1. The Venetian Macao Marina Bay Sands, Singapore
Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo Las Vegas
4Q14 Earnings Call Presentation
January 28, 2015
The Parisian, MacaoSands Cotai Central, Macao
2. 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
3. The global leader in Integrated Resort development and operation, delivering strong and
diversified cash flow and earnings as well as growing recurring dividends
Best positioned operator to deliver growth in Asia, with the pre-eminent destination
Integrated Resort properties in the world’s largest and fastest growing consumer markets
Uniquely positioned to bring unmatched track record, powerful convention-based business
model and the industry’s strongest balance sheet to the world’s most promising Integrated
Resort development opportunities
Committed to maximizing shareholder returns by delivering growth while continuing to
increase the return of capital through recurring dividend and stock repurchase programs
The industry’s most experienced leadership team: visionary, disciplined and dedicated to
driving long-term shareholder value
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 opportunities
3. Increasing return of capital to shareholders
4. Adjusted diluted EPS increased 27.8% to $0.92 per share
Consolidated adjusted property EBITDA increased 10.9% to $1.35 billion
Macao – Adjusted property EBITDA decreased 14.9% to $711.2 million, reflecting growth in non-
gaming segments but a challenging environment in VIP and Premium mass gaming segments
Marina Bay Sands – Adjusted property EBITDA increased 100.3% to a record $518.5 million
reflecting growth in gaming and non-gaming segments, including a record retail performance¹
LVS returned a total of $635.3 million to shareholders during the quarter
— $400.3 million ($0.50 per share) returned through recurring dividend
— $235.0 million returned through share repurchases
Fourth Quarter 2014 Highlights
Steady Operating Quarter with Increasing Returns of Capital to Shareholders
4
NOTE: All comparisons in this presentation compare the fourth quarter 2014 against the fourth quarter 2013 unless otherwise specified.
1. MBS’s quarterly results were positively impacted by a property tax reassessment of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014.
Excluding the property tax reassessment, adjusted property EBITDA would have increased 65.5% to $428.4 million.
5. $ in millions, except per share information 4Q13 4Q14 $ Change % Change
Net Revenue 3,655.7$ 3,416.0$ (239.7)$ -6.6%
Adjusted Property EBITDA¹ 1,214.0$ 1,346.1$ 132.1$ 10.9%
Adjusted Property EBITDA Margin¹ 33.2% 39.4% 620 bps
Adjusted Diluted EPS 0.72$ 0.92$ 0.20$ 27.8%
Dividends per Common Share 0.35$ 0.50$ 0.15$ 42.9%
Hold-Normalized Adjusted Property EBITDA² 1,332.9$ 1,273.3$ (59.6)$ -4.5%
Hold-Normalized Adj. Property EBITDA Margin² 34.8% 38.4% 360 bps
Hold-Normalized Adjusted Diluted EPS 0.84$ 0.85$ 0.01$ 1.2%
Fourth Quarter 2014 Financial Results
5
1. LVS’s quarterly results were positively impacted by a property tax reassessment at MBS of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014.
Excluding the property tax reassessment, adjusted property EBITDA would be $1,256.0 million with adjusted property EBITDA margin of 36.8%.
2. Excluding the property tax reassessment, hold-normalized adjusted property EBITDA would be $1,183.2 million with hold-normalized adjusted property EBITDA margin of 35.7%.
6. Macao – Growth in retail mall and hotel revenue; VIP and premium mass gaming remain soft
— Mass table win decreased 9.2% to $1.11 billion (compared to a 16.1%¹ decrease in the Macao
market)
— Base mass table revenues were relatively resilient (decreasing just 2%) while premium mass table
revenues decreased 17%
— Slot and ETG win decreased 9.7% to $156.9 million (compared to a 16.8%¹ decrease in the Macao
market)
— Retail mall revenue increased 10.4% to a record $128.0 million
— Rolling win decreased 36.9% to $837.7 million
Singapore – Growth in mass, VIP and retail
— Mass table and slot win increased 4.1% to $443.5 million ($4.82 million win per day)
— Retail mall revenue increased 5.5% to a record $45.7 million
— Rolling win increased 36.3% to $359.3 million
— RevPAR increased 1.0% to $415, ADR decreased 0.7% to $422 and room revenue decreased 3.9% to
$92.1 million (~11,000 fewer room nights were available during the quarter due to remodeling)
Macao – Growth in Non-gaming Segments; VIP Soft
Singapore – Growth in Mass Gaming and Nongaming Segments
61. Based on Macau DICJ disclosure.
7. Year Year Year
Ended Ended Ended
$ in millions 12/31/2012 12/31/2013 12/31/2014 Total
LVS Dividends Paid
1
823$ 1,153$ 1,610$ 3,586$
LVS Special Dividend Paid 2,262 - - 2,262
LVS Shares Repurchased - 570 1,665 2,235
Subtotal LVS 3,085$ 1,723$ 3,275$ 8,083$
SCL Dividends Paid2
357 411 777 1,545
Total 3,442$ 2,134$ 4,052$ 9,628$
$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
LVS Increasing Return of Capital to Shareholders
Over $9.6 Billion of Capital Returned to Shareholders Over Last 12 Quarters
LVS Recurring Dividends per Share1
In the fourth quarter of 2014, the LVS Board of
Directors increased the LVS recurring dividend by
30.0% to $2.60 per share for the 2015 calendar year
($0.65 per share payable quarterly)
In the fourth quarter of 2014, 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 each year
— $2.0 billion Las Vegas Sands stock repurchase
program to be used to return excess capital
to shareholders on an opportunistic basis
1. Excludes dividends paid by Sands China Ltd. and excludes the $2.75 per share special dividend paid in December 2012.
2. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. (total SCL dividends paid since 2011 total $5.18 billion).
The Company Remains Committed to Returning Capital to Shareholders While Maintaining a
Strong Balance Sheet and the Financial Flexibility to Pursue New Development Opportunities
Total Capital Returned to Shareholders
8. US$ in millions Interim Final Interim Final Interim Final Total
SCL Dividends Paid
1
600$ 602$ 696$ 685$ 906$ 894$ 4,383$
SCL Special Dividend Paid - - - - 801 - 801
SCL Shares Repurchased² - - - - - - -
Total 600$ 602$ 696$ 685$ 1,707$ 894$ $5,184 ³
12/31/2012
Year Ended Year Ended Year Ended
12/31/2013 12/31/2014
$1.16
$1.33
$1.73
$0.87 $0.99
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2012 2013 2014 Interim
2014
Interim
2015
8
SCL Also Increasing Return of Capital to Shareholders
Nearly US$5.2 Billion³ of Capital Returned to Shareholders Over Last 3 Years
SCL Recurring Dividends per Share (HK$)1
In January 2015, the SCL Board of Directors
increased the SCL recurring interim dividend by
13.8% to HK$0.99 per share
The company remains committed to returning
capital to shareholders via:
— Recurring bi-annual dividend program at
Sands China Ltd. with a commitment to
grow the recurring dividend each year
1. Excludes the special dividend paid in 2014.
2. SCL has not repurchased any shares to date.
3. Includes $3.64 Billion in dividends paid to the parent company, Las Vegas Sands Corp.
SCL Remains Committed to Returning Capital to Shareholders While Maintaining a
Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities
SCL Total Capital Returned to Shareholders
9. 5.2%
4.6%
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 $56.80 $60.00 $70.00 $80.00 $90.00
4.6%
2.1%
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
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 January 27, 2015.
2. Reflects the 2015 LVS dividend ($2.60) over the closing price for LVS on January 27, 2015.
LVS’s 2015 Dividend Yield of 4.6% Reflects a 250 bps
Premium Above the S&P500 Forward Dividend Yield Estimates
Sensitivity of LVS Dividend Yield
Dividend
Yield as of
1/27/15²
+250 bps
9
10. Figures as of December 31, 2014 Sands China U.S. Corporate
(US GAAP in $MM) Ltd. Singapore Operations2
and Other Total
Cash, Cash Equivalents and Restricted Cash 2,541.9$ 420.9$ 405.7$ 144.4$ 3,512.9$
Debt 3,214.0$ 3,460.1$ 3,318.5$ -$ 9,992.6$
Net Debt 672.1$ 3,039.2$ 2,912.8$ (144.4)$ 6,479.7$
Trailing Twelve Months Adjusted Property EBITDA 3,263.5$ 1,723.1$ 434.4$ 1.3$ 5,422.3$
Gross Debt to Trailing Twelve Months EBITDA 1.0 x 2.0 x 7.6 x NM 1.8 x
Net Debt to Trailing Twelve Months EBITDA 0.2 x 1.8 x 6.7 x NM 1.2 x
At December 31, 2014:
Trailing Twelve Months Adjusted Property EBITDA – $5.42 billion
Trailing Twelve Months LVS Dividends Paid – $1.61 billion
Trailing Twelve Months SCL Dividends Paid – $776.6 million1
Trailing Twelve Months LVS Stock Repurchases – $1.66 billion
Cash Balance – $3.51 billion
Net Debt – $6.48 billion
Net Debt to TTM EBITDA – 1.2x
Strong Cash Flow, Balance Sheet and Liquidity
Flexibility for Future Growth Opportunities and Increasing Return of Capital
10
1. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. Total TTM dividends paid by Sands China Ltd. were $2.60 billion.
2. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $63.7M in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem.
3. The net leverage ratio for covenant compliance purposes, which includes the dividends and royalty fees paid by Sands China Ltd. and Marina Bay Sands to the U.S. Operations, was 1.0x.
Strong Balance Sheet and Cash Flow Maximize Financial Flexibility
3
11. $835.9
$711.2
$866.8
$686.2
33.4% 33.9% 33.7% 33.4%
0%
10%
20%
30%
40%
50%
60%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
4Q13 4Q14 4Q13 4Q14
Macao Operating Performance
Most Diversified and Defensive Cash Flows in the Macao Market
11
($MM)
Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Actual Hold-Normalized
-20.8%-14.9%
12. Mass Tables
52%
Slots 8%
Hotel 12%
Mall 8%
Other 2%
VIP 18%
Mass Tables
52%
Slots 8%
Hotel 13%
Mall 9%
Other 2%
VIP 16%
FY 2013
Macao: Diversified and Stable Sources of
Departmental Profit For Las Vegas Sands and Sands China
12
Mass Tables / Slots and Non-Gaming Generated 84% of Macao’s Departmental Profit
in the 2014 Year vs. 82% in the 2013 Year
Macao Departmental Profit Contribution by Segment
FY 2014
13. $559
$580
$547
$509
$461
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
4Q13 1Q14 2Q14 3Q14 4Q14
$659
$757
$702 $709
$645
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
4Q13 1Q14 2Q14 3Q14 4Q14
13
LVS Base Mass Table Win by Quarter
Macao: Base Mass Showing Greater Stability in Softer
Market Than Premium Mass
Note: LVS base mass and premium mass table revenues are based on geographic position of the tables on the gaming floor.
Our Mass Table Offering is the Broadest and the Deepest in the Macao Market
($MM)
LVS Premium Mass Table Win by Quarter
LVS Departmental Profit Margin: 40% - 50% LVS Departmental Profit Margin: 25% - 40%
($MM)
248
Avg.
Tables
290 314 323261877
Avg.
Tables
857 836 826829
Avg. Win per Table per Day: $8,491 Avg. Win per Table per Day: $15,541
14. $10,000 $10,469 $11,000 $12,000 $13,000 $14,000
1,300 $1,898 $1,987 $2,088 $2,278 $2,467 $2,657
# of 1,250 $1,825 $1,911 $2,008 $2,190 $2,373 $2,555
Mass 1,200 $1,752 $1,834 $1,927 $2,102 $2,278 $2,453
Tables 1,149 $1,678 $1,756 $1,845 $2,013 $2,181 $2,349
1,100 $1,606 $1,681 $1,767 $1,927 $2,088 $2,248
Mass Table Win per Unit per Day
Leadership in Macao’s Mass Market
Meaningful Opportunity to Grow Mass Table Business
141. Based on departmental profit margin of 40% of mass table revenue for LVS’s Macao operations.
Over $1.75 billion of Annualized Mass Table Departmental Profit Today…
Opportunity for Growth Through Continued Execution of Our Mass Strategy
Illustrative Profitability of LVS’s Macao Market Mass Table Offering ($MM)1
Our departmental profit
opportunity in the mass
table segment in Macao
LVS’s 4Q14 annualized mass
table departmental profit
15. Executing Our Mass Strategy in Macao
Expansion of Mass Market
Offerings Underway with The Parisian
Family-friendly Entertainment World Class Concerts, Sporting Events
and Other Entertainment Offerings
Over 1.2 million sq. feet
of World Class Shopping
Market-Leading Customer Database
Highly Themed Tourism Attractions
Portfolio of Nearly
9,300 Suites and Hotel Rooms
Over 2 million sq. feet of Conference,
Exhibition and Carpeted Meeting Space
The Broadest
and Deepest
Mass
Tourism
Offerings
in Macao
Our Diversified Offerings Appeal to the Broadest Set of Customers
and Comprise a Unique Competitive Advantage in Macao 15
16. 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
16
As a result, Macao’s Mass visitors will:
Come From Farther
Away
Stay Longer
Spend More On:
• Dining
• Retail
• Entertainment
• Gaming
17. Xinjiang
Tibet
Qinghai
Sichuan
Chongqing
Henan
Hubei
Shanxi
Hebei
Shandong
Beijing
Liaoning
Jilin
Heilongjiang
Jiangsu
Anhui
Hunan Jiangxi
Zhejiang
Guangxi
Guizhou
Yunnan
Ningxia
Shaanxi
Inner
Mongolia
Gansu
Guangdong
Fujian
Shanghai
Tianjin
Hong Kong
Macao
Twelve Months Ended December 31, Population GDP Per Penetration
Province 2013 2014 % Change (MM) Capita (US$) Rate (LTM)
Guangdong 8,200,118 9,008,942 +10% 104 $9,452 8.6%
Fujian 781,571 902,303 +15% 37 $9,342 2.4%
Hunan 655,432 750,687 +15% 66 $5,936 1.1%
Zhejiang 644,929 694,678 +8% 54 $11,054 1.3%
Hubei 553,959 668,188 +21% 58 $6,881 1.2%
Jiangsu 517,760 581,939 +12% 79 $12,047 0.7%
Shanghai 538,143 547,739 +2% 23 $14,547 2.4%
Henan 365,956 508,495 +39% 94 $5,518 0.5%
Guangxi 401,535 504,575 +26% 46 $4,939 1.1%
Jiangxi 370,479 454,682 +23% 45 $5,130 1.0%
Sichuan 378,532 396,421 +5% 80 $5,240 0.5%
Beijing 357,283 387,023 +8% 20 $15,051 2.0%
Hebei 241,581 349,467 +45% 72 $6,251 0.5%
Liaoning 292,874 344,360 +18% 44 $9,961 0.8%
Heilongjiang 242,135 312,103 +29% 38 $6,057 0.8%
Shandong 268,247 300,765 +12% 96 $9,094 0.3%
Chongqing 221,894 257,409 +16% 30 $6,910 0.9%
All Other 3,599,779 4,282,634 +19% 407 N/A 1.1%
Subtotal (Excluding
Guangdong)
10,432,089 12,243,468 +17% 1,288 $6,617 1.0%
Mainland China 18,632,207 21,252,410 +14% 1,392 $6,767 1.5%
17
NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor.
Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates
1. In December 2014, overall visitation from Mainland China was up 1.1% YoY, with a 1.1% increase in Guangdong visitation and a 1.2% increase in non-Guangdong visitation. In November 2014,
overall visitation from Mainland China was up 27.8% YoY, driven by a 27.8% increase in Guangdong visitation and a 27.8% increase in non-Guangdong visitation. In October 2014, overall
visitation from Mainland China was up 20.5% YoY, driven by a 10.3% increase in Guangdong visitation and a 29.4% increase in non-Guangdong visitation.
Year-Over-Year Visitation Growth Mainland Chinese Visitation to Macao¹
Greater than 20%
Data Not Available-10%- 0%
0% - 10%
10%- 20%
Strong Growth in Mainland Chinese Visitation to Macao
Strongest Growth Realized in Provinces Served by High Speed Rail
18. Expanding Our Critical Mass on the Cotai Strip
The Parisian Macao
18LVS
Operating
Assets
Third Party
Operating
Asset
Third Party
Future
Development
Construction Progress – January 26, 2015Map of Macao’s Cotai Strip
The Parisian Macao is a $2.7 billion themed, aspirational
destination Integrated Resort
Construction is progressing
Hotel rooms and suites: 3,000+
Gaming capacity: ~450 table games and 2,500 slots and ETGs
Additional amenities including retail mall, 50% scale replica Eiffel
Tower, MICE space, diverse food & beverage options and
entertainment
The Parisian Macao will be interconnected to our other Cotai Strip
properties through mall access and other pedestrian connectivity
including a walkover bridge from Sands Cotai Central
Rendering of The Parisian Macao
LVS Future
Development
19. Expanding Our Critical Mass on the Cotai Strip
The St. Regis Tower at Sands Cotai Central
19
Construction Progress – January 26, 2015Map of Macao’s Cotai Strip
St. Regis branded 5-star hotel and serviced apartments
to complement the existing portfolio of brands on the
Cotai Strip
Construction is progressing
Hotel rooms and suites: ~400
Serviced Apartments: ~300
Rendering of The St. Regis Tower
LVS
Operating
Assets
Third Party
Operating
Asset
Third Party
Future
Development
LVS Future
Development
20. $3.03 $3.19
$1.60 $1.63
$4.63 $4.82
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
4Q13 4Q14
Non-Rolling Tables Slot Machines
$258.8
$518.5
$341.3
$461.0
39.2%
61.8%
44.7%
60.1%
20%
30%
40%
50%
60%
70%
80%
$0
$100
$200
$300
$400
$500
$600
4Q13 4Q14 4Q13 4Q14
Marina Bay Sands Operations
Strong Performance Across Gaming and Non-Gaming Segments
20
Actual
Adjusted property EBITDA of $518.5 million, an increase of 100.3%
— EBITDA was positively impacted by a $90.1 million property
tax reassessment received in 4Q14 related to the 2010-2014
period
— Excluding the property tax reassessment, adjusted property
EBITDA would be $428.4 million, an increase of 65.5%
— Hold-normalized adjusted property EBITDA of $461.0 million,
an increase of 35.1%. Excluding the property tax
reassessment, hold-normalized adjusted property EBITDA
would be up 8.7% to $371.0 million with a hold-normalized
EBITDA margin of 48.4%
Total mass (non-rolling tables and slots) win per day increased
4.1% to reach $4.82 million
— Non-rolling win increased 5.3% to a record $293.1 million
— Slot win increased 1.8% to $150.4 million
Room revenue decreased 3.9% due to rooms out of service for
remodeling. RevPAR increased 1.0% to $415 and ADR decreased
0.7% to $422.
Retail mall revenue increased 5.5% to $45.7 million
Rolling win increased 36.3% to $359.3 million on hold of 3.58%
(rolling volume decreased 26.8% to $10.05 billion)
($MM)
($MM)
Adjusted Property EBITDA
and Adjusted Property EBITDA Margin
Continued Growth in Mass Table, Slot and Retail Businesses
Non-Rolling Table and Slot Win Per Day
Hold-Normalized
22. $169 $177 $182 $188 $192
$113
$126 $125 $129 $132
$42
$43 $45
$52 $57
$154
$156 $160
$167
$169
$478
$502 $512
$536 $551
$0
$100
$200
$300
$400
$500
$600
4Q13 1Q14 2Q14 3Q14 4Q14
Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands
Asia Retail Mall Portfolio Continues to Generate
Strong Growth in Revenue and Operating Profit
22
($MM)
Trailing Twelve Months Retail Mall Revenue
85% 86% 86% 86%
Operating
Profit Margin
88%
1. At December 31, 2014, 323,339 square feet of gross leasable area were occupied out of a total of up to 600,000 square feet of retail mall space that will be featured at completion of all phases.
2. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12-months divided by the comparable square footage for the same period. Only tenants that have occupied mall
space for a minimum of 12 months are included in the tenant sales per square foot calculation.
$407M $430M $442M $463M
Operating
Profit
$482M
TTM 4Q14 Sales
per Sq. Foot²
MBS:
$1,426
SCC:
$1,450
Four Seasons:
$5,689
Venetian:
$1,673
23. 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
23
Macao
The Parisian Macao
St. Regis Tower at
Sands Cotai Central
Vietnam
26. $ in millions 4Q13 1Q14 2Q14 3Q14 4Q14
Macao Property Operations
Reported 835.9$ 939.8$ 801.3$ 809.0$ 711.2$
Hold-Normalized 866.8$ 864.8$ 752.5$ 772.1$ 686.2$
Marina Bay Sands
Reported 258.8$ 435.2$ 417.8$ 351.7$ 518.5$
Hold-Normalized 341.3$ 377.9$ 368.5$ 366.5$ 461.0$
Las Vegas Operations
Reported 88.2$ 79.7$ 66.1$ 90.2$ 78.0$
Hold-Normalized 93.7$ 97.3$ 70.4$ 83.6$ 87.6$
Sands Bethlehem
Reported 30.3$ 26.5$ 27.9$ 29.8$ 36.2$
Hold-Normalized 30.3$ 26.5$ 27.9$ 29.8$ 36.2$
LVS Consolidated2
Reported 1,214.0$ 1,479.7$ 1,312.6$ 1,283.9$ 1,346.1$
Hold-Normalized 1,332.9$ 1,365.2$ 1,218.8$ 1,255.1$ 1,273.3$
Historical Hold-Normalized Adj. Property EBITDA1
26
1. This schedule presents hold-normalized adjusted property EBITDA based on the following methodology:
(a) for Macao operations and Marina Bay Sands: if the quarter’s rolling win percentage is outside of the 2.70%-3.00% band, then a hold-adjustment is calculated by applying a rolling win percentage of 2.85% to the rolling table
volume for the quarter.
(b) for Las Vegas operations: if the quarter’s Baccarat win percentage is outside of the 22.0%-30.0% band, then a hold-adjustment is calculated by applying a Baccarat win percentage of 26.0%, and if the quarter’s non-Baccarat
win percentage is outside of the 14.0%-18.0% band, then a hold-adjustment is calculated by applying a non-Baccarat win percentage of 16.0%.
(c) for Sands Bethlehem: no hold-adjustment is made.
(d) for all properties: gaming taxes, commissions paid to third parties on incremental win, bad debt expense, discounts and other incentives are applied to determine the EBITDA impact.
2. Reflects consolidated adjusted property EBITDA inclusive of Other Asia (principally CotaiJet operations) segment.
3. MBS’s quarterly results were positively impacted by a property tax reassessment of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014. Excluding the property tax
reassessment, MBS reported adj. property EBITDA would be $428.4 million and hold-normalized reported adj. property EBITDA would be $371.0 million. LVS’s reported adj. property EBITDA would be $1,256.0 million and hold-
normalized reported adj. property EBITDA would be $1,183.2 million.
3
3
3
3
27. $1,086
$2,229
$3,532
$3,791
$4,763
$5,422
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2009 2010¹ 2011 2012² 2013 2014
$4,563
$6,853
$9,411
$11,131
$13,770
$14,584
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
2009 2010¹ 2011 2012² 2013 2014
LVS Historical Net Revenue
($MM)
Strong Historical Revenue and EBITDA Growth
Over the Last Five 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 Strength and Consistency of our Convention-Based Integrated
Resort Business Model is Reflected in our Financial Results
37.2%
27
28. $48
$775
$1,644
$1,768
$2,399
$2,894
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2009 2010¹ 2011 2012² 2013 2014
$0.07
$0.98
$2.02
$2.14
$2.90
$3.58
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
2009 2010¹ 2011 2012² 2013 2014
LVS Historical Adjusted Net Income
Strong Historical Adjusted Net Income and
Adjusted EPS Growth Over the Last Five Years
LVS Historical Adjusted Diluted Earnings per Share
($MM)
Diluted
Shares
Outstanding
728M 792M 825M812M 826M
1. Marina Bay Sands opened in April 2010.
2. Sands Cotai Central opened in April 2012.
The Strength and Consistency of our Convention-Based Integrated
Resort Business Model is Reflected in our Financial Results
808M
28
29. $472 $447 $445 $500 $500 $500
$60
$190
$830
$192 $75
$125
$40
$210 $390
$1,100
$780
$110
$190
$505
$70
$107
$49
$19
$1,449
$898
$1,179
$2,420
$1,350
$610
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2012A 2013A 2014A 2015E 2016E 2017E
Maintenance Investments in Current Properties¹ Sands Cotai Central The Parisian Macao² St. Regis at SCC Other
Capital Expenditures Expectations
Future Investments Include The Parisian Macao, St. Regis at SCC and Maintenance
Future Capital Expenditures Focused on Growth in Asia
($MM)
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).
2. The timing of capex is subject to the receipt of timely government approvals.
Sands Cotai Central
The Parisian Macao2
St. Regis at Sands Cotai Central
LVS Capex Expectations
Development Timeline Pre-Opening
Post-Opening
29
31. $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 $1,001
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% 40.0%
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 4Q14
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 $272
$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 4Q14
MBS – Credit Collections Remain Healthy
Reserve Balance Is Now $401 Million (40.0% of Gross A/R)
31
($MM)
Reserve Balance Has Increased to $401 Million – 40.0% of Gross Accounts Receivable
Casino Credit Collections Remain Stable
$0
Quarterly
Provision
$17M $24M $37M $32M $40M $40M$11M$19M$10M
Life to Date Provision of $548M Represents 9.8% of Rolling Win Since Opening of Property
$38M $39M $37M $39M $36M $36M $33M $30M $30M
32. $434
$354
$216
$194
$650
$548
$0
$100
$200
$300
$400
$500
$600
$700
4Q13 4Q14
Baccarat Non-Baccarat
$88.2
$78.0
$93.7 $87.6
22.9% 21.5%
23.9% 23.4%
0%
10%
20%
30%
40%
$0
$20
$40
$60
$80
$100
4Q13 4Q14 4Q13 4Q14
Las Vegas Operations
Softer Quarter for Asian Baccarat
32
Composition of Table Games Drop
Adjusted property EBITDA was $78.0 million, a
decrease of 11.6%
— On a hold-normalized basis, adjusted property
EBITDA was $87.6 million, a decrease of 6.5%
ADR increased 6.7% to $222 with 81.1% occupancy,
RevPAR decreased 2.7% to $180
Softer Baccarat play drove a 15.6% decrease in table
games drop to $548.1 million
Slot handle increased 7.8% to $584.6 million (slot win
down 2.4% to $45.1 million)
Best opportunities for future growth:
— High-end Asian gaming growth
— Increase in group room pricing in 2015
— Non-gaming amenities
($MM)
Adjusted Property EBITDA
and Adjusted Property EBITDA Margin
Opportunity for Future Growth in Group Room Business, Non-Gaming and Asian Baccarat
Actual
($MM)
Hold-Normalized
33. $30.3
$36.2
24.4%
27.1%
0%
10%
20%
30%
40%
$0
$10
$20
$30
$40
4Q13 4Q14
$121 $136
$138
$144
$259 $280
$0
$100
$200
$300
4Q13 4Q14
Baccarat Non-Baccarat
Sands Bethlehem Operations
Record Quarter for Leading Tri-State Region Property
33
Adjusted property EBITDA increased 19.5% to record
$36.2 million
Table games drop increased 8.1% to reach $279.9 million,
driven by a 12.4% increase in baccarat drop
Slot handle increased 1.6% to $1.01 billion
ADR increased 2.8% to $149 with occupancy of 87.9%.
RevPAR increased 21.3% to $131.
The Outlets at Sands Bethlehem (130,000 SF) feature 29
stores including Coach, Tommy Hilfiger, DKNY, GUESS,
European Body Concepts Day Spa and Joli French Bakery
and Cafe
The Sands Bethlehem Event Center (50,000 SF)
— Headline events have included Tiesto, Yes, Willie
Nelson, The Beach Boys, Incubus, Belator MMA,
Glenn Frey, Crosby, Stills and Nash, NBC Fight Night,
and Diana Krall
($MM)
($MM)
Adjusted Property EBITDA
and Adjusted Property EBITDA Margin
Composition of Table Games Drop
35. 40%
72%
60%
28%
0%
20%
40%
60%
80%
100%
Gross Gaming Revenue Operating Profit
Mass Tables and Slots VIP Gaming
$17,400
$26,608
$44,008
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
Gross Gaming Revenue
Mass Tables and Slots VIP Gaming
2014 Macao Market
Gross Gaming Revenue
VIP Gaming Represents 60% of Total Macao GGR…
…but Mass Tables and Slots Generate ~72% of Gaming Operating Profit
($MM)
Composition of Macao Market Gross Gaming
Revenue and Est. Gaming Operating Profit2
Source: Macao DICJ
1. In the fourth quarter of 2014, the mass table segment decreased -16.1% and the slot business decreased -16.8% compared to the fourth quarter of 2013.
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 40% of the Gaming Revenue, but ~72% of the Gaming Operating Profit
35
4Q14 YoY
Growth
-25%
-29%
-16%1
~1.8X
36. $3,579
$4,670
$6,123
$6,960$2,446
$2,637
$2,985
$2,661
$6,026
$7,307
$9,108
$9,621
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
2011 2012 2013 2014
Mass Tables, Slots and ETGs VIP Tables
Macao Market VIP and Mass Gaming Estimated Operating Profit ¹
The Mass Business is the Principal Profit Pool and
the Primary Driver of Earnings Growth in Macao
($MM)
Source: Macao 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.
― The VIP Business Now Generates Approximately $215 Million More in Annual Operating Profit
― The Mass Business Now Generates Approximately $3.4 Billion More in Annual Operating Profit
36
(59%)
(64%)
(67%)
(72%)(41%)
(36%)
(33%)
(28%)
(XX%) = % of total
operating profit for period
Since 2011:
38. Five Trends that Should Contribute To Growth
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, CLSA
38
39. 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
20
31
41
48
57
73
83
97
108
119
132
147
163
180
200
$138
$157
$179
$205
$234
$268
$306
0
50
100
150
200
250
300
350
'95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19
Outbound Travel from China
China Is The World’s Largest and Fastest
Growing Outbound Tourism Market
39
Outbound Travel Penetration¹
Wealth Generation and Increased Mobility in China Have Driven Strong Growth in Outbound Trips and Tourism Spend,
And Comparative Outbound Travel Penetration Rates Show a Meaningful Opportunity for Continued Long-Term Growth
Expenditure (US$bn)
Chinese outbound
tourists (millions)
CLSA estimates
Source: CLSA, UNWTO
1. 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%
40. Xinjiang
Tibet
Qinghai
Sichuan
Chongqing
Henan
Hubei
Shanxi
Hebei
Shandong
Beijing
Liaoning
Jilin
Heilongjiang
Jiangsu
Anhui
Hunan Jiangxi
Zhejiang
Guangxi
Guizhou
Yunnan
Ningxia
Shaanxi
Inner
Mongolia
Gansu
Guangdong
Fujian
Shanghai
Tianjin
Hong Kong
Macao
Twelve Months Ended December 31, Population GDP Per Penetration
Province 2013 2014 % Change (MM) Capita (US$) Rate (LTM)
Guangdong 8,200,118 9,008,942 +10% 104 $9,452 8.6%
Fujian 781,571 902,303 +15% 37 $9,342 2.4%
Hunan 655,432 750,687 +15% 66 $5,936 1.1%
Zhejiang 644,929 694,678 +8% 54 $11,054 1.3%
Hubei 553,959 668,188 +21% 58 $6,881 1.2%
Jiangsu 517,760 581,939 +12% 79 $12,047 0.7%
Shanghai 538,143 547,739 +2% 23 $14,547 2.4%
Henan 365,956 508,495 +39% 94 $5,518 0.5%
Guangxi 401,535 504,575 +26% 46 $4,939 1.1%
Jiangxi 370,479 454,682 +23% 45 $5,130 1.0%
Sichuan 378,532 396,421 +5% 80 $5,240 0.5%
Beijing 357,283 387,023 +8% 20 $15,051 2.0%
Hebei 241,581 349,467 +45% 72 $6,251 0.5%
Liaoning 292,874 344,360 +18% 44 $9,961 0.8%
Heilongjiang 242,135 312,103 +29% 38 $6,057 0.8%
Shandong 268,247 300,765 +12% 96 $9,094 0.3%
Chongqing 221,894 257,409 +16% 30 $6,910 0.9%
All Other 3,599,779 4,282,634 +19% 407 N/A 1.1%
Subtotal (Excluding
Guangdong)
10,432,089 12,243,468 +17% 1,288 $6,617 1.0%
Mainland China 18,632,207 21,252,410 +14% 1,392 $6,767 1.5%
40
NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor.
Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates
1. In December 2014, overall visitation from Mainland China was up 1.1% YoY, drive by a 1.1% increase in Guangdong visitation and a 1.2% increase in non-Guangdong visitation. In November
2014, overall visitation from Mainland China was up 27.8% YoY, driven by a 27.8% increase in Guangdong visitation and a 27.8% increase in non-Guangdong visitation. In October 2014, overall
visitation from Mainland China was up 20.5% YoY, driven by a 10.3% increase in Guangdong visitation and a 29.4% increase in non-Guangdong visitation.
Year-Over-Year Visitation Growth Mainland Chinese Visitation to Macao¹
Greater than 20%
Data Not Available-10%- 0%
0% - 10%
10%- 20%
Strong Growth in Mainland Chinese Visitation to Macao
Strongest Growth Realized in Provinces Served by High Speed Rail
1
41. Infrastructure: China’s High-Speed Rail
Connecting More of Mainland China to Macao
Source: SCMP, LVS, NYT
41
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 Kong
Macao
42. Infrastructure: Meaningful Improvements
Throughout the Pearl River Delta Region
Source: World Bank, China Daily, Chinatrainguide.com, Analyst reports. Note: population and GDP data from 2013.
42
Guangzhou
Population: 13M
GDP Per Capita: US$14,000
Macao
Population: 0.6M
GDP Per Capita: US$91,300
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 Kong
Population: 7.2M
GDP Per Capita: US$38,000
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
Shenzhen
Population: 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 Hong Kong
• 25 trains in each direction per day
Infrastructure Legend
Existing
Future
Completed 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
43. 5.2
6.3
7.3
8.1
8.9
9.7
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2009 2010 2011 2012 2013 2014
5.8
6.9
8.8 8.8
9.7
11.5
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2009 2010 2011 2012 2013 2014
Mainland China Day-Trip Visitors to Macao Mainland China Overnight Visitors to Macao
Chinese Day-Trip and Overnight Visitation To
Macao Both Continue to Grow
(MM)
Source: Macao DSEC
43
-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
+19% +9%
44. 11.0
13.2
16.2 16.9
18.6
21.3
18.0
22.7
28.1
34.9
40.7
47.2
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Mainland China Visitation to Macao and Hong Kong
Visitation to Macao Can Meaningfully Grow
47.2 Million Residents of Mainland China Visited Hong Kong in 2014
(MM)
Source: Macao DSEC; Hong Kong Tourism Board
44
-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 47.2 Million Mainland Chinese Visitors to Travel to Hong Kong in 2014
In 2014 Hong
Kong Received
25.9M More
Visitors from
China than Macao
2009 2010 2011 2012 2013
+10%
+17%
3
Macao Hong Kong
2014
+14%
+16%
45. 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
9.7
8.9
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
Opportunity for Increased Overnight Visitation
and Length of Stay In Macao
451. 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
3
46. Hengqin Island Expands Critical Mass of
Tourism Offerings for Visitors to the Region
46
Map of Hengqin Island New Area Important Facts
Island adjacent to Macao (3X the size of Macao) that has been
welcomed by President Xi Jinping as a strategic zone for
cooperation among Guangdong Province, Hong Kong and
Macao
Master-planned island with greater than US$20 billion of
investment focused on tourism development, industrial and
technological innovation and education
One of three current “New Area” reform zones in China
— Support from the Central Government to enable long
term success
— Empowerment to have broad flexibility on economic and
legal matters
Designed to contribute to the diversification of Macao
— US$3.2 billion Chimelong International Ocean Resort
opened January 28, 2014 and is expected to generate 20
million visits in the future after completion of all phases¹
— Hengqin’s central business district will feature a 1.2
million square foot convention center
— More than 10,000 hotel rooms expected to open over the
next five years
Source: Macau Daily, Zhuhai Daily, Chimelong Group, Hengqin New Area Administrative Committee
1. Phase 1 currently includes the Hengqin Bay Hotel, the Ocean Kingdom theme park, the Circus World show and a waterpark in the Hengqin Bay Hotel. During the 2014 Chinese New
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.
4
47. SandsCotai
Central
5,723
The
VenetianMacao
2,905
Sands Macao,289
GalaxyMacau
2,250
Grand Waldo,550
Starworld,509
Cityof Dreams
1,461
AltiraMacau, 216
WynnMacau
1,014 Grand Lisboa,431
Sofitel Macau,408
MGM Grand,587
9,277
3,309
1,677
1,014 839
587
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Sands China Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China
Hotel % of Gaming % of Total
Gaming Operator Rooms Operators Market
Sands China 9,277 56% 38%
Galaxy Entertainment 3,309 20% 14%
Melco Crown 1,677 10% 7%
Wynn Resorts 1,014 6% 4%
SJMHoldings² 839 5% 4%
MGMChina 587 4% 2%
Subtotal Gaming Operators 16,703 100% 68%
Other 4/5 Star 7,537 0% 32%
Total 24,240 100% 100%
Market Leading Hotel Capacity at SCL
Sands China 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 7,537 additional four- and five-star hotel rooms in Macao.
2. Reflects only SJM Holdings self-owned hotels.
Source: Company filings, Macao DSEC
47
With a Market-Leading US$9 billion of Investment,
SCL Hotel Inventory Represents 56% of Macao Competitor Hotel Inventory
Macao Market Gaming Operator Hotel Rooms1
Four Seasons
Macao, 360
5
`
48. SandsCotai
Central
5,723
The
VenetianMacao
2,905
Sands Macao,289
The Parisian
Macao
3,000
GalaxyMacau
2,250
Grand Waldo,550
Starworld,509
GalaxyMacau Phase II
1,350
Cityof Dreams
1,461
AltiraMacau, 216
Macau StudioCity
2,000
Grand Lisboa, 431
Sofitel Macau, 408
SJMCotai
2,000
WynnMacau, 1,014
WynnCotai
1,700
MGM Grand,587
MGM Cotai
1,600
12,677
4,659
3,677
2,839 2,714
2,187
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Sands China Galaxy Entertainment Melco Crown SJM Holdings² Wynn Resorts MGM China
Hotel % of Gaming % of Total
Gaming Operator Rooms Operators Market
Sands China 12,677 44% 35%
Galaxy Entertainment 4,659 16% 13%
Melco Crown 3,677 13% 10%
SJMHoldings² 2,839 10% 8%
Wynn Resorts 2,714 9% 7%
MGMChina 2,187 8% 6%
Subtotal Gaming Operators 28,753 100% 79%
Other 4/5 Star 7,773 0% 21%
Total 36,526 100% 100%
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.
Source: Company filings, Macao DSEC
48
Macao Market Gaming Operator Hotel Rooms at December 31, 20171
Four Seasons
Macao, 360
St. Regis
Macao, 400
5
`
With a Market-Leading US$13 billion of Investment,
SCL Hotel Inventory Will Represent 44% of Macao Competitor Hotel Inventory
Market Leading Hotel Capacity at SCL
Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2017
51. $12,143
$13,210
$11,963
$11,518
$10,469
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
4Q13 1Q14 2Q14 3Q14 4Q14
$1,218.5
$1,336.7
$1,248.8 $1,218.2
$1,106.4
30.5% 31.6% 30.5% 30.0%
32.4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
4Q13 1Q14 2Q14 3Q14 4Q14
Mass Table Win % of Macao Mass Table Win
Mass Table Win Mass Table Win per Table per Day2
51
($MM)
1,091
Avg. Mass
Tables
1,124 1,147 1,150 1,149
Greater Than $1.75 Billion of Annual Departmental Profit at the 4Q14 Run-Rate
Source: Macao DICJ
1. LVS’s mass table market share as presented above reflects the Macao DICJ’s presentation methodology, which includes live dealer ETG configurations within the mass table segment and Paiza cash
revenue within the VIP segment. For financial reporting purposes, LVS presents a non-rolling table segment (which includes Paiza cash and excludes all ETGs) and a slot segment (which includes all ETGs).
2. Excludes revenue from all ETGs.
Macao Mass Table Business
Mass Business in Macao is Contracting (Particularly at the “High End” of Mass)
1
52. $353
$388
$401
$424
$362
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
4Q13 1Q14 2Q14 3Q14 4Q14
$173.8
$184.3
$177.6 $175.9
$156.9
32.7% 32.2% 32.5%
31.5%
32.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
$220
4Q13 1Q14 2Q14 3Q14 4Q14
Slot & ETG Win % of Macao Market Slot Win
Macao Slot and ETG Win Macao Slot and ETG Win per Unit per Day
52
($MM)
5,348
Avg. Slots
& ETGs
5,277 4,865 4,515 4,713
~ $300 Million of Annual Departmental Profit at the 4Q14 Run-Rate
Source: Macao DICJ
1. LVS’s slot market share as presented above reflects the Macao DICJ’s slot revenue reporting methodology, which excludes ETG play. Live dealer ETG configurations are reported within
the mass table segment. For financial reporting purposes, LVS presents a non-rolling table segment (which excludes all ETGs) and a slot segment (which includes all ETGs).
Macao Slot Business Soft, But Highly Profitable
Decreasing less than the Macao market as a whole (declined 16.8%)
1
53. $32,837
$39,167
$32,568
$29,893
$24,084
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
4Q13 1Q14 2Q14 3Q14 4Q14
$1,327.2
$1,445.3
$1,116.9
$1,018.6
$837.7
16.9%
18.3%
16.8%
17.9%
15.6%
0%
5%
10%
15%
20%
25%
30%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
4Q13 1Q14 2Q14 3Q14 4Q14
Rolling Win % of Macao Market Rolling Win
Rolling Win per Table per Day
53
Rolling Win
439
Avg. Rolling
Tables
410 377 370 378
Approximately $370 Million of Annual Departmental Profit at the 4Q14 Run-Rate
($MM)
VIP Business in Macao Continues to Decline
2.68% 3.18% 3.19% 3.26% 3.01%Rolling
Win %
54. Department
Year Ended
12/31/2013
Year Ended
12/31/2014 YoY Growth (%)
Departmental Profit
Margin Range
Mall $324 $380 17% 85%+
Hotel 536 652 22% 75% - 80%
Convention, F&B,
Entertainment & Other
521 595 14% Varies
Base Mass 2,348 2,813 20% 40% - 50%
Slots 638 695 9% 40% - 50%+
Premium Mass 1,728 2,097 21% 25% - 40%
VIP Gaming 5,038 4,418 -12% ~10%
Adj. Property EBITDA from
Macao Property Operations
Gross Revenue (US$MM)
$2,908 $3,261 12%
Macao Annual Operating Performance
Most Diversified and Defensive Cash Flows in the Macao Market
54
SCL Departmental Revenue and Profit Margins – Year Ended December 2014 vs 2013
Annual Revenue Growth Across All Segments Except VIP
55. Department
Quarter Ended
12/31/2013
Quarter Ended
12/31/2014 YoY Growth (%)
Departmental Profit
Margin Range
Mall $116 $128 10% 85%+
Hotel 163 169 4% 75% - 80%
Convention, F&B,
Entertainment & Other
152 164 8% Varies
Base Mass 659 645 -2% 40% - 50%
Slots 174 157 -10% 40% - 50%+
Premium Mass 559 461 -18% 25% - 40%
VIP Gaming 1,327 838 -37% ~10%
Adj. Property EBITDA from
Macao Property Operations
Gross Revenue (US$MM)
$836 $711 -15%
Macao Fourth Quarter Operating Performance
Most Diversified and Defensive Cash Flows in the Macao Market
55
SCL Departmental Revenue and Profit Margins – Quarter Ended 12/31/2014 vs 12/31/2013
Base Mass Showing Greater Resilience in Softer Gaming Market…
With Higher Margin Non-Gaming Segments Continuing to Show Growth
56. Macao Annual Non-Gaming Revenue
Most Diversified and Defensive Cash Flows in the Macao Market
56
($MM)
SCL Non-Gaming Revenue
SCL Continues to Expand Its Market-Leading Non-Gaming Offerings in Macao
$40 $49
$198
$576 $593
$688
$817
$1,030
$1,381
$1,626
$0
$500
$1,000
$1,500
$2,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Non-Gaming Revenue (US$MM)
