Las Vegas Sands Corp. 3Q13 Earnings Call Presentation

Las Vegas Sands Corp. 3Q13 Earnings Call Presentation October 17, 2013 Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo Las Vegas

Forward Looking Statements This presentation contains forward looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forwardlooking statements involve a number of risks, uncertainties or other factors beyond the company s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information. 2

The Investment Case for Las Vegas Sands The global leader in Integrated Resort development and operation, with growing free cash flow and earnings and a strong balance sheet Best positioned operator in Asia, with the pre eminent destination Integrated Resort properties in the world s fastest growing consumer markets Uniquely positioned to bring unmatched track record and powerful conventionbased business model to the most promising Integrated Resort development opportunities globally Committed to maximizing shareholder returns by continuing to increase return of capital through recurring dividend and stock repurchase programs The industry s most experienced leadership team visionary and disciplined focused on driving long term shareholder value 3

Third Quarter 2013 Highlights Record Quarterly Results and Increased Return of Capital to Shareholders Adjusted diluted EPS increased 78.3% to $0.82 (hold normalized adjusted diluted EPS increased 47.2% to $0.78) 1 Consolidated adjusted property EBITDA increased 45.5% to $1.28 billion (hold normalized adjusted property EBITDA increased 30.5% to $1.24 billion) Macao Adjusted property EBITDA increased 60.8% to record $784.3 million driven by strong growth in all segments (hold normalized adjusted property EBITDA up 60.8% to $784.3 million) Singapore Adjusted property EBITDA increased 43.3% to $373.6 million (hold normalized adjusted property EBITDA up 0.4% to $373.6 million) LVS returned a total of $588.1 million to shareholders during the quarter $288.5 million ($0.35 per share) returned through dividends (an increase of 40% over 3Q12) $299.6 million returned through share repurchases Increased recurring dividend by 42.9% to $2.00 per share ($0.50 per quarter) for calendar 2014 year Maximizing Return to Shareholders by: 1. Delivering strong growth in current markets 2. Using leadership position in IR development to pursue global growth opportunities 3. Increasing return of capital to shareholders 1. Hold normalized results are presented to adjust for the impact of variances in table games win percentage, which can vary from period to period NOTE: All comparisons in this presentation compare the third quarter 2013 against the third quarter 2012 unless otherwise specified 4

Macao Outstanding Growth in all Segments Singapore Strong Growth in VIP and Hotel; Mass Stable Macao Record adjusted property EBITDA driven by strong growth in all segments Mass table win increased 61.2% to record $1.06 billion (growing 59.8% faster than the Macao market) Slot and ETG win increased 29.9% to record $165.9 million (growing 128.4% faster than the Macao market) Rolling volume increased 26.0% to record $45.39 billion (growing 67.7% faster than the Macao market) Retail mall revenue increased 40.0% to record $89.3 million Singapore Meaningful VIP volume growth; Stable mass table business; Continued growth in hotel room segment Rolling volume increased 16.9% to $13.8 billion Slot revenue increased 4.9% to $142.2 million Mass table revenue increased 0.5% to $273.3 million Room revenue increased 11.1% to $93.3 million with ADR of $401 and occupancy of 99.8% 5

Increasing Return of Capital to Shareholders Over $5 Billion of Capital Returned to Shareholders Over Last 7 Quarters $2.50 $2.00 $1.50 $1.00 $1.00 $1.40 $2.00 LVS Recurring Dividends per Share 1 The LVS Board of Directors increased recurring dividend by 42.9% to $2.00 per share for the 2014 calendar year ($0.50 per share payable quarterly) The company remains committed to returning capital to shareholders via: $0.50 $0.00 2012 2013 2014 Total Capital Returned to Shareholders Recurring quarterly dividend program at Las Vegas Sands with a commitment to grow those dividends annually by at least a double digit percentage Year 9 Months Ended Ended $ in millions 12/31/2012 9/30/2013 Total LVS Dividends Paid 2 $ 3,085 $ 866 $ 3,951 LVS Shares Repurchased 346 346 Subtotal LVS $ 3,085 $ 1,212 $ 4,297 SCL Dividends Paid 3 357 411 768 Total $ 3,442 $ 1,623 $ 5,065 $2.0 billion Las Vegas Sands stock repurchase program ($1.65 billion remaining authorization) Special dividends The company remains committed to returning capital to shareholders while maintaining a strong balance sheet and the financial flexibility to pursue new development opportunities 1. Excludes dividends paid by Sands China Ltd. and excludes the $2.75 per share special dividend paid in December 2012 2. Includes a $2.75 per share special dividend paid in December 2012 totaling $2.3 billion 3. Reflects only the public (non-lvs) portion of dividends paid by Sands China Ltd. (total SCL dividends paid were $2.58 billion) 6

LVS Generates Greater Dividend Yield than the S&P500 Index 2014 Forward Dividend Yield of LVS and S&P500 1 Sensitivity of LVS Dividend Yield 5.0% 5.0% 5.0% 4.5% 4.0% 4.5% 4.0% 4.0% 3.5% 3.0% 2.5% 2.0% 2.9% 2.2% +70 bps 3.5% 3.0% 2.5% 2.0% 3.3% 2.9% 2.5% Dividend Yield as of 10/16/13² 2.2% 2.0% 1.5% 1.5% 1.0% 1.0% 0.5% 0.5% 0.0% LVS S&P500 0.0% $40.00 $50.00 $60.00 $69.53 $80.00 $90.00 $100.00 LVS s 2014 forward dividend yield of 2.9% reflects a 70 bps premium above the S&P500 forward dividend yield estimates 1. Reflects the 2014 dividend yield for LVS and the Bloomberg 2014 forward dividend yield estimate for the S&P500 2. Reflects the 2014 forward LVS dividend ($2.00) over the closing price for LVS on October 16, 2013 7

Strong Cash Flow, Balance Sheet and Liquidity Ample Flexibility for Future Growth Opportunities and Return of Capital Trailing Twelve Months EBITDA $4.55 billion Trailing Twelve Months LVS Dividends Paid $3.75 billion Trailing Twelve Months SCL Dividends Paid $411.4 million 1 Trailing Twelve Months LVS Stock Repurchases $346.2 million Cash Balance $3.22 billion Net Debt $6.55 billion Net Debt to TTM EBITDA 1.4x Figures as of September 30, 2013 Sands China U.S. Corporate (US GAAP in $MM) Ltd. Singapore Operations 2 and Other Total Cash, Cash Equivalents and Restricted Cash $ 2,355.5 $ 369.8 $ 333.0 $ 158.2 $ 3,216.5 Debt $ 3,217.2 $ 3,666.2 $ 2,880.2 $ $ 9,763.6 Net Debt $ 861.7 $ 3,296.4 $ 2,547.2 $ (158.2) $ 6,547.1 Trailing Twelve Months Adjusted Property EBITDA $ 2,693.9 $ 1,428.3 $ 439.4 $ (9.4) $ 4,552.3 Gross Debt to Trailing Twelve Months EBITDA 1.2 x 2.6 x 6.6 x NM 2.1 x 3 Net Debt to Trailing Twelve Months EBITDA 0.3 x 2.3 x 5.8 x NM 1.4 x Strong Balance Sheet and Cash Flow Maximize Financial Flexibility 1. Reflects only the public (non LVS) portion of dividends paid by Sands China. Total TTM dividends paid by SCL were $1.38 billion. 2. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $69.6M in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem 3. The net leverage ratio for covenant compliance purposes was 1.0x, reflecting the non public portion of dividends and royalty fees paid by Sands China and Marina Bay Sands 8

Strong Third Quarter 2013 Financial Results Growth in Revenue, Adjusted Property EBITDA, Margin and EPS $ in millions, except per share information 3Q12 3Q13 $ Change % Change Net Revenue $ 2,709.5 $ 3,568.5 $ 859.0 31.7% Adjusted Property EBITDA $ 876.9 $ 1,275.8 $ 398.9 45.5% Adj. Property EBITDA Margin 32.4% 35.8% 340 bps Adjusted Diluted EPS $ 0.46 $ 0.82 $ 0.36 78.3% Dividends per Common Share $ 0.25 $ 0.35 $ 0.10 40.0% Hold Normalized Adjusted Property EBITDA $ 947.7 $ 1,236.7 $ 289.0 30.5% Hold Normalized Adj. Property EBITDA Margin 34.0% 35.1% 110 bps Hold Normalized Adj. Diluted EPS $ 0.53 $ 0.78 $ 0.25 47.2% 9

Record Macao Operating Performance Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin ($MM) $900 Actual +60.8% Hold Normalized +60.8% 60% $800 $700 $784.3 $784.3 50% $600 40% $500 $400 $487.9 30.3% 34.0% $487.9 30.3% 34.0% 30% $300 20% $200 $100 10% $0 3Q12 3Q13 3Q12 3Q13 0% 10

Macao Gaming Performance Strong Growth and Increased Efficiency Across Macao Property Portfolio Mass tables Mass table win up 61.2% to record $1.06 billion Mass table efficiency up 26.0% to $10,961 win per table per day (despite an increase of 230 mass tables compared to the same quarter last year) Mass table count increased by 27.9% to reach an average of 1,052 during the quarter Slots and ETGs Slot and ETG win up 29.9% to record $165.9 million driven by increased slot play at Sands Cotai Central VIP gaming Rolling volume up 26.0% to record $45.39 billion VIP table efficiency increased 35.1% to $1.06 million roll per table per day VIP table count reached an average of 467 VIP tables during the quarter Strong Operating Momentum Across All Gaming Segments 11

Strong Growth in Macao Mass Table Business Growth and Productivity Gains in Macao s Most Important Segment Mass Table Revenue Increased 61.2% Mass Table Win per Table per Day 2 ($MM) $1,200 $1,000 $800 $769.6 $866.7 $929.6 $1,061.2 50% 45% 40% 35% $12,000 $10,000 $8,000 $8,699 $9,716 $10,204 $10,190 $10,961 $600 $658.4 26.4% 27.3% 28.8% 29.9% 29.8% 30% 25% $6,000 $400 20% 15% $4,000 $200 10% $2,000 5% $0 0% 3Q12 4Q12 1Q13 2Q13 3Q13 Mass Table Win % of Macao Mass Table Revenue 1 $0 Mass Tables 2Q12 3Q12 4Q12 1Q13 2Q13 823 861 944 1,003 1,052 ~ $1.9 Billion of Annual Departmental Profit at the 3Q13 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 12

Extending Our Leadership in Macao s Mass Market Meaningful Opportunity to Grow Mass Table Business Illustrative Profitability of LVS s Macao Market Mass Table Offering ($MM) 1 Mass Table Win per Unit per Day $9,000 $10,000 $10,961 $12,000 $13,000 $14,000 $15,000 900 $1,330 $1,478 $1,620 $1,774 $1,922 $2,070 $2,217 # of 1,000 1,478 1,643 1,800 1,971 2,135 2,300 2,464 Mass 1,052 1,555 1,728 1,894 2,073 2,246 2,419 2,592 Tables 1,100 1,626 1,807 1,980 2,168 2,349 2,529 2,710 1,200 1,774 1,971 2,160 2,365 2,562 2,759 2,957 LVS s 3Q13 annualized mass table departmental profit Our departmental profit opportunity in the mass table segment in Macao Nearly $1.9 billion of annualized mass table departmental profit today opportunity to grow that significantly through strong execution of our mass strategy 1. Based on departmental profit margin of 45% of mass table revenue for LVS s Macao operations 13

Our Macao Assets Have Delivered Consistent and Reliable Mass Market Growth ($MM) $1,400 Macao Market Mass Table and Slot Revenues $1,200 $1,000 $995 $1,052 $1,188 $800 $911 $779 $600 $400 $374 $391 $421 $428 $462 $478 $490 $506 $546 $561 $632 $688 $200 $0 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 LVS SJM Wynn Galaxy MGM Melco Our Mass Table and Slot Revenues Have Grown 16 Quarters in a Row and Now Approach $1.2 Billion per Quarter Note: This presentation conforms to the Macao DICJ s methodology of presenting mass table and slot revenue. Source: Company reports; Macao DICJ 14

Robust Mass Growth Across our Property Portfolio Macao Property Portfolio Growing Faster than the Market Mass Table, Slot and ETG Win Per Day Cotai Strip Properties Peninsula Total ($MM) $15.0 $13.3 $12.0 $11.2 $9.0 $8.5 $6.0 $4.5 $5.9 $4.3 $6.6 $3.0 $0.0 Venetian Macao $1.6 Sands Cotai Central $1.0 $0.5 Plaza Casino (Four Seasons) Total Cotai Strip $1.9 $2.1 Sands Macao (Peninsula) Total Macao Ops 3Q12 3Q13 Macao Portfolio Mass Win Per Day Increased 56.5% to $13.3 Million in 3Q13 The Macao Market Leader 15

Sands Cotai Central is Steadily Ramping Mass Win per Table per Day Now Exceeds $12,800 per Day ($MM) $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 Mass Table, Slot and ETG Win per Day $4.29 $3.51 $2.58 $3.01 $1.56 3Q12 4Q12 1Q13 2Q13 3Q13 Mass Table Win per Table per Day $15,000 $12,813 $12,000 $9,616 $9,000 $7,933 $6,613 $5,887 $6,000 $3,000 $0 3Q12 4Q12 1Q13 2Q13 3Q13 Mass Tables 207 316 313 310 284 VIP Rolling Volume per Table per Day Total Property Visitation per Day ($MM) $1.25 $1.01 $1.00 $0.75 $0.66 $0.76 $0.80 $0.79 $0.50 $0.25 $0.00 3Q12 4Q12 1Q13 2Q13 3Q13 VIP Tables 149 146 190 200 167 60,000 50,000 40,000 30,000 20,000 10,000 0 49,485 37,969 40,676 33,556 22,556 3Q12 4Q12 1Q13 2Q13 3Q13 Increasing Hotel Occupancy and Non Gaming Amenities will Drive Future Growth in all Segments 16

VIP Business Exhibiting Strong Growth Improving Market Share and Table Productivity Rolling Volume Increased 26.0% Consolidated Rolling Volume per Table per Day ($BN) ($MM) $50 $45 $40 $35 $30 $36.0 15.5% $41.9 $41.2 $39.3 17.2% 17.4% 17.4% $45.4 18.2% 25% 20% 15% $1.20 $1.00 $0.80 $0.78 $0.92 $0.88 $0.88 $1.06 $25 $0.60 $20 10% $15 $0.40 $10 $5 5% $0.20 $0 0% 3Q12 4Q12 1Q13 2Q13 3Q13 Rolling Volume % of Macao Market Rolling Volume $0.00 Rolling Tables 3Q12 4Q12 1Q13 2Q13 3Q13 500 465 517 525 467 Greater Than $600 Million of Annual Departmental Profit at the 3Q13 Run Rate 17

Expanding Our Critical Mass on the Cotai Strip The Parisian Macao The Parisian Macao will be a $2.7 billion themed, aspirational destination Integrated Resort Construction is progressing on schedule Targeted completion date: Late 2015 Hotel rooms and suites: 3,000+ Gaming capacity: ~450 table games and 2,500 slots and ETGs Additional amenities including retail mall, 50% scale replica Eiffel Tower, MICE space, diverse food & beverage options and entertainment Rendering of The Parisian Macao Map of Macao s Cotai Strip Galaxy Macau The Venetian Macao (Parcel 1) Four Seasons Hotel Macao and Plaza Casino (Parcel 2) Tropical Garden The Parisian Macao (Parcel 3) C O T A I S T City of Dreams St. Regis Conrad / Holiday Inn Sheraton Sheraton Towers Tropical Garden Sands Cotai Central Macau Int l Airport Lake and Nature Preserve Macau Studio City R I P Macau Dome LVS Operating Assets LVS Planned Development Third Party Operating Asset Third Party Future Development 18

Singapore VIP Strength, Steady Mass, Continued Growth in Hotel and MICE Segments Hold normalized adjusted property EBITDA increased 0.4% to reach $373.6 million (adjusted property EBITDA increased 43.3% to $373.6 million) Gaming VIP volumes increased 16.9% to $13.79 billion in rolling volume Mass table revenue grew 0.5% to $273.3 million (between $260 million to $280 million in each of the past nine quarters) Slot revenue increased 4.9% to $142.2 million (between $135 million to $150 million in each of the past nine quarters) Strong hotel performance Hotel room revenue up 11.1% to $93.3 million with ADR of $401 and occupancy of 99.8% Retail mall revenue decreased 4.2% to $38.0 million while mall repositioning and tenant remix towards high performing luxury brands is underway¹ Our Focus in Singapore: 1. Increasing business and leisure visitors to Singapore, which will drive growth at Marina Bay Sands 2. Identifying high value customers in the region outside of Singapore and attracting them to MBS 1. 39,000 square feet is being repositioned representing 6.1% of total retail mall square footage 19

Disciplined Execution of Our Global Growth Strategy LVS is the global leader in Integrated Resort development and operation and is uniquely positioned to bring its unmatched track record and powerful convention based business model to the most promising Integrated Resort development opportunities globally 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) Geographic Areas of Future Development Interest for Las Vegas Sands Macao The Parisian Macao Sands Cotai Central (St. Regis) Japan South Korea Vietnam Singapore MBS Expansion North America South America Europe Madrid 20

Appendix

Historical Hold Normalized Adj. Property EBITDA 1 $ in millions 3Q12 4Q12 1Q13 2Q13 3Q13 Macao Property Operations Reported $ 487.9 $ 622.2 $ 630.2 $ 657.2 $ 784.3 Hold Normalized $ 487.9 $ 569.8 $ 630.2 $ 657.2 $ 784.3 Marina Bay Sands Reported $ 260.8 $ 302.5 $ 396.8 $ 355.3 $ 373.6 Hold Normalized $ 372.1 $ 406.4 $ 451.1 $ 396.2 $ 373.6 Las Vegas Operations Reported $ 98.2 $ 52.8 $ 113.4 $ 63.0 $ 87.1 Hold Normalized $ 60.1 $ 87.9 $ 82.7 $ 89.1 $ 48.5 Sands Bethlehem Reported $ 32.1 $ 27.5 $ 29.9 $ 33.6 $ 29.6 Hold Normalized $ 29.8 $ 25.6 $ 28.2 $ 30.5 $ 29.0 LVS Consolidated 2 Reported $ 876.9 $ 1,003.0 $ 1,166.6 $ 1,106.9 $ 1,275.8 Hold Normalized $ 947.7 $ 1,087.6 $ 1,188.5 $ 1,170.9 $ 1,236.7 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 and Sands Bethlehem: calculated by applying a non-rolling win percentage of 21.0% and 14.8%, respectively (c) for all properties: gaming taxes on incremental win are applied to determine the EBITDA impact 2. Reflects consolidated adjusted property EBITDA inclusive of Other Asia segment (principally CotaiJet operations) 23

Capital Expenditures Expectations Future Investments Include SCC, The Parisian Macao and Maintenance ($MM) $2,000 $1,790 LVS Capex Expectations $1,500 $1,449 $107 $40 $1,115 $850 $1,500 $1,000 $500 $830 $110 $275 $250 $225 $215 $1,000 $950 $450 $500 $472 $480 $500 $500 $500 $500 $0 2012A 2013E 2014E 2015E 2016E 2017E Development Timeline Sands Cotai Central The Parisian Macao 2 Maintenance Investments in Current Properties¹ Sands Cotai Central The Parisian Macao² Other Future Capital Expenditures Focused on Growth in Asia 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 Pre Opening Post Opening 24

Debt Maturity Profile Debt Maturity by Year at September 30, 2013 ($MM) $5,000 $4,500 $4,000 $3,500 $4,395 $1,384 $3,000 $2,500 $917 $2,000 $1,500 $1,000 $1,573 $1,219 $1,736 $187 $623 $2,088 $1,232 $808 $500 $0 $1,173 $920 $807 $8 $147 $11 $200 2013 2014 2015 2016 2017 2018 2019 SCL MBS USRG LVSC % of Total <1% 16% 18% 45% 13% 8% <1% Long Term and Low Cost Financing in Place 25

Profitable Macao Slot Business Continues to Grow Macao Slot Revenue Increased 29.9% Macao Slot and ETG Win per Unit per Day ($MM) $200 45% $400 $180 $160 $162.1 $148.9 $149.4 $165.9 40% 35% $300 $300 $299 $283 $285 $327 $140 $120 $100 $80 $127.7 28.5% 32.7% 29.6% 30.1% 32.6% 30% 25% 20% $200 $60 15% $100 $40 10% $20 $0 5% 0% 3Q12 4Q12 1Q13 2Q13 3Q13 Slot Win % of Macao Market Slot Revenue 1 $0 Slots & ETGs 3Q12 4Q12 1Q13 2Q13 3Q13 4,634 5,901 5,843 5,757 5,507 ~ $300 Million of Annual Departmental Profit at the 3Q13 Run Rate Source: Macao DICJ 1. LVS s slot market share as presented above reflects the Macao DICJ s presentation methodology, which includes live dealer ETG configurations within the mass table 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) 26

Sands Cotai Central Phase IIB is Now Completed 2,100 Additional Sheraton Rooms Opened January 28, 2013 Sands Cotai Central St. Regis Apart Hotel Phase I Phase IIA Phase IIB Air Conditioned Pedestrian Walkway Currently Operational Future Phase No Other Property in the History of Macao has Delivered $224 Million of EBITDA by its 5 th Full Quarter of Operation 27

LVS Outperforming Macao Market in EBITDA Generation and Growth TTM Macao Market EBITDA 1 Macao Market EBITDA Growth for the 12 Months Ended June 30, 2013 ($MM) $3,000 $2,500 $2,000 $1,500 $1,000 $2,397 $2,694 $1,404 $1,196 $1,139 $1,043 $751 ($MM) $8,000 $7,000 $6,000 $5,000 $4,000 $6,623 $682 52% of Incremental EBITDA $619 48% of Incremental EBITDA $7,924 $500 $3,000 $0 LVS 2Q13 LVS 3Q13 Galaxy² Wynn Macau MPEL SJM MGM China $2,000 $1,000 EBITDA Margin TTM Growth 31% 32% 28% 32% 25% 17% 25% 40% 49% 29% 0.4% 15% 12% 7% $0 2Q12 TTM EBITDA LVS EBITDA Growth All Others EBITDA Growth 2Q13 TTM EBITDA LVS generated 52% of the incremental EBITDA created in Macao in the TTM period ended 2Q13 Source: Company Reports 1. Reflects adjusted property EBITDA for operating properties based on US GAAP for the twelve months ended June 30, 2013, and for LVS the twelve months ended September 30, 2013 2. Galaxy only includes revenue and EBITDA from Starworld and Galaxy Macau Note: LVS s 3Q13 Macao property EBITDA reached $784.3 million, implying an annualized run rate EBITDA of $3.14 billion 28

Marina Bay Sands Operations Third Quarter 2013 Details Adjusted property EBITDA of $373.6 million, an increase of 43.3% Hold normalized adjusted property EBITDA of $373.6 million, an increase of 0.4% Rolling volume increased 17.0% to $13.79 billion compared to $11.79 billion in 3Q12 Total mass (non rolling tables and slots) win per day was $4.52 million, an increase of 2.0% Non Rolling win increased 0.5% to $273.3 million Slot win increased 4.9% to $142.2 million Strong growth in hotel RevPAR, which increased 11.1% to $400 while room revenue increased 11.1% to $93.3 million ($MM) $400 $300 $200 $100 $0 ($MM) $5.0 $4.0 $3.0 $2.0 $1.0 $0.0 Adjusted Property EBITDA and Adjusted Property EBITDA Margin $260.8 41.7% Actual $373.6 $372.1 $373.6 48.3% $4.43 $4.52 $1.47 $1.55 $2.96 $2.97 3Q12 Non Rolling Tables Hold Normalized 50.0% 3Q13 48.3% 3Q12 3Q13 3Q12 3Q13 Non Rolling Table and Slot Win Per Day Slot Machines 60% 50% 40% 30% VIP Strong, Mass Stable, and Continued Growth in Hotel Business 29

Singapore Credit Collections Remain Healthy Reserve Balance Has Now Increased to 32.0% of Gross A/R ($MM) $450 $375 $300 $225 $150 $75 $0 ($MM) $1,200 $900 $600 $300 $0 $40.4 $145.5 $203.4 $208.3 $285.0 $70.2 0.0% 8.4% 9.6% $249.9 $271.1 $361.2 12.9% $509.6 11.3% $345.2 $314.3 $418.1 $561.1 14.6% $655.7 18.2% $780.1 19.8% $821.5 $895.5 23.4% $1,045.2 $1,086.6 $1,059.4 $1,119.5 26.8% 26.7% 27.8% 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Gross Casino A/R Balance at End of Period $311.4 $317.0 Reserve Against A/R Balance $377.5 $367.8 $407.8 $342.4 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Reserve Balance Has Increased to $359 Million as Accounts Receivable Balance Has Grown Quarterly Provision $0 Casino Credit Collections Remain Healthy $17M $10M $19M $11M $24M $37M $32M $40M $40M $38M $39M Write Offs $11M Life to Date Provision of $383M Represents 8% of Rolling Win Since Opening of Property $37M $13M 30.3% $39M $4M 32.0% 40.0% 30.0% 20.0% 10.0% 0.0% 30

Asian Retail Mall Revenue Increasing Steadily Trailing Twelve Months Retail Mall Revenue ($MM) $500 $450 $400 $350 $300 $250 $200 $150 $422 $409 $395 $373 $159 $156 $152 $16 $24 $7 $157 $29 $79 $83 $83 $87 $450 $155 $38 $97 $100 $50 $0 $135 $140 $143 $149 $160 3Q12 4Q12 1Q13 2Q13 3Q13 Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands² Operating Profit Operating Profit Margin $309M $328M $341M $355M 83% 83% 83% 84% $379M 84% 1. At September 30, 2013, 210,143 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. 39,000 square feet of the Shoppes at Marina Bay Sands (6.1% of total mall square footage) was being repositioned to higher yielding luxury tenants during the third quarter. 31

Asian Property Portfolio Dominates EBITDA Generation Composition of 3Q13 Adjusted Property EBITDA Actual Results Hold Normalized Results Las Vegas 7% Bethlehem 2% Las Vegas 4% Bethlehem 2% Singapore 29% Macao 62% Singapore 30% Macao 64% $1,275.8 Million $1,236.7 Million 32

Las Vegas Operations Third Quarter 2013 Details Adjusted property EBITDA was $87.1 million, a decrease of 11.3% On a hold normalized basis, adjusted property EBITDA was $48.5 million, a decrease of 19.3% Table games drop decreased 6.4% to $544.3 million, driven by a 20.7% decrease in Baccarat drop Non Baccarat drop increased 21.1% to $241.1 million Slot handle increased 2.6% to $511.4 million RevPAR increased 2.4% to $171 driven by an increase of 2.6% in ADR Best opportunities for future growth: High end Asian gaming growth Increase in group room sales in 2014 and 2015 ($MM) $120 $100 $80 $60 $40 $20 $0 ($MM) $700 $600 $500 $400 $300 $200 $100 $0 Adjusted Property EBITDA and Adjusted Property EBITDA Margin $98.2 26.9% Actual $87.1 23.2% $60.1 18.6% $48.5 14.6% 3Q12 3Q13 3Q12 3Q13 Composition of Table Games Drop $581 $199 $382 3Q12 Baccarat $544 $241 $303 3Q13 Non Baccarat Las Vegas Results Reflect The Competitive Operating Environment Hold Normalized 40% 30% 20% 10% 0% 33

Sands Bethlehem Operations Third Quarter 2013 Details Adjusted property EBITDA decreased 8.0% to $29.6 million Hold normalized adjusted property EBITDA decreased 2.6% to $29.0 million Table games drop increased 11.4% to reach $261.6 million Slot handle increased 2.9% to $1.05 billion Retail outlet mall (150,000 SF) features 26 stores including Coach, Tommy Hilfiger, DKNY and recently opened European Body Concepts Day Spa Event Center (50,000 SF) Headline events include Willie Nelson, The Beach Boys, Incubus, Glenn Frey, Crosby, Stills and Nash, NBC Fight Night, and Diana Krall with average occupancy of 82% ($MM) $35 $30 $25 $20 $15 $10 $5 $0 ($MM) $300 $200 $100 $0 Adjusted Property EBITDA and Adjusted Property EBITDA Margin $32.1 26.3% Actual $29.6 $29.8 $29.0 24.0% 25.0% 23.7% 3Q12 3Q13 3Q12 3Q13 $235 $122 $261 $138 $113 $123 3Q12 Baccarat Healthy Third Quarter Operating Performance Hold Normalized Composition of Table Games Drop 3Q13 Non Baccarat 40% 30% 20% 10% 0% 34

European Development Update In December 2012, the government of the region of Madrid passed legislation that outlined the regulatory framework to enable Integrated Resort development in the Madrid region The next steps in the development process include: 1 2 3 4 5 6 Local, Regional and National Governments to complete enabling legislation and secure approval by EU as required Madrid Government to conduct a competitive tender process Determination of specific development site Determination of size and scope of first phase of master plan Complete evaluation of financing options Acquisition of land for development Any Investment Would be Subject to the Receipt of Government Approvals and the Finalization of a Grants and Incentives Package that Would Enable Investment, as well as Success in a Competitive Tender Process 35

Macao Market Background and Infrastructure Slides

VIP Gaming is 67% of Total Macao GGR but Mass Tables and Slots Generate ~67% of Gaming Operating Profit ($MM) $45,000 TTM September 2013 Macao Market Gross Gaming Revenue $42,782 3Q13 YoY Growth +20% Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit 2 100% $40,000 $35,000 $30,000 $28,555 +13% 80% 60% 67% 33% $25,000 $20,000 $15,000 40% ~2X 67% $10,000 $14,226 $5,000 $0 Gross Gaming Revenue Mass Tables and Slots VIP Gaming +34% 1 20% 0% 33% Gross Gaming Revenue Mass Tables and Slots Operating Profit VIP Gaming Mass Gaming Generates 33% of the Gaming Revenue, but ~67% of the Gaming Operating Profit Source: Macao DICJ 1. The mass table segment grew 37% and the slot business grew 13% year-over-year 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 37

Strong and Consistent Growth in Macao s High Margin Mass Market ($MM) Macao Mass Table and Slot Gross Gaming Revenue $16,000 60% $14,000 $12,000 $10,000 $8,000 39% 30% 33% $6,587 $8,949 36% $11,674 30% $14,226 29% 50% 40% 30% $6,000 $4,000 $2,000 $2,084 16% $2,409 $3,355 $4,358 $4,952 14% 20% 10% $0 2005 2006 2007 2008 2009 2010 2011 2012 LTM 9/30/13 0% Mass Table and Slot GGR Year over Year Growth Macao s Mass Table and Slot Revenue has Grown by at Least 26% in each of the Last 15 Quarters Source: Macao DICJ 38

Vital Drivers for Continued Mass Market Growth Growth Driver Enhanced Transportation Infrastructure Increased Hotel Capacity Continued Economic Growth in China Addressing the Growth Driver High Speed Rail development throughout China (ongoing) Completion of inter city rail to Macao (1Q2013) Expansion of China Macao border gate (2Q2013) Macao Hong Kong Zhuhai Bridge (est. 2016) Macao Permanent Ferry Terminal near Cotai Strip (mid 2014) Opening of hotel rooms at Sands Cotai Central 1,860 rooms opened on April 11, 2012 ~2,000 rooms opened on September 20, 2012 ~2,100 rooms opened on January 28, 2013 10,000+ hotel rooms to be developed on Hengqin Island, adjacent to Macao 1 $8.28 trillion economy that grew at 7.8% in 2012 2 Growing Middle Class with rising disposable income Government policies to encourage higher consumption to drive economic growth Chinese tourists have surpassed Americans and Germans in terms of expenditures, and China is in line to become the world s largest outbound tourist market (90 million projected tourists in 2013) Improving Transportation Infrastructure Drives Deeper Penetration into Mainland China Sources: (1) Citi report dated May 21, 2013; (2) China s National Bureau of Statistics; (3) China Outbound Tourism Research Institute 39

China s High Speed Rail Connecting More of Mainland China to Macao 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 Wuhan Guangzhou High Speed Rail Wuhan is the capital of Hubei Province and the most populous city in Central China with ~10 million people Wuhan is a major transportation hub and known as the economic hub of 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 80 trains in each direction each day Source: Wikipedia, LVS, NYT 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 According to media reports, China s Ministry of Railways plans to spend greater than US$100 billion per year on rail development for the foreseeable future 40

Growth in Visitation from Deeper Within China is Happening Year Over Year Visitation Growth Mainland China Visitation to Macao Twelve Months Ended August 30, Population Penetration Province 2012 2013 % Change (MM) Rate (LTM) Guangdong 8,197,401 8,064,422 2% 104 7.7% Fujian 899,927 786,691 13% 37 2.1% Zhejiang 604,145 644,779 +7% 54 1.2% Hunan 598,711 619,573 +3% 66 0.9% Shanghai 489,996 544,134 +11% 23 2.4% Jiangsu 468,145 520,787 +11% 79 0.7% Hubei 470,857 532,572 +13% 58 0.9% Sichuan 327,177 375,020 +15% 80 0.5% Beijing 326,116 352,599 +8% 20 1.8% Henan 302,102 360,692 +19% 94 0.4% Tianjin 126,928 122,983 3% 13 1.0% Less than 10% 10% 0% 0% 10% 10% 20% Greater than 20% Data Not Available All Other Provinces 4,047,311 5,223,640 +29% 784 0.7% Total China 16,858,816 18,147,892 +8% 1,354 1.3% 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 41

Meaningful Infrastructure Improvements Throughout the Pearl River Delta Region Guangzhou Population: 16M GDP Per Capita: US$12,000 Wuhan Guangzhou High Speed Rail 3.5 hour train ride 75 80 trains in each direction per day Guangzhou Zhuhai Intercity Rail 70 90 minute train ride (2+ hours by bus) 25 35 trains in each direction per day Final link to Gongbei border gate completed in January 2013 Guangzhou Shenzhen Hong Kong Rail 2 hour train ride from Guangzhou to HK 25 trains in each direction per day Shenzhen Population: 10M GDP Per Capita: US$18,000 China Border Gate Expansion Daily capacity going from 150,000 to 350,000 people in 2H13 Will reduce average wait times on China side of border (2+ hours today) Hong Kong Population: 7M GDP Per Capita: US$34,000 Hengqin Island Special economic area Over $20B of overall investment Over 10,000 hotel rooms First phase of Chimelong theme park to open in late 2013 and expected to attract 20M visitors annually when fully built Macao Population: 0.6M GDP Per Capita: US$66,000 Source: World Bank, China Daily, Chinatrainguide.com, Analyst reports. Note: population and GDP data from 2011 Hong Kong Macao Zhuhai Bridge (2016) Infrastructure Legend Existing Completed in 1Q13 Future 42

Chinese Day Trip and Overnight Visitation To Macao Continues to Grow Mainland China Day Trip Visitors to Macao Mainland China Overnight Visitors to Macao Growth 9% +19% +28% 0% +4% 1 Growth 1% +22% +16% +10% +11% 0 1 (MM) (MM) 10.0 9.0 8.8 8.8 9.4 9.0 8.0 7.3 8.1 8.7 8.0 7.0 6.0 5.8 6.9 7.0 6.0 5.0 5.2 6.3 5.0 4.0 4.0 3.0 3.0 2.0 2.0 1.0 1.0 0.0 2009 2010 2011 2012 TTM August 2013 Source: Macao DSEC 1. Reflects the growth compared to the twelve month period ended August 31, 2012 0.0 2009 2010 2011 2012 TTM August 2013 Additional Hotel Capacity and Transportation Infrastructure will Enhance Overnight Visitation Growth to Macao in the Future 43

Visitation to Macao Can Meaningfully Grow 39.2 Million Residents of Mainland China Visited Hong Kong in TTM Aug 2013 Mainland China Visitation to Macao and Hong Kong Macao 5% +20% +22% +5% Hong Kong +6% +26% +24% +24% (MM) 45.0 +8% +21% 40.0 35.0 30.0 25.0 20.0 18.0 22.7 16.2 28.1 16.9 34.9 18.1 39.2 Hong Kong Received 21M More Visitors from China in TTM August 2013 than did Macao 15.0 11.0 13.2 10.0 5.0 0.0 Source: Macao DSEC; Hong Kong Tourism Board 2009 2010 2011 2012 TTM August 2013 Macao Hong Kong Robust Transportation Infrastructure, 74,000 Hotel Rooms and World Class Dining and Shopping Amenities Enabled 39.2 Million Mainland Chinese Visitors to Hong Kong in TTM August 2013 44

Tremendous Opportunity for Increased Overnight Visitation to Macao in the Future Composition of TTM August 2013 Visitation from Mainland China Daytrip Visitors Overnight Visitors Avg. Length of Stay for Mainland Chinese Overnight Visitors in 2012 Total TTM August 2013 Mainland Chinese Visitor Nights 1 (MM) 25.0 20.0 22.5 16.7 (Days) 4.0 3.5 3.0 3.7 (MM) 70.0 60.0 50.0 61.8 15.0 2.5 2.0 2.0 40.0 10.0 9.4 8.7 1.5 30.0 5.0 1.0 0.5 20.0 10.0 17.4 0.0 Macao 1. Calculated as total overnight visitors from Mainland China multiplied by average length of stay for Mainland overnight visitors in each market for 2012 Source: Macao DSEC, Hong Kong Tourism Board 0.0 Hong Kong Mainland Visitors Spent 61.8 Million Visitor Nights in Hong Kong in the Last 12 months Compared to Just 17.4 Million Visitor Nights spent in Macao 0.0 45

Hengqin Island to Support Macao s Long Term Growth and Diversification Map of Hengqin Island New Area Important Facts Sources: Macau Daily, Zhuhai Daily, Chimelong Group, Hengqin New Area Administrative Committee 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 Designed to contribute to the diversification of Macao Hengqin s central business district will feature a 2.5 million square foot convention center More than 10,000 hotel rooms expected to open over the next five years Phase one of the US$3 billion Chimelong International Ocean Resort is expected to open in late 2013 Phase one will feature 1,888 hotel rooms and an outdoor theme park containing the world s longest roller coaster and largest Ferris wheel At completion, the resort is expected to attract 20 million visitors per year 46

Market Leading Hotel Capacity at LVS Las Vegas Sands Operates 38% of Macao s Current 4/5 Star Hotel Inventory Macao Market Gaming Operator Hotel Rooms 1 10,000 9,000 8,000 7,000 6,000 5,000 9,277 Sands Macao, 289 The Venetian Macao 2,905 Four Seasons Macao, 360 Hotel % of Gaming % of Total Gaming Operator Rooms Operators Market Las Sands Vegas China Sands 9,354 9,277 56% 39% 38% ` Galaxy Entertainment 3,259 19% 20% 13% Melco Crown 1,677 10% 7% Wynn Resorts 1,014 6% 4% SJM Holdings² 839 5% 3% MGM China 587 4% 2% Subtotal Gaming Operators 16,730 16,653 100% 69% Other 4/5 Star 7,510 7,587 0% 31% Total 24,240 100% 100% 4,000 3,000 2,000 1,000 0 Sands Cotai Central 5,723 3,259 Starworld, 509 Grand Waldo, 550 Galaxy Macau 2,200 1,677 Altira Macau, 216 Melco Crown 1,461 1,014 839 Wynn Macau Sofitel Macau, 408 1,014 Grand Lisboa, 431 587 MGM Grand, 587 Las Vegas Sands Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China LVS has developed more hotel rooms than the other five gaming operators combined 1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,587 additional four and five star hotel rooms in Macao 2. Reflects only SJM Holdings self owned hotels Source: Company filings, Macao DSEC 47

Market Leading Hotel Capacity at LVS Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2017 Macao Market Gaming Operator Hotel Rooms at December 31, 2017 1 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 12,716 The Parisian Macao 3,000 Sands Macao, 289 The Venetian Macao 2,905 Sands Cotai Central 5,723 St. Regis Macao, 439 Four Seasons Macao, 360 4,559 Galaxy Macau Phase II 1,300 Starworld, 509 Grand Waldo, 550 Galaxy Macau 2,200 3,677 Macau Studio City 2,000 Altira Macau, 216 City of Dreams 1,461 Hotel % of Gaming % of Total Gaming Operator Rooms Operators Market Sands China ` 12,716 45% 35% Galaxy Entertainment 4,559 16% 13% Melco Crown 3,677 13% 10% Wynn Resorts 3,014 11% 8% SJM Holdings² 2,339 8% 6% MGM China 2,187 8% 6% Subtotal Gaming Operators 28,492 100% 78% Other 4/5 Star 7,823 0% 22% Total 36,315 100% 100% 3,014 Wynn Cotai 2,000 Wynn Macau, 1,014 2,339 2,187 SJM Cotai 1,500 Sofitel Macau, 408 Grand Lisboa, 431 MGM Cotai 1,600 MGM Grand, 587 Las Vegas Sands Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China At the completion of the next phase of development, LVS will operate 45% of all gaming operator hotel rooms 1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,823 additional four and five star hotel rooms in Macao 2. Reflects only SJM Holdings self owned hotels Source: Company filings, DSEC 48