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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
Las Vegas Sands Investor Update
June 2016
The Parisian Macao
(Opening 2016)Sands Cotai Central, Macao
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 development, construction and ventures, substantial 
leverage and debt service, government regulation, tax law changes, legalization of 
gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, 
risks relating to our gaming licenses, certificate and subconcession, infrastructure in 
Macao, our ability to meet certain development deadlines, our subsidiaries’ ability to 
make distribution payments to us, and other factors detailed in the reports filed by Las 
Vegas Sands 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 assumes no obligation to update such information.
Forward Looking Statements
2
 Net revenue was $2.72 billion
 Hold‐normalized adjusted property EBITDA was $1.03 billion
 Stability in Macao, hold‐normalized growth in Singapore and strong RevPAR‐led EBITDA growth 
in Las Vegas contributed to another quarter of hold‐normalized adjusted property EBITDA in 
excess of $1 billion
 Hold‐normalized adjusted property EBITDA margin increased 220 bps to an industry‐leading 36.5%
 Macao – Adjusted property EBITDA was $510.4 million. Hold‐normalized adjusted property EBITDA was 
$500.5 million, while hold‐normalized adjusted property EBITDA margin increased 190 bps to a Macao 
market‐leading 32.1%
 Marina Bay Sands – Despite the impact of a stronger US dollar, hold‐normalized adjusted property EBITDA 
increased 3.1% to $382.8 million
 On a constant currency basis, hold‐normalized adjusted property EBITDA increased 10.3% Y/Y
 Adjusted diluted EPS was $0.45 per share; Hold‐normalized adjusted diluted EPS was $0.57 per share
 LVS returned a total of $572.3 million to shareholders during the quarter through its recurring dividend of 
$0.72 per share (up 10.8%)
First Quarter 2016 Financial Highlights
Stability in Macao, Hold‐Normalized Growth at MBS and Strong EBITDA Growth in Las Vegas
3
NOTE: All comparisons in this presentation compare the first quarter 2016 against the first quarter 2015 unless otherwise specified.
$ in millions, except per share information 1Q15 1Q16 $ Change % Change
Net Revenue 3,011.6$        2,716.2$        (295.4)$          ‐9.8%
Adjusted Property EBITDA 1,050.5$        917.6$           (132.9)$          ‐12.7%
Adjusted Property EBITDA Margin 34.9% 33.8% ‐110 bps
Adjusted Diluted EPS 0.66$             0.45$             (0.21)$            ‐31.8%
Dividends per Common Share 0.65$             0.72$             0.07$             10.8%
Hold‐Normalized Adjusted Property EBITDA 1,021.6$        1,031.1$        9.5$               0.9%
Hold‐Normalized Adj. Property EBITDA Margin 34.3% 36.5% 220 bps
Hold‐Normalized Adjusted Diluted EPS 0.64$             0.57$             (0.07)$            ‐10.9%
First Quarter 2016 Financial Results (Y/Y)
Quarter Ended March 31, 2016 vs Quarter Ended March 31, 2015
4
Macao
49%
Singapore
37%
United 
States
14%
Macao
56%
Singapore
30%
United 
States
14%
Actual
Geographically Diverse Sources of EBITDA 
For Las Vegas Sands
5
EBITDA Contribution by Geography in Q1 2016
Hold‐Normalized
$918M $1,031M
$1.00
$1.40
$2.00
$2.60
$2.88
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
2012 2013 2014 2015 2016
6
LVS Increasing Return of Capital to Shareholders
$13.4 Billion of Capital Returned to Shareholders Since 2012
LVS Recurring Dividends per Share1
Las Vegas Sands remains committed to returning capital to 
shareholders via its recurring dividend program and share repurchases:
 Dividends:
 Las Vegas Sands is committed to maintaining its recurring 
dividend program and to increasing dividends in the 
future as cash flows grow
 In October 2015, the LVS Board of Directors increased 
the LVS recurring dividend by 10.8% to $2.88 per share 
for the 2016 calendar year ($0.72 per share payable 
quarterly)
 Repurchases:
 Since the inception of the company’s share repurchase 
program in June 2013, the company has returned $2.44 
billion to shareholders through the repurchase of 35.4 
million shares
 $1.56 billion remains under current authorization
1. Excludes dividends paid by Sands China Ltd. and excludes the $2.75 per share special dividend paid in December 2012.
2. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. (total SCL dividends paid since 2011 were $8.29 billion).
Las Vegas Sands Remains Committed to Returning Capital to Shareholders While Maintaining 
a Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities
Total Capital Returned to Shareholders
Return of Capital to Shareholders
Year Year Year Year Three Months
Ended Ended Ended Ended Ended
$ in millions 12/31/2012 12/31/2013 12/31/2014 12/31/2015 3/31/2016 Total
LVS Dividends Paid1
823$            1,153$        1,610$        2,074$        572$            6,232$      
LVS Special Dividend Paid 2,262           ‐               ‐               ‐             ‐             2,262      
LVS Shares Repurchased ‐               570              1,665           205            ‐             2,440      
Subtotal LVS 3,085$        1,723$        3,275$        2,279$       572$           10,934$  
SCL Dividends Paid2
357              411              538              619              308              2,233        
SCL Special Dividend Paid ‐               ‐               239              ‐             ‐             239         
Subtotal SCL 357$            411$            777$            619$           308$           2,472$     
Total 3,442$        2,134$        4,052$        2,898$       880$           13,406$  
$1.16
$1.33
$1.73
$1.99 $1.99
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2012 2013 2014 2015 2016
7
SCL Also Increasing Return of Capital to Shareholders
Over US$8.2 Billion of Capital Returned to Shareholders Since 2012
SCL Recurring Dividends per Share (HK$)1
 Sands China is committed to returning capital to 
shareholders via its recurring bi‐annual dividend 
program. Sands China is committed to maintaining 
its recurring dividend program and increasing 
dividends in the future as cash flows grow
 For the 2016 year, the SCL Board of Directors set the 
2016 SCL recurring interim dividend at HK$0.99 per 
share, which was paid on February 26, 2016 and 
proposed a final dividend of HK$1.00 per share. The 
final dividend is subject to the approval of SCL 
shareholders at the SCL Annual General Meeting on 
May 27, 2016
 For the 2015 year, the SCL Board of Directors 
increased the SCL dividend to HK$1.99 per share, 
including an interim dividend of HK$0.99 per share 
paid on February 27, 2015 and a final dividend of 
HK$1.00 per share paid on July 15, 2015
1. Excludes the special dividend paid in 2014.
2. The total 2016 dividend of HK$1.99 per share includes the interim dividend of HK$0.99 per share and the proposed final dividend of HK$1.00 per share. The final dividend is subject to the approval of
SCL shareholders at the SCL Annual General Meeting on May 27, 2016.
Sands China Remains Committed to Returning Capital to Shareholders While Maintaining a 
Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities
SCL Total Capital Returned to Shareholders
Return of Capital to Shareholders
2
2012 2013 2014
US$ in millions Total  Total  Total  Interim Final Interim Final Total
SCL Dividends Paid
1
1,201$    1,382$    1,800$    1,030$    1,041$    1,031$    ‐          7,485$   
SCL Special Dividend Paid ‐          ‐          801         ‐          ‐        ‐        ‐        801      
Total 1,201$    1,382$    2,601$    1,030$    1,041$   1,031$   8,286$  
Year Ended Year Ended
12/31/2015 12/31/2016
Figures as of March 31, 2016 Sands China U.S.  Corporate
(in $MM) Ltd. Singapore Operations2
and Other Total
Cash, Cash Equivalents and Restricted Cash $753.2 $430.2 $349.6 $179.9 $1,712.9
Debt3
$3,742.5 $3,262.2 $2,500.7 ‐                   $9,505.4
Net Debt $2,989.3 $2,832.0 $2,151.1 ($179.9) $7,792.5
Trailing Twelve Months Adjusted Property EBITDA $2,182.3 $1,366.1 $461.9 $27.0 $4,037.3
Gross Debt to Trailing Twelve Months EBITDA 1.7 x 2.4 x 5.4 x NM 2.4 x
Net Debt to Trailing Twelve Months EBITDA 1.4 x 2.1 x 4.7 x NM 1.9 x
At March 31, 2016:
 Trailing Twelve Months Adjusted Property EBITDA – $4.04 billion
 Trailing Twelve Months LVS Dividends Paid – $2.12 billion
 Trailing Twelve Months SCL Dividends Paid – $619.2 million1
 Trailing Twelve Months LVS Stock Repurchases – $205.0 million
 Cash Balance – $1.71 billion
 Net Debt – $7.79 billion
 Net Debt to TTM EBITDA – 1.9x
Strong Cash Flow, Balance Sheet and Liquidity
Flexibility for Future Growth Opportunities and Return of Capital
8
1. Reflects only the public (non‐LVS) portion of dividends paid by Sands China Ltd. Total dividends paid by Sands China Ltd. in the TTM period ended March 31, 2016 were $2.07 billion.
2. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $59.0 million in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem.
3. Debt balances shown here exclude deferred financing costs of $118.2 million. 
4. TTM Adjusted EBITDA for U.S. Operations 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 $2.87 billion 
5. The net leverage ratio for covenant compliance purposes, which includes the dividends and royalty fees paid by Sands China Ltd. and Marina Bay Sands to the U.S. Operations, was 0.8x.
Strong Balance Sheet and Cash Flow Maximize Financial Flexibility
5
4
Macao Operating Performance (Y/Y)
Quarter Ended March 31, 2016 vs Quarter Ended March 31, 2015
9
($MM)
Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Actual Hold‐Normalized
‐5.2%‐3.3%
$527.7
$510.4
$527.7
$500.5
30.2%
31.9%
30.2%
32.1%
0%
10%
20%
30%
40%
50%
60%
$0
$100
$200
$300
$400
$500
$600
1Q15 1Q16 1Q15 1Q16
Mass Tables
50%
Slots
8%
Hotel
15%
Mall
14%
Other
2% VIP
11%
Mass Tables
52%
Slots
8%
Hotel
14%
Mall
10%
Other
3% VIP
13%
TTM 1Q15
Macao: Diversified and Stable Sources of 
Departmental Profit For Las Vegas Sands and Sands China
10
Mass Tables / Slots and Non‐Gaming Generated 89% of Macao’s Departmental Profit 
in the Trailing Twelve Months Ended 1Q16 vs. 87% in the Trailing Twelve Months Ended 1Q15
Macao Departmental Profit Contribution by Segment¹
TTM 1Q16
1. Represents departmental profit by segment (before unallocated expenses) for the trailing twelve month periods ended March 31, 2015 and 2016.
$412 $402
$367 $365 $380
$0
$100
$200
$300
$400
$500
$600
$700
$800
1Q15 2Q15 3Q15 4Q15 1Q16
$601
$574 $563
$532
$555
$0
$100
$200
$300
$400
$500
$600
$700
$800
1Q15 2Q15 3Q15 4Q15 1Q16
11
SCL Base Mass Table Win by Quarter
Sands China Mass Market Update
Both Base Mass and Premium Mass Grew Q/Q in 1Q16
Note: Sands China’s base mass and premium mass table revenues as presented above are based on the geographic position of non‐rolling (mass) tables on the gaming floor. Some high‐end mass play 
occurs in the base mass geographic area and some lower‐end mass play occurs in the premium mass geographic area of the gaming floor.
Sands China’s Mass Table Offering is the Broadest and Deepest in the Macao Market
($MM)
SCL Premium Mass Table Win by Quarter
Sands China Departmental Profit Margin: 40% - 50% Sands China Departmental Profit Margin: 25% - 40%
($MM)
306Avg.
Tables
292 289944Avg.
Tables
919 938
Avg. Win per Table per Day: $6,460 Avg. Win per Table per Day: $13,625
892865 305326
Market‐Leading ~$13 Billion of Investment in 
Macao’s Future as a Business & Leisure Tourism Destination1
Expansion of Mass Market
Offerings Underway with The Parisian
Family-friendly Entertainment World Class Concerts, Sporting Events
and Other Entertainment Offerings
Over Two Million sq. feet
of World Class Shopping1
Market-Leading Customer Database
Highly Themed Tourism Attractions
Portfolio of Nearly
13,000 Suites and Hotel Rooms1
Over Two Million sq. feet of Conference,
Exhibition and Carpeted Meeting Space
The Broadest
and Deepest
Mass
Tourism
Offerings
in Macao
Our Diversified Convention‐based Integrated Resort Offerings Appeal to the Broadest Set of Customers 
and Comprise a Unique Competitive Advantage in the Macao Market 12
1. Incorporates the investment in and the offerings of The Parisian Macao, which is targeted to open in 2016
Macao Mass Visitation
Business & Leisure Tourism Expenditure Drivers
Future Growth Drivers
 More efficient and affordable 
transportation infrastructure
 Greater number of hotel rooms 
and non‐gaming offerings in 
Macao
 Additional tourism attractions in 
Macao and Hengqin Island
 Rapidly expanding middle‐class 
with growing disposable income
13
As a result, Macao’s Mass visitors will:
 Come From Farther
Away
 Stay Longer
 Spend More On:
• Lodging
• Retail
• Dining
• Entertainment
• Gaming
Expanding Our Critical Mass on the Cotai Strip
The Parisian Macao
14LVS
Operating
Assets
Third Party
Operating
Asset
Third Party
Future
Development
Construction Progress – May 30, 2016Map of Macao’s Cotai Strip
 The Parisian Macao is a $2.7 billion themed, iconic destination 
Integrated Resort 
 Construction continues to progress
 Hotel rooms and suites: Approximately 3,000
 Gaming capacity: ~450 table games and 2,500 slots and ETGs
 Additional amenities including a retail mall, 50% scale replica 
Eiffel Tower, MICE space, diverse food & beverage options and 
entertainment
 The Parisian Macao will be interconnected to our other Cotai Strip 
properties through mall access and other pedestrian connectivity 
including a walkover bridge with airport‐style moving sidewalks 
connecting to Sands Cotai Central
Rendering of The Parisian Macao
LVS Future
Development
Expanding Our Critical Mass on the Cotai Strip
The Parisian Macao – Construction Progress
15
MICE BallroomRetail (Galerie Vivienne)
Main Gaming FloorPublic Circulation
18% 18% 18% 20%
14% 15% 14% 14%
14% 12% 11% 8%
16% 14%
13% 12%
10%
9%
9%
9%
0%
20%
40%
60%
80%
2012 2013 2014 TTM 1Q16
28%
32%
35%
37%
0%
10%
20%
30%
40%
2012 2013 2014 TTM 1Q16
Macao Market Annual EBITDA 
Market Share by Operator
Sands China Expanded Market Share of  Macao EBITDA by 900 bps Since 2012
Source: Company Reports
1. Reflects reported adjusted property EBITDA for the operating properties
2. Galaxy only includes EBITDA from Starworld and Galaxy Macau
Historical EBITDA Market Share1,2
16
Galaxy MPELSands China
2
SJM Wynn MGM
Sands China All Others
Macao
Leader in
Market Share
of EBITDA
72%
68%
65% 63%
$415.3
$274.9
$371.3 $382.8
52.9%
45.5%
50.9% 51.8%
20%
30%
40%
50%
60%
70%
80%
$0
$100
$200
$300
$400
$500
$600
1Q15 1Q16 1Q15 1Q16
$3.11 $3.22
$1.59 $1.60
$4.70 $4.82
$0.0
$2.0
$4.0
$6.0
1Q15 1Q16
Non‐Rolling Tables Slot Machines
Marina Bay Sands Update1
Hold‐Normalized EBITDA Up 10.3% On a Constant Currency Basis
17
Actual
 Hold‐normalized adjusted property EBITDA increased 10.3% on a 
constant currency basis. Hold‐normalized adjusted property 
EBITDA increased 3.1% to $382.8 million with margin expanding 90 
basis points.
 Adjusted property EBITDA decreased 33.8% to $274.9 million 
due to lower‐than‐normal Rolling win %
 Adjusted property EBITDA decreased 29.2% on a constant‐
currency basis
 Total mass win‐per‐day was a property record in local currency 
terms and increased 9.8% on a constant‐currency basis. Despite 
the impact of a stronger USD, total mass (Non‐Rolling tables and 
slots) win‐per‐day increased 2.6% to $4.82 million. 
— Non‐Rolling table win increased 4.8% to $293.3 million
— Slot win increased 2.1% to $145.7 million
 Room revenue decreased 0.8% as RevPAR decreased 1.8% to $386 
and ADR decreased 4.8% to $394 (impact of the strong USD was 
approximately 7%)
 Retail mall revenue decreased 2.0% to $39.0 million (impact of the 
strong USD was approximately 7%)
 MBS financials and key performance indicators were negatively 
impacted by the stronger USD
($MM)
Adjusted Property EBITDA 
and Adjusted Property EBITDA Margin
Despite Currency Impact from Strong US Dollar, Solid Financial Performance in Singapore
Non‐Rolling Table and Slot Win Per Day
Hold‐Normalized
1. Due to a strengthened US Dollar in 1Q16 compared to 1Q15, MBS faced a currency impact of approximately 7%
($MM)
Mass Tables
40%
Slots
20%
Hotel
17%
Mall
7%
Other
5% VIP
11%
Mass Tables
38%
Slots
21%
Hotel
18%
Mall
8%
Other
4% VIP
11%
TTM 1Q15¹
Singapore’s Marina Bay Sands: Diversified and Stable 
Sources of Departmental Profit For Las Vegas Sands
18
Mass Tables / Slots and Non‐Gaming Generated 89% of 
Marina Bay Sands’ Hold‐Normalized Departmental Profit in the TTM Period Ended March 31, 2016
Marina Bay Sands Hold‐Normalized Departmental Profit Contribution by Segment
TTM 1Q16¹
1. With no adjustment for hold‐normalization, VIP contribution would have been 17% (vs 11%) in the TTM 1Q15 period and 2% (vs. 11%) in the TTM 1Q16 period.
$198 $205 $204 $205 $210
$139 $145 $141 $130 $132
$61
$65 $63 $62 $64
$171
$171 $167 $163 $163
$569 $586 $575 $560 $569
$0
$100
$200
$300
$400
$500
$600
1Q15 2Q15 3Q15 4Q15 1Q16
Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands
Asia Retail Mall Portfolio Continues to Generate 
Strong Revenue and Operating Profit
19
($MM)
Trailing Twelve Months Retail Mall Revenue 
89% 89% 89%Operating 
Profit Margin 88%
1. At March 31, 2016, 318,288 square feet of gross leasable area were occupied out of a total of up to 600,000 square feet of retail mall space that will be featured at completion of all phases of 
Sands Cotai Central. 
2. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12‐months divided by the comparable square footage for the same period. Only tenants that have 
occupied mall space for a minimum of 12 months are included in the tenant sales per square foot calculation.
$521M $514M $508MOperating 
Profit  $503M
Flat Y/Y TTM 1Q16 Sales 
per Sq. Foot²
MBS:
$1,334
SCC:
$872
Four Seasons:
Luxury: $4,389
Other: $1,508
Venetian:
$1,428
89%
$501M
$85.7  $88.5  $89.1  $95.2  $94.2 
$8.6 
$22.5 
$87.4 
$94.0  $97.7 
$117.7 
$95.3 
 $‐
 $20
 $40
 $60
 $80
 $100
 $120
 $140
 $160
1Q15 2Q15 3Q15 4Q15 1Q16
Base Rent and Other Fees Turnover Rent
Macao Quarterly Retail Revenue Composition
20
Sands China: Retail Mall Revenue Composition
($MM)
Strong Base Rent, Which Grew 9.9% in 1Q16, 
Provides the Majority of Sands China’s Retail Mall Revenue
$5.5
$1.6
$1.1
$281 $256
$252 $228
$533
$484
$0
$100
$200
$300
$400
$500
$600
$700
1Q15 1Q16
Baccarat Non‐Baccarat
Las Vegas Operations Update
Strong RevPAR Performance Drove 17.3% Adjusted Property EBITDA Growth
21
Composition of Table Games Drop
 Adjusted property EBITDA increased 17.3% to reach 
$86.9 million
— On a hold‐normalized basis, adjusted property 
EBITDA increased 15.0% to reach $102.5 million
 Room revenue increased 13.0% to a property record 
$147.6 million. ADR increased 2.9% to $251 with 
92.1% occupancy, driving a RevPAR increase of 10.0% 
to $231.
 Table games drop decreased 9.3% to $483.5 million
— Non‐baccarat drop decreased 9.8% to $228 
million
— Baccarat drop declined 8.9%, reflecting slower 
international play
 Slot win increased 8.3% to $47.7 million
Best opportunities for potential future growth:
— Increase in group & FIT room pricing
— Non‐gaming offerings
— Recovery of international gaming segment
($MM)
Adjusted Property EBITDA 
and Adjusted Property EBITDA Margin
Room Segment Strength Leading Recovery in Las Vegas Market
Actual
($MM)
Hold‐Normalized
$74.1
$86.9 $89.2
$102.5
19.7%
22.6% 22.6%
25.4%
0%
10%
20%
30%
40%
$0
$20
$40
$60
$80
$100
$120
1Q15 1Q16 1Q15 1Q16
Sands Bethlehem Update
Solid Quarter for Leading Tri‐State Region Property
22
 Adjusted property EBITDA increased 26.2% to a 
property record $37.7 million
 Table games drop increased 6.7% to reach $281.0 
million, driven by an 11.5% increase in Baccarat drop
 Slot handle increased 7.6% to $1.08 billion 
 ADR increased 2.7% to $153 with occupancy of 
90.7%, driving a RevPAR increase of 9.5% to $138
 The Outlets at Sands Bethlehem (150,000 SF) feature 
29 stores including Coach, Tommy Hilfiger, DKNY, 
GUESS, European Body Concepts Day Spa and Joli 
French Bakery and Cafe
 The Sands Bethlehem Event Center (50,000 SF) 
— Headline events have included Tiesto, Yes, Willie 
Nelson, The Beach Boys, Incubus, Bellator MMA, 
Glenn Frey, Crosby, Stills and Nash, NBC Fight 
Night, Diana Krall and Bill Maher
($MM)
($MM)
Adjusted Property EBITDA 
and Adjusted Property EBITDA Margin
Composition of Table Games Drop
$29.9
$37.7
23.4%
27.2%
0%
5%
10%
15%
20%
25%
30%
35%
40%
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
1Q15 1Q16
$125 $139
$139 $142
$263 $281
$0
$100
$200
$300
1Q15 1Q16
Baccarat Non‐Baccarat
South Korea
Principal Areas of Future Development Interest for Las Vegas Sands
Japan
 As the global leader in MICE‐based Integrated Resort development and operation, Las Vegas Sands is uniquely 
positioned to bring its unmatched track record and powerful convention‐based business model to the world’s most 
promising Integrated Resort development opportunities
 Development opportunity parameters:
— Targeting minimum of 20% return on total invested capital
— 25% ‐ 35% of total project costs to be funded with equity (project financing to fund 65% ‐ 75% of total project 
costs)
Disciplined Execution of Our Global Growth Strategy
23
Macao
The Parisian Macao
 The global leader in MICE‐based Integrated Resort development and operation, delivering 
strong and diversified cash flow and earnings as well as recurring dividends 
 Best positioned operator to deliver long‐term growth in Asia, with the pre‐eminent 
destination MICE‐based Integrated Resort properties in the world’s largest and fastest 
growing consumer markets
 Uniquely positioned to bring unmatched track record, powerful convention‐based business 
model and the industry’s strongest balance sheet to the world’s most promising Integrated
Resort development opportunities
 Committed to maximizing shareholder returns by delivering long‐term growth while 
continuing the return of capital to shareholders through recurring dividend and stock 
repurchase programs
 The industry’s most experienced leadership team: visionary, disciplined and dedicated to
driving long‐term shareholder value
The Investment Case for Las Vegas Sands
24
Maximizing Return to Shareholders by:
1.  Delivering long‐term growth in current markets 
2.  Using leadership position in MICE‐based Integrated Resort development and 
operation to pursue global growth opportunities
3.  Continuing to return excess capital to shareholders
Appendix
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 
volume for the quarter.
(b) for Las Vegas operations: if the quarter’s Baccarat win percentage is outside of the 21.0%‐29.0% band, then a hold‐adjustment is calculated by applying a Baccarat win percentage of 25.0%, and if the quarter’s non‐
Baccarat win percentage is outside of the 16.0%‐20.0% band, then a hold‐adjustment is calculated by applying a non‐Baccarat win percentage of 18.0%. 
(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 adjusted property EBITDA impact.
2.  Reflects consolidated adjusted property EBITDA inclusive of Other Asia (principally CotaiJet operations) segment.
2
2
$ in millions 1Q15 2Q15 3Q15 4Q15 1Q16
Macao Property Operations
Reported 527.7$          559.8$          536.8$          575.3$          510.4$         
Hold‐Normalized 527.7$          526.5$          528.3$          549.1$          500.5$         
Marina Bay Sands
Reported 415.3$          363.3$          389.7$          338.2$          274.9$         
Hold‐Normalized 371.3$          363.3$          411.3$          374.8$          382.8$         
Las Vegas Operations
Reported 74.1$            54.2$            79.8$            97.4$            86.9$           
Hold‐Normalized 89.2$            85.3$            101.8$          105.4$          102.5$         
Sands Bethlehem
Reported 29.9$            34.1$            37.5$            34.3$            37.7$           
Hold‐Normalized 29.9$            34.1$            37.5$            34.3$            37.7$           
LVS Consolidated2
Reported 1,050.5$      1,016.2$      1,052.2$      1,051.3$      917.6$         
Hold‐Normalized 1,021.6$      1,013.9$      1,087.3$      1,069.8$      1,031.1$     
$472 $447 $445 $396 $500 $500 $500
$150 $100
$830
$192 $75
$210 $390
$767
$900
$318
$190 
$285 
$240 
$107 
$1,449
$898
$1,179
$1,529
$1,690
$968
$600
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2012A 2013A 2014A 2015A 2016E 2017E 2018E
Maintenance Investments in Current Properties¹ Sands Cotai Central The Parisian Macao² St. Regis at SCC Other
Capital Expenditures Expectations
Future Planned Investments Composed Principally of The Parisian Macao and Maintenance
Future Capital Expenditures Focused on Growth in Asia
($MM)
1. Reflects investments that will generate future income in our current property portfolio
2. The timing of capex is subject to the receipt of timely government approvals.
Sands Cotai Central
St. Regis at Sands Cotai Central
The Parisian Macao2
LVS Capex Expectations
Development Timeline Pre‐Opening
Post‐Opening
27
$40
$49
$60
$19
$50
$8
$73
181 
494 
1,154 
1,572
218 
1,110 
1,816 
259
2,115
$73
$328
$971
$2,298
$5,503
$340
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2016 2017 2018 2019 2020 2021
SCL MBS US LVSC
Debt Maturity Profile
Debt Maturity by Year at March 31, 2016
Long Term and Low Cost Financing in Place
($MM)
1% 10%% of Total 3% 24% 58%
28
4%
$418
$311 $317
$378 $368
$408
$342
$403
$326
$361
$281 $272 $291 $281 $262 $257
$206
$0
$100
$200
$300
$400
$500
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Marina Bay Sands: Accounts Receivable and Credit 
Collections Update
29
($MM)
Reserve Balance Of $376 Million Represents 46.1% of Gross Accounts Receivable
Casino Credit Collections
Quarterly 
Provision
$40M
Life to Date Provision of $689 Million Represents 9.2% of Rolling Win Since Opening of Property
$38M $39M $37M $39M $36M $36M $33M $30M $30M $24M $20M $24M$32M $40M
$780 $822
$896
$1,045 $1,087 $1,059 $1,120
$1,016 $1,068 $1,028
$984 $1,001 $1,011 $994
$913
$866
$816
19.8%
23.4%
26.8% 26.7% 27.8%
30.3% 32.0%
37.2% 37.5%
40.9% 41.9% 40.0% 37.6% 38.5% 38.7% 41.6%
46.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
$0
$300
$600
$900
$1,200
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Gross Casino A/R Balance at End of Period Reserve Against Casino A/R Balance
$33M $32M
Macao Market Background 
and Infrastructure Slides
46%
77%
54%
23%
0%
20%
40%
60%
80%
100%
Gross Gaming Revenue Operating Profit
Mass Tables and Slots VIP Gaming
46%
77%
54%
23%
0%
20%
40%
60%
80%
100%
Gross Gaming Revenue Operating Profit
Mass Tables and Slots VIP Gaming
VIP Gaming Represents the Majority of Total Macao GGR…
…but Mass Tables and Slots Generate the Bulk of Gaming Operating Profit
Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit¹
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. Gross gaming
revenue presented here is based on disclosures from the DICJ and is not adjusted for table reclassifications from VIP to mass (non-rolling tables that are positioned within VIP areas
of gaming floors). This presentation therefore likely overstates rolling revenue and operating profit percentages and understates mass revenue and operating profit percentages.
Mass Gaming is the Primary Driver of Gaming Operating Profit
31
~1.7X
1Q16 TTM 1Q16
~1.7X
$27,780M $6,592M$7,022M $1,669M
Gradual Sequential Improvement in Macao’s 
High Margin Mass Market Segment
32
Macao Mass Gaming Revenue & Mass Win‐per‐Visit1
($MM)
1. Mass Win is defined as Mass table win plus slot win as reported by the casino operators in their public filings (does not include revenue from Galaxy’s City Club business). Mass spend-per-visit is defined as Mass
win (tables and slots) divided by total visitation to Macao as reported by the Macao DSEC. All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate.
Source: Company Filings, Macao DSEC
Macao’s Mass Segment is Showing Signs of Stability 
$2,655  $2,679 
$2,839 
$3,175 
$3,351  $3,441 
$3,872 
$4,340 
$4,589 
$4,449  $4,419 
$3,919 
$3,682 
$3,408  $3,496  $3,584  $3,609 
$382 $404 $390
$440
$474 $487 $498
$585 $597 $586
$536
$490 $497
$464
$432
$456
$484
$0
$200
$400
$600
$800
$1,000
$0
$1,000
$2,000
$3,000
$4,000
$5,000
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Mass Win Mass Win Per Visit
Gradual Improvement in 
Mass Win and Mass Spend‐
per‐Visit Over the Past Few 
Quarters
Five Trends that Should Contribute To Growth 
in the Macao Market In The Future
1
2
3
4
5
200 million Chinese are expected to travel outside of China by 2020,
compared to 128 million in 2015. Chinese tourism expenditures are 
expected to increase 10% annually through 2020 to reach $354 billion.
Transportation infrastructure and connectivity throughout China,
especially in the Pearl River Delta region, will be meaningfully 
expanded
Over 9,000 new hotel rooms will open in Macao by 2018
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
Sources: McKinsey, Ernst & Young, CLSA, WTTC
33
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
'67 '73 '79 '85 '91 '97 '03 '09 '15
Japan
Korea
Taiwan
China
$8 $9 $9 $11$13
$19 $26 $29
$39
$55
$84
$108
$143
$215
$235
$261
$289
$319
$354
5 8 10 11
1314 18 20
27 31
38 41 46 48
57
70
83
98
117
128
137
150
165
181
200
0
50
100
150
200
250
300
350
400
'96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20
Outbound Travel from China
China Is The World’s Largest and Fastest 
Growing Outbound Tourism Market
34
Outbound Travel Penetration2
Wealth Generation and Increased Mobility in China Have Driven Strong Growth in Outbound Trips and Tourism Spend, 
and Comparative Outbound Travel Penetration Rates Show a Meaningful Opportunity for Continued Long‐Term Growth
Expenditure (US$bn)
Chinese outbound
tourists (millions)
CLSA / WTTC estimates1
Source: CLSA, WTTC, UNWTO
1. The outbound tourist forecast is based on CLSA estimates. The expenditure forecast is based on estimates from the World Travel & Tourism Council (WTTC). Historical expenditure data is converted to USD using the average 
exchange rate during the respective year. WTTC forecasts are converted to USD using the average exchange rate in 2015.  
2. Outbound travel penetration is defined as total departures by residents as a percentage of the respective country’s population. Penetration rates assume that each visitor from Mainland China is a unique visitor.
1
56.1%
38.3%
12.8%
9.3%
CAGR
2009 ‐ 2015 2015‐2020
Expenditure 40% 10%
Tourists 18% 9%
Strong Growth in Chinese Outbound Tourism
35
Chinese Outbound Tourism to Select Markets 
1. Includes France, Germany, Italy, Switzerland and the United Kingdom  
Source: CLSA, Macau DSEC, Hong Kong Tourism Board
Continued Growth of Chinese Outbound Tourism will Drive Macao Mass Tourism Opportunity
1
(MM)
1.2  0.8 
1.9  1.4  1.9  1.1 
13.2 
22.7 
2.1  2.6 
4.3  5.0 
6.0 
7.9 
20.4 
45.8 
0.0
10.0
20.0
30.0
40.0
50.0
Singapore USA Major European
Countries
Japan Korea Thailand Macau Hong Kong
2010 2015
+27%
2010‐2015 
CAGR +17% +29% +26% +48% +9% +15%
1
+12%
$1.1  $1.2  $1.2  $1.3  $1.4 
$2.3  $2.5 
$4.0 
$10.0 
 $‐
 $5
 $10
 $15
France Brazil Mexico Germany Russia Japan Indonesia USA China
Chinese Middle Class Consumption Growth
Chinese Middle Class Consumption in 2030 is Projected to Reach $10.0 trillion
36
Global Middle Class Consumption in 2030 (US$ in trillions)
NOTE: Brookings Institution defines the global middle class as those households with daily expenditures between $10 and $100 per person in purchasing power parity terms.
Source: Brookings Institution; UN; World Bank; Financial Times.
Continued Growth of the Chinese Middle Class Will Drive Macao Mass Tourism Opportunity
1
(US$ in trillions)
Twelve Months Ended March 31 Population GDP Per Penetration
Province 2015 2016 % Change (MM) Capita (US$) Rate
Guangdong 9,091,313             9,030,963              ‐1% 107 $10,466 8.4%
Fujian 907,990                 847,919                 ‐7% 38 $10,523 2.2%
Hunan 768,898                 808,279                 5% 67 $6,645 1.2%
Hubei 678,947                 654,302                 ‐4% 58 $7,832 1.1%
Zhejiang 686,674                 563,105                 ‐18% 55 $12,003 1.0%
Guangxi 516,116                 546,691                 6% 48 $5,448 1.1%
Jiangsu 563,365                 499,485                 ‐11% 80 $13,578 0.6%
Shanghai 538,737                 490,596                 ‐9% 24 $15,863 2.0%
Jiangxi 459,009                 433,473                 ‐6% 45 $5,676 1.0%
Henan 494,391                 420,378                 ‐15% 94 $6,046 0.4%
Sichuan 394,360                 397,848                 1% 81 $5,700 0.5%
Beijing 369,082                 328,991                 ‐11% 22 $16,453 1.5%
Liaoning 338,551                 317,102                 ‐6% 44 $10,091 0.7%
Hebei 344,432                 263,903                 ‐23% 74 $6,222 0.4%
Heilongjiang 302,802                 261,928                 ‐13% 38 $6,066 0.7%
Shandong 301,125                 255,102                 ‐15% 98 $9,920 0.3%
Anhui 256,482                 252,659                 ‐1% 61 $5,576 0.4%
Chongqing 261,069                 243,049                 ‐7% 30 $8,100 0.8%
Shanxi 244,316                 207,354                 ‐15% 36 $5,409 0.6%
Jilin 231,457                 207,178                 ‐10% 28 $7,993 0.8%
All Other Provinces 3,355,776             3,296,336             ‐2% 239 N/A 1.4%
Subtotal (Excluding 
Guangdong)
12,013,579           11,295,678            ‐6% 1,261 $7,647 0.9%
Total China 21,104,892           20,326,641           ‐4% 1,368 $7,868 1.5%
37NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor. GDP per Capita defined as 2015 GDP divided 2014 population (the latest data available).
Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates
Year‐Over‐Year Visitation Growth Mainland Chinese Visitation to Macao
Less than ‐10%
Data Not Available
‐10% ‐ 0% 0% ‐ 10%
10% ‐ 20%
Mainland Chinese Visitation to Macao
Penetration Remains Low
1
Infrastructure: China’s High‐Speed Rail
Connecting More of Mainland China to Macao
Source: SCMP, LVS, NYT
38
2
The Chinese Premier Has Pledged to Continue Heavy Investment in the High Speed Rail System –
Approximately US$130 billion per year for the 2016‐2020 Period
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
Infrastructure: Meaningful Improvements 
Throughout the Pearl River Delta Region
Source: World Bank, China Daily, Macau Business Daily, Chinatrainguide.com, Analyst reports.  Note: population and GDP data from 2014.
39
Guangzhou
Population: 13M
GDP Per Capita: US$20,000
Macao
Population: 0.6M
GDP Per Capita: US$96,000
Hengqin Island
• Special economic area
• Over $20B of overall investment expected
• Over 10,000 hotel rooms expected (~5,000 today)
• Phase I of Chimelong theme park opened in Jan. ‘14 
and attracted 8M visitors in ‘14. 20M annual 
visitors expected at completion of all phases.
Hong Kong
Population: 7.2M
GDP Per Capita: US$40,200
Hong Kong‐Macao‐Zhuhai Bridge 
(expected completion TBD)
Wuhan – Guangzhou High‐Speed Rail
• 3.5 hour train ride
• 75‐80 trains in each direction per day
Shenzhen
Population: 15M
GDP Per Capita: US$29,000
China 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)
• 33 ‐ 43 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
• 26 trains in each direction per day
Legend
Existing
Future
Gongbei – Hengqin Railway
• Connects the Gongbei border crossing with 
Hengqin Island
• Stops at Lotus Bridge crossing and ends at 
Chimelong theme park
• Expected completion 2018
2
Taipa Ferry Terminal
• Estimated opening in 2017
• 40 ferry per hour capacity and helipad
• 114 immigration clearance counters 
and e‐channels
Sands Cotai 
Central
5,723
The 
Venetian Macao
2,905
Sands Macao, 289
Galaxy Macau³
Phase I: 2,250
Phase II: 1,250 City of Dreams
1,400
Macau Studio City
1,600
Wynn Macau
1,008 Grand Lisboa, 430 MGM Grand, 582
9,677
4,329
3,230
1,008 838 582
0
2,000
4,000
6,000
8,000
10,000
12,000
Sands China Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China
Market Leading Hotel Capacity at SCL
Sands China Operates 34% 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 approximately 8,436 additional four‐ and five‐star hotel rooms in Macao.
2. Reflects only SJM Holdings self‐owned hotels.
3. Reflects the opening of Galaxy Phase II, an extension to the Galaxy Macau, which opened on May 27, 2015.
Source: Company filings, Macao DSEC
40
With a Market‐Leading US$10 billion of Investment,
SCL Hotel Inventory Represents 49% of Macao Competitor Hotel Inventory
Macao Market Gaming Operator Hotel Rooms1
Four Seasons 
Macao, 360
St. Regis Macao, 400
Hotel % of Gaming % of Total
Gaming Operator Rooms Operators Market
Sands China 9,677                49% 34%
Galaxy Entertainment 4,329                22% 15%
Melco Crown 3,230                16% 11%
Wynn Resorts 1,008                5% 4%
SJM Holdings² 838                   4% 3%
MGM China 582                   3% 2%
Subtotal Gaming Operators 19,664              100% 70%
Other 4/5 Star 8,436                0% 30%
Total 28,100              100% 100%
`
Starworld, 509
Broadway Macau, 320
Altira Macau, 230
Sofitel Macau, 408
3
Sands Cotai 
Central
5,723
The 
Venetian Macao
2,905
The Parisian 
Macao
3,000
Galaxy Macau³
Phase I: 2,250
Phase II: 1,250 City of Dreams
1,400
Macau Studio City
1,600
Grand Lisboa, 430
SJM Cotai
2,000
Wynn Macau, 1,008
Wynn Palace
1,700
MGM Grand, 582
MGM Cotai
1,500
12,677
4,329
3,230 2,838 2,708
2,082
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
1. In addition to the hotel rooms that are owned by gaming operators presented here, there will be approximately 9,403 additional four‐ and five‐star hotel rooms in Macao at December 31, 2017.
2. Reflects only SJM Holdings self‐owned hotels.
3. Reflects the opening of Galaxy Phase II, an extension to the Galaxy Macau, which opened on May 27, 2015.
Source: Company filings, Macao DSEC
41
Macao Market Gaming Operator Hotel Rooms at December 31, 20171
Four Seasons 
Macao, 360
St. Regis Macao, 400
With a Market‐Leading US$13 billion of Investment,
SCL Hotel Inventory Will Represent 45% of Macao Competitor Hotel Inventory
Market Leading Hotel Capacity at SCL
Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2017
Sands Macao, 289
Altira Macau, 230
Hotel % of Gaming % of Total
Gaming Operator Rooms Operators Market
Sands China 12,677              45% 34%
Galaxy Entertainment 4,329                16% 12%
Melco Crown 3,230                12% 9%
SJM Holdings² 2,838                10% 8%
Wynn Resorts 2,708                10% 7%
MGM China 2,082                7% 6%
Subtotal Gaming Operators 27,864              100% 75%
Other 4/5 Star 9,403                0% 25%
Total 37,267              100% 100%
`
Starworld, 509
Broadway Macau, 320
Sofitel Macau, 408
3
2.1
2.0
2.1
2.0
2.1
2.0
2.2
0.0
0.5
1.0
1.5
2.0
2.5
2011 2012 2013 2014 2015 1Q15 1Q16
4.6
5.2
6.2
6.8
6.6
1.5 1.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 1Q15 1Q16
Average Length‐of‐Stay of
Mainland Chinese Overnight Visitors in Macao Mainland Chinese Hotel Guests in Macao
Length‐of‐Stay of Chinese Overnight Visitors 
& Number of Chinese Hotel Guests in Macao
Source: Macao DSEC 42
(MM)
Additional Hotel Capacity and Transportation Infrastructure 
Will Enhance Hotel Visitation and Average Length of Stay in Macao
4
(Days)
5.2
6.3
7.3
8.1
8.9
9.7
9.2 9.3
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2009 2010 2011 2012 2013 2014 2015 TTM
March
2016
5.8
6.9
8.8 8.8
9.7
11.5
11.2 11.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2009 2010 2011 2012 2013 2014 2015 TTM
March
2016
Mainland China Day‐Trip Visitors to Macao Mainland China Overnight Visitors to Macao
Chinese Day‐Trip and Overnight 
Visitation To Macao
(MM)
Source: Macao DSEC
1. Reflects the percentage change for the trailing twelve month period ended March 31, 2016 compared to the trailing twelve month period ended March 31, 2015
43
+19% +28% 0%
(MM)
Growth +21% +16% +11%Growth
Additional Hotel Capacity and Transportation Infrastructure 
Will Enhance Overnight Visitation to Macao in the Future
+10% +10%
4
+19% +9%‐3%  ‐5%‐1%‐9% ‐5%1 ‐2%1
Hengqin Island Expands Critical Mass of 
Tourism Offerings for Visitors to the Region
44
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 attracted 8M visitors in 2014. 
It is expected to generate 20 million visits in the future after 
completion of all phases.¹
— Hengqin’s central business district features an 800,000
square foot convention center
— More than 10,000 hotel rooms expected to open over the 
next five years. Around 5,000 hotel rooms are currently 
open. 
Source: Macau Daily, Zhuhai Daily, Chimelong Group, Hengqin New Area Administrative Committee
1.  Phase 1 includes the Hengqin Bay Hotel, the Ocean Kingdom theme park, the Circus World show and a waterpark in the Hengqin Bay Hotel. 
5
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Bernstein strategic decisions conference 2016

  • 1. The Venetian Macao Marina Bay Sands, Singapore Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo, Las Vegas Las Vegas Sands Investor Update June 2016 The Parisian Macao (Opening 2016)Sands 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 development, construction and ventures, substantial  leverage and debt service, government regulation, tax law changes, legalization of  gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters,  risks relating to our gaming licenses, certificate and subconcession, infrastructure in  Macao, our ability to meet certain development deadlines, our subsidiaries’ ability to  make distribution payments to us, and other factors detailed in the reports filed by Las  Vegas Sands 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 assumes no obligation to update such information. Forward Looking Statements 2
  • 3.  Net revenue was $2.72 billion  Hold‐normalized adjusted property EBITDA was $1.03 billion  Stability in Macao, hold‐normalized growth in Singapore and strong RevPAR‐led EBITDA growth  in Las Vegas contributed to another quarter of hold‐normalized adjusted property EBITDA in  excess of $1 billion  Hold‐normalized adjusted property EBITDA margin increased 220 bps to an industry‐leading 36.5%  Macao – Adjusted property EBITDA was $510.4 million. Hold‐normalized adjusted property EBITDA was  $500.5 million, while hold‐normalized adjusted property EBITDA margin increased 190 bps to a Macao  market‐leading 32.1%  Marina Bay Sands – Despite the impact of a stronger US dollar, hold‐normalized adjusted property EBITDA  increased 3.1% to $382.8 million  On a constant currency basis, hold‐normalized adjusted property EBITDA increased 10.3% Y/Y  Adjusted diluted EPS was $0.45 per share; Hold‐normalized adjusted diluted EPS was $0.57 per share  LVS returned a total of $572.3 million to shareholders during the quarter through its recurring dividend of  $0.72 per share (up 10.8%) First Quarter 2016 Financial Highlights Stability in Macao, Hold‐Normalized Growth at MBS and Strong EBITDA Growth in Las Vegas 3 NOTE: All comparisons in this presentation compare the first quarter 2016 against the first quarter 2015 unless otherwise specified.
  • 4. $ in millions, except per share information 1Q15 1Q16 $ Change % Change Net Revenue 3,011.6$        2,716.2$        (295.4)$          ‐9.8% Adjusted Property EBITDA 1,050.5$        917.6$           (132.9)$          ‐12.7% Adjusted Property EBITDA Margin 34.9% 33.8% ‐110 bps Adjusted Diluted EPS 0.66$             0.45$             (0.21)$            ‐31.8% Dividends per Common Share 0.65$             0.72$             0.07$             10.8% Hold‐Normalized Adjusted Property EBITDA 1,021.6$        1,031.1$        9.5$               0.9% Hold‐Normalized Adj. Property EBITDA Margin 34.3% 36.5% 220 bps Hold‐Normalized Adjusted Diluted EPS 0.64$             0.57$             (0.07)$            ‐10.9% First Quarter 2016 Financial Results (Y/Y) Quarter Ended March 31, 2016 vs Quarter Ended March 31, 2015 4
  • 6. $1.00 $1.40 $2.00 $2.60 $2.88 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2012 2013 2014 2015 2016 6 LVS Increasing Return of Capital to Shareholders $13.4 Billion of Capital Returned to Shareholders Since 2012 LVS Recurring Dividends per Share1 Las Vegas Sands remains committed to returning capital to  shareholders via its recurring dividend program and share repurchases:  Dividends:  Las Vegas Sands is committed to maintaining its recurring  dividend program and to increasing dividends in the  future as cash flows grow  In October 2015, the LVS Board of Directors increased  the LVS recurring dividend by 10.8% to $2.88 per share  for the 2016 calendar year ($0.72 per share payable  quarterly)  Repurchases:  Since the inception of the company’s share repurchase  program in June 2013, the company has returned $2.44  billion to shareholders through the repurchase of 35.4  million shares  $1.56 billion remains under current authorization 1. Excludes dividends paid by Sands China Ltd. and excludes the $2.75 per share special dividend paid in December 2012. 2. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. (total SCL dividends paid since 2011 were $8.29 billion). Las Vegas Sands Remains Committed to Returning Capital to Shareholders While Maintaining  a Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities Total Capital Returned to Shareholders Return of Capital to Shareholders Year Year Year Year Three Months Ended Ended Ended Ended Ended $ in millions 12/31/2012 12/31/2013 12/31/2014 12/31/2015 3/31/2016 Total LVS Dividends Paid1 823$            1,153$        1,610$        2,074$        572$            6,232$       LVS Special Dividend Paid 2,262           ‐               ‐               ‐             ‐             2,262       LVS Shares Repurchased ‐               570              1,665           205            ‐             2,440       Subtotal LVS 3,085$        1,723$        3,275$        2,279$       572$           10,934$   SCL Dividends Paid2 357              411              538              619              308              2,233         SCL Special Dividend Paid ‐               ‐               239              ‐             ‐             239          Subtotal SCL 357$            411$            777$            619$           308$           2,472$      Total 3,442$        2,134$        4,052$        2,898$       880$           13,406$  
  • 7. $1.16 $1.33 $1.73 $1.99 $1.99 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2012 2013 2014 2015 2016 7 SCL Also Increasing Return of Capital to Shareholders Over US$8.2 Billion of Capital Returned to Shareholders Since 2012 SCL Recurring Dividends per Share (HK$)1  Sands China is committed to returning capital to  shareholders via its recurring bi‐annual dividend  program. Sands China is committed to maintaining  its recurring dividend program and increasing  dividends in the future as cash flows grow  For the 2016 year, the SCL Board of Directors set the  2016 SCL recurring interim dividend at HK$0.99 per  share, which was paid on February 26, 2016 and  proposed a final dividend of HK$1.00 per share. The  final dividend is subject to the approval of SCL  shareholders at the SCL Annual General Meeting on  May 27, 2016  For the 2015 year, the SCL Board of Directors  increased the SCL dividend to HK$1.99 per share,  including an interim dividend of HK$0.99 per share  paid on February 27, 2015 and a final dividend of  HK$1.00 per share paid on July 15, 2015 1. Excludes the special dividend paid in 2014. 2. The total 2016 dividend of HK$1.99 per share includes the interim dividend of HK$0.99 per share and the proposed final dividend of HK$1.00 per share. The final dividend is subject to the approval of SCL shareholders at the SCL Annual General Meeting on May 27, 2016. Sands China Remains Committed to Returning Capital to Shareholders While Maintaining a  Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities SCL Total Capital Returned to Shareholders Return of Capital to Shareholders 2 2012 2013 2014 US$ in millions Total  Total  Total  Interim Final Interim Final Total SCL Dividends Paid 1 1,201$    1,382$    1,800$    1,030$    1,041$    1,031$    ‐          7,485$    SCL Special Dividend Paid ‐          ‐          801         ‐          ‐        ‐        ‐        801       Total 1,201$    1,382$    2,601$    1,030$    1,041$   1,031$   8,286$   Year Ended Year Ended 12/31/2015 12/31/2016
  • 8. Figures as of March 31, 2016 Sands China U.S.  Corporate (in $MM) Ltd. Singapore Operations2 and Other Total Cash, Cash Equivalents and Restricted Cash $753.2 $430.2 $349.6 $179.9 $1,712.9 Debt3 $3,742.5 $3,262.2 $2,500.7 ‐                   $9,505.4 Net Debt $2,989.3 $2,832.0 $2,151.1 ($179.9) $7,792.5 Trailing Twelve Months Adjusted Property EBITDA $2,182.3 $1,366.1 $461.9 $27.0 $4,037.3 Gross Debt to Trailing Twelve Months EBITDA 1.7 x 2.4 x 5.4 x NM 2.4 x Net Debt to Trailing Twelve Months EBITDA 1.4 x 2.1 x 4.7 x NM 1.9 x At March 31, 2016:  Trailing Twelve Months Adjusted Property EBITDA – $4.04 billion  Trailing Twelve Months LVS Dividends Paid – $2.12 billion  Trailing Twelve Months SCL Dividends Paid – $619.2 million1  Trailing Twelve Months LVS Stock Repurchases – $205.0 million  Cash Balance – $1.71 billion  Net Debt – $7.79 billion  Net Debt to TTM EBITDA – 1.9x Strong Cash Flow, Balance Sheet and Liquidity Flexibility for Future Growth Opportunities and Return of Capital 8 1. Reflects only the public (non‐LVS) portion of dividends paid by Sands China Ltd. Total dividends paid by Sands China Ltd. in the TTM period ended March 31, 2016 were $2.07 billion. 2. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $59.0 million in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem. 3. Debt balances shown here exclude deferred financing costs of $118.2 million.  4. TTM Adjusted EBITDA for U.S. Operations 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 $2.87 billion  5. The net leverage ratio for covenant compliance purposes, which includes the dividends and royalty fees paid by Sands China Ltd. and Marina Bay Sands to the U.S. Operations, was 0.8x. Strong Balance Sheet and Cash Flow Maximize Financial Flexibility 5 4
  • 11. $412 $402 $367 $365 $380 $0 $100 $200 $300 $400 $500 $600 $700 $800 1Q15 2Q15 3Q15 4Q15 1Q16 $601 $574 $563 $532 $555 $0 $100 $200 $300 $400 $500 $600 $700 $800 1Q15 2Q15 3Q15 4Q15 1Q16 11 SCL Base Mass Table Win by Quarter Sands China Mass Market Update Both Base Mass and Premium Mass Grew Q/Q in 1Q16 Note: Sands China’s base mass and premium mass table revenues as presented above are based on the geographic position of non‐rolling (mass) tables on the gaming floor. Some high‐end mass play  occurs in the base mass geographic area and some lower‐end mass play occurs in the premium mass geographic area of the gaming floor. Sands China’s Mass Table Offering is the Broadest and Deepest in the Macao Market ($MM) SCL Premium Mass Table Win by Quarter Sands China Departmental Profit Margin: 40% - 50% Sands China Departmental Profit Margin: 25% - 40% ($MM) 306Avg. Tables 292 289944Avg. Tables 919 938 Avg. Win per Table per Day: $6,460 Avg. Win per Table per Day: $13,625 892865 305326
  • 12. Market‐Leading ~$13 Billion of Investment in  Macao’s Future as a Business & Leisure Tourism Destination1 Expansion of Mass Market Offerings Underway with The Parisian Family-friendly Entertainment World Class Concerts, Sporting Events and Other Entertainment Offerings Over Two Million sq. feet of World Class Shopping1 Market-Leading Customer Database Highly Themed Tourism Attractions Portfolio of Nearly 13,000 Suites and Hotel Rooms1 Over Two Million sq. feet of Conference, Exhibition and Carpeted Meeting Space The Broadest and Deepest Mass Tourism Offerings in Macao Our Diversified Convention‐based Integrated Resort Offerings Appeal to the Broadest Set of Customers  and Comprise a Unique Competitive Advantage in the Macao Market 12 1. Incorporates the investment in and the offerings of The Parisian Macao, which is targeted to open in 2016
  • 13. Macao Mass Visitation Business & Leisure Tourism Expenditure Drivers Future Growth Drivers  More efficient and affordable  transportation infrastructure  Greater number of hotel rooms  and non‐gaming offerings in  Macao  Additional tourism attractions in  Macao and Hengqin Island  Rapidly expanding middle‐class  with growing disposable income 13 As a result, Macao’s Mass visitors will:  Come From Farther Away  Stay Longer  Spend More On: • Lodging • Retail • Dining • Entertainment • Gaming
  • 14. Expanding Our Critical Mass on the Cotai Strip The Parisian Macao 14LVS Operating Assets Third Party Operating Asset Third Party Future Development Construction Progress – May 30, 2016Map of Macao’s Cotai Strip  The Parisian Macao is a $2.7 billion themed, iconic destination  Integrated Resort   Construction continues to progress  Hotel rooms and suites: Approximately 3,000  Gaming capacity: ~450 table games and 2,500 slots and ETGs  Additional amenities including a retail mall, 50% scale replica  Eiffel Tower, MICE space, diverse food & beverage options and  entertainment  The Parisian Macao will be interconnected to our other Cotai Strip  properties through mall access and other pedestrian connectivity  including a walkover bridge with airport‐style moving sidewalks  connecting to Sands Cotai Central Rendering of The Parisian Macao LVS Future Development
  • 16. 18% 18% 18% 20% 14% 15% 14% 14% 14% 12% 11% 8% 16% 14% 13% 12% 10% 9% 9% 9% 0% 20% 40% 60% 80% 2012 2013 2014 TTM 1Q16 28% 32% 35% 37% 0% 10% 20% 30% 40% 2012 2013 2014 TTM 1Q16 Macao Market Annual EBITDA  Market Share by Operator Sands China Expanded Market Share of  Macao EBITDA by 900 bps Since 2012 Source: Company Reports 1. Reflects reported adjusted property EBITDA for the operating properties 2. Galaxy only includes EBITDA from Starworld and Galaxy Macau Historical EBITDA Market Share1,2 16 Galaxy MPELSands China 2 SJM Wynn MGM Sands China All Others Macao Leader in Market Share of EBITDA 72% 68% 65% 63%
  • 17. $415.3 $274.9 $371.3 $382.8 52.9% 45.5% 50.9% 51.8% 20% 30% 40% 50% 60% 70% 80% $0 $100 $200 $300 $400 $500 $600 1Q15 1Q16 1Q15 1Q16 $3.11 $3.22 $1.59 $1.60 $4.70 $4.82 $0.0 $2.0 $4.0 $6.0 1Q15 1Q16 Non‐Rolling Tables Slot Machines Marina Bay Sands Update1 Hold‐Normalized EBITDA Up 10.3% On a Constant Currency Basis 17 Actual  Hold‐normalized adjusted property EBITDA increased 10.3% on a  constant currency basis. Hold‐normalized adjusted property  EBITDA increased 3.1% to $382.8 million with margin expanding 90  basis points.  Adjusted property EBITDA decreased 33.8% to $274.9 million  due to lower‐than‐normal Rolling win %  Adjusted property EBITDA decreased 29.2% on a constant‐ currency basis  Total mass win‐per‐day was a property record in local currency  terms and increased 9.8% on a constant‐currency basis. Despite  the impact of a stronger USD, total mass (Non‐Rolling tables and  slots) win‐per‐day increased 2.6% to $4.82 million.  — Non‐Rolling table win increased 4.8% to $293.3 million — Slot win increased 2.1% to $145.7 million  Room revenue decreased 0.8% as RevPAR decreased 1.8% to $386  and ADR decreased 4.8% to $394 (impact of the strong USD was  approximately 7%)  Retail mall revenue decreased 2.0% to $39.0 million (impact of the  strong USD was approximately 7%)  MBS financials and key performance indicators were negatively  impacted by the stronger USD ($MM) Adjusted Property EBITDA  and Adjusted Property EBITDA Margin Despite Currency Impact from Strong US Dollar, Solid Financial Performance in Singapore Non‐Rolling Table and Slot Win Per Day Hold‐Normalized 1. Due to a strengthened US Dollar in 1Q16 compared to 1Q15, MBS faced a currency impact of approximately 7% ($MM)
  • 19. $198 $205 $204 $205 $210 $139 $145 $141 $130 $132 $61 $65 $63 $62 $64 $171 $171 $167 $163 $163 $569 $586 $575 $560 $569 $0 $100 $200 $300 $400 $500 $600 1Q15 2Q15 3Q15 4Q15 1Q16 Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands Asia Retail Mall Portfolio Continues to Generate  Strong Revenue and Operating Profit 19 ($MM) Trailing Twelve Months Retail Mall Revenue  89% 89% 89%Operating  Profit Margin 88% 1. At March 31, 2016, 318,288 square feet of gross leasable area were occupied out of a total of up to 600,000 square feet of retail mall space that will be featured at completion of all phases of  Sands Cotai Central.  2. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12‐months divided by the comparable square footage for the same period. Only tenants that have  occupied mall space for a minimum of 12 months are included in the tenant sales per square foot calculation. $521M $514M $508MOperating  Profit  $503M Flat Y/Y TTM 1Q16 Sales  per Sq. Foot² MBS: $1,334 SCC: $872 Four Seasons: Luxury: $4,389 Other: $1,508 Venetian: $1,428 89% $501M
  • 20. $85.7  $88.5  $89.1  $95.2  $94.2  $8.6  $22.5  $87.4  $94.0  $97.7  $117.7  $95.3   $‐  $20  $40  $60  $80  $100  $120  $140  $160 1Q15 2Q15 3Q15 4Q15 1Q16 Base Rent and Other Fees Turnover Rent Macao Quarterly Retail Revenue Composition 20 Sands China: Retail Mall Revenue Composition ($MM) Strong Base Rent, Which Grew 9.9% in 1Q16,  Provides the Majority of Sands China’s Retail Mall Revenue $5.5 $1.6 $1.1
  • 21. $281 $256 $252 $228 $533 $484 $0 $100 $200 $300 $400 $500 $600 $700 1Q15 1Q16 Baccarat Non‐Baccarat Las Vegas Operations Update Strong RevPAR Performance Drove 17.3% Adjusted Property EBITDA Growth 21 Composition of Table Games Drop  Adjusted property EBITDA increased 17.3% to reach  $86.9 million — On a hold‐normalized basis, adjusted property  EBITDA increased 15.0% to reach $102.5 million  Room revenue increased 13.0% to a property record  $147.6 million. ADR increased 2.9% to $251 with  92.1% occupancy, driving a RevPAR increase of 10.0%  to $231.  Table games drop decreased 9.3% to $483.5 million — Non‐baccarat drop decreased 9.8% to $228  million — Baccarat drop declined 8.9%, reflecting slower  international play  Slot win increased 8.3% to $47.7 million Best opportunities for potential future growth: — Increase in group & FIT room pricing — Non‐gaming offerings — Recovery of international gaming segment ($MM) Adjusted Property EBITDA  and Adjusted Property EBITDA Margin Room Segment Strength Leading Recovery in Las Vegas Market Actual ($MM) Hold‐Normalized $74.1 $86.9 $89.2 $102.5 19.7% 22.6% 22.6% 25.4% 0% 10% 20% 30% 40% $0 $20 $40 $60 $80 $100 $120 1Q15 1Q16 1Q15 1Q16
  • 22. Sands Bethlehem Update Solid Quarter for Leading Tri‐State Region Property 22  Adjusted property EBITDA increased 26.2% to a  property record $37.7 million  Table games drop increased 6.7% to reach $281.0  million, driven by an 11.5% increase in Baccarat drop  Slot handle increased 7.6% to $1.08 billion   ADR increased 2.7% to $153 with occupancy of  90.7%, driving a RevPAR increase of 9.5% to $138  The Outlets at Sands Bethlehem (150,000 SF) feature  29 stores including Coach, Tommy Hilfiger, DKNY,  GUESS, European Body Concepts Day Spa and Joli  French Bakery and Cafe  The Sands Bethlehem Event Center (50,000 SF)  — Headline events have included Tiesto, Yes, Willie  Nelson, The Beach Boys, Incubus, Bellator MMA,  Glenn Frey, Crosby, Stills and Nash, NBC Fight  Night, Diana Krall and Bill Maher ($MM) ($MM) Adjusted Property EBITDA  and Adjusted Property EBITDA Margin Composition of Table Games Drop $29.9 $37.7 23.4% 27.2% 0% 5% 10% 15% 20% 25% 30% 35% 40% $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 1Q15 1Q16 $125 $139 $139 $142 $263 $281 $0 $100 $200 $300 1Q15 1Q16 Baccarat Non‐Baccarat
  • 23. South Korea Principal Areas of Future Development Interest for Las Vegas Sands Japan  As the global leader in MICE‐based Integrated Resort development and operation, Las Vegas Sands is uniquely  positioned to bring its unmatched track record and powerful convention‐based business model to the world’s most  promising Integrated Resort development opportunities  Development opportunity parameters: — Targeting minimum of 20% return on total invested capital — 25% ‐ 35% of total project costs to be funded with equity (project financing to fund 65% ‐ 75% of total project  costs) Disciplined Execution of Our Global Growth Strategy 23 Macao The Parisian Macao
  • 24.  The global leader in MICE‐based Integrated Resort development and operation, delivering  strong and diversified cash flow and earnings as well as recurring dividends   Best positioned operator to deliver long‐term growth in Asia, with the pre‐eminent  destination MICE‐based Integrated Resort properties in the world’s largest and fastest  growing consumer markets  Uniquely positioned to bring unmatched track record, powerful convention‐based business  model and the industry’s strongest balance sheet to the world’s most promising Integrated Resort development opportunities  Committed to maximizing shareholder returns by delivering long‐term growth while  continuing the return of capital to shareholders through recurring dividend and stock  repurchase programs  The industry’s most experienced leadership team: visionary, disciplined and dedicated to driving long‐term shareholder value The Investment Case for Las Vegas Sands 24 Maximizing Return to Shareholders by: 1.  Delivering long‐term growth in current markets  2.  Using leadership position in MICE‐based Integrated Resort development and  operation to pursue global growth opportunities 3.  Continuing to return excess capital to shareholders
  • 26. 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  volume for the quarter. (b) for Las Vegas operations: if the quarter’s Baccarat win percentage is outside of the 21.0%‐29.0% band, then a hold‐adjustment is calculated by applying a Baccarat win percentage of 25.0%, and if the quarter’s non‐ Baccarat win percentage is outside of the 16.0%‐20.0% band, then a hold‐adjustment is calculated by applying a non‐Baccarat win percentage of 18.0%.  (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 adjusted property EBITDA impact. 2.  Reflects consolidated adjusted property EBITDA inclusive of Other Asia (principally CotaiJet operations) segment. 2 2 $ in millions 1Q15 2Q15 3Q15 4Q15 1Q16 Macao Property Operations Reported 527.7$          559.8$          536.8$          575.3$          510.4$          Hold‐Normalized 527.7$          526.5$          528.3$          549.1$          500.5$          Marina Bay Sands Reported 415.3$          363.3$          389.7$          338.2$          274.9$          Hold‐Normalized 371.3$          363.3$          411.3$          374.8$          382.8$          Las Vegas Operations Reported 74.1$            54.2$            79.8$            97.4$            86.9$            Hold‐Normalized 89.2$            85.3$            101.8$          105.4$          102.5$          Sands Bethlehem Reported 29.9$            34.1$            37.5$            34.3$            37.7$            Hold‐Normalized 29.9$            34.1$            37.5$            34.3$            37.7$            LVS Consolidated2 Reported 1,050.5$      1,016.2$      1,052.2$      1,051.3$      917.6$          Hold‐Normalized 1,021.6$      1,013.9$      1,087.3$      1,069.8$      1,031.1$     
  • 27. $472 $447 $445 $396 $500 $500 $500 $150 $100 $830 $192 $75 $210 $390 $767 $900 $318 $190  $285  $240  $107  $1,449 $898 $1,179 $1,529 $1,690 $968 $600 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 2012A 2013A 2014A 2015A 2016E 2017E 2018E Maintenance Investments in Current Properties¹ Sands Cotai Central The Parisian Macao² St. Regis at SCC Other Capital Expenditures Expectations Future Planned Investments Composed Principally of The Parisian Macao and Maintenance Future Capital Expenditures Focused on Growth in Asia ($MM) 1. Reflects investments that will generate future income in our current property portfolio 2. The timing of capex is subject to the receipt of timely government approvals. Sands Cotai Central St. Regis at Sands Cotai Central The Parisian Macao2 LVS Capex Expectations Development Timeline Pre‐Opening Post‐Opening 27 $40 $49 $60 $19 $50 $8 $73
  • 28. 181  494  1,154  1,572 218  1,110  1,816  259 2,115 $73 $328 $971 $2,298 $5,503 $340 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2016 2017 2018 2019 2020 2021 SCL MBS US LVSC Debt Maturity Profile Debt Maturity by Year at March 31, 2016 Long Term and Low Cost Financing in Place ($MM) 1% 10%% of Total 3% 24% 58% 28 4%
  • 29. $418 $311 $317 $378 $368 $408 $342 $403 $326 $361 $281 $272 $291 $281 $262 $257 $206 $0 $100 $200 $300 $400 $500 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Marina Bay Sands: Accounts Receivable and Credit  Collections Update 29 ($MM) Reserve Balance Of $376 Million Represents 46.1% of Gross Accounts Receivable Casino Credit Collections Quarterly  Provision $40M Life to Date Provision of $689 Million Represents 9.2% of Rolling Win Since Opening of Property $38M $39M $37M $39M $36M $36M $33M $30M $30M $24M $20M $24M$32M $40M $780 $822 $896 $1,045 $1,087 $1,059 $1,120 $1,016 $1,068 $1,028 $984 $1,001 $1,011 $994 $913 $866 $816 19.8% 23.4% 26.8% 26.7% 27.8% 30.3% 32.0% 37.2% 37.5% 40.9% 41.9% 40.0% 37.6% 38.5% 38.7% 41.6% 46.1% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% $0 $300 $600 $900 $1,200 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Gross Casino A/R Balance at End of Period Reserve Against Casino A/R Balance $33M $32M
  • 31. 46% 77% 54% 23% 0% 20% 40% 60% 80% 100% Gross Gaming Revenue Operating Profit Mass Tables and Slots VIP Gaming 46% 77% 54% 23% 0% 20% 40% 60% 80% 100% Gross Gaming Revenue Operating Profit Mass Tables and Slots VIP Gaming VIP Gaming Represents the Majority of Total Macao GGR… …but Mass Tables and Slots Generate the Bulk of Gaming Operating Profit Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit¹ 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. Gross gaming revenue presented here is based on disclosures from the DICJ and is not adjusted for table reclassifications from VIP to mass (non-rolling tables that are positioned within VIP areas of gaming floors). This presentation therefore likely overstates rolling revenue and operating profit percentages and understates mass revenue and operating profit percentages. Mass Gaming is the Primary Driver of Gaming Operating Profit 31 ~1.7X 1Q16 TTM 1Q16 ~1.7X $27,780M $6,592M$7,022M $1,669M
  • 32. Gradual Sequential Improvement in Macao’s  High Margin Mass Market Segment 32 Macao Mass Gaming Revenue & Mass Win‐per‐Visit1 ($MM) 1. Mass Win is defined as Mass table win plus slot win as reported by the casino operators in their public filings (does not include revenue from Galaxy’s City Club business). Mass spend-per-visit is defined as Mass win (tables and slots) divided by total visitation to Macao as reported by the Macao DSEC. All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate. Source: Company Filings, Macao DSEC Macao’s Mass Segment is Showing Signs of Stability  $2,655  $2,679  $2,839  $3,175  $3,351  $3,441  $3,872  $4,340  $4,589  $4,449  $4,419  $3,919  $3,682  $3,408  $3,496  $3,584  $3,609  $382 $404 $390 $440 $474 $487 $498 $585 $597 $586 $536 $490 $497 $464 $432 $456 $484 $0 $200 $400 $600 $800 $1,000 $0 $1,000 $2,000 $3,000 $4,000 $5,000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Mass Win Mass Win Per Visit Gradual Improvement in  Mass Win and Mass Spend‐ per‐Visit Over the Past Few  Quarters
  • 33. Five Trends that Should Contribute To Growth  in the Macao Market In The Future 1 2 3 4 5 200 million Chinese are expected to travel outside of China by 2020, compared to 128 million in 2015. Chinese tourism expenditures are  expected to increase 10% annually through 2020 to reach $354 billion. Transportation infrastructure and connectivity throughout China, especially in the Pearl River Delta region, will be meaningfully  expanded Over 9,000 new hotel rooms will open in Macao by 2018 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 Sources: McKinsey, Ernst & Young, CLSA, WTTC 33
  • 34. 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% '67 '73 '79 '85 '91 '97 '03 '09 '15 Japan Korea Taiwan China $8 $9 $9 $11$13 $19 $26 $29 $39 $55 $84 $108 $143 $215 $235 $261 $289 $319 $354 5 8 10 11 1314 18 20 27 31 38 41 46 48 57 70 83 98 117 128 137 150 165 181 200 0 50 100 150 200 250 300 350 400 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 Outbound Travel from China China Is The World’s Largest and Fastest  Growing Outbound Tourism Market 34 Outbound Travel Penetration2 Wealth Generation and Increased Mobility in China Have Driven Strong Growth in Outbound Trips and Tourism Spend,  and Comparative Outbound Travel Penetration Rates Show a Meaningful Opportunity for Continued Long‐Term Growth Expenditure (US$bn) Chinese outbound tourists (millions) CLSA / WTTC estimates1 Source: CLSA, WTTC, UNWTO 1. The outbound tourist forecast is based on CLSA estimates. The expenditure forecast is based on estimates from the World Travel & Tourism Council (WTTC). Historical expenditure data is converted to USD using the average  exchange rate during the respective year. WTTC forecasts are converted to USD using the average exchange rate in 2015.   2. Outbound travel penetration is defined as total departures by residents as a percentage of the respective country’s population. Penetration rates assume that each visitor from Mainland China is a unique visitor. 1 56.1% 38.3% 12.8% 9.3% CAGR 2009 ‐ 2015 2015‐2020 Expenditure 40% 10% Tourists 18% 9%
  • 35. Strong Growth in Chinese Outbound Tourism 35 Chinese Outbound Tourism to Select Markets  1. Includes France, Germany, Italy, Switzerland and the United Kingdom   Source: CLSA, Macau DSEC, Hong Kong Tourism Board Continued Growth of Chinese Outbound Tourism will Drive Macao Mass Tourism Opportunity 1 (MM) 1.2  0.8  1.9  1.4  1.9  1.1  13.2  22.7  2.1  2.6  4.3  5.0  6.0  7.9  20.4  45.8  0.0 10.0 20.0 30.0 40.0 50.0 Singapore USA Major European Countries Japan Korea Thailand Macau Hong Kong 2010 2015 +27% 2010‐2015  CAGR +17% +29% +26% +48% +9% +15% 1 +12%
  • 36. $1.1  $1.2  $1.2  $1.3  $1.4  $2.3  $2.5  $4.0  $10.0   $‐  $5  $10  $15 France Brazil Mexico Germany Russia Japan Indonesia USA China Chinese Middle Class Consumption Growth Chinese Middle Class Consumption in 2030 is Projected to Reach $10.0 trillion 36 Global Middle Class Consumption in 2030 (US$ in trillions) NOTE: Brookings Institution defines the global middle class as those households with daily expenditures between $10 and $100 per person in purchasing power parity terms. Source: Brookings Institution; UN; World Bank; Financial Times. Continued Growth of the Chinese Middle Class Will Drive Macao Mass Tourism Opportunity 1 (US$ in trillions)
  • 37. Twelve Months Ended March 31 Population GDP Per Penetration Province 2015 2016 % Change (MM) Capita (US$) Rate Guangdong 9,091,313             9,030,963              ‐1% 107 $10,466 8.4% Fujian 907,990                 847,919                 ‐7% 38 $10,523 2.2% Hunan 768,898                 808,279                 5% 67 $6,645 1.2% Hubei 678,947                 654,302                 ‐4% 58 $7,832 1.1% Zhejiang 686,674                 563,105                 ‐18% 55 $12,003 1.0% Guangxi 516,116                 546,691                 6% 48 $5,448 1.1% Jiangsu 563,365                 499,485                 ‐11% 80 $13,578 0.6% Shanghai 538,737                 490,596                 ‐9% 24 $15,863 2.0% Jiangxi 459,009                 433,473                 ‐6% 45 $5,676 1.0% Henan 494,391                 420,378                 ‐15% 94 $6,046 0.4% Sichuan 394,360                 397,848                 1% 81 $5,700 0.5% Beijing 369,082                 328,991                 ‐11% 22 $16,453 1.5% Liaoning 338,551                 317,102                 ‐6% 44 $10,091 0.7% Hebei 344,432                 263,903                 ‐23% 74 $6,222 0.4% Heilongjiang 302,802                 261,928                 ‐13% 38 $6,066 0.7% Shandong 301,125                 255,102                 ‐15% 98 $9,920 0.3% Anhui 256,482                 252,659                 ‐1% 61 $5,576 0.4% Chongqing 261,069                 243,049                 ‐7% 30 $8,100 0.8% Shanxi 244,316                 207,354                 ‐15% 36 $5,409 0.6% Jilin 231,457                 207,178                 ‐10% 28 $7,993 0.8% All Other Provinces 3,355,776             3,296,336             ‐2% 239 N/A 1.4% Subtotal (Excluding  Guangdong) 12,013,579           11,295,678            ‐6% 1,261 $7,647 0.9% Total China 21,104,892           20,326,641           ‐4% 1,368 $7,868 1.5% 37NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor. GDP per Capita defined as 2015 GDP divided 2014 population (the latest data available). Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates Year‐Over‐Year Visitation Growth Mainland Chinese Visitation to Macao Less than ‐10% Data Not Available ‐10% ‐ 0% 0% ‐ 10% 10% ‐ 20% Mainland Chinese Visitation to Macao Penetration Remains Low 1
  • 38. Infrastructure: China’s High‐Speed Rail Connecting More of Mainland China to Macao Source: SCMP, LVS, NYT 38 2 The Chinese Premier Has Pledged to Continue Heavy Investment in the High Speed Rail System – Approximately US$130 billion per year for the 2016‐2020 Period 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
  • 39. Infrastructure: Meaningful Improvements  Throughout the Pearl River Delta Region Source: World Bank, China Daily, Macau Business Daily, Chinatrainguide.com, Analyst reports.  Note: population and GDP data from 2014. 39 Guangzhou Population: 13M GDP Per Capita: US$20,000 Macao Population: 0.6M GDP Per Capita: US$96,000 Hengqin Island • Special economic area • Over $20B of overall investment expected • Over 10,000 hotel rooms expected (~5,000 today) • Phase I of Chimelong theme park opened in Jan. ‘14  and attracted 8M visitors in ‘14. 20M annual  visitors expected at completion of all phases. Hong Kong Population: 7.2M GDP Per Capita: US$40,200 Hong Kong‐Macao‐Zhuhai Bridge  (expected completion TBD) Wuhan – Guangzhou High‐Speed Rail • 3.5 hour train ride • 75‐80 trains in each direction per day Shenzhen Population: 15M GDP Per Capita: US$29,000 China 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) • 33 ‐ 43 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 • 26 trains in each direction per day Legend Existing Future Gongbei – Hengqin Railway • Connects the Gongbei border crossing with  Hengqin Island • Stops at Lotus Bridge crossing and ends at  Chimelong theme park • Expected completion 2018 2 Taipa Ferry Terminal • Estimated opening in 2017 • 40 ferry per hour capacity and helipad • 114 immigration clearance counters  and e‐channels
  • 40. Sands Cotai  Central 5,723 The  Venetian Macao 2,905 Sands Macao, 289 Galaxy Macau³ Phase I: 2,250 Phase II: 1,250 City of Dreams 1,400 Macau Studio City 1,600 Wynn Macau 1,008 Grand Lisboa, 430 MGM Grand, 582 9,677 4,329 3,230 1,008 838 582 0 2,000 4,000 6,000 8,000 10,000 12,000 Sands China Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China Market Leading Hotel Capacity at SCL Sands China Operates 34% 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 approximately 8,436 additional four‐ and five‐star hotel rooms in Macao. 2. Reflects only SJM Holdings self‐owned hotels. 3. Reflects the opening of Galaxy Phase II, an extension to the Galaxy Macau, which opened on May 27, 2015. Source: Company filings, Macao DSEC 40 With a Market‐Leading US$10 billion of Investment, SCL Hotel Inventory Represents 49% of Macao Competitor Hotel Inventory Macao Market Gaming Operator Hotel Rooms1 Four Seasons  Macao, 360 St. Regis Macao, 400 Hotel % of Gaming % of Total Gaming Operator Rooms Operators Market Sands China 9,677                49% 34% Galaxy Entertainment 4,329                22% 15% Melco Crown 3,230                16% 11% Wynn Resorts 1,008                5% 4% SJM Holdings² 838                   4% 3% MGM China 582                   3% 2% Subtotal Gaming Operators 19,664              100% 70% Other 4/5 Star 8,436                0% 30% Total 28,100              100% 100% ` Starworld, 509 Broadway Macau, 320 Altira Macau, 230 Sofitel Macau, 408 3
  • 41. Sands Cotai  Central 5,723 The  Venetian Macao 2,905 The Parisian  Macao 3,000 Galaxy Macau³ Phase I: 2,250 Phase II: 1,250 City of Dreams 1,400 Macau Studio City 1,600 Grand Lisboa, 430 SJM Cotai 2,000 Wynn Macau, 1,008 Wynn Palace 1,700 MGM Grand, 582 MGM Cotai 1,500 12,677 4,329 3,230 2,838 2,708 2,082 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 1. In addition to the hotel rooms that are owned by gaming operators presented here, there will be approximately 9,403 additional four‐ and five‐star hotel rooms in Macao at December 31, 2017. 2. Reflects only SJM Holdings self‐owned hotels. 3. Reflects the opening of Galaxy Phase II, an extension to the Galaxy Macau, which opened on May 27, 2015. Source: Company filings, Macao DSEC 41 Macao Market Gaming Operator Hotel Rooms at December 31, 20171 Four Seasons  Macao, 360 St. Regis Macao, 400 With a Market‐Leading US$13 billion of Investment, SCL Hotel Inventory Will Represent 45% of Macao Competitor Hotel Inventory Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2017 Sands Macao, 289 Altira Macau, 230 Hotel % of Gaming % of Total Gaming Operator Rooms Operators Market Sands China 12,677              45% 34% Galaxy Entertainment 4,329                16% 12% Melco Crown 3,230                12% 9% SJM Holdings² 2,838                10% 8% Wynn Resorts 2,708                10% 7% MGM China 2,082                7% 6% Subtotal Gaming Operators 27,864              100% 75% Other 4/5 Star 9,403                0% 25% Total 37,267              100% 100% ` Starworld, 509 Broadway Macau, 320 Sofitel Macau, 408 3
  • 42. 2.1 2.0 2.1 2.0 2.1 2.0 2.2 0.0 0.5 1.0 1.5 2.0 2.5 2011 2012 2013 2014 2015 1Q15 1Q16 4.6 5.2 6.2 6.8 6.6 1.5 1.7 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 2011 2012 2013 2014 2015 1Q15 1Q16 Average Length‐of‐Stay of Mainland Chinese Overnight Visitors in Macao Mainland Chinese Hotel Guests in Macao Length‐of‐Stay of Chinese Overnight Visitors  & Number of Chinese Hotel Guests in Macao Source: Macao DSEC 42 (MM) Additional Hotel Capacity and Transportation Infrastructure  Will Enhance Hotel Visitation and Average Length of Stay in Macao 4 (Days)
  • 43. 5.2 6.3 7.3 8.1 8.9 9.7 9.2 9.3 0.0 2.0 4.0 6.0 8.0 10.0 12.0 2009 2010 2011 2012 2013 2014 2015 TTM March 2016 5.8 6.9 8.8 8.8 9.7 11.5 11.2 11.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2009 2010 2011 2012 2013 2014 2015 TTM March 2016 Mainland China Day‐Trip Visitors to Macao Mainland China Overnight Visitors to Macao Chinese Day‐Trip and Overnight  Visitation To Macao (MM) Source: Macao DSEC 1. Reflects the percentage change for the trailing twelve month period ended March 31, 2016 compared to the trailing twelve month period ended March 31, 2015 43 +19% +28% 0% (MM) Growth +21% +16% +11%Growth Additional Hotel Capacity and Transportation Infrastructure  Will Enhance Overnight Visitation to Macao in the Future +10% +10% 4 +19% +9%‐3%  ‐5%‐1%‐9% ‐5%1 ‐2%1
  • 44. Hengqin Island Expands Critical Mass of  Tourism Offerings for Visitors to the Region 44 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 attracted 8M visitors in 2014.  It is expected to generate 20 million visits in the future after  completion of all phases.¹ — Hengqin’s central business district features an 800,000 square foot convention center — More than 10,000 hotel rooms expected to open over the  next five years. Around 5,000 hotel rooms are currently  open.  Source: Macau Daily, Zhuhai Daily, Chimelong Group, Hengqin New Area Administrative Committee 1.  Phase 1 includes the Hengqin Bay Hotel, the Ocean Kingdom theme park, the Circus World show and a waterpark in the Hengqin Bay Hotel.  5