Las Vegas Sands Corp. Earnings Call Presentation...U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $66.8M in airplane and other financings) and adjusted

Venetian Macao

Las Vegas Sands Corp.1Q14 Earnings Call Presentation

April 24, 2014

Sands Cotai Central, Macao Marina Bay Sands, Singapore

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

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

Forward Looking Statements

2

The global leader in Integrated Resort development and operation, delivering strong growth in revenue, cash flow, earnings and dividends

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, 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 strong growth while continuing to increase the return of capital through recurring dividend and stock repurchase programs

The industry’s most experienced leadership team: visionary, disciplined and dedicated to driving long‐term shareholder value

The Investment Case for Las Vegas Sands

3

Adjusted diluted EPS increased 36.6% to $0.97 (hold‐normalized adjusted diluted EPS increased 20.8% to $0.87)1

Consolidated adjusted property EBITDA increased 26.8% to $1.48 billion (hold‐normalized adjusted property EBITDA increased 15.2% to $1.37 billion)

Macao – Adjusted property EBITDA increased 49.1% to record $939.8 million driven by market leading growth in the mass market (hold‐normalized adjusted property EBITDA increased 37.2% to $864.8 million)

Marina Bay Sands – Adjusted property EBITDA increased 9.7% to $435.2 million (hold‐normalized adjusted property EBITDA decreased 13.3% to $377.9 million)

LVS returned a total of $1.22 billion to shareholders during the quarter

— $405.8 million ($0.50 per share) returned through recurring dividend

— $810.0 million returned through share repurchases

First Quarter 2014 HighlightsStrong Quarterly Results and Increased Return of Capital to Shareholders

4

Maximizing Return to Shareholders by:1. Delivering strong growth in current markets 2. Using leadership position in convention‐based Integrated Resort development and

operation to pursue global growth opportunities3. Increasing return of capital to shareholders

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 first quarter 2014 against the first quarter 2013 unless otherwise specified.

$ in millions, except per share information 1Q13 1Q14 $ Change % Change

Net Revenue 3,302.7$ 4,010.4$ 707.7$ 21.4%

Adjusted Property EBITDA 1,166.6$ 1,479.7$ 313.1$ 26.8%

Adjusted Property EBITDA Margin 35.3% 36.9% 160 bps

Adjusted Diluted EPS 0.71$ 0.97$ 0.26$ 36.6%

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

Hold‐Normalized Adjusted Property EBITDA 1,185.2$ 1,365.2$ 180.0$ 15.2%

Hold‐Normalized Adj. Property EBITDA Margin 35.6% 35.7% 10 bps

Hold‐Normalized Adjusted Diluted EPS 0.72$ 0.87$ 0.15$ 20.8%

Strong First Quarter 2014 Financial ResultsGrowth in Revenue, Adjusted Property EBITDA, EPS and Dividends per Share

5

Macao – Record adjusted property EBITDA driven by strong growth in all segments

— Mass table win increased 54.2% to record $1.34 billion (growing 40% faster than the Macao market)

— Slot and ETG win increased 23.8% to record $184.3 million

— Rolling win increased 18.2% to $1.45 billion (rolling volume increased 10.3% to $45.39 billion)

— Retail mall revenue increased 45.4% to $69.9 million

Singapore – Steady operating performance with growth in hotel and retail segments

— Mass table and slot win remains stable, increasing 0.2% to $418.8 million (or $4.65 million per day)

— Room revenue increased 14.8% to $97.1 million with ADR of $428, occupancy of 99.3% and RevPAR of $425

— Mall revenue increased 4.6% to $38.5 million

— Rolling win decreased 3.5% to $441.5 million

Macao – Outstanding Growth in all SegmentsSingapore – Mass Steady, Growth in Hotel and Retail Segments

6

Year Year QuarterEnded Ended Ended

$ in millions 12/31/2012 12/31/2013 3/31/2014 Total

LVS Dividends Paid1 823$ 1,153$ 406$ 2,382$ LVS Special Dividend Paid 2,262 ‐ ‐ 2,262 LVS Shares Repurchased ‐ 570 810 1,380

Subtotal LVS 3,085$ 1,723$ 1,216$ 6,024$ SCL Dividends Paid2 357 411 509 1,277 Total 3,442$ 2,134$ 1,725$ 7,301$

$1.00

$1.40

$2.00

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2012 2013 2014

7

Increasing Return of Capital to ShareholdersOver $7.3 Billion of Capital Returned to Shareholders Over Last 9 Quarters

LVS Recurring Dividends per Share1 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:

— Recurring quarterly dividend program at Las Vegas Sands with a commitment to grow the recurring dividend annually by at least a double‐digit percentage

— $2.0 billion Las Vegas Sands stock repurchase program with a commitment to purchase at least $75 million of stock each month (at March 31, 2014, remaining authorization of ~$620 million)

— Special dividends

1. Excludes dividends paid by Sands China Ltd. and excludes the $2.75 per share special dividend paid in December 2012.2. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. (total SCL dividends paid since 2011 total $4.30 billion).

The Company Remains Committed to Returning Capital to Shareholders While Maintaining aStrong Balance Sheet and the Financial Flexibility to Pursue New Development Opportunities

Total Capital Returned to Shareholders

2.6%

2.2%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

LVS S&P500

3.3%

2.9%

2.6% 2.5%

2.2%2.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

$60.00 $70.00 $77.95 $80.00 $90.00 $100.00

LVS Generates Greater Dividend Yield than the S&P500 Index

2014 Forward Dividend Yield of LVS and S&P5001

1. Reflects the 2014 dividend yield for LVS and the Bloomberg 2014 forward dividend yield estimate for the S&P500 on April 23, 2014. 2. Reflects the 2014 forward LVS dividend ($2.00) over the closing price for LVS on April 23, 2014.

LVS’s 2014 Dividend Yield of 2.6% Reflects a 40 bps Premium Above the S&P500 Forward Dividend Yield Estimates

Sensitivity of LVS Dividend Yield

Dividend Yield as of 4/23/14²

+40 bps

8

Figures as of March 31, 2014 Sands China U.S. Corporate(US GAAP in $MM) Ltd. Singapore Operations2 and Other Total

Cash, Cash Equivalents and Restricted Cash 1,820.4$ 460.1$ 363.7$ 665.1$ 3,309.3$

Debt 3,215.7$ 3,649.0$ 3,409.1$ ‐$ 10,273.8$

Net Debt 1,395.3$ 3,188.9$ 3,045.4$ (665.1)$ 6,964.5$

Trailing Twelve Months Adjusted Property EBITDA 3,217.2$ 1,423.0$ 438.0$ (1.8)$ 5,076.4$

Gross Debt to Trailing Twelve Months EBITDA 1.0 x 2.6 x 7.8 x NM 2.0 x

Net Debt to Trailing Twelve Months EBITDA 0.4 x 2.2 x 7.0 x NM 1.4 x

At March 31, 2014: Trailing Twelve Months EBITDA – $5.08 billion

Trailing Twelve Months LVS Dividends Paid – $1.27 billion

Trailing Twelve Months SCL Dividends Paid – $713.5 million1

Trailing Twelve Months LVS Stock Repurchases – $1.38 billion

Cash Balance – $3.31 billion

Net Debt – $6.96 billion

Net Debt to TTM EBITDA – 1.4x

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

91. Reflects only the public (non‐LVS) portion of dividends paid by Sands China Ltd. Total TTM dividends paid by Sands China Ltd. were $2.39 billion.2. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $66.8M 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 1.3x, reflecting the dividends and royalty fees paid by Sands China Ltd. and Marina Bay Sands to the U.S. Operations.

Strong Balance Sheet and Cash Flow Maximize Financial Flexibility

3

$630.2

$939.8

$630.2

$864.8

31.6%34.9%

31.6%33.8%

0%

10%

20%

30%

40%

50%

60%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

1Q13 1Q14 1Q13 1Q14

Record Q1 Macao Operating Performance

10

($MM)

Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Actual Hold‐Normalized

+37.2%+49.1%

Mass tables

— Mass table win up 54.2% to record $1.34 billion (compared to 38.6% growth for the Macao market)

— Mass table efficiency up 29.5% to $13,210 win per table per day (despite an increase of 181 mass tables compared to the same quarter last year)

— Mass table count increased by 19.1% to reach an average of 1,124 during the quarter

Slots and ETGs

— Slot and ETG win up 23.8% to record $184.3 million driven by increased slot play at The Venetian Macao (compared to 9.0% slot growth for the Macao market)

VIP gaming

— Rolling win up 18.2% to $1.45 billion¹ (rolling volume up 10.3% to record $45.39 billion)

— VIP table efficiency increased 49.1% to $39,167 win per VIP table per day

— VIP table count decreased by 20.8% to an average of 410 VIP tables during the quarter

Macao Gaming PerformanceStrong Growth and Increased Efficiency Across Macao Property Portfolio

11

Strong Operating Momentum Across All Gaming Segments

1. Compared to 12.6% growth for the Macao market.

Evolution of the Macao Visitor

Drivers

More efficient and affordable transportation infrastructure

Additional tourism attractions in Macao and Hengqin Island

Greater number of hotel rooms in Macao

Rapidly expanding middle‐class with growing disposable income

12

As a result, Macao’s visitors are:

Coming From Further Away

Staying Longer

Spending More On:• Dining• Retail• Entertainment• Gaming

Executing Our Mass Strategy in Macao

Expansion of Mass MarketOfferings Underway with The Parisian

Family-friendly Entertainment World Class Concerts, Sporting Events and Other Entertainment Offerings

Over 1.2 million sq. feet of World Class Shopping

Market-Leading Customer Database

Highly Themed Tourism Attractions

Portfolio of over 9,200 Suites and Hotel Rooms

Over 2 million sq. feet of Conference, Exhibition and Carpeted Meeting Space

The Broadest and Deepest

Mass Tourism Offerings in Macao

Our Market‐leading Breadth and Depth of Non‐Gaming Amenities Drives Visitation, Length of Stay and Growth 13

$866.7$929.6

$1,061.2

$1,218.5

$1,336.7

28.8% 29.9% 29.8% 30.5% 31.6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

1Q13 2Q13 3Q13 4Q13 1Q14

Mass Table Win % of Macao Mass Table Win

$10,204 $10,190$10,961

$12,143$13,210

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

1Q13 2Q13 3Q13 4Q13 1Q14

Mass Table Win Increased 54.2% Mass Table Win per Table per Day2

14

($MM)

1,091Mass Tables

1,124944 1,003 1,052

1Q14 Mass Table Revenue Grew 40% Faster Than the Macao Market, Generating ~$2.4 Billion of Annual Departmental Profit at the 1Q14 Run‐Rate

Source: Macao DICJ1. 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.

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

1

Mass Table Win per Unit per Day

$12,000 $13,000 $13,210 $14,000 $15,000 $16,000 $17,000

1,250 $2,464 $2,669 $2,712 $2,874 $3,080 $3,285 $3,490

# of 1,200 $2,365 $2,562 $2,604 $2,759 $2,957 $3,154 $3,351

Mass 1,150 $2,267 $2,456 $2,495 $2,644 $2,833 $3,022 $3,211

Tables 1,124 $2,215 $2,400 $2,439 $2,585 $2,769 $2,954 $3,138

1,100 $2,168 $2,349 $2,387 $2,529 $2,710 $2,891 $3,071

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

151. Based on departmental profit margin of 45% of mass table revenue for LVS’s Macao operations.

Over $2.4 billion of Annualized Mass Table Departmental Profit Today…Opportunity for Additional Growth Through Continued Execution of our Mass Strategy

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

Our departmental profit opportunity in the mass table segment in Macao

LVS’s 1Q14 annualized mass table departmental profit

$344$372

$452

$559 $580

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

1Q13 2Q13 3Q13 4Q13 1Q14

$523 $557

$609$659

$757

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

1Q13 2Q13 3Q13 4Q13 1Q14

16

LVS Base Mass Table Win by Quarter

LVS Base Mass and Premium Mass Table Growth Has Outperformed the Macao Market

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

Mass Table Offering is Broadest and Deepest in Macao market

($MM)

LVS Premium Mass Table Win by Quarter

LVS Departmental Profit Margin: 45% - 50% LVS Departmental Profit Margin: 35% - 45%

($MM)

261Tables 248215 241 255829Tables 877729 761 798

$148.9 $149.4

$165.9$173.8

$184.3

29.6% 30.1%32.6% 32.7% 32.2%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

$220

1Q13 2Q13 3Q13 4Q13 1Q14

Slot & ETG Win % of Macao Market Slot Win

$283 $285

$327$353

$388

$0

$100

$200

$300

$400

1Q13 2Q13 3Q13 4Q13 1Q14

Macao Slot and ETG Win Increased 23.8% Macao Slot and ETG Win per Unit per Day

17

($MM)

5,348Slots & ETGs 5,2775,843 5,757 5,507

~ $335 Million of Annual Departmental Profit at the 1Q14 Run‐RateSource: Macao DICJ1. LVS’s slot market share as presented above reflects the Macao DICJ’s slot revenue reporting methodology, which excludes ETG play. Live dealer ETG configurations are reported within the mass table segment. For financial reporting purposes, LVS presents a non-rolling table segment (which excludes all ETGs) and a slot segment (which includes all ETGs).

Profitable Macao Slot Business Continues to Grow

1

$5.5

$3.0

$0.7

$9.2

$2.1

$11.3

$7.8

$5.3

$1.3

$14.4

$2.5

$16.9

$0.0

$3.0

$6.0

$9.0

$12.0

$15.0

$18.0

VenetianMacao

Sands CotaiCentral

Plaza Casino(Four Seasons)

TotalCotai Strip

Sands Macao(Peninsula)

TotalMacao Ops

1Q13 1Q14

Mass Table, Slot and ETG Win Per Day

($MM)

Strong Mass Growth Across our Macao Property PortfolioMacao Property Portfolio Growing Faster than the Market

18Strong Growth at Every Property in our Macao Portfolio Drove an Increase of

49.8% in our Portfolio‐wide Mass Win per Day to a Market Leading $16.9 million per day

Cotai Strip Properties Peninsula Total

Mass Tables 555 316 92150 203 1,124

Slots

ETGs

1,584 1,176 2,923163 704 3,627

541 720 1,2698 380 1,649

1Q14 Average Table, Slot and ETG Units

$1,223.2 $1,183.9

$1,303.4 $1,327.2$1,445.3

17.2% 16.8%18.4%

16.9%18.3%

0%

5%

10%

15%

20%

25%

30%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

1Q13 2Q13 3Q13 4Q13 1Q14

Rolling Win % of Macao Market Rolling Win

$26,269$24,763

$30,365$32,837

$39,167

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

1Q13 2Q13 3Q13 4Q13 1Q14

Rolling Win per Table per Day

19

Rolling Win Increased 18.2%

439Rolling Tables 410517 525 467

Greater Than $700 Million of Annual Departmental Profit at the 1Q14 Run‐Rate

($MM)

Strong Growth in Macao VIP BusinessGrowth and Increasing Table Productivity

2.68% 3.18%2.97% 2.82% 2.87%RollingWin %

Expanding Our Critical Mass on the Cotai StripThe Parisian Macao

20LVS Operating Assets

Third Party Operating Asset

Third Party Future Development

Construction Progress – April 21, 2014Map of Macao’s Cotai Strip

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

Construction is progressing

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

LVSPlanned Development

The Parisian Macao

(Parcel 3)

Lake and Nature

Preserve

Tropical Garden

The Venetian

Macao(Parcel 1)

Four Seasons Hotel Macao

and Plaza Casino

(Parcel 2)

Macau Dome

City of Dreams

GalaxyMacau

Macau Studio City

St. RegisConrad /

Holiday Inn

SheratonSheraton Towers

C

OT

A

I

S

T

R

I

P

WynnMGM

MacauInt’l

Airport

WynnResorts

SJM

MGM

Sands Cotai

Central

MacauStudio City

Rendering of The Parisian Macao

Conrad /Holiday Inn

Tropical Garden

Bridge

Adjusted property EBITDA increased 9.7% to $435.2 million (hold‐normalized adjusted property EBITDA decreased 13.3% to $377.9 million)

Gaming

— Mass table win decreased 2.1% to $271.1 million (between $260 million and $280 million in each of the past eleven quarters)

— Slot win increased 4.9% to $147.7 million (between $135 million and $150 million in each of the past eleven quarters)

— Rolling win decreased 3.5% to $441.5 million (rolling volume decreased 28.9% to $12.94 billion)

Strong hotel performance – Hotel room revenue up 14.8% to $97.1 million with RevPAR of $425 and occupancy of 99.3%

Retail mall revenue increased 4.6% to $38.5 million while mall repositioning and tenant remix towards high‐performing luxury brands is underway¹

Marina Bay Sands – Growth in Slot, Hotel & Mall Segments

21

Our Focus in Singapore:1. Increasing business and leisure visitors to Singapore, which will drive growth at Marina Bay Sands2. Identifying high value customers in the region outside of Singapore and attracting them to MBS

1. 54,000 square feet is being repositioned representing 8.3% of total retail mall square footage.

$143 $149 $160 $169 $177

$83 $87 $97$113 $126$24 $29

$38$42

$43$159 $157$155

$154$156

$409 $422$450

$478$502

$0

$100

$200

$300

$400

$500

$600

1Q13 2Q13 3Q13 4Q13 1Q14

Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands²

Asian Retail Mall Revenue Increasing Steadily

22

($MM)

Trailing Twelve Months Retail Mall Revenue

85% 86%83% 84%Operating Profit Margin

84%

1. At March 31, 2014, 210,191 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. 54,000 square feet of the Shoppes at Marina Bay Sands (8.3% of total mall square footage) was being repositioned to higher yielding luxury tenants during the first quarter.

$407M $430M$341M $355MOperating Profit

$379M

South Korea

Promising Areas of Future Development Interest for Las Vegas Sands

Japan

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 world’s most promising Integrated Resort development opportunities

Development opportunity parameters:

— Minimum of 20% return on total invested capital

— 25% ‐ 35% of total project costs to be funded with equity (project financing to fund 65% ‐ 75% of total project costs)

Disciplined Execution of Our Global Growth Strategy

23

MacaoThe Parisian Macao

St. Regis Tower atSands Cotai Central

Vietnam

Appendix

$ in millions 1Q13 2Q13 3Q13 4Q13 1Q14

Macao Property Operations

Reported 630.2$ 657.2$ 784.3$ 835.9$ 939.8$

Hold‐Normalized 630.2$ 657.2$ 784.3$ 866.8$ 864.8$

Marina Bay Sands

Reported 396.8$ 355.3$ 373.6$ 258.8$ 435.2$

Hold‐Normalized 436.0$ 384.0$ 373.6$ 341.3$ 377.9$

Las Vegas Operations

Reported 113.4$ 63.0$ 87.1$ 88.2$ 79.7$

Hold‐Normalized 92.8$ 84.4$ 61.6$ 93.7$ 97.3$

Sands Bethlehem

Reported 29.9$ 33.6$ 29.6$ 30.3$ 26.5$

Hold‐Normalized 29.9$ 33.6$ 29.6$ 30.3$ 26.5$

LVS Consolidated2

Reported 1,166.6$ 1,106.9$ 1,275.8$ 1,214.0$ 1,479.7$

Hold‐Normalized 1,185.2$ 1,157.0$ 1,250.3$ 1,332.9$ 1,365.2$

Historical Hold‐Normalized Adj. Property EBITDA1

26

1. This schedule presents hold-normalized adjusted property EBITDA based on the following methodology:(a) for Macao operations and Marina Bay Sands: if the quarter’s rolling win percentage is outside of the 2.70%-3.00% band, then a hold-adjustment is calculated by applying a rolling win percentage of 2.85% to the rolling table volume for the quarter.(b) for Las Vegas operations: if the quarter’s baccarat win percentage is outside of the 22.0%-30.0% band, then a hold-adjustment is calculated by applying a baccarat win percentage of 26.0%, and if the quarter’s non-baccarat win percentage is outside of the 14.0%-18.0% band, then a hold-adjustment is calculated by applying a non-baccarat win percentage of 16.0%.(c) for Sands Bethlehem: no hold-adjustment is made.(d) for all properties: gaming taxes, commissions paid to third parties on incremental win, bad debt expense, discounts and other incentives are applied to determine the EBITDA impact.

2. Reflects consolidated adjusted property EBITDA inclusive of Other Asia (principally CotaiJet operations) segment.

$1,086

$2,229

$3,532$3,791

$4,763$5,076

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2009 2010¹ 2011 2012² 2013 TTM 1Q14

$4,563

$6,853

$9,411

$11,131

$13,770$14,478

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

2009 2010¹ 2011 2012² 2013 TTM1Q14

LVS Historical Net Revenue($MM)

Strong Historical Revenue and EBITDA Growth Over the Last Four Years

LVS Historical Adjusted Property EBITDA($MM)

Margin 23.8% 32.5% 34.1%37.5% 34.6%

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

The Power and Consistency of our Convention‐Based Integrated Resort Business Model is Reflected in our Financial Results

35.1%

27

$0.07

$0.98

$2.02$2.14

$2.90

$3.17

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

2009 2010¹ 2011 2012² 2013 TTM 1Q14

$48

$775

$1,644$1,768

$2,399

$2,609

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2009 2010¹ 2011 2012² 2013 TTM 1Q14

LVS Historical Adjusted Net Income

Strong Historical Net Income and EPS Growth Over the Last Four Years

LVS Historical Adjusted Diluted Earnings per Share($MM)

Diluted SharesOutstanding

728M 792M 825M812M 826M

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

The Power and Consistency of our Convention‐Based Integrated Resort Business Model is Reflected in our Financial Results

824M3

28

$472 $447 $500 $500 $500 $500

$250

$830

$192

$225

$60

$40

$210

$825

$1,150

$350$50

$200 $450

$50

$107

$49

$1,449

$898

$2,000$2,160

$900

$550

$0

$500

$1,000

$1,500

$2,000

$2,500

2012A 2013A 2014E 2015E 2016E 2017E

Maintenance Investments in Current Properties¹ Sands Cotai Central The Parisian Macao² St. Regis at SCC Other

Capital Expenditures ExpectationsFuture Investments Include The Parisian Macao, St. Regis at SCC and Maintenance

Future Capital Expenditures Focused on Growth in Asia

($MM)

1. Reflects investments that will generate future income in our current property portfolio (including the Four Seasons Apart‐Hotel and a third gaming area at Sands Cotai Central). 2. The timing of capex is subject to the receipt of timely government approvals.

Sands Cotai CentralThe Parisian Macao2St. Regis at Sands Cotai Central

LVS Capex Expectations

Development Timeline Pre‐OpeningPost‐Opening

29

180 418

979

1,632

146 620

912

1,168 803

1,113

2,115

$170

$650

$942

$1,428

$2,335

$1,013

$3,747

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2014 2015 2016 2017 2018 2019 2020

SCL MBS USRG LVSC

Debt Maturity ProfileDebt Maturity by Year at March 31, 2014

Long Term and Low Cost Financing in Place

($MM)

2% 6% 9% 23%% of Total 14% 10% 36%

30

2

1. Reflects remaining 2014 payments.2. Reflects refinancing of Macao Credit Facility in the first quarter of 2014.

1

$2,908

$3,217

$1,617$1,380 $1,324

$1,119$850

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

LVS LVS TTM1Q14

Galaxy² MPEL WynnMacau

SJM MGMChina

$7,110

$9,198

$912

$1,176

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

2012EBITDA

LVSEBITDAGrowth

All OthersEBITDAGrowth

2013EBITDA

LVS Outperforming Macao Market in EBITDA Generation and Growth

LVS Had 32% Market Share of EBITDA in 2013 and Generated 44% of the Incremental EBITDA Created in Macao in 2013

31

Source: Company Reports1. Reflects adjusted property EBITDA for operating properties based on US GAAP for the twelve months ended December 31, 2013.2. Galaxy only includes revenue and EBITDA from Starworld and Galaxy Macau.Note: LVS’s 1Q14 Macao property EBITDA reached $939.8 million, implying an annualized run‐rate EBITDA of $3.76 billion (hold‐normalized Macao property EBITDA reached $864.8 million, implying an annualized run‐rate hold‐normalized EBITDA of $3.46 billion).

EBITDA Margin

29% 39% 13% 14% 20%

2013 Macao Market EBITDA1

EBITDA TTM

Growth

29% 27% 33% 18% 26%

($MM)

Macao Market EBITDA Growth for the 2013 Year

($MM)

44% of Incremental EBITDA

56% of Incremental EBITDA

46%

33%

48%

34%

18% 15% 14% 12% 9%32%Macao MarketEBITDA

Share (%)

TBD

$46.1$57.0 $53.5 $58.4

$67.7

$14.5$35.5

$57.4

$48.1

$71.5

$89.1

$115.8

$69.9

$0

$20

$40

$60

$80

$100

$120

$140

1Q13 2Q13 3Q13 4Q13 1Q14

Base Rent Turnover Rent

Macao Quarterly Retail Revenue Composition

32

Strong Growth In Macao Retail Mall Revenue

($MM)

Strong Growth in Both Base Rent and Turnover Rent Across Macao Property Portfolio

$2.0

$2.2

$421 $428 $462 $478 $490 $506$546 $561

$632$688

$779

$911

$995$1,052

$1,197

$1,354$1,473

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14LVS SJM Wynn Galaxy MGM Melco

Our Macao Property Portfolio Has Delivered Consistent and Reliable Mass Market Growth

33

Our Mass Table and Slot Win Has Grown 17 Quarters in a Row and Now Approaches $1.5 Billion per Quarter

Macao Market Mass Table and Slot Win by Operator($MM)

Note: This presentation conforms to the Macao DICJ’s methodology of presenting mass table and slot win.Source: Company reports; Macao DICJ

37,969 40,67649,485 52,126 53,253

010,00020,00030,00040,00050,00060,00070,000

1Q13 2Q13 3Q13 4Q13 1Q14

$24,561

$18,487

$27,430$30,181

$33,401

$0

$10,000

$20,000

$30,000

$40,000

1Q13 2Q13 3Q13 4Q13 1Q14

$7,933$9,616

$12,813$13,952 $14,463

$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

1Q13 2Q13 3Q13 4Q13 1Q14

$3.01$3.51

$4.29$4.87

$5.31

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

1Q13 2Q13 3Q13 4Q13 1Q14

Sands Cotai Central Continues to GrowMass Win per Table per Day Now Exceeds $14,450 per Day

34

VIP Rolling Win per Table per Day

($MM)

Mass Table, Slot and ETG Win per Day

Increasing Hotel Occupancy, Table Productivity and Non‐Gaming Amenities will Drive Growth in all Segments

Mass Table Win per Table per Day

Total Property Visitation per Day

Mass Tables 316313 310

VIP Tables 146190 200

284

167

297

160

$396.8$435.2 $436.0

$377.9

49.9%52.1% 51.7%

49.5%

30%

40%

50%

60%

$0

$100

$200

$300

$400

$500

1Q13 1Q14 1Q13 1Q14

$3.08 $3.01

$1.56 $1.64

$4.64 $4.65

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

1Q13 1Q14

Non‐Rolling Tables Slot Machines

Marina Bay Sands OperationsFirst Quarter 2014 Details

35

Actual

Adjusted property EBITDA of $435.2 million, an increase of 9.7%

Hold‐normalized adjusted property EBITDA of $377.9 million, a decrease of 13.3%

Total mass (non‐rolling tables and slots) win per day increased 0.2% to reach $4.65 million

— Non‐Rolling win decreased 2.1% to $271.1 million

— Slot win increased 4.9% to $147.7 million

Rolling win decreased 3.5% to $441.5 million (rolling volume decreased 28.9% to $12.94 billion)

Strong growth in hotel ADR, which increased 13.2% to $428 while room revenue increased 14.8% to reach $97.1 million

($MM)

($MM)

Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Continued Growth in Hotel and Retail Businesses, Mass Stable

Non‐Rolling Table and Slot Win Per Day

Hold‐Normalized

$70$208

$285$361

$510 $561$656

$780$822 $896

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

0.0% 8.4% 9.6%12.9% 11.3%

14.6%18.2% 19.8%

23.4%26.8% 26.7% 27.8% 30.3% 32.0%

37.2% 37.5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

$0

$300

$600

$900

$1,200

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

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

$40

$146$203

$250 $271

$345 $314

$418

$311 $317$378 $368

$408$342

$403

$326

$0

$75

$150

$225

$300

$375

$450

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

MBS – Credit Collections Remain Healthy Reserve Balance Has Now Increased to 37.5% of Gross A/R

36

($MM)

Reserve Balance Has Increased to $400 Million as Accounts Receivable Balance Has Grown

Casino Credit Collections Remain Healthy

$0Quarterly Provision

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

Life to Date Provision of $455M Represents 9.8% of Rolling Win Since Opening of Property

$38M $39M $37M $39M $36M $36M

$274 $293

$232 $225

$506 $519

$0$100$200$300$400$500$600$700

1Q13 1Q14Baccarat Non‐Baccarat

$113.4

$79.7$92.8 $97.3

27.6%

20.8%24.0% 24.1%

0%

10%

20%

30%

40%

$0

$20

$40

$60

$80

$100

$120

1Q13 1Q14 1Q13 1Q14

Las Vegas OperationsFirst Quarter 2014 Details

37

Composition of Table Games Drop

On a hold‐normalized basis, adjusted property EBITDA was $97.3 million, an increase of 4.8%

— Adjusted property EBITDA was $79.7 million, a decrease of 29.8%

ADR increased 14.2% to $241 (best ADR recorded since 2008), with RevPAR increasing 12.0% to $214

Table games drop increased 2.4% to $518.5 million, driven by a 6.9% increase in Baccarat drop

— Non‐Baccarat drop decreased 2.9% to $225.2 million

Slot handle decreased 4.4% to $473.2 million

Best opportunities for future growth:

— High‐end Asian gaming growth

— Increase in group room pricing in 2014 and 2015

($MM)


Las Vegas Results Reflect A Stable Operating Environment

Actual($MM)

Hold‐Normalized

$29.9$26.5

24.3% 22.6%

0%

10%

20%

30%

40%

$0

$5

$10

$15

$20

$25

$30

$35

1Q13 1Q14

$111 $116

$134 $132

$245 $248

$0

$100

$200

$300

1Q13 1Q14Baccarat Non‐Baccarat

Sands Bethlehem OperationsFirst Quarter 2014 Details

38

Adjusted property EBITDA decreased 11.1% to $26.5 million

Table games drop increased 1.2% to reach $247.6 million, driven by a 4.5% increase in baccarat drop

Slot handle decreased 8.3% to $948.5 million

Retail outlet mall (150,000 SF) features 26 stores including Coach, Tommy Hilfiger, DKNY, European Body Concepts Day Spa and recently opened Joli French Bakery and Cafe

Event Center (50,000 SF)

— Headline events have included Belator MMA, Yes, Tiesto, Willie Nelson, The Beach Boys, Incubus, Glenn Frey, Crosby, Stills and Nash, NBC Fight Night, and Diana Krall with average occupancy of 82%

($MM)

($MM)


Composition of Table Games Drop

1Q14 Operating Performance Impacted By Unfavorable Winter Weather Conditions

Macao Market Background and Infrastructure Slides

35%

68%

65%

32%

0%

20%

40%

60%

80%

100%

Gross Gaming Revenue Operating Profit

Mass Tables and Slots VIP Gaming

$16,507

$30,759

$47,267

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

Gross Gaming Revenue

Mass Tables and Slots VIP Gaming

TTM 1Q14 Macao Market Gross Gaming Revenue

VIP Gaming Represents 65% of Total Macao GGR……but Mass Tables and Slots Generate ~68% of Gaming Operating Profit

($MM)

Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit2

Source: Macao DICJ1. In the first quarter of 2014, the mass table segment grew 39% and the slot business grew 9% compared to the first quarter of 2013.2. This presentation reflects an assumed operating profit margin of 10.0% on gross VIP revenue and a blended margin of 40% on mass table and slot gross revenue.

Mass Gaming Generates 35% of the Gaming Revenue, but ~68% of the Gaming Operating Profit

40

1Q14 YoY Growth

+20%

+13%

+35%1

~2X

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

$4,358$4,952

$6,587

$8,949

$11,674

$15,309$16,507

16%

39%

30%

14%

33%36%

30% 31%33%

0%

10%

20%

30%

40%

50%

60%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 1Q14

Mass Table and Slot GGR Year‐over‐Year Growth

Strong and Consistent Growth in Macao’s High Margin Mass Market

41

Macao Mass Table and Slot Gross Gaming Revenue($MM)

Source: Macao DICJ

Macao’s Mass Table and Slot Revenue has Grown by at Least 30% in each of the Last 17 Quarters, Including 33% Growth in TTM 1Q14 (39% Mass Table Growth and 9% Slot Growth)

Five Trends that Will Contribute To Growth in the Macao Market Over the Next Five Years

1

2

3

4

5

200 million Chinese are expected to travel outside of China by 2020, compared to 83 million in 2012 and 97 million in 2013

Infrastructure and transportation connectivity throughout China,especially in the Pearl River Delta region, will be meaningfully expanded

Increasing length of stay in Macao

Hengqin Island will contribute to Macao’s diversification and to its further development as a business and leisure tourism destination

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

Sources: McKinsey, Ernst & Young, CLSA42

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

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

$8 $11 $14

$15 $22

$30 $44 $55 $70

$102

$120

5

5 9 12

2031

414857

7383

97108

119

132147

163

180

200

$138$157

$179

$205

$234

$268

$306

0

50

100

150

200

250

300

350

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

Outbound Travel from China

China Is The World’s Largest and Fastest Growing Outbound Tourism Market

43

Outbound Travel Penetration¹

Wealth Generation and Increased Mobility in China Have Driven Strong Growth in Outbound Trips and Tourism Spend, And Comparative Outbound Travel Penetration Rates Show a Meaningful Opportunity for Continued Long Term Growth

Expenditure (US$bn)

Chinese outbound tourists (millions)

CLSA estimates

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

1

China

Japan

Taiwan

Korea

2009‐2013 2012‐2020Expenditure 27.2% 14.3%Tourists 16.1% 10.9%

CAGR

44.5%

27.5%

14.5%

6.1%

Twelve Months Ended February 28, Population PenetrationProvince 2013 2014 % Change (MM) Rate (LTM)

Guangdong 7,919,100 8,317,884 +5% 104 8.0%

Fujian 793,386 783,432 ‐1% 37 2.1%

Subtotal 8,712,486 9,101,316 +4% 141 6.4%

Hunan 591,879 668,484 +13% 66 1.0%

Zhejiang 628,612 652,932 +4% 54 1.2%

Hubei 492,276 567,318 +15% 58 1.0%

Shanghai 516,603 544,361 +5% 23 2.4%

Jiangsu 487,427 523,927 +7% 79 0.7%

Sichuan 353,791 379,725 +7% 80 0.5%

Henan 321,993 381,666 +19% 94 0.4%

Beijing 334,453 368,546 +10% 20 1.9%

Tianjin 128,248 130,214 +2% 13 1.0%

All Other Provinces 4,536,972 5,735,387 +26% 784 0.7%

Subtotal (Excluding Guangdong & Fujian)

8,392,254 9,952,560 +19% 1,271 0.8%

Total China 17,104,740 19,053,876 +11% 1,412 1.3%

Growth in Visitation to Macao from Throughout China

44NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor.Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates

Year‐Over‐Year Visitation Growth Mainland Chinese Visitation to Macao

1

Greater than 20%Data Not Available‐10% ‐ 0%

0% ‐ 10%10% ‐ 20%

Xinjiang

Tibet

Qinghai

SichuanChongqing

Henan

Hubei

ShanxiHebei

Shandong

Beijing

Liaoning

Jilin

Heilongjiang

Jiangsu

Anhui

Hunan JiangxiZhejiang

Guangxi

Guizhou

Yunnan

Ningxia

Shaanxi

Inner Mongolia

Gansu

Guangdong

Fujian

Shanghai

Tianjin

Taiwan

Hong KongMacao

Infrastructure: China’s High‐Speed RailConnecting More of Mainland China to Macao

Source: Wikipedia, LVS, NYT

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

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 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

45

2

Beijing‐Guangzhou High‐Speed Rail

World’s longest high‐speed rail route

Covers 2,298km in ~10 hours, compared to 22 hours previously

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

China’s Ministry of Railways Plans to Spend Greater than US$100 billion per Year on Rail Development for the Foreseeable Future, and Highlighted Rail Development in the February 2014 Stimulus Plan

Infrastructure: Meaningful Improvements Throughout the Pearl River Delta Region

Source: World Bank, China Daily, Chinatrainguide.com, Analyst reports. Note: population and GDP data from 2011, Hong Kong and Macao GDP and population from 2012.46

GuangzhouPopulation: 16M

GDP Per Capita: US$12,000

MacaoPopulation: 0.6M


Hengqin Island• Special economic area• Over $20B of overall investment• Over 10,000 hotel rooms• First phase of Chimelong theme park opened in Jan. 2014 and expected to attract 20M visitors annually at completion of all phases

Hong KongPopulation: 7M


Hong Kong‐Macao‐Zhuhai Bridge (expected completion 2016)

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

ShenzhenPopulation: 10M

GDP Per Capita: US$18,000China Border Gate Expansion• Daily capacity increased from 150,000 to 350,000 people in 2H13

• Reduced average wait times on China side of border

Guangzhou – Zhuhai Intercity Rail• 70 ‐ 90 minute train ride (2+ hours by bus)• 25 ‐ 35 trains in each direction per day• Final link to Gongbei border gate completed in January 2013

Guangzhou – Shenzhen – Hong Kong Rail• 2 hour train ride from Guangzhou to HK• 25 trains in each direction per day

Infrastructure LegendExisting

FutureCompleted in 1Q13

Gongbei – Hengqin Railway• Connects the Gongbei border crossing with Hengqin Island

• Stops at Lotus Bridge crossing and ends at Chimelong theme park

• Expected completion 2017

2

5.2

6.3

7.3

8.1

8.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2009 2010 2011 2012 2013

5.8

6.9

8.8 8.8

9.7

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2009 2010 2011 2012 2013

Mainland China Day‐Trip Visitors to Macao Mainland China Overnight Visitors to Macao

Chinese Day‐Trip and Overnight Visitation To Macao Both Continue to Grow

(MM)

Source: Macao DSEC47

‐9% +19% +28% 0%

(MM)

Growth ‐1% +22% +16% +10%Growth 0

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

+10% +10%

3

11.013.2

16.2 16.918.618.0

22.7

28.1

34.9

40.7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Mainland China Visitation to Macao and Hong Kong

Visitation to Macao Can Meaningfully Grow40.7 Million Residents of Mainland China Visited Hong Kong in 2013

(MM)

Source: Macao DSEC; Hong Kong Tourism Board48

‐5% +20% +22% +5%Macao+6%Hong Kong +26% +24% +24%

Robust Transportation Infrastructure, 74,000 Hotel Rooms and World‐Class Dining and Shopping Amenities Enabled 40.7 Million Mainland Chinese Visitors to Travel to Hong Kong in 2013

Hong Kong Received

22.1M More Visitors from China in 2013

than did Macao

2009 2010 2011 2012 2013

+10%

+17%

3

Macao Hong Kong

18.7

63.3

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

9.78.9

23.7

17.1

0.0

5.0

10.0

15.0

20.0

25.0

2.1

3.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0(Days)

Total 2013 Mainland Chinese Visitor Nights²

(MM)(MM)

Daytrip Visitors

Opportunity for Increased Overnight Visitation and Length of Stay In Macao

491. The Hong Kong average length of stay figure is not yet available for 2013. The 3.7 day figure presented is from 2012.2. Calculated as total overnight visitors from Mainland China multiplied by average length of stay for Mainland overnight visitors in each market for 2013.Source: Macao DSEC, Hong Kong Tourism Board

Composition of 2013 Visitation from Mainland China

Mainland Visitors Spent 63.3 Million Visitor Nights in Hong Kong in 2013Compared to Just 18.7 Million Visitor Nights Spent in Macao

Overnight Visitors

Avg. Length of Stay for Mainland Chinese

Overnight Visitors in 2013

Macao Hong Kong

3

1

Hengqin Island Expands Critical Mass of Tourism Offerings for Visitors to the Region

50

Map of Hengqin Island New Area Important Facts Island adjacent to Macao (3X the size of Macao) that has

been welcomed by President Xi Jinping as a strategic zone for cooperation among Guangdong Province, Hong Kong and Macao

Master‐planned island with greater than US$20 billion of investment focused on tourism development, industrial and technological innovation and education

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

— Support from the Central Government to enable long term success

— Empowerment to have broad flexibility on economic and legal matters

Designed to contribute to the diversification of Macao

— US$3.2 billion Chimelong International Ocean Resort opened January 28 and is expected to generate 20 million visits in the future after completion of all phases¹

— Hengqin’s central business district will feature a 1.2 million square foot convention center

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

Source: Macau Daily, Zhuhai Daily, Chimelong Group, Hengqin New Area Administrative Committee1. The Chimelong Hengqin Hotel had a soft opening on January 18, 2014. On November 20, 2013, Chimelong opened the China International Circus Town (Arena) portion of Phase 1

for the China International Circus Festival, and regular circus shows began on January 18, 2014. Phase 1 is scheduled to be fully operational by mid‐2014.

4

Sands Cotai Central5,723

The Venetian Macao

2,905

Sands Macao, 289

Galaxy Macau2,200

Grand Waldo, 550Starworld, 509

City of Dreams1,461

Altira Macau, 216

Wynn Macau1,014 Grand Lisboa, 431

Sofitel Macau, 408MGM Grand, 587

9,277

3,259

1,6771,014 839 587

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

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

Hotel % of Gaming % of TotalGaming Operator Rooms Operators Market

Sands China 9,277 56% 38%

Galaxy Entertainment 3,259 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 16,653 100% 69%Other 4/5 Star 7,587 0% 31%Total 24,240 100% 100%

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

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

51

LVS Hotel Inventory Exceeds the Other Five Gaming Operators Combined

Macao Market Gaming Operator Hotel Rooms1

Four Seasons Macao, 360

5


Las Vegas Sands 9,277 56% 38%

Galaxy Entertainment 3,259 20% 13%Melco Crown 1,677 10% 7%Wynn Resorts 1,014 6% 4%SJM Holdings² 839 5% 3%MGM China 587 4% 2%


`

Sands Cotai Central5,723

The Venetian Macao

2,905

Sands Macao, 289

The Parisian Macao3,000

Galaxy Macau2,200

Grand Waldo, 550Starworld, 509

Galaxy Macau Phase II1,300

City of Dreams1,461

Altira Macau, 216

Macau Studio City2,000

Wynn Macau, 1,014

Wynn Cotai1,700

Grand Lisboa, 431Sofitel Macau, 408

SJM Cotai2,000

MGM Grand, 587

MGM Cotai1,600

12,677

4,559 4,457

2,714 2,8392,187

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

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


Las Vegas Sands 12,677 43% 34%

Galaxy Entertainment 4,559 15% 12%Melco Crown 4,457 15% 12%Wynn Resorts 2,714 9% 7%SJM Holdings² 2,839 10% 8%MGM China 2,187 7% 6%


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

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

52

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

Macao Market Gaming Operator Hotel Rooms at December 31, 20171

Four Seasons Macao, 360

St. Regis Macao, 400

5

`

CoD Tower Five, 780

Documents

Las Vegas Sands Corp. Earnings Call Presentation...U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $66.8M in airplane and other financings) and adjusted