1Q15 Earnings Call Presentation April 22, 2015

The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore The Parisian Macao

1Q15 Earnings Call Presentation April 22, 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 long-term growth while continuing to increase the return of capital to shareholders 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 long-term 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 First Quarter 2015 Highlights Despite Current Headwinds in Macao – Increasing Returns of Capital to Shareholders

 Net revenue decreased 24.9% to $3.01 billion

 Consolidated adjusted property EBITDA decreased 29.0% to $1.05 billion

 Macao – Adjusted property EBITDA decreased 43.8% to $527.7 million, as a result of a challenging gaming environment, particularly in the VIP and premium mass segments, which offset strong growth in retail mall income and steady performance in other non-gaming segments

 Marina Bay Sands – Adjusted property EBITDA decreased 4.6% to $415.3 million (but was up 0.2% on a constant-currency basis). Mass win per day set an all-time record when measured in local currency terms.

 Adjusted diluted EPS decreased 32.0% to $0.66 per share

 LVS returned a total of $518.9 million to shareholders during the quarter through its $0.65 per share recurring dividend, an increase of 30%

NOTE: All comparisons in this presentation compare the first quarter 2015 against the first quarter 2014 unless otherwise specified. 4 First Quarter 2015 Financial Results

$ in millions, except per share information 1Q14 1Q15 $ Change % Change

Net Revenue $ 4,010.4 $ 3,011.6 $ (998.8) -24.9%

Adjusted Property EBITDA $ 1,479.7 $ 1,050.5 $ (429.2) -29.0%

Adjusted Property EBITDA Margin 36.9% 34.9% -200 bps

Adjusted Diluted EPS $ 0.97 $ 0.66 $ (0.31) -32.0%

Dividends per Common Share $ 0.50 $ 0.65 $ 0.15 30.0%

Hold-Normalized Adjusted Property EBITDA $ 1,365.2 $ 1,021.6 $ (343.6) -25.2%

Hold-Normalized Adj. Property EBITDA Margin 35.7% 34.3% -140 bps

Hold-Normalized Adjusted Diluted EPS $ 0.87 $ 0.64 $ (0.23) -26.4%

5 Macao – Growth in Retail; Challenging Gaming Environment Singapore – Growth in Mass Gaming and Retail

 Macao – Growth in retail mall continues, VIP and premium mass gaming soft

— Mass table win decreased 24.2% to $1.01 billion (compared to a 27.1%¹ decrease in the Macao market) — Slot and ETG win decreased 26.0% to $136.4 million (compared to a 26.3%¹ decrease in the Macao market) — Retail mall revenue increased 25.0% to $87.4 million — Rolling win decreased 59.0% to $592.4 million

 Singapore – Growth in mass and retail — Mass table and slot win increased 1.1% to $422.6 million ($4.70 million win per day) — Retail mall revenue increased 3.4% to $39.8 million — Rolling win decreased 22.2% to $343.7 million — RevPAR decreased 7.5% to $393, ADR decreased 3.3% to $414 and room revenue decreased 7.7% to $89.6 million

1. Based on Macao DICJ disclosure. 6 LVS Increasing Return of Capital to Shareholders Nearly $10.5 Billion of Capital Returned to Shareholders Over Last 13 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 30.0% to $2.60 per share for the 2015 calendar year $2.60 ($0.65 per share payable quarterly) $2.50 $2.00 $2.00  In the fourth quarter of 2014, the LVS Board of $1.40 $1.50 Directors also authorized an additional $2.0 billion $1.00 stock repurchase program following the completion $1.00 of the previous $2.0 billion program $0.50 $0.00  The company remains committed to returning 2012 2013 2014 2015 capital to shareholders via: Total Capital Returned to Shareholders

Year Year Year Quarter — Recurring quarterly dividend program at Las Ended Ended Ended Ended Vegas Sands with a commitment to grow the $ in millions 12/31/2012 12/31/2013 12/31/2014 3/31/2015 Total recurring dividend each year LVS Dividends Paid1 $ 823 $ 1,153 $ 1,610 $ 519 $ 4,105 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 $ 519 $ 8,602 SCL Dividends Paid2 357 411 538 308 1,614 program ($1.77 billion remaining) to be used SCL Special Dividend Paid - - 239 - 239 to return excess capital to shareholders Subtotal SCL $ 357 $ 411 $ 777 $ 308 $ 1,853 Total $ 3,442 $ 2,134 $ 4,052 $ 827 $ 10,455

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 were $6.2 billion). 7 SCL Also Increasing Return of Capital to Shareholders Over US$6.2 Billion of Capital Returned to Shareholders Over Last 13 Quarters

SCL Recurring Dividends per Share (HK$)1  The SCL Board of Directors recommended $3.00 increasing the SCL 2015 dividend to HK$1.99 per $2.50 share, including an interim dividend of HK$0.99 $1.99 $2.00 $1.73 per share paid in February and a final $1.50 $1.16 $1.33 recommended dividend of HK$1.00 per share² $1.00 $0.50 $0.00 2012 2013 2014 2015²  The company remains committed to returning capital to shareholders via: SCL Total Capital Returned to Shareholders — Recurring bi-annual dividend program at Sands China Ltd. with a commitment to Year Ended Year Ended Year Ended Year Ended 12/31/2012 12/31/2013 12/31/2014 12/31/2015 grow the recurring dividend each year US$ in millions Interim Final Interim Final Interim Final Interim Final Total

SCL Dividends Paid1 $ 600 $ 602 $ 696 $ 685 $ 906 $ 894 $ 1,030 $ 5,413

SCL Special Dividend Paid - - - - 801 - - 801

Total $ 600 $ 602 $ 696 $ 685 $ 1,707 $ 894 $ 1,030 $6,214 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. The full 2015 dividend of HK$1.99 per share includes the interim dividend of HK$0.99 per share and the proposed final dividend of HK$1.00 per share. The final dividend is subject to the approval of the SCL shareholders at the SCL Annual General Meeting on June 17, 2015. 8 3. Includes $4.36 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 Yield as of 5.0% 5.0% 4.7% 4.7% 4/21/15² 4.5% 4.5% 4.3% 4.0% 4.0% 3.7% 3.5% 3.5% +250 bps 3.3% 2.9% 3.0% 3.0%

2.5% 2.5% 2.2% 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 $55.44 $60.00 $70.00 $80.00 $90.00 LVS’s 2015 Dividend Yield of 4.7% 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 April 21, 2015. 9 2. Reflects the 2015 LVS dividend ($2.60) over the closing price for LVS on April 21, 2015. Strong Cash Flow, Balance Sheet and Liquidity Flexibility for Future Growth Opportunities and Increasing Return of Capital

At March 31, 2015:  Trailing Twelve Months Adjusted Property EBITDA – $4.99 billion  Trailing Twelve Months LVS Dividends Paid – $1.72 billion  Trailing Twelve Months SCL Dividends Paid – $575.3 million1  Trailing Twelve Months LVS Stock Repurchases – $854.7 million  Cash Balance – $2.41 billion  Net Debt – $6.83 billion  Net Debt to TTM EBITDA – 1.4x Figures as of March 31, 2015 Sands China U.S. Corporate (US GAAP in $MM) Ltd. 4 Singapore Operations2 and Other Total

Cash, Cash Equivalents and Restricted Cash $ 1,183.4 $ 474.9 $ 606.6 $ 148.5 $ 2,413.4

Debt $ 2,774.1 $ 3,315.1 $ 3,151.8 $ - $ 9,241.0

Net Debt $ 1,590.7 $ 2,840.2 $ 2,545.2 $ (148.5) $ 6,827.6

Trailing Twelve Months Adjusted Property EBITDA $ 2,856.5 $ 1,703.3 $ 432.2 $ 1.2 $ 4,993.2

Gross Debt to Trailing Twelve Months EBITDA 1.0 x 1.9 x 7.3 x NM 1.9 x

3 Net Debt to Trailing Twelve Months EBITDA 0.6 x 1.7 x 5.9 x NM 1.4 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 $1.92 billion. 2. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $62.8 million 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 0.8x. 10 4. Does not reflect the $1 billion new term loan at SCL under its existing credit facility. Funding is expected to be on or around April 30, 2015. Macao Operating Performance

Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin Actual Hold-Normalized

($MM) -43.8% -39.0% $1,000 60% $939.8 $900 $864.8 50% $800

$700 40% $600 $527.7 $527.7 34.9% $500 33.8% 30% 30.2% 30.2% $400 20% $300

$200 10% $100

$0 0% 1Q14 1Q15 1Q14 1Q15 11 Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China

Macao Departmental Profit Contribution by Segment

TTM 1Q14 TTM 1Q15

Other 3% VIP 13% VIP 18% Other 1%

Mall 10% Mall 8% Mass Tables 53% Mass Tables 52%

Hotel 12% Hotel 14%

Slots 8% Slots 8%

Mass Tables / Slots and Non-Gaming Generated 87% of Macao’s Departmental Profit in the TTM 1Q15 Period vs. 82% in the TTM 1Q14 Period 12 Macao: SCL Base Mass Showing Greater Stability Than Premium Mass in Current Softer Market SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter

SCL Departmental Profit Margin: 40% - 50% SCL Departmental Profit Margin: 25% - 40%

Avg. Win per Table per Day: $7,705 Avg. Win per Table per Day: $14,020 ($MM) ($MM)

$900 $900

$800 $800 $757 $702 $709 $700 $700 $659 $645 $609 $601 $580 $600 $559 $547 $600 $557 $523 $509 $500 $500 $452 $461 $412 $372 $400 $400 $344

$300 $300

$200 $200

$100 $100

$0 $0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 Avg. Avg. 729 877 865 215 248 326 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 as presented above are based on the geographic position of the tables on the gaming floor. 13 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 1.5 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 Convention-based Integrated Resort Offerings Appeal to the Broadest Set of Customers and Comprise a Unique Competitive Advantage in the Macao Market 14 Macao Mass Visitation Drivers

Future Growth 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 • Lodging . Rapidly expanding middle-class • Retail with growing disposable income • Entertainment • Gaming

15 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 Macao

Twelve Months Ended February 28, Population GDP Per Penetration Province 2014 2015 % Change (MM) Capita (US$) Rate Guangdong 8,317,884 9,160,041 +10% 104 $9,452 8.8%

Fujian 783,432 916,013 +17% 37 $9,342 2.5%

Hunan 668,484 772,130 +16% 66 $5,936 1.2%

Heilongjiang Zhejiang 652,932 697,980 +7% 54 $11,054 1.3%

Hubei 567,318 685,640 +21% 58 $6,881 1.2% Jilin Jiangsu 523,927 583,640 +11% 79 $12,047 0.7% Xinjiang Inner Liaoning Mongolia Shanghai 544,361 543,891 -0.1% 23 $14,547 2.4%

Hebei Beijing Shanxi Henan 381,666 518,693 +36% 94 $5,518 0.6% Ningxia Tianjin Qinghai Shandong Guangxi 409,971 518,457 +26% 46 $4,939 1.1% Gansu Shaanxi Henan Jiangsu Jiangxi 376,265 467,015 +24% 45 $5,130 1.0% Anhui Tibet Shanghai Sichuan Hubei Sichuan 379,725 403,849 +6% 80 $5,240 0.5% Chongqing Zhejiang Beijing 368,546 378,296 +3% 20 $15,051 1.9% Hunan Jiangxi Guizhou Fujian Hebei 259,681 347,888 +34% 72 $6,251 0.5% Yunnan Guangxi Guangdong Liaoning 303,854 342,504 +13% 44 $9,961 0.8% Hong Kong Heilongjiang 251,611 309,565 +23% 38 $6,057 0.8% Macao Shandong 274,265 309,456 +13% 96 $9,094 0.3%

Chongqing 228,142 264,793 +16% 30 $6,910 0.9%

All Other 3,761,812 4,196,808 +12% 407 N/A 1.0% -10% - 0% 10% - 20% Data Not Available Subtotal (Excluding 10,735,992 12,256,618 +14% 1,288 $6,617 1.0% 0% - 10% Greater than 20% Guangdong) Mainland China 19,053,876 21,416,659 +12% 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 16 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 continues to progress  Hotel rooms and suites: 3,000+  Gaming capacity: ~450 table games and 2,500 slots and ETGs  Additional amenities including a 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 – April 20, 2015

LVS Future LVS Third Party Third Party Development Operating Operating Future 17 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 continues to progress

 Hotel rooms and suites: ~400

 Serviced Apartments: ~300

Map of Macao’s Cotai Strip Construction Progress – April 20, 2015

LVS Future LVS Third Party Third Party Development Operating Operating Future 18 Assets Asset Development Macao Market Annual EBITDA Market Share by Operator Historical EBITDA Market Share1,2

SCL Macao Property Operations All Others

Macao Leader in 40% Market Share 80% of EBITDA

10% 9% 30% 60% 9% 16% 14% 13%

20% 40% 14% 72% 12% 11% 35% 68% 65% 32% 28% 14% 15% 14% 10% 20%

18% 18% 18% 0% 0% 2012 2013 2014 2012 2013 2014 2 SCL Galaxy MPEL SJM Wynn MGM

SCL Expanded Market Share of Macao EBITDA by 700 bps Over the Last Two Years

Source: Company Reports 1. Reflects reported adjusted property EBITDA for operating properties for the twelve months ended December 31. 19 2. Galaxy only includes EBITDA from Starworld and Galaxy Macau. LVS Outperforming the Macao Market in EBITDA Generation and Growth

2014 Macao Market EBITDA1 2014 Macao Market EBITDA Growth¹

($MM) ($MM) $3,500 $3,261 $11,000 $3,000 $10,000 $354 -$131 $9,421 $9,199 $2,500 $9,000

$2,000 $1,720 $8,000

$1,500 $1,287 $1,258 $7,000 $1,002 $1,000 $894 $6,000 $5,000 $500 $4,000 $0 LVS Galaxy² MPEL Wynn SJM MGM $3,000 Macau China $2,000 EBITDA Margin 34% 28% 27% 33% 17% 27% $1,000 EBITDA TTM 12% 6% -7% -5% -11% 5% Growth $0 Macao 2013 SCL All Others 2014 Market EBITDA EBITDA EBITDA EBITDA¹ EBITDA 35% 18% 14% 13% 11% 9% Share (%) Growth Growth LVS Had 35% Market Share of EBITDA in 2014 and Generated $354 million of Incremental EBITDA Y/Y Source: Company Reports 1. Reflects adjusted property EBITDA for operating properties based on US GAAP for the twelve months ended December 31, 2014. 20 2. Galaxy only includes revenue and EBITDA from Starworld and Galaxy Macau. Marina Bay Sands Operations Strong Retail and Mass Gaming Performance¹

Adjusted Property EBITDA  Adjusted property EBITDA of $415.3 million, a decrease of 4.6% and Adjusted Property EBITDA Margin (Adjusted Property EBITDA increased 0.2% on a constant-currency Actual Hold-Normalized basis) ($MM) $600 80% — Hold-normalized adjusted property EBITDA of $371.3 million, $500 70% $435.2 $415.3 a decrease of 1.7% $377.9 $400 $371.3 60%

 Total mass (non-rolling tables and slots) win per day increased $300 50% 52.1% 52.9% 50.9% 1.1% to reach $4.70 million (+5.9% on a constant-currency basis) $200 49.5% 40% — Total mass win was a property record in Singapore dollars $100 30% $0 20% — Non-Rolling win increased 3.3% to $280.0 million 1Q14 1Q15 1Q14 1Q15 — Slot win decreased 3.4% to $142.7 million Non-Rolling Table and Slot Win Per Day ($MM) $6.0  Room revenue decreased 7.7% as RevPAR decreased 7.5% to $393 $4.65 $4.70 and ADR decreased 3.3% to $414 $4.0 $1.64 $1.59  Retail mall revenue increased 3.4% to $39.8 million $2.0 $3.01 $3.11  Rolling win decreased 22.2% to $343.7 million (rolling volume decreased 22.0% to $10.09 billion) $0.0 1Q14 1Q15 Non-Rolling Tables Slot Machines Continued Growth in Mass Table and Retail Businesses Despite Headwind from Stronger US$ 1. Due to a strengthened USD in 1Q15 compared to 1Q14, MBS faced a currency headwind of approximately 4.7 percentage points in 1Q15 compared to 1Q14 21 Singapore: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands

Singapore Hold-Normalized Departmental Profit Contribution by Segment

TTM 1Q14¹ TTM 1Q15¹

Other 4% VIP VIP 11% Other 15% 4% Mall 8% Mall Mass Tables Mass Tables 7% 37% 38% Hotel Hotel 18% 18% Slots Slots 19% 21%

Mass Tables / Slots and Non-Gaming Generated 89% of Singapore’s Hold-Normalized Departmental Profit in TTM 1Q15

1. In TTM 1Q15, VIP hold was 3.29% compared to 2.67% in TTM 1Q14. On a non hold-normalized basis, VIP contribution would have been 12% in TTM 1Q14 and 17% in TTM 1Q15. 22 Asia Retail Mall Portfolio Continues to Generate Strong Growth in Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue

($MM) TTM 1Q15 Sales per Sq. Foot² $600 $569 $536 $551 $502 $512 $500 MBS: $171 $169 $1,409 $167 $156 $160 $400 SCC: $61 $1,407 $52 $57 $43 $45 $300 Four Seasons: $139 $129 $132 $5,246 $126 $125 $200 Venetian: $1,636 $100 $177 $182 $188 $192 $198

$0 1Q14 2Q14 3Q14 4Q14 1Q15 Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands Operating $430M $442M $463M $482M $503M Profit Operating 86% 86% 86% 88% 88% Profit Margin

1. At March 31, 2015, 324,408 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 of Sands Cotai Central. 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 23 occupied mall space for a minimum of 12 months are included in the tenant sales per square foot calculation. Strong Growth In Macao Retail Mall Revenue

Macao Quarterly Retail Revenue Composition

($MM)

$160

$140 $127.8

$120 $104.7 $46.9 $100 $87.4 $26.8 $78.0 $1.6 $80 $69.9 $8.4 $2.2 $60

$85.7 $40 $77.9 $80.9 $67.7 $69.6 $20

$- 1Q14 2Q14 3Q14 4Q14 1Q15

Base Rent and Other Fees Turnover Rent

Strong Retail Revenue Growth Across Macao Property Portfolio 24 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: — Targeting 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

Appendix Historical Hold-Normalized Adj. Property EBITDA1

$ in millions 1Q14 2Q14 3Q14 4Q14 1Q15

Macao Property Operations Reported $ 939.8 $ 801.3 $ 809.0 $ 711.2 $ 527.7 Hold-Normalized $ 864.8 $ 752.5 $ 772.1 $ 686.2 $ 527.7

Marina Bay Sands Reported $ 435.2 $ 417.8 $ 351.7 $ 518.5 $ 415.3 Hold-Normalized $ 377.9 $ 368.5 $ 366.5 $ 461.0 $ 371.3

Las Vegas Operations Reported $ 79.7 $ 66.1 $ 90.2 $ 78.0 $ 74.1 Hold-Normalized $ 97.3 $ 70.4 $ 83.6 $ 87.6 $ 89.2

Sands Bethlehem Reported $ 26.5 $ 27.9 $ 29.8 $ 36.2 $ 29.9 Hold-Normalized $ 26.5 $ 27.9 $ 29.8 $ 36.2 $ 29.9

LVS Consolidated2 Reported $ 1,479.7 $ 1,312.6 $ 1,283.9 $ 1,346.1 $ 1,050.5 Hold-Normalized $ 1,365.2 $ 1,218.8 $ 1,255.1 $ 1,273.3 $ 1,021.6

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: starting with 1Q15, if the quarter’s Baccarat win percentage is outside of the 21.0%-29.0% band, then a hold-adjustment is calculated by applying a Baccarat win percentage of 25.0%, and if the quarter’s non-Baccarat win percentage is outside of the 16.0%-20.0% band, then a hold-adjustment is calculated by applying a non-Baccarat win percentage of 18.0%. Our expected Baccarat win percentage in the prior quarters was 22.0% to 30.0% (26.0% normalized) and our expected non-Baccarat win percentage in prior quarters was 14.0% to 18.0% (16.0% normalized). (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. 28 2. Reflects consolidated adjusted property EBITDA inclusive of Other Asia (principally CotaiJet operations) segment. Strong Historical Revenue and EBITDA Growth Over the Last Five Years LVS Historical Net Revenue LVS Historical Adjusted Property EBITDA

($MM) ($MM) $6,000 $16,000 $5,422 $14,584 $4,993 $13,770 $14,000 $13,585 $5,000 $4,763

$12,000 $11,131 $4,000 $3,791 $3,532 $10,000 $9,411 $3,000

$8,000 $2,229 $6,853 $2,000 $6,000 $4,563 $1,086 $1,000 $4,000

$2,000 $0 2009 2010¹ 2011 2012² 2013 2014 TTM 1Q15 $0 2009 2010¹ 2011 2012² 2013 2014 TTM Margin 23.8% 32.5% 37.5% 34.1% 34.6% 37.2% 36.8% 1Q15 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. 29 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) $4.50 $3,500 $4.00 $3.58 $3,000 $2,894 $3.50 $3.27 $2,631 $2.90 $2,500 $2,399 $3.00

$2.50 $2,000 $2.14 $1,768 $2.02 $1,644 $2.00

$1,500 $1.50 $0.98 $1.00 $1,000 $775 $0.50 $500 $0.07 $0.00 $48 2009 2010¹ 2011 2012² 2013 2014 TTM $0 1Q15 2009 2010¹ 2011 2012² 2013 2014 TTM Diluted 1Q15 Shares 728M 792M 812M 825M 826M 808M 804M³ 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. 30 3. 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) LVS Capex Expectations $3,000

$2,500

$2,025 $2,000 $475 $1,560 $1,449 $1,500 $100 $107 $40 $1,179 $19 $49 $825 $190 $1,000 $898 $960 $830 $390 $700 $210 $60 $100 $200 $500 $192 $75 $125

$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). 31 2. The timing of capex is subject to the receipt of timely government approvals. Debt Maturity Profile Debt Maturity by Year at March 31, 2015 ¹

($MM) $6,000

$5,115 $5,000

$4,000 2,115

$3,000

$2,118 $2,000 1,808 $1,520 1,105 $1,000 883

$327 218 979 1,192 $73 $97 418 $0 180 2015 2016 2017 2018 2019 2020 SCL MBS USRG LVSC % of Total 1% 1% 4% 16% 23% 55%

Long Term and Low Cost Financing in Place

1. Does not reflect the $1 billion new term loan at SCL under its existing credit facility. Funding is expected to be on or around April 30, 2015. On a proforma basis reflecting the loan, $1,595 million 32 would be due in 2018, $2,293 million would be due in 2019, $5,525 million would be due in 2020 and $340 million would be due in 2021. MBS – Credit Collections Remain Healthy Reserve Balance Of $380 Million Represents 37.6% of Gross A/R Casino Credit Collections Remain Stable ($MM) $450 $418 $408 $403 $378 $368 $361 $375 $345 $342 $314 $311 $317 $326 $281 $291 $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 1Q15 Reserve Balance Of $380 Million Represents 37.6% of Gross Accounts Receivable

Quarterly $0 $17M $40M $40M $38M $39M $37M $39M $36M $36M $33M $30M $30M $24M Provision $10M $19M $11M $24M $37M $32M $1,200 $1,087 $1,120 $1,068 50.0% $1,045 $1,059 $1,016 $1,028 $984 $1,001$1,011 $896 40.0% $900 $822 $780 40.9% 41.9% 40.0% $656 37.2% 37.5% 37.6% 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 1Q15

Gross Casino A/R Balance at End of Period Reserve Against Casino A/R Balance

Life to Date Provision of $572 Million Represents 9.6% of Rolling Win Since Opening of Property 33 Las Vegas Operations

Adjusted Property EBITDA  Adjusted property EBITDA was $74.1 million, a and Adjusted Property EBITDA Margin decrease of 7.0% Actual Hold-Normalized — On a hold-normalized basis, adjusted property ($MM) EBITDA was $89.2 million, a decrease of 8.4% $120 40% $97.3 $100 $89.2 $79.7 30%  ADR increased 1.2% to $244 with 86.2% occupancy, $80 $74.1 RevPAR decreased 1.9% to $210 $60 20% 24.1% 22.6% 20.8% $40 19.7% 10%  Table games drop increased 2.8% to $533.1 million $20 driven by a 12.0% increase in non-Baccarat drop $0 0% 1Q14 1Q15 1Q14 1Q15  Slot win increased 8.5% to $44.1 million Composition of Table Games Drop Best opportunities for future growth: ($MM) $700 $600 $519 $533 — High-end Asian gaming growth $500 $400 $225 $252 — Increase in group room pricing in 2015 $300 $200 $293 $100 $281 — Non-gaming amenities $0 1Q14 1Q15 Baccarat Non-Baccarat

Best Opportunity for Future Growth in Group Room Business and Baccarat 34 Sands Bethlehem Operations Record Quarter for Leading Tri-State Region Property

Adjusted Property EBITDA  Adjusted property EBITDA increased 12.8% to a first and Adjusted Property EBITDA Margin quarter record $29.9 million ($MM) $35 40%  Table games drop increased 6.4% to reach $263.4 million, $29.9 driven by a 7.8% increase in Baccarat drop $30 $26.5 $25 30% $20 20%  Slot handle increased 6.0% to $1.01 billion $15 22.6% 23.4%

$10 10%  ADR increased 2.1% to $149 with occupancy of 84.5%, $5 RevPAR increased 24.8% to $126 $0 0% 1Q14 1Q15

 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 $300 and Cafe $248 $263

$200 $139  The Sands Bethlehem Event Center (50,000 SF) $132 $100 — Headline events have included Tiesto, Yes, Willie $116 $125 Nelson, The Beach Boys, Incubus, Bellator MMA, $0 Glenn Frey, Crosby, Stills and Nash, NBC Fight Night, 1Q14 1Q15 Diana Krall and Bill Maher Baccarat Non-Baccarat

35 Macao Market Background and Infrastructure Slides VIP Gaming Represents 59% of Total Macao GGR… …but Mass Tables and Slots Generate ~74% of Gaming Operating Profit

TTM 1Q15 Macao Market Composition of Macao Market Gross Gaming Gross Gaming Revenue Revenue and Est. Gaming Operating Profit2 1Q15 YoY ($MM) Growth $45,000 100% $39,327 -37% $40,000 26% $35,000 80%

$30,000 59% $23,181 -42% $25,000 60% ~1.8X $20,000 40% $15,000 74%

$10,000 $16,146 -27%1 20% 41% $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 41% of the Gaming Revenue, but ~74% of the Gaming Operating Profit

Source: Macao DICJ 1. In the first quarter of 2015, the mass table segment decreased 27.1% and the slot business decreased 26.3% compared to the first quarter of 2014. 37 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 Remains the Principal Profit Pool and the Primary Driver of Earnings Growth in Macao

Macao Market VIP and Mass Gaming Estimated Operating Profit 1,2

($MM) (XX%) = % of total $12,000 operating profit for period

$9,621 $10,000 $9,108 $8,777 $2,661 (28%) $8,000 $7,307 $2,985 (33%) $2,318 (26%) $6,026 $2,637 $6,000 (36%) $2,446 $6,960 (41%) $6,123 (72%) $4,000 (67%) $4,670 $6,459 $3,580 (64%) (74%) $2,000 (59%)

$0 2011 2012 2013 2014 TTM 1Q15

Mass Tables, Slots and ETGs VIP Tables The Mass Business is the Primary Driver of Gaming Profit in Macao

Source: Macao DICJ 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. 38 2. The percentages presented in parentheses represent the % of total operating profit for the period. Macao Base Mass Business Remains More Resilient Than Premium Mass in the Current Challenging Environment

Macao Mass Table and Slot Gross Gaming Revenue

($MM) $20,000 60%

$18,000 $17,400 $16,146 50% $16,000 $15,309 39% $14,000 36% 40% 33% 30% $11,674 31% $12,000 30% 30% $10,000 $8,949 14% 20% $8,000 16% $6,587 14% $6,000 $4,952 10% $4,358 $4,648 $4,000 $3,355 $3,394 -2% $2,084 $2,409 0% $2,000

$0 -10% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 TTM 1Q14 1Q15¹ 1Q15 Mass Table and Slot GGR Year-over-Year Growth

Strong Historical Growth in Mass, Recent Headwinds Especially at the High-End of the Mass Segment

Source: Macao DICJ 39 1. In the first quarter of 2015, the mass table segment decreased -27.1% and the slot business decreased -26.3% compared to the first quarter of 2014. Five Trends that Should Contribute To Growth in the Macao Market In The Future 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 12,000 new hotel rooms will open in Macao by 2018 5

40 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 41 1. Outbound travel penetration is defined as total departures by residents as a percentage of the respective country’s population. 1 Chinese Middle Class Consumption Growth Chinese Middle Class Consumption in 2030 is Projected to Reach $10.0 trillion

Global Middle Class Consumption in 2030 (US$ trillion)

(US$ trillion) $15

$12.8

$10.0 $10

$5 $4.0

$2.3 $2.5 $1.1 $1.2 $1.2 $1.3 $1.4

$- France Brazil Mexico Germany Russia Japan Indonesia USA China India

Continued Growth of the Chinese Middle Class Will Drive Macao Mass Tourism Opportunity

NOTE: Brookings Institution defines the global middle class as those households with daily expenditures between $10 and $100 per person in purchasing power parity terms. Source: Brookings Institution; UN; World Bank; Financial Times. 42 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 Macao

Twelve Months Ended February 28, Population GDP Per Penetration Province 2014 2015 % Change (MM) Capita (US$) Rate Guangdong 8,317,884 9,160,041 +10% 104 $9,452 8.8%

Fujian 783,432 916,013 +17% 37 $9,342 2.5%

Hunan 668,484 772,130 +16% 66 $5,936 1.2%

Heilongjiang Zhejiang 652,932 697,980 +7% 54 $11,054 1.3%

Hubei 567,318 685,640 +21% 58 $6,881 1.2% Jilin Jiangsu 523,927 583,640 +11% 79 $12,047 0.7% Xinjiang Inner Liaoning Mongolia Shanghai 544,361 543,891 -0.1% 23 $14,547 2.4%

Chongqing 228,142 264,793 +16% 30 $6,910 0.9%

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 43 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 44 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 TBD) 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 • First phase of Chimelong theme park opened in Existing Jan. 2014 and expected to attract 20M visitors Future annually at completion of all phases 45 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 46 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 47 Source: Macao DSEC; Hong Kong Tourism Board Opportunity for Increased Overnight Visitation 3 and Length of Stay In Macao

Composition of 2014 Visitation from Mainland China Avg. Length of Stay for Mainland Chinese Total 2014 Mainland Daytrip Visitors Overnight Visitors Overnight Visitors in 2014 Chinese Visitor Nights¹

(MM) (Days) (MM) 70.0 30.0 4.0 28.2 64.9

3.4 3.5 60.0 25.0 3.0 50.0 20.0 19.1 2.5 40.0 2.0 15.0 2.0 30.0 11.5 1.5 9.7 10.0 19.5 20.0 1.0

5.0 10.0 0.5

0.0 0.0 0.0 Macao Hong Kong Mainland Visitors Spent 64.9 Million Visitor Nights in Hong Kong in 2014 Compared to Just 19.5 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 2014. Hong Kong has not yet released their 2014 average length of stay figure, so the 3.4 average length of stay presented reflects the 2013 figure. 48 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. The theme park received over 49 8 million visitors in 2014, with over 500,000 visitors during the 2014 Chinese New Year holiday. 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. 50 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

14,000 Hotel % of Gaming % of Total 12,677 Gaming Operator Rooms Operators Market Sands China ` 12,677 45% 35% 12,000 The Parisian Galaxy Entertainment 4,659 16% 13% Macao Melco Crown 3,277 12% 9% 3,000 SJM Holdings² 2,839 10% 8% 10,000 Four Seasons Wynn Resorts 2,714 10% 8% Sands Macao, 289 Macao, 360 MGM China 2,187 8% 6% Subtotal Gaming Operators 28,353 100% 78% 8,000 The Other 4/5 Star 7,773 0% 22% Venetian Macao Total 36,126 100% 100% 2,905 St. Regis Macao, 400 6,000 4,659 Galaxy Macau Phase II 4,000 3,277 Sands Cotai 1,350 2,839 2,714 Central Starworld, 509 Macau Studio City 2,187 Grand Waldo, 550 2,000 5,723 1,600 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 45% 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. 51 Source: Company filings, Macao DSEC Supplemental Sands China Information SCL’s Mass Gaming Segment Impacted by Headwinds… Especially at the High-End of the Mass Market

Mass Table, Slot and ETG Win Per Day

Cotai Strip Properties Peninsula Total

($MM) $20.0 $16.9

$15.0 $14.4 $12.8 $10.8 $10.0 $7.8 $5.8 $5.3 $5.0 $4.4 $2.5 $2.0 $1.3 $0.7 $0.0 Venetian Sands Cotai Plaza Casino Total Sands Macao Total Macao Central (Four Seasons) Cotai Strip Macao Ops

1Q15 Average Table, Slot and ETG Units 1Q14 1Q15 Mass Tables 494 394 67 955 236 1,191 Slots 1,443 1,042 139 2,624 544 3,168 ETGs 668 667 8 1,343 375 1,718 53 SCL: Mass Table Segment Mass Business in Macao is Facing Headwinds (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 $1,337 $14,000 $13,210 50% $1,249 $1,219 $1,218 $12,143 $11,963 $12,000 $1,200 45% $10,961 $11,518 $1,061 $1,106 $10,204 $1,013 40% $10,190 $10,469 $1,000 $930 $10,000 $9,447 $867 35% $8,000 $800 32.4% 30% 31.6% 31.0% 29.9% 29.8% 30.5% 30.5% 30.0% 28.8% 25% $600 $6,000 20%

$400 15% $4,000

10% $200 $2,000 5%

$0 0% $0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 1 Avg. Mass Table Win % of Macao Mass Table Win 944 1,124 1,191 Tables

The Mass Business Continues to Face Headwinds, Particularly at the “High-End” of Mass

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). 54 2. Excludes revenue from all ETGs. SCL: Slot and ETG Segment Slot Business Facing Headwinds…Particularly at “High End” Macao Slot and ETG Win Macao Slot and ETG Win per Unit per Day

($MM) $220 60% $500

$200 $450 $424 $184 $180 $174 $178 $176 50% $388 $401 $166 $400 $353 $362 $160 $157 $149 $149 $350 $327 $136 40% $310 $140 $300 $283 $285 $120 $250 32.6% 32.7% 32.5% 32.9% 30% 32.2% 31.5% 31.4% $100 29.6% 30.1% $200 $80 20% $150 $60 $100 $40 10% $50 $20 $0 $0 0% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 Avg. 5,843 5,277 4,885 Slot & ETG Win % of Macao Market Slot Win 1 Units Slot Business Soft, Particularly at High-End, with Electronic Table Games Showing More Resilience

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). 55 SCL: VIP Rolling Segment VIP Segment in Macao Continues to Decline

Rolling Win Rolling Win per Table per Day

($MM) $1,600 30% $45,000 $1,445 $40,000 $39,167 $1,400 $1,327 $1,303 25% $1,223 $1,184 $35,000 $1,200 $32,837 $1,117 $32,568 $30,365 $1,019 $29,893 18.3% 20% $30,000 $1,000 $26,269 18.4% $838 $24,763 17.9% $25,000 $24,084 $800 17.2% 16.8% 16.9% 16.8% 15% 15.6% 14.6% $19,012 $20,000 $600 $592 10% $15,000 $400

5% $10,000 $200

$5,000 $0 0% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 $0 Rolling Win % of Macao Market Rolling Win 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 Rolling Avg. 2.97% 3.18% 2.81% 517 410 346 Win % Tables

Declining Segment Contributed Less Than 15% of Operating Profit in the TTM Period Ending March 31, 2015 56 Macao Annual Operating Performance Most Diversified and Defensive Cash Flows in the Macao Market

SCL Departmental Revenue and Profit Margins – TTM 1Q15 vs TTM 1Q14

Gross Revenue (US$MM) Departmental Profit Department TTM 1Q14 TTM 1Q15 YoY Growth (%) Margin Range Retail Mall $346 $398 15% 85%+ Hotel 584 635 9% 75% - 80% Convention, F&B, Entertainment & 492 514 4% Varies Other Base Mass 2,583 2,657 3% 40% - 50% Slots 673 647 -4% 40% - 50%+ Premium Mass 1,963 1,930 -2% 25% - 40%

VIP Gaming 5,260 3,566 -32% ~10%

Adj. Property EBITDA from $3,217 $2,849 -11% Macao Property Operations

Hold Normalized Adj. Prop.1 EBITDA $3,173 $2,739 -14% from Macao Prop. Operations

SCL Continues to Focus on the High-Margin Non-Gaming and Mass Segments

1. Hold-Normalized Adjusted Property EBITDA from Macao Property Operations represents the sum of the hold-normalized figures from the four quarters ended March 31. 57 Macao First Quarter Operating Performance Most Diversified and Defensive Cash Flows in the Macao Market

SCL Departmental Revenue and Profit Margins – Quarter Ended 3/31/2015 vs 3/31/2014

Gross Revenue (US$MM) Quarter Ended Quarter Ended Departmental Profit Department 3/31/2014 3/31/2015 YoY Growth (%) Margin Range Retail Mall $70 $87 25% 85%+ Hotel 165 148 -10% 75% - 80% Convention, F&B, Entertainment & 125 114 -8% Varies Other Base Mass 757 601 -21% 40% - 50% Slots 184 136 -26% 40% - 50%+ Premium Mass 580 412 -29% 25% - 40%

VIP Gaming 1,445 592 -59% ~10%

Adj. Property EBITDA from $940 $528 -44% Macao Property Operations

Hold Normalized Adj. Prop. EBITDA $865 $528 -39% from Macao Prop. Operations

SCL Continues to Focus on the High-Margin Non-Gaming and Mass Segments

58 Macao Annual Non-Gaming Revenue Most Diversified and Defensive Cash Flows in the Macao Market

SCL Gross Non-Gaming Revenue

($MM)

$2,000

$1,626 $1,615

$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 TTM 1Q15

Non-Gaming Revenue (US$MM) SCL’s High-Margin Non-Gaming Revenue Has Remained Strong Despite Headwinds in the Gaming Segments