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Venetian Las Vegas Palazzopalazzo Las Las Vegas Vegas Sands Bethworks – Bethlehem, PA Venetian Las Vegas PalazzoPalazzo Las Las Vegas Vegas Sands Bethworks – Bethlehem, PA Sands Macao The Venetian Macao Marina Bay Sands - Singapore LasLas VegasVegas SandsSands Corp.Corp. Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference June 2, 2008 ForwardForward--LookingLooking StatementsStatements Statements in this presentation that are not reported financial results or other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements about our business outlook, assessment of market conditions, strategies, future plans, future sales, price assumptions for offerings at our facilities, leverage and debt service, capital spending and tax rates. These forward-looking statements are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The risks and uncertainties relating to the forward-looking statements in this presentation include those described under the caption “Risk Factors” in Las Vegas Sands Corp.’s public filings with the Securities and Exchange Commission. The forward-looking statements contained in this presentation speak only as of today’s date. Las Vegas Sands Corp. assumes no obligation to update this information. 1 NonNon--GAAPGAAP FinancialFinancial MeasuresMeasures This presentation includes non-GAAP financial measures as defined in the Securities and Exchange Commission’s Regulation G. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available on our website at www.lasvegassands.com in the earnings releases for the applicable periods. 2 LasLas VegasVegas SandsSands Corp.Corp. Business Strategy Recognize Opportunity Monetize Opportunity Non-Core Assets Unique IndustryIndustry’’ss Business Model HighestHighest Build at “China ReturnsReturns Cost” Unique Capabilities Move Quickly 3 LasLas VegasVegas SandsSands Corp.Corp. Key Investment Attributes Experienced, proven management team Large, visible growth pipeline – World leader in Integrated-Convention-Resort development – Established market leadership: Las Vegas, Macao, Singapore – Significant interest from additional jurisdictions… Success Breeds Success Low-risk opportunity to play Pan-Asian growth Asset sales reduce risk and increase returns 4 LasLas VegasVegas OperationsOperations LasLas VegasVegas OperationsOperations1 Convention Based Model Drives Superior Performance EBITDAR $450 $400 GR $374 CAG $361 6% 15.6 $350 $324 $301 $300 $250 $235 $202 $200 $150 2002 2003² 2004 2005 2006 2007 (1) IncIncludesludes Venetian Las Vegas and SECC. All peperiodsriods pproro foformarma foforr the sale ooff the GGrandrand Canal Shoppes in May 2004. (2) Venezia ToweTowerr opened June 2003. 6 VenetianVenetian CasinoCasino ResortResort Highest Return Property on Las Vegas Strip Property EBITDA(R) Returns 45% 40% 36% 35% 30% 25% 20% 19% 20% 18% 15% 14% 10% Venetian¹ Bellagio222 Mandalay Bay MGM Grand Wynn2 Source: Company press releases and public filings; estimates for invested capital based on Wall Street estimates. Chart shows properties generating over $300 million in 2006 Run-rate EBITDA(R). (1) Venetian’s invested capital base net of after-tax mall sale proceeds of approx. $660 million, and inclusive of $100 million for the 2007 room renovation. Represents 12 months ended December 31, 2007. (2) Represents the 12-month period ended September 30, 2007. 7 LasLas VegasVegas RealReal EstateEstate ValueValue 2004 Monetization of Venetian Retail Grand Canal ($MM) Shoppes Net Operating Income 39 Gross Sale Proceeds 766 Implied Cap Rate 5.1% 8 LasLas VegasVegas RealReal EstateEstate ValueValue Palazzo Retail – Pre-sold to GGP ($MM) Projected Net Operating Income 40 50 60 Sale Proceeds1 658 783 908 Implied Cap Rate 2 6.1% 6.4% 6.6% (1) The purchase ppricerice that GGP has agreed to pay foforr the Phase II mall is the greategreaterr of $250.0 million and the mall's net operating income divided by a capitalization rarate.te. (2) The capitalization rate is 6% for eveeveryry dolladollarr ooff net opeoperatingrating income up to and incincludingluding $38.0 million and 8% foforr eveeveryry dolladollarr of net operating income above $38.0 million. 9 TheThe PalazzoPalazzo CasinoCasino ResortResort Extending The Strategy World-class luxury destination casino-resort − Fully integrated with the Venetian and SECC − Soft opening 12/30/07 3,066-suite, 50-floor hotel tower Amenities include Canyon Ranch Spa Club, Jersey Boys Theatre, and destination rrestaurantsestaurants 400,000 SF Shoppes at The Palazzo anchored by Barney’s New York Two casino brands from the front, operating efficiencies of one mega-resort Condo Tower with 422 units, 50+ stories, and 1,035,000 SF 10 TheThe PalazzoPalazzo CasinoCasino ResortResort 11 TheThe PalazzoPalazzo CasinoCasino ResortResort View of Standard Suite 12 TheThe PalazzoPalazzo CasinoCasino ResortResort View of Standard Suite 13 TheThe PalazzoPalazzo CasinoCasino ResortResort View of Standard Suite 14 VenetianVenetian RemodeledRemodeled SuiteSuite View of Standard Suite 15 VenetianVenetian RemodeledRemodeled SuiteSuite View of Standard Suite 16 TheThe PalazzoPalazzo The Shoppes at The Palazzo 17 TheThe Venetian,Venetian, TheThe Palazzo,Palazzo, andand SandsSands ExpoExpo Largest Integrated Casino-Resort-Convention Complex in the World 7,093 suites Fully-Integrated Facilities 2.3mm SF of group meeting and exhibition space e an l L va 840,000 SF of destination retail Ko 30+ restaurants with > 10,000 seats Four theatres and showrooms SECC Unique operating strategy e u ⎯ CritiCriticalcal mass en v A s d ⎯ All-suite rooms n a S ⎯ Convention demand midweek ⎯ Malls as tourist attractions Venetian ⎯ Destination dining Palazzo $40 - $60 M of operating efficiencies Real estate monetization Las Vegas Boulevard 18 TheThe SuiteSuite OpportunityOpportunity Suite inventory, largest driver of EBITDAR for The Venetian Las Vegas, increased by 77% Convention and group business capabilities provide maximum flexibility Significant opportunities in each market segment − Corporate groups − Convention & Exhibition − FIT − Tour & Travel 19 TheThe CondoCondo TowerTower Luxury Residential Units in The Venetian & Palazzo Complex Fronts the LV Strip Number of units 422 Net saleable SF 1,035,000 Average SF per unit 2,400 Hard construction cost $590 mm Estimated opening date 4Q09 20 TheThe CondoCondo TowerTower Sky Lobby 21 LasLas VegasVegas OperationsOperations Superior Returns on Net Invested Capital Original Mall / Condo Net Cost + Proceeds2 = Total Venetian1 $1,650 + ($660) = $990 Palazzo 1,850 + (700) 3 = 1,150 4 Palazzo Condo Tower 590 + (1,200) = (610) Total Las Vegas $4,090 ($2,560) $1,530 (1) IncIncludesludes coscostt ooff Venezia towetowerr and Venetian ToweTowerr room remodel; excexcludesludes coscostt of Sands Expo and Convention CenteCenterr and third party-funded capcapitalital impimprovementsrovements (2) Represents aafterfter-tax pproceeds,roceeds, net ooff transactransactiontion expenses (3) Based on $50 million of net operaoperatingting income and a 35% tax rate (4) Based on $1,500 sales ppricerice per SF and a 35% tax rate 22 TheThe NewNew SandsSands ExpoExpo State of the Art Convention Center 23 TheThe NewNew SandsSands ExpoExpo Expo Footprint Creates Future Development Opportunities 24 PotentialPotential FutureFuture DevelopmentDevelopment Significant Development Opportunities on Expo Footprint 25 MacaoMacao OperationsOperations andand UpdateUpdate 26 MacauMacau VisitationVisitation Total Visitation Total Visitation to Macau (000s) 30,000 27,003 25,000 GR CA 19% 21,998 20,000 18,711 16,673 15,000 11,531 11,888 10,000 5,000 0 2002 2003 2004 2005 2006 2007 Source: Macau Statistics and Census Services 27 MacauMacau GamingGaming MarketMarket Recent Market Performance Total Gaming Revenue ($MM) $12,000 $10,324 $10,000 GR CA 0% $8,000 3 $7,041 $6,000 $5,726 $5,145 $4,000 $3,565 $2,758 $2,000 $0 2002 2003 2004 2005 2006 2007 Source: Macau Gaming Inspection and Coordination Bureau Notes: Total gaming revenue represents “Games of Fortune” revenue converted at 8.042 Pataca / USD exchange rate 28 MacauMacau GamingGaming MarketMarket Recent Market Performance by Component VIP Revenue ($MM) 28% CAGR $8,000 $6,934 $4,574 $3,703 $3,589 $4,000 $2,032 $2,758 $0 2002 2003 2004 2005 2006 2007 Mass Revenue ($MM) 33% CAGR $3,000 $2,943 $1,981 $2,212 $2,000 $1,362 $778 $1,000 $697 $0 2002 2003 2004 2005 2006 2007 Slot Revenue ($MM) 73% CAGR $500 $447 $255 $250 $155 $80 $29 $29 $0 2002 2003 2004 2005 2006 2007 29 Source: Macau Gaming Inspection and Coordination Bureau; total VIP revenue represents “VIP Baccarat” revenue converted at 8.042 Pataca / USD exchange rate MacaoMacao GamingGaming MarketMarket April 22, 2008 Macau Gaming Pronouncements PRONOUNCEMENTS DELIVERED BY EDMUND HO, CHIEF EXECUTIVE OF THE SPECIAL ADMINISTRATIVE REGION OF MACAU PRONOUNCEMENT 1 “According to the consolidated evaluation on Macau’s future sustainable and coordinated development, MSAR government will strive to maintain the current development model of the gaming industry by not issuing any additional gaming license (including sub license).” 30 MacaoMacao GamingGaming MarketMarket April 22, 2008 Macau Gaming Pronouncements PRONOUNCEMENT 2 “MSAR government will strictly control the development
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