LVS 3Q14 Earnings Deck VFINAL - Copy

8/17/2019 LVS 3Q14 Earnings Deck VFINAL - Copy

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The Venetian Macao Marina Bay Sands, Singapore

Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo Las Vegas

3Q14 Earnings Call Presentation

October 15,

2014

The Parisian, Macao(Targeted to open late 2015)Sands Cotai Central, Macao


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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.

Forward Looking Statements

2


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The global leader in Integrated Resort development and operation, delivering strong cash

flow, earnings and 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

most

lucrative

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 todriving long‐term shareholder value

The Investment Case for Las Vegas Sands

3

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 opportunities3. Increasing return of capital to shareholders


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Adjusted diluted EPS increased 2.4% to $0.84 per share

Consolidated adjusted property EBITDA up 0.6% to $1.28 billion

Macao – Adjusted property

EBITDA

increased

3.2%

to

$809.0

million,

reflecting

mass

gaming

and

non‐gaming growth but a challenging VIP environment

Marina Bay Sands – Adjusted property EBITDA decreased 5.9% to $351.7 million reflecting record

mass and non‐gaming results but a challenging VIP environment

LVS returned a total of $701.0 million to shareholders during the quarter

— $401.2 million ($0.50 per share) returned through recurring dividend

— $299.8 million returned through share repurchases

LVS Board increases capital return to shareholders by:

— Increasing recurring dividend for the 2015 calendar year by 30% to $2.60 per share

— Authorizing additional

$2.0

billion

for

share

repurchase

program

Third Quarter 2014 HighlightsSteady Operating Quarter with Increasing Returns of Capital to Shareholders

4NOTE: All comparisons in this presentation compare the third quarter 2014 against the third quarter 2013 unless otherwise specified.


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$ in millions, except per share information 3Q13 3Q14 $ Change % Change

Net Revenue 3,568.5$ 3,533.1$ (35.4)$ ‐1.0%

Adjusted Property EBITDA 1,275.8$ 1,283.9$ 8.1$ 0.6%

Adjusted Property EBITDA Margin 35.8% 36.3% 50 bps

Adjusted Diluted

EPS 0.82$

0.84$

0.02$

2.4%

Dividends per Common Share 0.35$ 0.50$ 0.15$ 42.9%

Hold‐Normalized Adjusted Property EBITDA 1,250.3$ 1,255.1$ 4.8$ 0.4%

Hold‐Normalized Adj. Property EBITDA Margin 35.3% 36.4% 110 bps

Hold‐

Normalized

Adjusted

Diluted

EPS 0.79$

0.81$

0.02$

2.5%

Third Quarter 2014 Financial Results

5


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Macao – Steady EBITDA with growth in mass and retail offset by contracting VIP business

— Mass table win increased 14.8% to $1.22 billion

— Slot and

ETG

win

increased

6.0%

to

$175.9

million

— Retail mall revenue increased 17.5% to $105.0 million

— Rolling win decreased 21.9% to $1.02 billion

Singapore – Record mass business; Growth in retail and mass offset by contracting VIP business

— Mass table and slot win increased 6.6% to $443.8 million (MBS delivered a property record $4.82

million win per day)

— Room revenue increased 8.9% to $101.6 million with ADR of $468, occupancy of 99.4% and RevPAR

of $465

— Mall revenue increased 17.9% to $44.8 million

— Rolling win

decreased

38.6%

to

$241.2

million

Macao – Growth in Mass Segments; VIP Challenging

Singapore – Growth in Mass Segments; VIP Challenging

Segments

6


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Year Year Nine Months

Ended Ended Ended

$ in millions 12/31/2012 12/31/2013 9/30/2014 Total

LVS Dividends Paid1

823$ 1,153$ 1,210$ 3,186$

LVS Special Dividend Paid 2,262 ‐ ‐ 2,262

LVS Shares Repurchased ‐ 570 1,430 2,000

Subtotal LVS 3,085$ 1,723$ 2,640$ 7,448$

SCL Dividends Paid2

357 411 777 1,545

Total 3,442$ 2,134$ 3,417$ 8,993$

$1.00

$1.40

$2.00

$2.60

$0.00

$0.50

$1.00

$1.50$2.00

$2.50

$3.00

2012 2013 2014 2015

7

Increasing Return of Capital to ShareholdersNearly $9.0 Billion of Capital Returned to Shareholders Over Last 11 Quarters

LVS Recurring Dividends per Share1 The LVS Board of Directors increased the LVS

recurring dividend by 30.0% to $2.60 per share for

the 2015 calendar year ($0.65 per share payable

quarterly)

The LVS

Board

of

Directors

also

authorized

an

additional $2.0 billion stock repurchase program

following the completion of the previous $2.0 billion

program

The company remains committed to returning

capital to shareholders via:

— Recurring quarterly dividend program at Las

Vegas Sands with a commitment to grow the

recurring dividend by at least 10% annually

— $2.0 billion Las Vegas Sands stock repurchase

program with

a commitment

to

purchase

at

least $75 million of stock each month

— Special dividends

1. Excludes dividends paid by Sands China Ltd. and excludes the $2.75 per share special dividend paid in December 2012.2. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. (total SCL dividends paid since 2011 of $5.18 billion).

The Company Remains Committed to Returning Capital to Shareholders While Maintaining a

Strong Balance

Sheet

and

the

Financial

Flexibility

to

Pursue

New

Development

Opportunities

Total Capital Returned to Shareholders


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4.4%

2.3%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

LVS S&P500

5.2%

4.4% 4.3%

3.7%

3.3%

2.9%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

$50.00 $59.61 $60.00 $70.00 $80.00 $90.00

LVS Generates Greater Forward Dividend Yield

than the S&P500 Index

2015 Forward Dividend

Yield of LVS and S&P5001

1. Reflects the 2015 dividend yield for LVS and the Bloomberg 2015 forward dividend yield estimate for the S&P500 on October 14, 2014.2. Reflects the 2015 forward LVS dividend ($2.60) over the closing price for LVS on October 14, 2014.

LVS’s 2015

Dividend

Yield

of

4.4%

Reflects

a 210

bps

Premium Above the S&P500 Forward Dividend Yield Estimates

Sensitivity of LVS Dividend Yield

Dividend

Yield as

of

10/14/14²

+210 bps

8


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Figures as of September 30, 2014 Sands China U.S. Corporate

(US GAAP in $MM) Ltd. Singapore Operations2 and Other Total

Cash, Cash

Equivalents

and

Restricted

Cash 2,188.4$

429.6$

376.9$

158.7$

3,153.6$

Debt 3,212.9$ 3,610.5$ 3,115.2$ ‐$ 9,938.6$

Net Debt 1,024.5$ 3,180.9$ 2,738.3$ (158.7)$ 6,785.0$

Trailing Twelve

Months

Adjusted

Property

EBITDA 3,388.0$

1,463.4$

438.8$

‐$

5,290.2$

Gross Debt to Trailing Twelve Months EBITDA 0.9 x 2.5 x 7.1 x NM 1.9 x

Net Debt to Trailing Twelve Months EBITDA 0.3 x 2.2 x 6.2 x NM 1.3 x

At September 30, 2014:

Trailing Twelve Months EBITDA – $5.29 billion

Trailing Twelve Months LVS Dividends Paid – $1.50 billion

Trailing Twelve Months SCL Dividends Paid – $776.6 million1

Trailing Twelve Months LVS Stock Repurchases – $1.65 billion

Cash Balance

– $3.15

billion

Net Debt – $6.79 billion

Net Debt to TTM EBITDA – 1.3x

Strong Cash Flow, Balance Sheet and LiquidityFlexibility for Future Growth Opportunities and Increasing Return of Capital

9

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 $64.6M 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 0.9x.

Strong

Balance

Sheet

and

Cash

Flow

Maximize

Financial

Flexibility

3


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$784.3 $809.0

$784.3 $772.1

34.0% 35.1%

34.0% 35.0%

0%

10%

20%

30%

40%

50%

60%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

3Q13 3Q14 3Q13 3Q14

Macao Operating PerformanceGrowing Mass Business Offset by Contracting VIP Segment

10

($MM)

Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Actual Hold‐Normalized

‐1.6%+3.2%


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Mass tables

— Mass table win up 14.8% to $1.22 billion compared to 16.3% growth for the Macao market

— Mass table efficiency up 5.1% to $11,518 win per table per day (reflecting an increase of 97 mass

tables compared

to

the

same

quarter

last

year)

— Mass table count increased by 9.3% to reach an average of 1,150 mass tables during the quarter

Slots and ETGs

— Slot and ETG win up 6.0% to $175.9 million driven by increased slot play at Sands Cotai Central

VIP gaming

— Rolling win down 21.9% to $1.02 billion compared to a decrease of 19.0% for the Macao market

— VIP table efficiency decreased 1.6% to $29,893 win per VIP table per day

— VIP table count decreased by 20.8% to an average of 370 VIP tables during the quarter

Macao Gaming PerformanceGrowth and Increased Efficiency Across Macao Mass Property Portfolio

11

Our

Macao

Growth

Strategy

Focuses

on

Mass

Market

Segments

including

Tables, Slots and ETGs ‐‐ and Non‐gaming Offerings including Hotel, Retail and Entertainment


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$2,084 $2,409$3,355

$4,358 $4,952

$6,587

$8,949

$11,674

$15,309

$18,115

$3,928 $4,520

16%

39%

30%

14%

33%36%

30% 31%28%

0%

10%

20%

30%

40%

50%

60%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM

3Q14

3Q13 3Q14¹

Mass Table and Slot GGR Year‐over‐Year Growth

Continued Growth in Macao’s High Margin

Mass Market

12

Macao Mass Table and Slot Gross Gaming Revenue

($MM)

Source: Macao DICJ1. In 3Q14, Macao market mass table and slot revenue grew at 15% (16% mass table growth and 5% slot growth).

Macao’s Mass Table and Slot Revenue Growth at

TTM September 30, 2014 was 28% (31% Mass Table Growth and 6% Slot Growth)


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$3,579

$4,670

$6,123

$7,246 $2,446

$2,637

$2,985

$2,897

$6,025

$7,307

$9,108

$10,143

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2011 2012 2013 TTM 3Q14

Mass Tables, Slots and ETGs VIP Tables

Macao Market VIP and Mass Gaming Estimated Operating Profit ¹

The Mass Business is the Principal Profit Pool and

the Primary Driver of Earnings Growth in Macao

($MM)

Source: Macao DICJ1. 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

VIP

Business

Now

Generates

Approximately

$450

Million

in

Incremental

Operating

Profit

― The Mass Business Now Generates Approximately $3.7 Billion in Incremental Operating Profit

13

(59%)

(64%)

(67%)

(71%)(41%)

(36%)

(33%)

(29%)

(XX%) = % of totaloperating profit for period

Since 2011:


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Mass Tables

50%

Slots 9%

Hotel 11%

Mall 8%

Other 2%

VIP 20%

Mass Tables

53%

Slots 8%

Hotel 13%

Mall 8%

Other 2%VIP 16%

TTM 3Q131

Macao: Diversified and Stable Sources of

Departmental Profit For Las Vegas Sands and Sands China

14

Mass

Tables

/

Slots

and

Non‐

Gaming

Generated

84%

of

Macao’s

Departmental

Profit

in the TTM Period Ending 3Q14 vs. 80% in the TTM Period Ending 3Q13

Macao Departmental Profit Contribution by Segment

TTM 3Q14¹

1. Represents departmental profit by segment (before unallocated expenses) for the respective TTM periods ending September 30, 2013 and 2014.


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450.7

529.9

769.7

927.0

679.2

812.5

10.9% 10.9%11.8%

10.4% 10.6% 10.9%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2010 2011 2012 2013 9 Months

Ended

9/30/2013

9 Months

Ended

9/30/2014

Labor Expense Labor Expense as a % of Net Revenue

Labor Costs in MacaoWhile Costs Have Increased, They Are Relatively Stable as a % of Net Revenue

15

SCL Historical Labor Expense

($MM)

Opening ofSands Cotai

Central


16/54

Executing Our Mass Strategy in Macao

Expansion of Mass MarketOfferings Underway with The Parisian

Family-friendly Entertainment World Class Concerts, Sporting Eventsand Other Entertainment Offerings

Over 1.2 million sq. feetof World Class Shopping

Market-Leading Customer Database

Highly Themed Tourism Attractions

Portfolio of Nearly9,300 Suites and Hotel Rooms

Over 2 million sq. feet of Conference,

Exhibition and Carpeted Meeting Space

The Broadestand Deepest

Mass

TourismOfferingsin Macao

Our Diversified Offerings Appeal to the Broadest Set of Customers and Comprise a Unique Competitive Advantage in Macao 16


17/54

Evolution of the Macao Mass Visitor

Drivers

More efficient and affordable transportation infrastructure

Additional tourism attractions in

Macao

and

Hengqin Island

Greater number of hotel rooms in Macao

Rapidly expanding middle‐class with growing disposable income

17

As a result, Macao’s Mass visitors are:

Coming From FartherAway

Staying Longer

Spending More On:

• Dining

• Retail• Entertainment• Gaming


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Twelve Months Ended August 31, Population GDP Per Penetration

Province 2013 2014 % Change (MM) Capita (US$) Rate (LTM)

Guangdong 8,064,422 8,677,234 +8% 104 $9,452 8.3%

Fujian 786,691 850,603 +8% 37 $9,342 2.3%

Hunan 619,573

728,897

+18% 66 $5,936 1.1%

Zhejiang 644,779 675,167 +5% 54 $11,054 1.2%

Hubei 532,572 638,481 +20% 58 $6,881 1.1%

Jiangsu 520,787 551,304 +6% 79 $12,047 0.7%

Shanghai 544,134 545,180 +0.2% 23 $11,054 2.4%

Guangxi 391,508 464,695 +19% 46 $4,939 1.0%

Henan 360,692 462,482 +28% 94 $5,518 0.5%

Jiangxi 365,352 435,663 +19% 45 $5,130 1.0%

Sichuan 375,020 383,837 +2% 80 $5,240 0.5%

Beijing 352,599 372,950 +6% 20 $15,051 1.9%

Hebei 242,548 312,802 +29% 72 $6,251 0.4%

Shandong 278,869 273,055 ‐2% 13 $9,094 2.1%

Chongqing 218,096 241,942 +11% 13 $6,910 1.9%

Shanxi 240,040 228,512 ‐5% 36 $5,621 0.6%

Inner Mongolia 133,350 130,397 ‐2% 25 $10,899 0.5%

All Other Provinces 3,476,860 4,428,371 +27% 527 N/A 0.8%

Subtotal (Excluding

Guangdong)10,083,470 11,724,338 +16% 1,288 $6,617 0.9%

Total China 18,147,892 20,401,572 +12% 1,392 $6,767 1.5%

Strong Growth in Mainland Chinese Visitation to MacaoStrongest Growth Realized in Provinces Served by High Speed Rail

18NOTE: 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

Year‐Over

‐Year

Visitation

Growth Mainland

Chinese

Visitation

to

Macao

Greater than 20%

Data Not Available‐10% ‐ 0%

0% ‐ 10%

10% ‐ 20%


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$10,961$12,143

$13,210

$11,963 $11,518

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

3Q13 4Q13 1Q14 2Q14 3Q14

$1,061.2

$1,218.5

$1,336.7

$1,248.8 $1,218.2

29.8% 30.5% 31.6%

30.5% 30.0%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

3Q13 4Q13 1Q14 2Q14 3Q14

Mass Table Win % of Macao Mass Table Win

Mass Table

Win

Increased

14.8% Mass

Table

Win

per

Table

per

Day2

19

($MM)

1,091Avg. Mass

Tables 1,124 1,147 1,1501,052

Greater

Than

$2.0

Billion

of

Annual

Departmental

Profit

at

the

3Q14

Run‐

RateSource: 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).

2. Excludes revenue from all ETGs.

Growth in Macao Mass Table BusinessGrowth and Productivity Gains in Macao’s Most Important Segment

1


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Extending Our Leadership in Macao’s Mass MarketMeaningful Opportunity to Continue to Grow Mass Table Business

201. Based on departmental profit margin of 42.5% of mass table revenue for LVS’s Macao operations.

Over $2.0 billion of Annualized Mass Table Departmental Profit Today…

Opportunity

for

Additional

Growth

Through

Continued

Execution

of

Our

Mass

Strategy

Illustrative Profitability of LVS’s Macao Market Mass Table Offering ($MM)1

Our departmental profit

opportunity in

the

mass

table segment in Macao

LVS’s 3Q14

annualized

mass

table departmental profit

Mass Table Win per Unit per Day

$11,000 $11,518 $12,000 $13,000 $14,000 $15,000 $16,000

1,300 $2,218 $2,323 $2,420 $2,622 $2,823 $3,025 $3,227

# of 1,250 $2,133 $2,233 $2,327 $2,521 $2,715 $2,909 $3,103

Mass

1,200

$2,048 $2,144 $2,234 $2,420 $2,606 $2,792 $2,978

Tables 1,150 $1,962 $2,055 $2,141 $2,319 $2,498 $2,676 $2,854

1,100 $1,877 $1,965 $2,048 $2,218 $2,389 $2,560 $2,730


21/54

$452

$559 $580

$547$509

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

3Q13 4Q13 1Q14 2Q14 3Q14

$609$659

$757

$702 $709

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

3Q13 4Q13 1Q14 2Q14 3Q14

21

LVS Base

Mass

Table

Win

by

Quarter

Macao: Healthy Growth in Base Mass and Premium

Mass Revenues

Note: LVS base mass and premium mass table revenues are based on geographic position of the tables on the gaming floor.

Our Mass Table Offering is the Broadest and the Deepest in the Macao Market

($MM)

LVS Premium

Mass

Table

Win

by

Quarter

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

($MM)

248Avg.

Tables 290 314255 261877

Avg.

Tables 857 836798 829

Avg. Win per Table per Day: $9,218 Avg. Win per Table per Day: $17,676


22/54

$165.9 $173.8

$184.3$177.6

$175.9

32.6% 32.7% 32.2% 32.5% 31.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

$220

3Q13 4Q13 1Q14 2Q14 3Q14

Slot & ETG Win % of Macao Market Slot Win

$327

$353$388

$401$424

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

3Q13 4Q13 1Q14 2Q14 3Q14

Macao Slot

and

ETG

Win

Increased

6.0% Macao

Slot

and

ETG

Win

per

Unit

per

Day

22

($MM)

5,348Avg. Slots

& ETGs 5,277 4,865 4,5155,507

~

$330

Million

of

Annual

Departmental

Profit

at

the

3Q14

Run‐

RateSource: Macao DICJ1. 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 withinthe 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).

Profitable Macao Slot Business Continues to Grow

1


23/54

$5.9

$4.3

$1.0

$11.2

$2.1

$13.3

$6.6$5.4

$1.0

$13.0

$2.2

$15.2

$0.0

$3.0

$6.0

$9.0

$12.0

$15.0

$18.0

VenetianMacao

Sands Cotai

CentralPlaza

Casino

(Four Seasons)Total

Cotai StripSands

Macao Total

Macao Ops

3Q13 3Q14

Mass Table, Slot and ETG Win Per Day

($MM)

Healthy Mass Growth Across our Macao Property Portfolio

23

Strong Growth at The Venetian Macao and Sands Cotai Central Drove an Increase of 14.3% in Our Portfolio‐wide Mass Win per Day to Market Leading $15.2 Million per Day

Cotai Strip Properties Peninsula Total

0.0%

Mass Tables 499 378 94063 210 1,150

Slots

ETGs

1,342 987 2,473144 533 3,006

545 637 1,1908 319 1,509

3Q14 Average Table, Slot and ETG Units


24/54

$30,365

$32,837

$39,167

$32,568

$29,893

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

3Q13 4Q13 1Q14 2Q14 3Q14

$1,303.4 $1,327.2

$1,445.3

$1,116.9

$1,018.6

18.4%

16.9%

18.3%

16.8%

17.9%

0%

5%

10%

15%

20%

25%

30%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

3Q13 4Q13 1Q14 2Q14 3Q14

Rolling Win % of Macao Market Rolling Win

Rolling Win per Table per Day

24

Rolling Win

Decreased

21.9%

439Avg. Rolling

Tables 410 377 370467

Approximately $400 Million of Annual Departmental Profit at the 3Q14 Run‐Rate

($MM)

VIP Business in Macao Has ContractedRolling Segment Represents 16% of Our TTM Cash Flow

2.68% 3.18% 3.19% 3.26%2.87%Rolling

Win %

E di O C i i l M h C i S i


25/54

Expanding Our Critical Mass on the Cotai StripThe Parisian Macao

25LVSOperating Assets

Third PartyOperating

Asset

Third PartyFutureDevelopment

Construction Progress – October 13, 2014Map of Macao’s Cotai Strip

The Parisian Macao will be a $2.7 billion themed, aspirational

destination Integrated Resort

Construction is progressing

Targeted opening date: Late 2015

Hotel rooms and suites: 3,000+

Gaming

capacity:

~450

table

games

and

2,500

slots

and

ETGs

Additional amenities including retail mall, 50% scale replica Eiffel

Tower, MICE space, diverse food & beverage options and

entertainment

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

Rendering of

The

Parisian

Macao

LVS FutureDevelopment

i d i


26/54

$2.97 $3.16

$1.55 $1.66

$4.52 $4.82

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

3Q13 3Q14

Non‐Rolling Tables Slot Machines

$373.6$351.7

$373.6 $366.5

48.3% 47.8% 48.3% 48.6%

30%

40%

50%

60%

$0

$100

$200

$300

$400

$500

3Q13 3Q14 3Q13 3Q14

Marina Bay Sands OperationsRecord Mass and Retail Business Performance Offset by Contracting VIP Segment

26

Actual

Adjusted property EBITDA of $351.7 million, a

decrease of 5.9%

— Hold‐normalized adjusted property EBITDA of

$366.5 million, a decrease of 1.9%

Total mass (non‐rolling tables and slots) win per

day increased 6.6% to reach a record $4.82

million

— Non‐Rolling win increased 6.4% to a record

$291.1 million

— Slot win increased 7.1% to a record $152.8

million

Strong growth in hotel ADR, which increased

16.7% to

$468

while

room

revenue

increased

8.9% to reach $101.6 million

Rolling win decreased 38.6% to $241.2 million

(rolling volume decreased 33.8% to $9.12 billion)

($MM)

($MM)

Adjusted Property

EBITDA

and Adjusted Property EBITDA Margin

Continued Growth in Mass Table, Slot, Hotel and Retail Businesses Offset by Contracting VIP Segment

Non‐Rolling Table and Slot Win Per Day

Hold‐Normalized


27/54

VIP

13%

Mass Tables

38%

Slots

20%

Hotel

17%

Mall

7%

Other

5%

VIP

11%

Mass Tables

38%

Slots

21%

Hotel

18%

Mall

7%

Other

5%

TTM 3Q131

Singapore: Diversified and Stable Sources of

Departmental Profit For Las Vegas Sands

27

Mass Tables / Slots and Non‐Gaming Generated 89% of Singapore’s Departmental Profit in

the

TTM

Period

Ending

3Q14

vs.

87%

in

the

TTM

Period

Ending

3Q13

Singapore Departmental Profit Contribution by Segment

TTM 3Q14¹

1. Represents departmental profit by segment (before unallocated expenses) for the respective TTM periods ending September 30, 2014 and 2013.

A i R t il M ll R I i St dil


28/54

$160 $169 $177 $182 $188

$97 $113

$126 $125 $129

$38

$42$43 $45

$52

$155

$154$156 $160

$167$450

$478$502 $512

$536

$0

$100

$200

$300

$400

$500

$600

3Q13 4Q13 1Q14 2Q14 3Q14

Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands²

Asian Retail Mall Revenue Increasing Steadily

28

($MM)

Trailing Twelve

Months

Retail

Mall

Revenue

85% 86% 86% 86%Operating Profit Margin

84%

1. At September 30, 2014, 322,309 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. 37,000 square feet of the Shoppes at Marina Bay Sands (5.7% of total mall square footage) was being repositioned to higher yielding luxury tenants during the third quarter.

3. 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.

$407M $430M $442M $463MOperating Profit

$379M

TTM 3Q14 Sales per Sq. Foot³

MBS:$1,423

SCC:$1,472

Four Seasons:

$5,810

Venetian:$1,579

Disciplined Execution of Our Global Growth Strategy


29/54

South Korea

Promising Areas of Future Development Interest for Las Vegas Sands

Japan

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)

Disciplined Execution of Our Global Growth Strategy

29

Macao

The Parisian Macao

St. Regis Tower at

Sands Cotai

Central

Vietnam


30/54


31/54

Appendix

Historical Hold Normalized Adj Property EBITDA1


32/54

$

in

millions 3Q13 4Q13 1Q14 2Q14 3Q14

Macao Property Operations

Reported 784.3$ 835.9$ 939.8$ 801.3$ 809.0$

Hold‐Normalized 784.3$ 866.8$ 864.8$ 752.5$ 772.1$

Marina Bay

Sands

Reported 373.6$ 258.8$ 435.2$ 417.8$ 351.7$

Hold‐Normalized 373.6$ 341.3$ 377.9$ 368.5$ 366.5$

Las Vegas Operations

Reported 87.1$ 88.2$ 79.7$ 66.1$ 90.2$

Hold‐Normalized 61.6$ 93.7$ 97.3$ 70.4$ 83.6$

Sands Bethlehem

Reported 29.6$ 30.3$ 26.5$ 27.9$ 29.8$

Hold‐Normalized 29.6$ 30.3$ 26.5$ 27.9$ 29.8$

LVS Consolidated2

Reported 1,275.8$ 1,214.0$ 1,479.7$ 1,312.6$ 1,283.9$

Hold‐Normalized 1,250.3$ 1,332.9$ 1,365.2$ 1,218.8$ 1,255.1$

Historical Hold‐Normalized Adj. Property EBITDA1

32

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 thequarter’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.

Strong Historical Revenue and EBITDA Growth


33/54

$1,086

$2,229

$3,532$3,791

$4,763

$5,290

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2009 2010¹ 2011 2012² 2013 TTM 3Q14

$4,563

$6,853

$9,411

$11,131

$13,770

$14,824

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

2009 2010¹ 2011 2012² 2013 TTM

3Q14

LVS Historical

Net

Revenue

($MM)

Strong Historical Revenue and EBITDA Growth

Over the Last Four Years

LVS Historical

Adjusted

Property

EBITDA

($MM)

Margin 23.8% 32.5% 34.1%37.5% 34.6%

1. Marina Bay Sands opened in April 2010.2. Sands Cotai Central opened in April 2012.

The Power and Consistency of our Convention‐Based Integrated

Resort Business

Model

is

Reflected

in

our

Financial

Results

35.7%

33

Strong Historical Adjusted Net Income and


34/54

$0.07

$0.98

$2.02$2.14

$2.90

$3.38

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

2009 2010¹ 2011 2012² 2013 TTM 3Q14

$48

$775

$1,644$1,768

$2,399

$2,753

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2009 2010¹ 2011 2012² 2013 TTM 3Q14

LVS Historical

Adjusted

Net

Income

Strong Historical Adjusted Net Income and

Adjusted EPS Growth Over the Last Four Years

LVS Historical

Adjusted

Diluted

Earnings

per

Share

($MM)

Diluted

Shares

Outstanding

728M 792M 825M812M 826M

1. Marina Bay Sands opened in April 2010.2. Sands Cotai Central opened in April 2012.3. Reflects the simple average of the diluted shares outstanding for the four component quarters.

The Power and Consistency of our Convention‐Based Integrated

Resort Business

Model

is

Reflected

in

our

Financial

Results

813M3

34


35/54

Debt Maturity Profile


36/54

180

418

979

1,631235

1,191

1,950

833

2,115

$26 $102 $102 $333

$1,486

$2,204

$5,696

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2014 2015 2016 2017 2018 2019 2020

SCL MBS USRG LVSC

Debt Maturity ProfileDebt Maturity by Year at September 30, 2014

Long Term

and

Low

Cost

Financing

in

Place

($MM)

0.3% 1% 1% 15%% of Total 3% 22% 57%

361. Reflects remaining 2014 payments.

1

LVS Outperforming the Macao Market in


37/54

$7,949

$10,073

$964

$1,160

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

$11,000

2Q13 TTM

EBITDA

LVS

EBITDA

Growth

All Others

EBITDA

Growth

2Q14 TTM

EBITDA

$3,361

$1,820

$1,436 $1,395

$1,142$919

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

LVS Galaxy² MPEL Wynn

Macau

SJM MGM

China

LVS Outperforming the Macao Market in

EBITDA Generation and Growth

LVS Had 33% Market Share of EBITDA in TTM 2Q14 and

Generated

45%

of

the

Incremental

EBITDA

Created

in

Macao

in

TTM

2Q14Source: Company Reports1. Reflects adjusted property EBITDA for operating properties based on US GAAP for the twelve months ended June 30, 2014.

2. Galaxy only includes revenue and EBITDA from Starworld and Galaxy Macau.

3. Total market EBITDA share (%) does not foot to 100% due to rounding.

EBITDA

Margin

30% 24% 17% 9% 23%

2Q14 TTM

Macao

Market

EBITDA1

EBITDA

TTM

Growth

29% 28% 33% 17% 26%

($MM)

2Q14 TTM

Macao

Market

EBITDA

Growth

($MM)

45% of

Incremental

EBITDA

55% of

Incremental

EBITDA

40%

34%

18% 14% 14% 11% 9%

Macao

Market

EBITDA

Share (%)

33%

³

37

MBS – Credit Collections Remain Healthy


38/54

$70

$208 $285

$361$510

$561$656

$780$822 $896

$1,045 $1,087 $1,059 $1,120 $1,016 $1,068 $1,028 $984

0.0% 8.4% 9.6%12.9% 11.3%

14.6%18.2% 19.8%

23.4%26.8% 26.7% 27.8%

30.3% 32.0%37.2% 37.5%

40.9% 41.9%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

$0

$300

$600

$900

$1,200

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

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

$40

$146 $203

$250 $271

$345$314

$418

$311 $317

$378 $368$408

$342

$403

$326$361

$281

$0

$75

$150

$225

$300

$375

$450

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

yReserve Balance Has Now Increased to 41.9% of Gross A/R

38

($MM)

Reserve Balance

Has

Increased

to

$412

Million

– 41.9%

of

Gross

Accounts

Receivable

Casino Credit

Collections

Remain

Stable

$0Quarterly

Provision $17M $24M $37M $32M $40M $40M$11M$19M$10M

Life to Date Provision of $518M Represents 9.9% of Rolling Win Since Opening of Property

$38M $39M $37M $39M $36M $36M $33M $30M

Las Vegas Operations


39/54

$303 $415

$241$218

$544$633

$0

$100

$200

$300

$400$500

$600

$700

3Q13 3Q14

Baccarat Non‐Baccarat

$87.1 $90.2

$61.6

$83.6

23.2% 23.7%

17.9%

22.4%

0%

10%

20%

30%

40%

$0

$20

$40

$60

$80

$100

3Q13 3Q14 3Q13 3Q14

as Vegas OperationsStrength in Baccarat Business and RevPAR

39

Composition of Table Games Drop

Adjusted property EBITDA was $90.2 million, an

increase of 3.5%

— On a hold‐normalized basis, adjusted property

EBITDA was $83.6 million, an increase of 35.6%

RevPAR increased 9.4% to $187 with 91.9% occupancy,

with ADR increasing 4.1% to $204

37.0% increase in Baccarat drop drove a 16.4%

increase in table games drop to $632.9 million

Slot handle increased 12.1% to $573.1 million

Best opportunities for future growth:

— High‐

end

Asian

gaming

growth

— Increase in group room pricing in 2014 and 2015

($MM)

Adjusted Property

EBITDA


Strength in Baccarat Business and Room Pricing Offsets Non‐Baccarat Contraction

Actual

($MM)

Hold‐Normalized

Sands Bethlehem Operations


40/54

$124 $134

$138 $141

$262 $275

$0

$100

$200

$300

3Q13 3Q14

Baccarat Non‐Baccarat

$29.6 $29.8

24.0% 23.4%

0%

10%

20%

30%

40%

$0

$5

$10

$15

$20

$25

$30

$35

3Q13 3Q14

pLeading Tri‐State Region Property With Investments for Future Growth

40

Adjusted property EBITDA increased 1.0% to $29.8

million

Table games drop increased 5.0% to reach $274.6 million,

driven by a 8.1% increase in baccarat drop

Slot handle decreased 0.7% to $1.04 billion

Retail outlet mall (130,000 SF) features 28 stores

including Coach, Tommy Hilfiger, DKNY, European Body

Concepts Day Spa and recently opened Joli French Bakery and Cafe

Event Center (50,000 SF)

— Headline events

have

included

Tiesto,

Yes,

Willie

Nelson, The Beach Boys, Incubus, Belator MMA,

Glenn Frey, Crosby, Stills and Nash, NBC Fight Night,

and Diana Krall

($MM)

($MM)

Adjusted Property

EBITDA


Composition of Table Games Drop


41/54

Macao Market

Background

and Infrastructure Slides

VIP Gaming Represents 62% of Total Macao GGR…


42/54

38%

71%

62%

29%

0%

20%

40%

60%

80%

100%

Gross Gaming Revenue Operating Profit

Mass Tables and Slots VIP Gaming

$18,115

$28,965

$47,080

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

Gross Gaming Revenue

Mass Tables and Slots VIP Gaming

TTM 3Q14

Macao

Market

Gross Gaming Revenue

…but Mass Tables and Slots Generate ~71% of Gaming Operating Profit

($MM)

Composition of

Macao

Market

Gross

Gaming

Revenue and Est. Gaming Operating Profit2

Source: Macao DICJ1. In the third quarter of 2014, the mass table segment grew 16% and the slot business grew 5% compared to the third quarter of 2013.2. 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.

Mass Gaming Generates 38% of the Gaming Revenue, but ~71% of the Gaming Operating Profit

42

3Q14 YoY

Growth

‐7%

‐19%

+15%1

~1.9X

Five Trends that Will Contribute To Growth


43/54

in the Macao Market Over the Next Five Years

1

2

3

4

5

200 million

Chinese

are

expected

to

travel

outside

of

China

by

2020, compared to 83 million in 2012 and 97 million in 2013

Infrastructure and transportation connectivity throughout

China, especially in the Pearl River Delta region, will be

meaningfully expanded

Increasing length

of

stay

in

Macao

Hengqin Island will contribute to Macao’s diversification and to

its further

development

as

a business

and

leisure

tourism

destination

Over 13,000 new hotel rooms will open in Macao by 2018

Sources: McKinsey, Ernst & Young, CLSA43

China Is The World’s Largest and Fastest 1


44/54

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

'56 '60 '64 '68 '72 '76 '80 '84 '88 '92 '96 '00 '04 '08 '12$4

$8 $11 $14

$15 $22

$30 $44

$55 $70

$102

$120

5

5 9 12

2031

41 48

57

73

83

97

108

119

132

147

163

180

200

$138$157

$179

$205

$234

$268

$306

0

50

100

150

200

250

300

350

'95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19

Outbound Travel

from

China

Growing Outbound Tourism Market

44

Outbound Travel

Penetration¹

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

Expenditure (US$bn)

Chinese outboundtourists (millions)

CLSA estimates

Source: CLSA, UNWTO1. Outbound travel penetration is defined as total departures by residents as a percentage of the respective country’s population.

1

China

Japan

Taiwan

Korea

2009‐2013 2012‐2020

Expenditure 27.2% 14.3%

Tourists 16.1% 10.9%

CAGR

44.5%

27.5%

14.5%

6.1%

Strong Growth in Mainland Chinese Visitation to Macao1


45/54

Twelve Months Ended August 31, Population GDP Per Penetration

Province 2013 2014 % Change (MM) Capita (US$) Rate (LTM)

Guangdong 8,064,422 8,677,234 +8% 104 $9,452 8.3%

Fujian 786,691 850,603 +8% 37 $9,342 2.3%

Hunan 619,573 728,897 +18% 66 $5,936 1.1%

Zhejiang 644,779 675,167 +5% 54 $11,054 1.2%

Hubei 532,572 638,481 +20% 58 $6,881 1.1%

Jiangsu 520,787 551,304 +6% 79 $12,047 0.7%

Shanghai 544,134 545,180 +0.2% 23 $11,054 2.4%

Guangxi 391,508 464,695 +19% 46 $4,939 1.0%

Henan 360,692

462,482

+28% 94 $5,518 0.5%

Jiangxi 365,352 435,663 +19% 45 $5,130 1.0%

Sichuan 375,020 383,837 +2% 80 $5,240 0.5%

Beijing 352,599 372,950 +6% 20 $15,051 1.9%

Hebei 242,548 312,802 +29% 72 $6,251 0.4%

Shandong 278,869 273,055 ‐2% 13 $9,094 2.1%

Chongqing 218,096 241,942 +11% 13 $6,910 1.9%

Shanxi 240,040 228,512 ‐5% 36 $5,621 0.6%

Inner Mongolia 133,350 130,397 ‐2% 25 $10,899 0.5%

All Other Provinces 3,476,860 4,428,371 +27% 527 N/A 0.8%

Subtotal (Excluding

Guangdong)10,083,470 11,724,338 +16% 1,288 $6,617 0.9%

Total China 18,147,892 20,401,572 +12% 1,392 $6,767 1.5%

Strongest Growth Realized in Provinces Served by High Speed Rail

45NOTE: 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

Year‐Over

‐Year

Visitation

Growth Mainland

Chinese

Visitation

to

Macao

Greater than 20%

Data Not Available‐10% ‐ 0%

0% ‐ 10%

10% ‐ 20%

1

Infrastructure: China’s High‐Speed Rail2


46/54

Connecting More of Mainland China to Macao

Source: SCMP, LVS, NYT46

2

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

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

Provides seamless connection from Northern China to the Macao border via the Guangzhou‐Zhuhai Intercity Rail

5 trains in each direction each day

Guangzhou – Zhuhai Intercity Rail

Rail line connecting Guangzhou to Zhuhai, where the Gongbei border gate to Macao is located

Guangzhou

is

the

largest

city

in

Guangdong province and is a key economic and transportation hub

Reduces travel time from Guangzhou to Zhuhai from 2+ hours by bus to as short as 60 minutes

Zhuhai station opened in Jan 2013

Future link to Macao Light Rail System

40‐45 trains in each direction each day

Wuhan – Guangzhou High‐Speed Rail

Wuhan is the capital of Hubei Province and one of the most populous cities in Central China with ~10 million people

Wuhan is an important economic and transportation hub in Central China

HSR reduces travel time to Guangzhou from 11 hours by bus to 3.5 hours by train

One of the most successful routes with 75‐85 trains in each direction each day

Hong KongMacao

Infrastructure: Meaningful Improvements

Th h h P l Ri D l R i

2


47/54

Throughout the Pearl River Delta Region

Source: World Bank, China Daily, Chinatrainguide.com, Analyst reports. Note: population and GDP data from 2013. 47

GuangzhouPopulation: 13M

GDP Per Capita: US$14,000

MacaoPopulation: 0.6M


Hengqin Island• Special economic area• Over $20B of overall investment• Over 10,000 hotel rooms• First phase of Chimelong theme park opened in

Jan. 2014

and

expected

to

attract

20M

visitors

annually at completion of all phases

Hong KongPopulation: 7.2M


Hong Kong‐Macao‐Zhuhai Bridge

(expected completion 2016)

Wuhan – Guangzhou High‐Speed Rail• 3.5 hour train ride• 75‐80 trains in each direction per day

ShenzhenPopulation: 10M

GDP Per Capita: US$22,000China Border Gate Expansion• Daily capacity increased from 150,000 to

350,000 people

in

2H13

• Reduced average wait times on China side of border

Guangzhou – Zhuhai

Intercity

Rail• 70 ‐ 90 minute train ride (2+ hours by bus)

• 25 ‐ 35 trains in each direction per day• Final link to Gongbei border gate completed in

January 2013

Guangzhou – Shenzhen – Hong Kong Rail

• 2

hour

train

ride

from

Guangzhou

to

HK• 25 trains in each direction per day

Infrastructure Legend

Existing

FutureCompleted

in

1Q13

Gongbei – Hengqin Railway• Connects the Gongbei border crossing with

Hengqin Island

• Stops at Lotus Bridge crossing and ends at

Chimelong theme park

• Expected completion 2017

2

Chinese Day‐Trip and Overnight Visitation To

M B th C ti t G3


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5.2

6.3

7.3

8.1

8.9

4.24.7

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2009 2010 2011 2012 2013 1H13 1H14

5.8

6.9

8.8 8.8

9.7

4.7

5.5

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2009 2010 2011 2012 2013 1H13 1H14

Mainland China

Day

‐Trip

Visitors

to

Macao Mainland

China

Overnight

Visitors

to

Macao

Macao Both Continue to Grow

(MM)

Source: Macao DSEC48

‐9% +19% +28% 0%

(MM)

Growth ‐1% +22% +16% +10%Growth

Chinese Visitation Continues to Grow and Additional Hotel Capacity and Transportation Infrastructure will Enhance Overnight Visitation Growth to Macao in the Future

+10% +10%

3

Visitation to Macao Can Meaningfully Grow3


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11.0

13.2

16.2 16.918.6

10.2

18.0

22.7

28.1

34.9

40.7

21.8

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Mainland China Visitation to Macao and Hong Kong

21.8 Million Residents of Mainland China Visited Hong Kong in 1H14

(MM)

Source: Macao DSEC; Hong Kong Tourism Board49

‐5% +20% +22% +5%Macao

+6%Hong Kong +26% +24% +24%

Robust Transportation

Infrastructure,

74,000

Hotel

Rooms

and

World

‐Class

Dining

and

Shopping

Amenities Enabled 21.8 Million Mainland Chinese Visitors to Travel to Hong Kong in 1H14

Hong Kong

Received

11.6M More

Visitors from

China in 1H14

than did Macao

2009 2010 2011 2012 2013

+10%

+17%

Macao Hong Kong

1H14

+15%

+16%

Opportunity for Increased Overnight Visitation

and Length of Stay In Macao3


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18.7

58.1

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2.1

3.4

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

9.78.9

23.7

17.1

0.0

5.0

10.0

15.0

20.0

25.0(Days)

Total 2013 Mainland

Chinese Visitor Nights¹

(MM)(MM)

Daytrip Visitors

and Length of Stay In Macao

501. Calculated as total overnight visitors from Mainland China multiplied by average length of stay for Mainland overnight visitors in each market for 2013.Source: Macao DSEC, Hong Kong Tourism Board

Composition of

2013

Visitation from Mainland China

Mainland Visitors Spent 58.1 Million Visitor Nights in Hong Kong in 2013

Compared to

Just

18.7

Million

Visitor

Nights

Spent

in

Macao

Overnight Visitors

Avg. Length of Stay for

Mainland Chinese

Overnight Visitors in 2013

Macao Hong Kong

Hengqin Island Expands Critical Mass of

Tourism Offerings for Visitors to the Region4


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Tourism Offerings for Visitors to the Region

51

Map of

Hengqin

Island

New

Area Important

Facts

Island adjacent to Macao (3X the size of Macao) that has been

welcomed by President Xi Jinping as a strategic zone for

cooperation among Guangdong Province, Hong Kong and

Macao

Master‐planned island with greater than US$20 billion of

investment focused on tourism development, industrial and

technological innovation and education

One of three current “New Area” reform zones in China

— Support from the Central Government to enable long

term success

— Empowerment to have broad flexibility on economic and

legal matters

Designed to contribute to the diversification of Macao

— US$3.2 billion Chimelong International Ocean Resort

opened January

28

and

is

expected

to

generate

20

million

visits in the future after completion of all phases¹

— Hengqin’s central business district will feature a 1.2

million square foot convention center

— More than 10,000 hotel rooms expected to open over the

next five

years

Source: Macau Daily, Zhuhai Daily, Chimelong Group, Hengqin New Area Administrative Committee

1. 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

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.

Market Leading Hotel Capacity at LVSLas Vegas Sands Operates 38% of Macao’s Current 4/5 Star Hotel Inventory

5


52/54

Sands Cotai

Central

5,723

The

Venetian Macao

2,905

Sands Macao, 289

Galaxy Macau

2,250

Grand Waldo, 550

Starworld, 509

City of

Dreams

1,461

Altira Macau, 216

Wynn Macau

1,014 Grand Lisboa, 431

Sofitel Macau, 408MGM Grand, 587

9,277

3,309

1,677

1,014 839587

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Las Vegas Sands Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China

Hotel % of Gaming % of Total

Gaming Operator Rooms Operators Market

Las Vegas Sands 9,277 56% 38%

Galaxy Entertainment 3,309 20% 14%

Melco Crown 1,677 10% 7%

Wynn Resorts 1,014

6% 4%

SJM Holdings² 839 5% 4%

MGM China 587 4% 2%

Subtotal Gaming Operators 16,703 100% 68%

Other 4/5 Star 7,537 0% 32%

Total 24,240 100% 100%

Las Vegas Sands Operates 38% of Macao s Current 4/5‐Star Hotel Inventory

1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,587 additional four‐ and five‐star hotel rooms in Macao.2. Reflects only SJM Holdings self ‐owned hotels.

Source: Company filings, Macao DSEC

52

LVS Hotel Inventory Exceeds the Other Five Gaming Operators Combined

Macao Market

Gaming

Operator

Hotel

Rooms1

Four Seasons

Macao, 360`

Market Leading Hotel Capacity at LVSProjected Macao Market 4/5 Star Hotel Rooms at December 31 2017

5


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Sands Cotai

Central

5,723

The

Venetian Macao

2,905

Sands Macao, 289

The Parisian

Macao3,000

Galaxy Macau

2,250

Grand Waldo, 550Starworld, 509

Galaxy Macau Phase II

1,350

City of Dreams

1,461

Altira Macau,

216

Macau Studio City

2,000

Wynn Macau, 1,014

Wynn Cotai

1,700

Grand Lisboa, 431Sofitel Macau, 408

SJM Cotai

2,000

MGM Grand, 587

MGM Cotai

1,600

12,677

4,6594,457

2,714 2,8392,187

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Las Vegas Sands Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China

Hotel % of Gaming % of Total

Gaming Operator Rooms Operators Market

Las Vegas Sands 12,677 43% 34%

Galaxy Entertainment 4,659 16% 12%

Melco Crown 4,457 15% 12%

Wynn Resorts 2,714

9% 7%

SJM Holdings² 2,839 10% 8%

MGM China 2,187 7% 6%

Subtotal Gaming Operators 29,533 100% 79%

Other 4/5 Star 7,773 0% 21%

Total 37,306 100% 100%

Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2017

1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,823 additional four‐ and five‐star hotel rooms in Macao.2. Reflects only SJM Holdings self ‐owned hotels.

Source: Company filings, Macao DSEC

53

At the Completion of the Next Phase of Development, LVS will Operate 43% of all Gaming Operator Hotel Rooms

Macao Market

Gaming

Operator

Hotel

Rooms

at

December

31,

20171

Four Seasons

Macao, 360

St. Regis

Macao, 400

CoD Tower Five, 780

`


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