rooms
Over 1.2 million sq. feet of World Class Shopping The Broadest and Deepest Market-Leading Customer Database Mass Tourism Offerings in Macao
Expansion of Mass Market Highly Themed Tourism Attractions Offerings Underway with The Parisian
Over 2 million sq. feet of Conference, Exhibition and Carpeted Meeting Space Our Diversified Offerings Appeal to the Broadest Set of Customers and Comprise a Unique Competitive Advantage in Macao 15 Evolution of the Macao Mass Visitor
Drivers As a result, Macao’s Mass visitors will:
. More efficient and affordable . Come From Farther transportation infrastructure Away
. Additional tourism attractions in . Stay Longer Macao and Hengqin Island . Greater number of hotel rooms in . Spend More On: Macao • Dining • Retail . Rapidly expanding middle-class • Entertainment with growing disposable income • Gaming
16 Strong Growth in Mainland Chinese Visitation to Macao Strongest Growth Realized in Provinces Served by High Speed Rail
Year-Over-Year Visitation Growth Mainland Chinese Visitation to Macao¹
Twelve Months Ended December 31, Population GDP Per Penetration Province 2013 2014 % Change (MM) Capita (US$) Rate (LTM) Guangdong 8,200,118 9,008,942 +10% 104 $9,452 8.6%
Fujian 781,571 902,303 +15% 37 $9,342 2.4%
Hunan 655,432 750,687 +15% 66 $5,936 1.1%
Heilongjiang Zhejiang 644,929 694,678 +8% 54 $11,054 1.3%
Hubei 553,959 668,188 +21% 58 $6,881 1.2% Jilin Jiangsu 517,760 581,939 +12% 79 $12,047 0.7% Xinjiang Inner Liaoning Mongolia Shanghai 538,143 547,739 +2% 23 $14,547 2.4%
Hebei Beijing Henan 365,956 508,495 +39% 94 $5,518 0.5% Shanxi Tianjin Qinghai Ningxia Shandong Guangxi 401,535 504,575 +26% 46 $4,939 1.1% Gansu Shaanxi Henan Jiangsu Jiangxi 370,479 454,682 +23% 45 $5,130 1.0%
Anhui Tibet Sichuan Hubei Shanghai Sichuan 378,532 396,421 +5% 80 $5,240 0.5% Chongqing Zhejiang Beijing 357,283 387,023 +8% 20 $15,051 2.0% Hunan Jiangxi Guizhou Fujian Hebei 241,581 349,467 +45% 72 $6,251 0.5% Yunnan Guangxi Guangdong Liaoning 292,874 344,360 +18% 44 $9,961 0.8% Hong Kong Heilongjiang 242,135 312,103 +29% 38 $6,057 0.8% Macao Shandong 268,247 300,765 +12% 96 $9,094 0.3%
Chongqing 221,894 257,409 +16% 30 $6,910 0.9%
All Other 3,599,779 4,282,634 +19% 407 N/A 1.1% -10% - 0% 10% - 20% Data Not Available Subtotal (Excluding 10,432,089 12,243,468 +17% 1,288 $6,617 1.0% 0% - 10% Greater than 20% Guangdong) Mainland China 18,632,207 21,252,410 +14% 1,392 $6,767 1.5% NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor. Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates 1. In December 2014, overall visitation from Mainland China was up 1.1% YoY, with a 1.1% increase in Guangdong visitation and a 1.2% increase in non-Guangdong visitation. In November 2014, overall visitation from Mainland China was up 27.8% YoY, driven by a 27.8% increase in Guangdong visitation and a 27.8% increase in non-Guangdong visitation. In October 2014, overall 17 visitation from Mainland China was up 20.5% YoY, driven by a 10.3% increase in Guangdong visitation and a 29.4% increase in non-Guangdong visitation. Expanding Our Critical Mass on the Cotai Strip The Parisian Macao
Rendering of The Parisian Macao The Parisian Macao is a $2.7 billion themed, aspirational destination Integrated Resort Construction is progressing 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 The Parisian Macao will be interconnected to our other Cotai Strip properties through mall access and other pedestrian connectivity including a walkover bridge from Sands Cotai Central
Map of Macao’s Cotai Strip Construction Progress – January 26, 2015
LVS Future LVS Third Party Third Party Development Operating Operating Future 18 Assets Asset Development Expanding Our Critical Mass on the Cotai Strip The St. Regis Tower at Sands Cotai Central
Rendering of The St. Regis Tower St. Regis branded 5-star hotel and serviced apartments to complement the existing portfolio of brands on the Cotai Strip
Construction is progressing
Hotel rooms and suites: ~400
Serviced Apartments: ~300
Map of Macao’s Cotai Strip Construction Progress – January 26, 2015
LVS Future LVS Third Party Third Party Development Operating Operating Future 19 Assets Asset Development Marina Bay Sands Operations Strong Performance Across Gaming and Non-Gaming Segments
Adjusted property EBITDA of $518.5 million, an increase of 100.3% Adjusted Property EBITDA — EBITDA was positively impacted by a $90.1 million property and Adjusted Property EBITDA Margin tax reassessment received in 4Q14 related to the 2010-2014 Actual Hold-Normalized period ($MM) $600 80% — Excluding the property tax reassessment, adjusted property $518.5 EBITDA would be $428.4 million, an increase of 65.5% $500 $461.0 70% — Hold-normalized adjusted property EBITDA of $461.0 million, $400 $341.3 60% 61.8% an increase of 35.1%. Excluding the property tax $300 $258.8 60.1% 50% reassessment, hold-normalized adjusted property EBITDA $200 40% would be up 8.7% to $371.0 million with a hold-normalized 44.7% EBITDA margin of 48.4% $100 39.2% 30% $0 20% Total mass (non-rolling tables and slots) win per day increased 4Q13 4Q14 4Q13 4Q14 4.1% to reach $4.82 million Non-Rolling Table and Slot Win Per Day
— Non-rolling win increased 5.3% to a record $293.1 million ($MM) — Slot win increased 1.8% to $150.4 million $5.0 $4.63 $4.82 $4.0 $1.60 $1.63 Room revenue decreased 3.9% due to rooms out of service for $3.0 remodeling. RevPAR increased 1.0% to $415 and ADR decreased $2.0 0.7% to $422. $3.03 $3.19 $1.0 Retail mall revenue increased 5.5% to $45.7 million $0.0 Rolling win increased 36.3% to $359.3 million on hold of 3.58% 4Q13 4Q14 (rolling volume decreased 26.8% to $10.05 billion) Non-Rolling Tables Slot Machines Continued Growth in Mass Table, Slot and Retail Businesses 20 Singapore: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands
Singapore Hold-Normalized Departmental Profit Contribution by Segment
2013¹ 2014¹
Other VIP VIP 5% 12% 18% Other Mall Mass Tables 4% 8% Mass Tables 36% Mall 37% 6% Hotel 18% Hotel 17% Slots Slots 19% 20%
Mass Tables / Slots and Non-Gaming Generated 88% of Singapore’s Hold-Normalized Departmental Profit in 2014
1. In 2014, VIP hold was 3.30% compared to 2.46% in 2013. On a non-normalized basis, VIP contribution would have been 10% in 2013 and 18% in 2014. 21 Asia Retail Mall Portfolio Continues to Generate Strong Growth in Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue
($MM) TTM 4Q14 Sales per Sq. Foot² $600 $536 $551 $502 $512 $500 $478 MBS: $169 $1,426 $167 $156 $160 $400 $154 SCC: $52 $57 $1,450 $43 $45 $300 $42 Four Seasons: $129 $132 $126 $125 $5,689 $113 $200 Venetian: $100 $1,673 $169 $177 $182 $188 $192
$0 4Q13 1Q14 2Q14 3Q14 4Q14 Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands Operating $407M $430M $442M $463M $482M Profit Operating 85% 86% 86% 86% 88% Profit Margin
1. At December 31, 2014, 323,339 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. 2. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12-months divided by the comparable square footage for the same period. Only tenants that have occupied mall space for a minimum of 12 months are included in the tenant sales per square foot calculation. 22 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
23
Appendix Historical Hold-Normalized Adj. Property EBITDA1
$ in millions 4Q13 1Q14 2Q14 3Q14 4Q14
Macao Property Operations Reported $ 835.9 $ 939.8 $ 801.3 $ 809.0 $ 711.2 Hold-Normalized $ 866.8 $ 864.8 $ 752.5 $ 772.1 $ 686.2
Marina Bay Sands Reported $ 258.8 $ 435.2 $ 417.8 $ 351.7 $ 518.5 3 Hold-Normalized $ 341.3 $ 377.9 $ 368.5 $ 366.5 $ 461.0 3
Las Vegas Operations Reported $ 88.2 $ 79.7 $ 66.1 $ 90.2 $ 78.0 Hold-Normalized $ 93.7 $ 97.3 $ 70.4 $ 83.6 $ 87.6
Sands Bethlehem Reported $ 30.3 $ 26.5 $ 27.9 $ 29.8 $ 36.2 Hold-Normalized $ 30.3 $ 26.5 $ 27.9 $ 29.8 $ 36.2
LVS Consolidated2 Reported $ 1,214.0 $ 1,479.7 $ 1,312.6 $ 1,283.9 $ 1,346.1 3 3 Hold-Normalized $ 1,332.9 $ 1,365.2 $ 1,218.8 $ 1,255.1 $ 1,273.3
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. MBS’s quarterly results were positively impacted by a property tax reassessment of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014. Excluding the property tax reassessment, MBS reported adj. property EBITDA would be $428.4 million and hold-normalized reported adj. property EBITDA would be $371.0 million. LVS’s reported adj. property EBITDA would be $1,256.0 million and hold- 26 normalized reported adj. property EBITDA would be $1,183.2 million. Strong Historical Revenue and EBITDA Growth Over the Last Five Years LVS Historical Net Revenue LVS Historical Adjusted Property EBITDA
($MM) ($MM) $16,000 $6,000 $14,584 $5,422 $13,770 $14,000 $5,000 $4,763
$12,000 $11,131 $4,000 $3,791 $3,532 $10,000 $9,411
$3,000 $8,000 $6,853 $2,229 $6,000 $2,000 $4,563 $1,086 $4,000 $1,000
$2,000 $0 $0 2009 2010¹ 2011 2012² 2013 2014 2009 2010¹ 2011 2012² 2013 2014 Margin 23.8% 32.5% 37.5% 34.1% 34.6% 37.2%
The Strength and Consistency of our Convention-Based Integrated Resort Business Model is Reflected in our Financial Results
1. Marina Bay Sands opened in April 2010. 2. Sands Cotai Central opened in April 2012. 27 Strong Historical Adjusted Net Income and Adjusted EPS Growth Over the Last Five Years LVS Historical Adjusted Net Income LVS Historical Adjusted Diluted Earnings per Share ($MM) $4.00 $3,000 $2,894 $3.58 $3.50
$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
$0.98 $1,000 $1.00 $775
$0.50 $500 $0.07 $0.00 $48 2009 2010¹ 2011 2012² 2013 2014 $0 Diluted 2009 2010¹ 2011 2012² 2013 2014 Shares 728M 792M 812M 825M 826M 808M Outstanding The Strength and Consistency of our Convention-Based Integrated Resort Business Model is Reflected in our Financial Results
1. Marina Bay Sands opened in April 2010. 2. Sands Cotai Central opened in April 2012. 28 Capital Expenditures Expectations Future Investments Include The Parisian Macao, St. Regis at SCC and Maintenance
($MM) LVS Capex Expectations $3,000
$2,500 $2,420
$505 $2,000
$1,449 $1,500 $1,350 $107 $40 $1,179 $1,100 $70 $19 $1,000 $898 $190 $830 $49 $780 $210 $390 $125 $610 $192 $75 $190 $500 $60 $110 $472 $447 $445 $500 $500 $500 $0 2012A 2013A 2014A 2015E 2016E 2017E Maintenance Investments in Current Properties¹ Sands Cotai Central The Parisian Macao² St. Regis at SCC Other Development Timeline Pre-Opening Post-Opening Sands Cotai Central The Parisian Macao2 St. Regis at Sands Cotai Central Future Capital Expenditures Focused on Growth in Asia 1. Reflects investments that will generate future income in our current property portfolio (including the Four Seasons Apart-Hotel and a third gaming area at Sands Cotai Central). 29 2. The timing of capex is subject to the receipt of timely government approvals. Debt Maturity Profile Debt Maturity by Year at December 31, 2014
($MM) $6,000 $5,625
$5,000 2,115
$4,000
$3,000 1,878 $2,160 $2,000 $1,688 1,148 1,043 $1,000 1,632 $330 226 979 $100 $99 418 $0 180 2015 2016 2017 2018 2019 2020 SCL MBS USRG LVSC
% of Total 1% 1% 3% 17% 22% 56%
Long Term and Low Cost Financing in Place 30 MBS – Credit Collections Remain Healthy Reserve Balance Is Now $401 Million (40.0% of Gross A/R)
Casino Credit Collections Remain Stable ($MM) $450 $418 $408 $403 $378 $368 $361 $375 $345 $342 $314 $311 $317 $326 $281 $300 $250 $271 $272 $225 $203 $146 $150 $75 $40 $0 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 Reserve Balance Has Increased to $401 Million – 40.0% of Gross Accounts Receivable
Quarterly $0 $17M $40M $40M $38M $39M $37M $36M $33M $30M $30M Provision $10M $19M $11M $24M $37M $32M $39M $36M
$1,200 $1,087 $1,120 $1,068 50.0% $1,045 $1,059 $1,016 $1,028 $984 $1,001 $896 40.0% $900 $822 $780 40.9% 41.9% 40.0% $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 3Q14 4Q14
Gross Casino A/R Balance at End of Period Reserve Against Casino A/R Balance
Life to Date Provision of $548M Represents 9.8% of Rolling Win Since Opening of Property 31 Las Vegas Operations Softer Quarter for Asian Baccarat
Adjusted Property EBITDA Adjusted property EBITDA was $78.0 million, a and Adjusted Property EBITDA Margin decrease of 11.6% Actual Hold-Normalized — On a hold-normalized basis, adjusted property ($MM) EBITDA was $87.6 million, a decrease of 6.5% $100 $88.2 $93.7 $87.6 40% $78.0 $80 30% ADR increased 6.7% to $222 with 81.1% occupancy, $60 RevPAR decreased 2.7% to $180 20% 23.9% 23.4% $40 22.9% 21.5% 10% Softer Baccarat play drove a 15.6% decrease in table $20 games drop to $548.1 million $0 0% 4Q13 4Q14 4Q13 4Q14 Slot handle increased 7.8% to $584.6 million (slot win Composition of Table Games Drop down 2.4% to $45.1 million) ($MM) Best opportunities for future growth: $700 $650 $600 $548 $500 $216 $194 — High-end Asian gaming growth $400 $300 $434 — Increase in group room pricing in 2015 $200 $354 $100 $0 — Non-gaming amenities 4Q13 4Q14 Baccarat Non-Baccarat
Opportunity for Future Growth in Group Room Business, Non-Gaming and Asian Baccarat 32 Sands Bethlehem Operations Record Quarter for Leading Tri-State Region Property
Adjusted Property EBITDA Adjusted property EBITDA increased 19.5% to record and Adjusted Property EBITDA Margin $36.2 million ($MM) Table games drop increased 8.1% to reach $279.9 million, $40 $36.2 40% driven by a 12.4% increase in baccarat drop $30.3 $30 30%
27.1% Slot handle increased 1.6% to $1.01 billion $20 24.4% 20%
$10 10% ADR increased 2.8% to $149 with occupancy of 87.9%. RevPAR increased 21.3% to $131. $0 0% 4Q13 4Q14
The Outlets at Sands Bethlehem (130,000 SF) feature 29 Composition of Table Games Drop stores including Coach, Tommy Hilfiger, DKNY, GUESS, ($MM) European Body Concepts Day Spa and Joli French Bakery $280 and Cafe $300 $259
$200 $144 The Sands Bethlehem Event Center (50,000 SF) $138 $100 — Headline events have included Tiesto, Yes, Willie $121 $136 Nelson, The Beach Boys, Incubus, Belator MMA, $0 Glenn Frey, Crosby, Stills and Nash, NBC Fight Night, 4Q13 4Q14 and Diana Krall Baccarat Non-Baccarat
33 Macao Market Background and Infrastructure Slides VIP Gaming Represents 60% of Total Macao GGR… …but Mass Tables and Slots Generate ~72% of Gaming Operating Profit
2014 Macao Market Composition of Macao Market Gross Gaming Gross Gaming Revenue Revenue and Est. Gaming Operating Profit2 4Q14 YoY ($MM) Growth $50,000 100% $44,008 $45,000 -25% 28% $40,000 80% $35,000 60% $30,000 $26,608 -29% 60% $25,000 ~1.8X $20,000 40% 72% $15,000 $10,000 20% 40% $17,400 -16%1 $5,000
$0 0% Gross Gaming Revenue Gross Gaming Revenue Operating Profit Mass Tables and Slots VIP Gaming Mass Tables and Slots VIP Gaming
Mass Gaming Generates 40% of the Gaming Revenue, but ~72% of the Gaming Operating Profit
Source: Macao DICJ 1. In the fourth quarter of 2014, the mass table segment decreased -16.1% and the slot business decreased -16.8% compared to the fourth quarter of 2013. 35 2. This presentation reflects an assumed operating profit margin of 10.0% on gross VIP revenue and a blended margin of 40% on mass table and slot gross revenue. The Mass Business is the Principal Profit Pool and the Primary Driver of Earnings Growth in Macao Macao Market VIP and Mass Gaming Estimated Operating Profit ¹
($MM)
$12,000 (XX%) = % of total operating profit for period $9,621 $10,000 $9,108 $2,661 (28%) $8,000 $7,307 $2,985 (33%)
$6,026 $2,637 $6,000 (36%) $2,446 $6,960 (41%) $6,123 (72%) $4,000 (67%) $4,670 $3,579 (64%) $2,000 (59%)
$0 2011 2012 2013 2014
Mass Tables, Slots and ETGs VIP Tables
Since 2011: ― The VIP Business Now Generates Approximately $215 Million More in Annual Operating Profit ― The Mass Business Now Generates Approximately $3.4 Billion More in Annual Operating Profit Source: Macao DICJ 36 1. This presentation reflects an assumed operating profit margin of 10.0% on gross VIP revenue and a blended margin of 40% on mass table and slot gross revenue. Macao Base Mass Business Remains More Resilient Than Premium Mass in Softer Current Environment
Macao Mass Table and Slot Gross Gaming Revenue
($MM) $20,000 60%
$18,000 $17,400 50% $16,000 $15,309
$14,000 39% 36% 40% $11,674 $12,000 33% 30% 30% 31% $10,000 $8,949 30% $8,000 $6,587 16% 20% $6,000 $4,952 14% $4,358 $4,411 $3,696 $4,000 $3,355 14% $2,084 $2,409 10% $2,000
$0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 4Q13 4Q14¹
Mass Table and Slot GGR Year-over-Year Growth Macao’s Mass Table and Slot Revenue Growth For the Full Year 2014 was 14% (15% Mass Table Growth and 0.1% Slot Growth) Source: Macao DICJ 37 1. In 4Q14, Macao market mass table and slot revenue decreased by -16% (-16% mass table growth and -17% slot growth). Five Trends that Should Contribute To Growth in the Macao Market Over the Next Five Years 200 million Chinese are expected to travel outside of China by 1 2020, compared to 83 million in 2012 and 97 million in 2013
Infrastructure and transportation connectivity throughout 2 China, especially in the Pearl River Delta region, will be meaningfully expanded
3 Increasing length of stay in Macao
Hengqin Island will contribute to Macao’s diversification and to 4 its further development as a business and leisure tourism destination
Over 13,000 new hotel rooms will open in Macao by 2018 5
38 Sources: McKinsey, Ernst & Young, CLSA 1 China Is The World’s Largest and Fastest Growing Outbound Tourism Market Outbound Travel from China Outbound Travel Penetration¹ 350 50%
Expenditure (US$bn) 44.5% $306 China 300 Chinese outbound 45% tourists (millions) Japan $268 40% Korea CLSA estimates 250 Taiwan $234 35% CAGR 2009-2013 2012-2020 $205 200 200 30% 27.5% Expenditure 27.2% 14.3% $179 Tourists 16.1% 10.9% 180 25% $157 163 $138 150 147 $120 132 20% $102 119 14.5% 100 108 15% 73 97 57 83 48 $70 10% 41 6.1% 50 31 $55 20 $14 $44 5% 5 $8 $11 $30 $22 0 12 $15 $4 5 9 0% '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '56 '60 '64 '68 '72 '76 '80 '84 '88 '92 '96 '00 '04 '08 '12 Wealth Generation and Increased Mobility in China Have Driven Strong Growth in Outbound Trips and Tourism Spend, And Comparative Outbound Travel Penetration Rates Show a Meaningful Opportunity for Continued Long-Term Growth
Source: CLSA, UNWTO 39 1. Outbound travel penetration is defined as total departures by residents as a percentage of the respective country’s population. 1 Strong Growth in Mainland Chinese Visitation to Macao Strongest Growth Realized in Provinces Served by High Speed Rail
Year-Over-Year Visitation Growth Mainland Chinese Visitation to Macao¹
Twelve Months Ended December 31, Population GDP Per Penetration Province 2013 2014 % Change (MM) Capita (US$) Rate (LTM) Guangdong 8,200,118 9,008,942 +10% 104 $9,452 8.6%
Fujian 781,571 902,303 +15% 37 $9,342 2.4%
Hunan 655,432 750,687 +15% 66 $5,936 1.1%
Heilongjiang Zhejiang 644,929 694,678 +8% 54 $11,054 1.3%
Hubei 553,959 668,188 +21% 58 $6,881 1.2% Jilin Jiangsu 517,760 581,939 +12% 79 $12,047 0.7% Xinjiang Inner Liaoning Mongolia Shanghai 538,143 547,739 +2% 23 $14,547 2.4% Beijing Hebei Henan 365,956 508,495 +39% 94 $5,518 0.5% Ningxia Shanxi Tianjin Qinghai Shandong Guangxi 401,535 504,575 +26% 46 $4,939 1.1% Gansu Shaanxi Henan Jiangsu Jiangxi 370,479 454,682 +23% 45 $5,130 1.0%
Anhui Tibet Sichuan Hubei Shanghai Sichuan 378,532 396,421 +5% 80 $5,240 0.5% Chongqing Zhejiang Hunan Jiangxi Beijing 357,283 387,023 +8% 20 $15,051 2.0% Guizhou Fujian Hebei 241,581 349,467 +45% 72 $6,251 0.5% Yunnan Guangxi Guangdong Liaoning 292,874 344,360 +18% 44 $9,961 0.8% Hong Kong Macao Heilongjiang 242,135 312,103 +29% 38 $6,057 0.8% Shandong 268,247 300,765 +12% 96 $9,094 0.3%
Chongqing 221,894 257,409 +16% 30 $6,910 0.9%
All Other 3,599,779 4,282,634 +19% 407 N/A 1.1% -10% - 0% 10% - 20% Data Not Available Subtotal (Excluding 10,432,089 12,243,468 +17% 1,288 $6,617 1.0% 0% - 10% Greater than 20% Guangdong) Mainland China 18,632,207 21,252,410 +14% 1,392 $6,767 1.5% NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor. Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates 1. In December 2014, overall visitation from Mainland China was up 1.1% YoY, drive by a 1.1% increase in Guangdong visitation and a 1.2% increase in non-Guangdong visitation. In November 2014, overall visitation from Mainland China was up 27.8% YoY, driven by a 27.8% increase in Guangdong visitation and a 27.8% increase in non-Guangdong visitation. In October 2014, overall 40 visitation from Mainland China was up 20.5% YoY, driven by a 10.3% increase in Guangdong visitation and a 29.4% increase in non-Guangdong visitation. 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) at a cost of 862 yuan (~US$140) per one way ticket
Guangzhou – Zhuhai Intercity Rail . Provides seamless connection from Northern China to the Macao border via . Rail line connecting Guangzhou to the Guangzhou-Zhuhai Intercity Rail Zhuhai, where the Gongbei border gate to Macao is located . 5 trains in each direction each day . Guangzhou is the largest city in Guangdong province and is a key Wuhan – Guangzhou High-Speed Rail economic and transportation hub . Reduces travel time from . Wuhan is the capital of Hubei Province and one Guangzhou to Zhuhai from 2+ of the most populous cities in Central China hours by bus to as short as 60 with ~10 million people minutes . Wuhan is an important economic and . Zhuhai station opened in Jan 2013 transportation hub in Central China
. Future link to Macao Light Rail . HSR reduces travel time to Guangzhou from 11 System Hong Kong Macao hours by bus to 3.5 hours by train . 40-45 trains in each direction each day . One of the most successful routes with 75-85 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 41 Source: SCMP, 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 Hong Kong • 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 42 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% +19% Growth -1% +22% +16% +10% +10% +9%
(MM) (MM) 12.0 14.0
12.0 11.5 10.0 9.7 8.9
10.0 9.7 8.1 8.8 8.8 8.0 7.3
8.0 6.3 6.9 6.0 5.2 5.8 6.0
4.0 4.0
2.0 2.0
0.0 0.0 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 Chinese Visitation Continues to Grow and Additional Hotel Capacity and Transportation Infrastructure will Enhance Overnight Visitation Growth to Macao in the Future 43 Source: Macao DSEC 3 Visitation to Macao Can Meaningfully Grow 47.2 Million Residents of Mainland China Visited Hong Kong in 2014
Mainland China Visitation to Macao and Hong Kong
Macao -5% +20% +22% +5% +10% +14% Hong Kong +6% +26% +24% +24% +17% +16% (MM) 50.0 47.2
45.0 40.7 In 2014 Hong 40.0 Kong Received 34.9 35.0 25.9M More Visitors from 30.0 28.1 China than Macao
25.0 22.7 21.3 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 2014 Macao Hong Kong Robust Transportation Infrastructure, 74,000 Hotel Rooms and World-Class Dining and Shopping Amenities Enabled 47.2 Million Mainland Chinese Visitors to Travel to Hong Kong in 2014 44 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 Nights¹
(MM) (Days) (MM) 25.0 23.7 4.0 70.0
3.4 3.5 60.0 58.1 20.0 3.0 17.1 50.0
2.5 15.0 2.1 40.0 2.0 9.7 30.0 10.0 8.9 1.5 18.7 20.0 1.0 5.0 10.0 0.5
0.0 0.0 0.0 Macao Hong Kong Mainland Visitors Spent 58.1 Million Visitor Nights in Hong Kong in 2013 Compared to Just 18.7 Million Visitor Nights Spent in Macao
1. Calculated as total overnight visitors from Mainland China multiplied by average length of stay for Mainland overnight visitors in each market for 2013. 45 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, 2014 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. Phase 1 currently includes the Hengqin Bay Hotel, the Ocean Kingdom theme park, the Circus World show and a waterpark in the Hengqin Bay Hotel. During the 2014 Chinese New 46 Year holiday, the theme park received over 500,000 visitors. It is expected to draw over 5.5 million visitors by the end of the year, up from the initial 2 million visitor projection. 5 Market Leading Hotel Capacity at SCL Sands China 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 Sands China 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 Sands China Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China
With a Market-Leading US$9 billion of Investment, SCL Hotel Inventory Represents 56% of Macao Competitor Hotel Inventory
1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,537 additional four- and five-star hotel rooms in Macao. 2. Reflects only SJM Holdings self-owned hotels. 47 Source: Company filings, Macao DSEC 5 Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2017
Macao Market Gaming Operator Hotel Rooms at December 31, 20171
Hotel % of Gaming % of Total 14,000 12,677 Gaming Operator Rooms Operators Market Sands China ` 12,677 44% 35% Galaxy Entertainment 4,659 16% 13% 12,000 The Parisian Melco Crown 3,677 13% 10% Macao SJM Holdings² 2,839 10% 8% 3,000 Wynn Resorts 2,714 9% 7% 10,000 St. Regis MGM China 2,187 8% 6% Sands Macao, 289 Macao, 400 Subtotal Gaming Operators 28,753 100% 79% Four Seasons Other 4/5 Star 7,773 0% 21% 8,000 Macao, 360 The Total 36,526 100% 100% Venetian Macao 2,905 6,000 4,659 Galaxy Macau Phase II 4,000 3,677 Sands Cotai 1,350 2,839 2,714 Central Starworld, 509 Macau Studio City 2,187 Grand Waldo, 550 2,000 2,000 5,723 SJM Cotai Wynn Cotai Galaxy Macau Altira Macau, 216 2,000 1,700 MGM Cotai City of Dreams 1,600 2,250 Sofitel Macau, 408 1,461 Wynn Macau, 1,014 0 Grand Lisboa, 431 MGM Grand, 587 Sands China Galaxy Entertainment Melco Crown SJM Holdings² Wynn Resorts MGM China With a Market-Leading US$13 billion of Investment, SCL Hotel Inventory Will Represent 44% of Macao Competitor Hotel Inventory 1. In addition to the hotel rooms that are owned by gaming operators presented here, there will be approximately 7,773 additional four- and five-star hotel rooms in Macao. 2. Reflects only SJM Holdings self-owned hotels. 48 Source: Company filings, Macao DSEC Supplemental Sands China Information SCL’s Mass Business Holding Up Better In a Challenging Market Than the Macao Market as a Whole
Mass Table, Slot and ETG Win Per Day
Cotai Strip Properties Peninsula Total
($MM) $18.0 $15.1 $15.0 $13.7 $12.8 $11.7 $12.0
$9.0 $7.0 $6.2 $6.0 $4.9 $4.8
$3.0 $2.3 $2.0 $1.0 $0.7 $0.0 Venetian Sands Cotai Plaza Casino Total Sands Macao Total Macao Central (Four Seasons) Cotai Strip Macao Ops 4Q14 Average Table, Slot and ETG Units 4Q13 4Q14 Mass Tables 506 378 68 952 196 1,149 Slots 1,421 999 141 2,561 551 3,112 ETGs 590 635 8 1,233 368 1,601
50 Macao Mass Table Business Mass Business in Macao is Contracting (Particularly at the “High End” of Mass) Mass Table Win Mass Table Win per Table per Day2
($MM) $1,600 60% $16,000
55% $1,400 $1,336.7 $14,000 $13,210 50% $1,218.5 $1,248.8 $1,218.2 $12,143 $11,963 $12,000 $11,518 $1,200 $1,106.4 45% $10,469 40% $1,000 $10,000 35%
$800 30% $8,000 31.6% 32.4% 30.5% 30.5% 30.0% 25% $6,000 $600 20% $4,000 $400 15%
10% $2,000 $200 5% $0 $0 0% 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 1 Avg. Mass 1,091 1,124 1,147 1,150 1,149 Mass Table Win % of Macao Mass Table Win Tables
Greater Than $1.75 Billion of Annual Departmental Profit at the 4Q14 Run-Rate
Source: Macao DICJ 1. LVS’s mass table market share as presented above reflects the Macao DICJ’s presentation methodology, which includes live dealer ETG configurations within the mass table segment and Paiza cash revenue within the VIP segment. For financial reporting purposes, LVS presents a non-rolling table segment (which includes Paiza cash and excludes all ETGs) and a slot segment (which includes all ETGs). 51 2. Excludes revenue from all ETGs. Macao Slot Business Soft, But Highly Profitable Decreasing less than the Macao market as a whole (declined 16.8%)
Macao Slot and ETG Win Macao Slot and ETG Win per Unit per Day
($MM) $220 50% $500
$200 45% $450 $184.3 $424 $401 $173.8 $177.6 $175.9 $388 $180 40% $400 $353 $362 $160 $156.9 35% $350
$140 $300 32.7% 32.5% 32.9% 30% 32.2% 31.5% $120 $250 25% $100 $200 20% $80 $150 15% $60 $100 $40 10% $50 $20 5% $0 $0 0% 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 Avg. Slots 5,348 5,277 4,865 4,515 4,713 1 & ETGs Slot & ETG Win % of Macao Market Slot Win ~ $300 Million of Annual Departmental Profit at the 4Q14 Run-Rate
Source: Macao DICJ 1. LVS’s slot market share as presented above reflects the Macao DICJ’s slot revenue reporting methodology, which excludes ETG play. Live dealer ETG configurations are reported within the mass table segment. For financial reporting purposes, LVS presents a non-rolling table segment (which excludes all ETGs) and a slot segment (which includes all ETGs). 52 VIP Business in Macao Continues to Decline
Rolling Win Rolling Win per Table per Day
($MM) $45,000 $1,600 30% $1,445.3 $40,000 $39,167 $1,400 $1,327.2 25% $35,000 $32,837 $32,568 $1,200 $1,116.9 $1,018.6 $29,893 20% $30,000 $1,000 $837.7 18.3% 17.9% $25,000 $24,084 $800 16.9% 16.8% 15% 15.6% $20,000 $600 10% $15,000 $400
5% $10,000 $200 $5,000 $0 0% 4Q13 1Q14 2Q14 3Q14 4Q14 $0 Rolling Win % of Macao Market Rolling Win 4Q13 1Q14 2Q14 3Q14 4Q14 Rolling Avg. Rolling 2.68% 3.18% 3.19% 3.26% 3.01% 439 410 377 370 378 Win % Tables
Approximately $370 Million of Annual Departmental Profit at the 4Q14 Run-Rate 53 Macao Annual Operating Performance Most Diversified and Defensive Cash Flows in the Macao Market
SCL Departmental Revenue and Profit Margins – Year Ended December 2014 vs 2013
Gross Revenue (US$MM) Year Ended Year Ended Departmental Profit Department 12/31/2013 12/31/2014 YoY Growth (%) Margin Range Mall $324 $380 17% 85%+ Hotel 536 652 22% 75% - 80% Convention, F&B, 521 595 14% Varies Entertainment & Other Base Mass 2,348 2,813 20% 40% - 50% Slots 638 695 9% 40% - 50%+ Premium Mass 1,728 2,097 21% 25% - 40%
VIP Gaming 5,038 4,418 -12% ~10%
Adj. Property EBITDA from $2,908 $3,261 12% Macao Property Operations
Annual Revenue Growth Across All Segments Except VIP
54 Macao Fourth Quarter Operating Performance Most Diversified and Defensive Cash Flows in the Macao Market
SCL Departmental Revenue and Profit Margins – Quarter Ended 12/31/2014 vs 12/31/2013
Gross Revenue (US$MM) Quarter Ended Quarter Ended Departmental Profit Department 12/31/2013 12/31/2014 YoY Growth (%) Margin Range Mall $116 $128 10% 85%+ Hotel 163 169 4% 75% - 80% Convention, F&B, 152 164 8% Varies Entertainment & Other Base Mass 659 645 -2% 40% - 50% Slots 174 157 -10% 40% - 50%+ Premium Mass 559 461 -18% 25% - 40%
VIP Gaming 1,327 838 -37% ~10%
Adj. Property EBITDA from $836 $711 -15% Macao Property Operations Base Mass Showing Greater Resilience in Softer Gaming Market… With Higher Margin Non-Gaming Segments Continuing to Show Growth
55 Macao Annual Non-Gaming Revenue Most Diversified and Defensive Cash Flows in the Macao Market
SCL Non-Gaming Revenue
($MM)
$2,000
$1,626
$1,500 $1,381
$1,030 $1,000 $817 $688 $576 $593 $500
$198 $40 $49 $0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Non-Gaming Revenue (US$MM)
SCL Continues to Expand Its Market-Leading Non-Gaming Offerings in Macao
56 Labor Costs in Macao While Costs Have Increased, They Have Remained Fairly Stable as a % of Net Revenue
SCL Historical Labor Expense
Opening of ($MM) Sands Cotai 1,200 Central 25% $1,093.2
1,000 $927.0 20%
800 $769.7 15%
10.9% 600 $529.9
$450.7 11.8% 10% 10.9% 11.4% 400 10.4%
5% 200
0 0% 2010 2011 2012 2013 2014
Labor Expense Labor Expense as a % of Net Revenue 57