The Venetian Macao Marina Bay Sands, Singapore

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

4Q14 Earnings Call PresentationJanuary 28, 2015

The Parisian, MacaoSands 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 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 and diversified cash flow and earnings as well as growing recurring dividends

Best positioned operator to deliver growth in Asia, with the pre-eminent destination Integrated Resort properties in the world’s largest and fastest growing consumer markets

Uniquely positioned to bring unmatched track record, powerful convention-based business model and the industry’s strongest balance sheet to the world’s most promising IntegratedResort development opportunities

Committed to maximizing shareholder returns by delivering growth while continuing to increase the return of capital through recurring dividend and stock repurchase programs

The industry’s most experienced leadership team: visionary, disciplined and dedicated todriving long-term shareholder value

The Investment Case for Las Vegas Sands

3

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

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

Adjusted diluted EPS increased 27.8% to $0.92 per share

Consolidated adjusted property EBITDA increased 10.9% to $1.35 billion

Macao – Adjusted property EBITDA decreased 14.9% to $711.2 million, reflecting growth in non-gaming segments but a challenging environment in VIP and Premium mass gaming segments

Marina Bay Sands – Adjusted property EBITDA increased 100.3% to a record $518.5 million reflecting growth in gaming and non-gaming segments, including a record retail performance¹

LVS returned a total of $635.3 million to shareholders during the quarter

— $400.3 million ($0.50 per share) returned through recurring dividend

— $235.0 million returned through share repurchases

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

4

NOTE: All comparisons in this presentation compare the fourth quarter 2014 against the fourth quarter 2013 unless otherwise specified.1. MBS’s quarterly results were positively impacted by a property tax reassessment of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014.

Excluding the property tax reassessment, adjusted property EBITDA would have increased 65.5% to $428.4 million.

$ in millions, except per share information 4Q13 4Q14 $ Change % Change

Net Revenue 3,655.7$ 3,416.0$ (239.7)$ -6.6%

Adjusted Property EBITDA¹ 1,214.0$ 1,346.1$ 132.1$ 10.9%

Adjusted Property EBITDA Margin¹ 33.2% 39.4% 620 bps

Adjusted Diluted EPS 0.72$ 0.92$ 0.20$ 27.8%

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

Hold-Normalized Adjusted Property EBITDA² 1,332.9$ 1,273.3$ (59.6)$ -4.5%

Hold-Normalized Adj. Property EBITDA Margin² 34.8% 38.4% 360 bps

Hold-Normalized Adjusted Diluted EPS 0.84$ 0.85$ 0.01$ 1.2%

Fourth Quarter 2014 Financial Results

5

1. LVS’s quarterly results were positively impacted by a property tax reassessment at MBS of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014. Excluding the property tax reassessment, adjusted property EBITDA would be $1,256.0 million with adjusted property EBITDA margin of 36.8%.

2. Excluding the property tax reassessment, hold-normalized adjusted property EBITDA would be $1,183.2 million with hold-normalized adjusted property EBITDA margin of 35.7%.

Macao – Growth in retail mall and hotel revenue; VIP and premium mass gaming remain soft

— Mass table win decreased 9.2% to $1.11 billion (compared to a 16.1%¹ decrease in the Macao market)

— Base mass table revenues were relatively resilient (decreasing just 2%) while premium mass table revenues decreased 17%

— Slot and ETG win decreased 9.7% to $156.9 million (compared to a 16.8%¹ decrease in the Macao market)

— Retail mall revenue increased 10.4% to a record $128.0 million

— Rolling win decreased 36.9% to $837.7 million

Singapore – Growth in mass, VIP and retail

— Mass table and slot win increased 4.1% to $443.5 million ($4.82 million win per day)

— Retail mall revenue increased 5.5% to a record $45.7 million

— Rolling win increased 36.3% to $359.3 million

— RevPAR increased 1.0% to $415, ADR decreased 0.7% to $422 and room revenue decreased 3.9% to $92.1 million (~11,000 fewer room nights were available during the quarter due to remodeling)

Macao – Growth in Non-gaming Segments; VIP SoftSingapore – Growth in Mass Gaming and Nongaming Segments

61. Based on Macau DICJ disclosure.

Year Year Year

Ended Ended Ended

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

LVS Dividends Paid1

823$ 1,153$ 1,610$ 3,586$

LVS Special Dividend Paid 2,262 - - 2,262

LVS Shares Repurchased - 570 1,665 2,235

Subtotal LVS 3,085$ 1,723$ 3,275$ 8,083$

SCL Dividends Paid2357 411 777 1,545

Total 3,442$ 2,134$ 4,052$ 9,628$

$1.00

$1.40

$2.00

$2.60

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2012 2013 2014 2015

7

LVS Increasing Return of Capital to ShareholdersOver $9.6 Billion of Capital Returned to Shareholders Over Last 12 Quarters

LVS Recurring Dividends per Share1

In the fourth quarter of 2014, the LVS Board of Directors increased the LVS recurring dividend by 30.0% to $2.60 per share for the 2015 calendar year ($0.65 per share payable quarterly)

In the fourth quarter of 2014, the LVS Board of Directors also authorized an additional $2.0 billion stock repurchase program following the completion of the previous $2.0 billion program

The company remains committed to returning capital to shareholders via:

— Recurring quarterly dividend program at Las Vegas Sands with a commitment to grow the recurring dividend each year

— $2.0 billion Las Vegas Sands stock repurchase program to be used to return excess capital to shareholders on an opportunistic basis

1. Excludes dividends paid by Sands China Ltd. and excludes the $2.75 per share special dividend paid in December 2012.

2. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. (total SCL dividends paid since 2011 total $5.18 billion).

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

Total Capital Returned to Shareholders

US$ in millions Interim Final Interim Final Interim Final Total

SCL Dividends Paid1

600$ 602$ 696$ 685$ 906$ 894$ 4,383$

SCL Special Dividend Paid - - - - 801 - 801

SCL Shares Repurchased² - - - - - - -

Total 600$ 602$ 696$ 685$ 1,707$ 894$ $5,184 ³

12/31/2012

Year Ended Year Ended Year Ended

12/31/2013 12/31/2014

$1.16$1.33

$1.73

$0.87 $0.99

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2012 2013 2014 Interim2014

Interim2015

8

SCL Also Increasing Return of Capital to ShareholdersNearly US$5.2 Billion³ of Capital Returned to Shareholders Over Last 3 Years

SCL Recurring Dividends per Share (HK$)1

In January 2015, the SCL Board of Directors increased the SCL recurring interim dividend by 13.8% to HK$0.99 per share

The company remains committed to returning capital to shareholders via:

— Recurring bi-annual dividend program at Sands China Ltd. with a commitment to grow the recurring dividend each year

1. Excludes the special dividend paid in 2014.

2. SCL has not repurchased any shares to date.

3. Includes $3.64 Billion in dividends paid to the parent company, Las Vegas Sands Corp.

SCL Remains Committed to Returning Capital to Shareholders While Maintaining a Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities

SCL Total Capital Returned to Shareholders

5.2%

4.6%

4.3%

3.7%

3.3%

2.9%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

$50.00 $56.80 $60.00 $70.00 $80.00 $90.00

4.6%

2.1%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

LVS S&P500

LVS Generates Greater Forward Dividend Yield than the S&P500 Index

2015 Forward Dividend Yield of LVS and S&P5001

1. Reflects the 2015 dividend yield for LVS and the Bloomberg 2015 forward dividend yield estimate for the S&P500 on January 27, 2015.

2. Reflects the 2015 LVS dividend ($2.60) over the closing price for LVS on January 27, 2015.

LVS’s 2015 Dividend Yield of 4.6% Reflects a 250 bps Premium Above the S&P500 Forward Dividend Yield Estimates

Sensitivity of LVS Dividend Yield

Dividend Yield as of 1/27/15²

+250 bps

9

Figures as of December 31, 2014 Sands China U.S. Corporate

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

Cash, Cash Equivalents and Restricted Cash 2,541.9$ 420.9$ 405.7$ 144.4$ 3,512.9$

Debt 3,214.0$ 3,460.1$ 3,318.5$ -$ 9,992.6$

Net Debt 672.1$ 3,039.2$ 2,912.8$ (144.4)$ 6,479.7$

Trailing Twelve Months Adjusted Property EBITDA 3,263.5$ 1,723.1$ 434.4$ 1.3$ 5,422.3$

Gross Debt to Trailing Twelve Months EBITDA 1.0 x 2.0 x 7.6 x NM 1.8 x

Net Debt to Trailing Twelve Months EBITDA 0.2 x 1.8 x 6.7 x NM 1.2 x

At December 31, 2014:

Trailing Twelve Months Adjusted Property EBITDA – $5.42 billion

Trailing Twelve Months LVS Dividends Paid – $1.61 billion

Trailing Twelve Months SCL Dividends Paid – $776.6 million1

Trailing Twelve Months LVS Stock Repurchases – $1.66 billion

Cash Balance – $3.51 billion

Net Debt – $6.48 billion

Net Debt to TTM EBITDA – 1.2x

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

10

1. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. Total TTM dividends paid by Sands China Ltd. were $2.60 billion.2. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $63.7M in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem.3. The net leverage ratio for covenant compliance purposes, which includes the dividends and royalty fees paid by Sands China Ltd. and Marina Bay Sands to the U.S. Operations, was 1.0x.

Strong Balance Sheet and Cash Flow Maximize Financial Flexibility

3

$835.9

$711.2

$866.8

$686.2

33.4% 33.9% 33.7% 33.4%

0%

10%

20%

30%

40%

50%

60%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

4Q13 4Q14 4Q13 4Q14

Macao Operating PerformanceMost Diversified and Defensive Cash Flows in the Macao Market

11

($MM)

Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Actual Hold-Normalized

-20.8%-14.9%

Mass Tables52%

Slots 8%

Hotel 12%

Mall 8%

Other 2%

VIP 18%

Mass Tables52%

Slots 8%

Hotel 13%

Mall 9%

Other 2%VIP 16%

FY 2013

Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China

12

Mass Tables / Slots and Non-Gaming Generated 84% of Macao’s Departmental Profit in the 2014 Year vs. 82% in the 2013 Year

Macao Departmental Profit Contribution by Segment

FY 2014

$559$580

$547$509

$461

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

4Q13 1Q14 2Q14 3Q14 4Q14

$659

$757$702 $709

$645

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

4Q13 1Q14 2Q14 3Q14 4Q14

13

LVS Base Mass Table Win by Quarter

Macao: Base Mass Showing Greater Stability in Softer Market Than Premium Mass

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

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

($MM)

LVS Premium Mass Table Win by Quarter

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

($MM)

248Avg.Tables

290 314 323261877Avg.Tables

857 836 826829

Avg. Win per Table per Day: $8,491 Avg. Win per Table per Day: $15,541

$10,000 $10,469 $11,000 $12,000 $13,000 $14,000

1,300 $1,898 $1,987 $2,088 $2,278 $2,467 $2,657

# of 1,250 $1,825 $1,911 $2,008 $2,190 $2,373 $2,555

Mass 1,200 $1,752 $1,834 $1,927 $2,102 $2,278 $2,453

Tables 1,149 $1,678 $1,756 $1,845 $2,013 $2,181 $2,349

1,100 $1,606 $1,681 $1,767 $1,927 $2,088 $2,248

Mass Table Win per Unit per Day

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

141. Based on departmental profit margin of 40% of mass table revenue for LVS’s Macao operations.

Over $1.75 billion of Annualized Mass Table Departmental Profit Today…Opportunity for Growth Through Continued Execution of Our Mass Strategy

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

Our departmental profit opportunity in the mass table segment in Macao

LVS’s 4Q14 annualized mass table departmental profit

Executing Our Mass Strategy in Macao

Expansion of Mass Market

Offerings Underway with The Parisian

Family-friendly Entertainment World Class Concerts, Sporting Events

and Other Entertainment Offerings

Over 1.2 million sq. feet

of World Class Shopping

Market-Leading Customer Database

Highly Themed Tourism Attractions

Portfolio of Nearly

9,300 Suites and Hotel Rooms

Over 2 million sq. feet of Conference,

Exhibition and Carpeted Meeting Space

The Broadest

and Deepest

Mass

Tourism

Offerings

in Macao

Our Diversified Offerings Appeal to the Broadest Set of Customers and Comprise a Unique Competitive Advantage in Macao 15

Evolution of the Macao Mass Visitor

Drivers

More efficient and affordable transportation infrastructure

Additional tourism attractions in Macao and Hengqin Island

Greater number of hotel rooms in Macao

Rapidly expanding middle-class with growing disposable income

16

As a result, Macao’s Mass visitors will:

Come From Farther

Away

Stay Longer

Spend More On:

• Dining

• Retail

• Entertainment

• Gaming

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

Hong Kong

Macao

Twelve Months Ended December 31, Population GDP Per Penetration

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

Guangdong 8,200,118 9,008,942 +10% 104 $9,452 8.6%

Fujian 781,571 902,303 +15% 37 $9,342 2.4%

Hunan 655,432 750,687 +15% 66 $5,936 1.1%

Zhejiang 644,929 694,678 +8% 54 $11,054 1.3%

Hubei 553,959 668,188 +21% 58 $6,881 1.2%

Jiangsu 517,760 581,939 +12% 79 $12,047 0.7%

Shanghai 538,143 547,739 +2% 23 $14,547 2.4%

Henan 365,956 508,495 +39% 94 $5,518 0.5%

Guangxi 401,535 504,575 +26% 46 $4,939 1.1%

Jiangxi 370,479 454,682 +23% 45 $5,130 1.0%

Sichuan 378,532 396,421 +5% 80 $5,240 0.5%

Beijing 357,283 387,023 +8% 20 $15,051 2.0%

Hebei 241,581 349,467 +45% 72 $6,251 0.5%

Liaoning 292,874 344,360 +18% 44 $9,961 0.8%

Heilongjiang 242,135 312,103 +29% 38 $6,057 0.8%

Shandong 268,247 300,765 +12% 96 $9,094 0.3%

Chongqing 221,894 257,409 +16% 30 $6,910 0.9%

All Other 3,599,779 4,282,634 +19% 407 N/A 1.1%

Subtotal (Excluding

Guangdong)10,432,089 12,243,468 +17% 1,288 $6,617 1.0%

Mainland China 18,632,207 21,252,410 +14% 1,392 $6,767 1.5%

17

NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor.Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates1. In December 2014, overall visitation from Mainland China was up 1.1% YoY, with a 1.1% increase in Guangdong visitation and a 1.2% increase in non-Guangdong visitation. In November 2014, overall visitation from Mainland China was up 27.8% YoY, driven by a 27.8% increase in Guangdong visitation and a 27.8% increase in non-Guangdong visitation. In October 2014, overall visitation from Mainland China was up 20.5% YoY, driven by a 10.3% increase in Guangdong visitation and a 29.4% increase in non-Guangdong visitation.

Year-Over-Year Visitation Growth Mainland Chinese Visitation to Macao¹

Greater than 20%

Data Not Available-10% - 0%

0% - 10%

10% - 20%

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

Expanding Our Critical Mass on the Cotai StripThe Parisian Macao

18LVS

Operating

Assets

Third Party

Operating

Asset

Third Party

Future

Development

Construction Progress – January 26, 2015Map of Macao’s Cotai Strip

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

Construction is progressing

Hotel rooms and suites: 3,000+

Gaming capacity: ~450 table games and 2,500 slots and ETGs

Additional amenities including retail mall, 50% scale replica Eiffel Tower, MICE space, diverse food & beverage options and entertainment

The Parisian Macao will be interconnected to our other Cotai Strip properties through mall access and other pedestrian connectivity including a walkover bridge from Sands Cotai Central

Rendering of The Parisian Macao

LVS Future

Development

Expanding Our Critical Mass on the Cotai StripThe St. Regis Tower at Sands Cotai Central

19

Construction Progress – January 26, 2015Map of Macao’s Cotai Strip

St. Regis branded 5-star hotel and serviced apartments to complement the existing portfolio of brands on the Cotai Strip

Construction is progressing

Hotel rooms and suites: ~400

Serviced Apartments: ~300

Rendering of The St. Regis Tower

LVS

Operating

Assets

Third Party

Operating

Asset

Third Party

Future

Development

LVS Future

Development

$3.03 $3.19

$1.60 $1.63

$4.63 $4.82

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

4Q13 4Q14

Non-Rolling Tables Slot Machines

$258.8

$518.5

$341.3

$461.0

39.2%

61.8%

44.7%

60.1%

20%

30%

40%

50%

60%

70%

80%

$0

$100

$200

$300

$400

$500

$600

4Q13 4Q14 4Q13 4Q14

Marina Bay Sands OperationsStrong Performance Across Gaming and Non-Gaming Segments

20

Actual

Adjusted property EBITDA of $518.5 million, an increase of 100.3%

— EBITDA was positively impacted by a $90.1 million property tax reassessment received in 4Q14 related to the 2010-2014 period

— Excluding the property tax reassessment, adjusted property EBITDA would be $428.4 million, an increase of 65.5%

— Hold-normalized adjusted property EBITDA of $461.0 million, an increase of 35.1%. Excluding the property tax reassessment, hold-normalized adjusted property EBITDA would be up 8.7% to $371.0 million with a hold-normalized EBITDA margin of 48.4%

Total mass (non-rolling tables and slots) win per day increased 4.1% to reach $4.82 million

— Non-rolling win increased 5.3% to a record $293.1 million

— Slot win increased 1.8% to $150.4 million

Room revenue decreased 3.9% due to rooms out of service for remodeling. RevPAR increased 1.0% to $415 and ADR decreased 0.7% to $422.

Retail mall revenue increased 5.5% to $45.7 million

Rolling win increased 36.3% to $359.3 million on hold of 3.58% (rolling volume decreased 26.8% to $10.05 billion)

($MM)

($MM)

Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Continued Growth in Mass Table, Slot and Retail Businesses

Non-Rolling Table and Slot Win Per Day

Hold-Normalized

VIP12%

Mass Tables37%

Slots20%

Hotel18%

Mall8%

Other5%VIP

18%

Mass Tables36%

Slots19%

Hotel17%

Mall6%

Other4%

2013¹

Singapore: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands

21

Mass Tables / Slots and Non-Gaming Generated 88% of Singapore’s Hold-Normalized Departmental Profit in 2014

Singapore Hold-Normalized Departmental Profit Contribution by Segment

2014¹

1. In 2014, VIP hold was 3.30% compared to 2.46% in 2013. On a non-normalized basis, VIP contribution would have been 10% in 2013 and 18% in 2014.

$169 $177 $182 $188 $192

$113$126 $125 $129 $132

$42$43 $45

$52 $57

$154$156 $160

$167$169

$478$502 $512

$536 $551

$0

$100

$200

$300

$400

$500

$600

4Q13 1Q14 2Q14 3Q14 4Q14

Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands

Asia Retail Mall Portfolio Continues to Generate Strong Growth in Revenue and Operating Profit

22

($MM)

Trailing Twelve Months Retail Mall Revenue

85% 86% 86% 86%Operating Profit Margin

88%

1. At December 31, 2014, 323,339 square feet of gross leasable area were occupied out of a total of up to 600,000 square feet of retail mall space that will be featured at completion of all phases. 2. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12-months divided by the comparable square footage for the same period. Only tenants that have occupied mall space for a minimum of 12 months are included in the tenant sales per square foot calculation.

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

$482M

TTM 4Q14 Sales per Sq. Foot²

MBS:$1,426

SCC:$1,450

Four Seasons:$5,689

Venetian:$1,673

South Korea

Promising Areas of Future Development Interest for Las Vegas Sands

Japan

As the global leader in Integrated Resort development and operation, Las Vegas Sands is uniquely positioned to bring its unmatched track record and powerful convention-based business model to the world’s most promising Integrated Resort development opportunities

Development opportunity parameters:

— Minimum of 20% return on total invested capital

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

Disciplined Execution of Our Global Growth Strategy

23

Macao

The Parisian Macao

St. Regis Tower atSands Cotai Central

Vietnam

Appendix

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

Macao Property Operations

Reported 835.9$ 939.8$ 801.3$ 809.0$ 711.2$

Hold-Normalized 866.8$ 864.8$ 752.5$ 772.1$ 686.2$

Marina Bay Sands

Reported 258.8$ 435.2$ 417.8$ 351.7$ 518.5$

Hold-Normalized 341.3$ 377.9$ 368.5$ 366.5$ 461.0$

Las Vegas Operations

Reported 88.2$ 79.7$ 66.1$ 90.2$ 78.0$

Hold-Normalized 93.7$ 97.3$ 70.4$ 83.6$ 87.6$

Sands Bethlehem

Reported 30.3$ 26.5$ 27.9$ 29.8$ 36.2$

Hold-Normalized 30.3$ 26.5$ 27.9$ 29.8$ 36.2$

LVS Consolidated2

Reported 1,214.0$ 1,479.7$ 1,312.6$ 1,283.9$ 1,346.1$

Hold-Normalized 1,332.9$ 1,365.2$ 1,218.8$ 1,255.1$ 1,273.3$

Historical Hold-Normalized Adj. Property EBITDA1

26

1. This schedule presents hold-normalized adjusted property EBITDA based on the following methodology:(a) for Macao operations and Marina Bay Sands: if the quarter’s rolling win percentage is outside of the 2.70%-3.00% band, then a hold-adjustment is calculated by applying a rolling win percentage of 2.85% to the rolling table volume for the quarter.(b) for Las Vegas operations: if the quarter’s Baccarat win percentage is outside of the 22.0%-30.0% band, then a hold-adjustment is calculated by applying a Baccarat win percentage of 26.0%, and if the quarter’s non-Baccarat win percentage is outside of the 14.0%-18.0% band, then a hold-adjustment is calculated by applying a non-Baccarat win percentage of 16.0%.

(c) for Sands Bethlehem: no hold-adjustment is made.(d) for all properties: gaming taxes, commissions paid to third parties on incremental win, bad debt expense, discounts and other incentives are applied to determine the EBITDA impact.

2. Reflects consolidated adjusted property EBITDA inclusive of Other Asia (principally CotaiJet operations) segment.3. MBS’s quarterly results were positively impacted by a property tax reassessment of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014. Excluding the property tax

reassessment, MBS reported adj. property EBITDA would be $428.4 million and hold-normalized reported adj. property EBITDA would be $371.0 million. LVS’s reported adj. property EBITDA would be $1,256.0 million and hold-normalized reported adj. property EBITDA would be $1,183.2 million.

3

3

3

3

$1,086

$2,229

$3,532$3,791

$4,763

$5,422

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2009 2010¹ 2011 2012² 2013 2014

$4,563

$6,853

$9,411

$11,131

$13,770$14,584

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

2009 2010¹ 2011 2012² 2013 2014

LVS Historical Net Revenue

($MM)

Strong Historical Revenue and EBITDA Growth Over the Last Five Years

LVS Historical Adjusted Property EBITDA

($MM)

Margin 23.8% 32.5% 34.1%37.5% 34.6%

1. Marina Bay Sands opened in April 2010.

2. Sands Cotai Central opened in April 2012.

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

37.2%

27

$48

$775

$1,644$1,768

$2,399

$2,894

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2009 2010¹ 2011 2012² 2013 2014

$0.07

$0.98

$2.02$2.14

$2.90

$3.58

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

2009 2010¹ 2011 2012² 2013 2014

LVS Historical Adjusted Net Income

Strong Historical Adjusted Net Income and Adjusted EPS Growth Over the Last Five Years

LVS Historical Adjusted Diluted Earnings per Share

($MM)

Diluted SharesOutstanding

728M 792M 825M812M 826M

1. Marina Bay Sands opened in April 2010.

2. Sands Cotai Central opened in April 2012.

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

808M

28

$472 $447 $445 $500 $500 $500

$60 $190

$830

$192 $75

$125

$40

$210 $390

$1,100

$780

$110

$190

$505

$70 $107

$49

$19

$1,449

$898

$1,179

$2,420

$1,350

$610

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

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

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

Capital Expenditures 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 Macao2

St. Regis at Sands Cotai Central

LVS Capex Expectations

Development Timeline Pre-OpeningPost-Opening

29

180 418 979

1,632226

1,148

1,878

1,043

2,115

$100 $99$330

$1,688

$2,160

$5,625

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2015 2016 2017 2018 2019 2020

SCL MBS USRG LVSC

Debt Maturity ProfileDebt Maturity by Year at December 31, 2014

Long Term and Low Cost Financing in Place

($MM)

1% 1% 17%% of Total 3% 22% 56%

30

$70

$208$285

$361$510 $561

$656$780

$822 $896

$1,045 $1,087 $1,059 $1,120 $1,016 $1,068 $1,028 $984 $1,001

0.0% 8.4% 9.6%12.9% 11.3%

14.6%18.2% 19.8%

23.4%26.8% 26.7% 27.8%

30.3% 32.0%

37.2% 37.5%40.9% 41.9% 40.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

$0

$300

$600

$900

$1,200

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

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

$40

$146

$203$250 $271

$345$314

$418

$311 $317

$378 $368$408

$342

$403

$326$361

$281 $272

$0

$75

$150

$225

$300

$375

$450

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

MBS – Credit Collections Remain Healthy Reserve Balance Is Now $401 Million (40.0% of Gross A/R)

31

($MM)

Reserve Balance Has Increased to $401 Million – 40.0% of Gross Accounts Receivable

Casino Credit Collections Remain Stable

$0Quarterly Provision

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

Life to Date Provision of $548M Represents 9.8% of Rolling Win Since Opening of Property

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

$434$354

$216$194

$650$548

$0

$100

$200

$300

$400

$500

$600

$700

4Q13 4Q14

Baccarat Non-Baccarat

$88.2$78.0

$93.7 $87.6

22.9% 21.5%23.9% 23.4%

0%

10%

20%

30%

40%

$0

$20

$40

$60

$80

$100

4Q13 4Q14 4Q13 4Q14

Las Vegas OperationsSofter Quarter for Asian Baccarat

32

Composition of Table Games Drop

Adjusted property EBITDA was $78.0 million, a decrease of 11.6%

— On a hold-normalized basis, adjusted property EBITDA was $87.6 million, a decrease of 6.5%

ADR increased 6.7% to $222 with 81.1% occupancy, RevPAR decreased 2.7% to $180

Softer Baccarat play drove a 15.6% decrease in table games drop to $548.1 million

Slot handle increased 7.8% to $584.6 million (slot win down 2.4% to $45.1 million)

Best opportunities for future growth:

— High-end Asian gaming growth

— Increase in group room pricing in 2015

— Non-gaming amenities

($MM)

Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Opportunity for Future Growth in Group Room Business, Non-Gaming and Asian Baccarat

Actual($MM)

Hold-Normalized

$30.3

$36.2

24.4%27.1%

0%

10%

20%

30%

40%

$0

$10

$20

$30

$40

4Q13 4Q14

$121 $136

$138$144

$259 $280

$0

$100

$200

$300

4Q13 4Q14

Baccarat Non-Baccarat

Sands Bethlehem OperationsRecord Quarter for Leading Tri-State Region Property

33

Adjusted property EBITDA increased 19.5% to record $36.2 million

Table games drop increased 8.1% to reach $279.9 million, driven by a 12.4% increase in baccarat drop

Slot handle increased 1.6% to $1.01 billion

ADR increased 2.8% to $149 with occupancy of 87.9%. RevPAR increased 21.3% to $131.

The Outlets at Sands Bethlehem (130,000 SF) feature 29 stores including Coach, Tommy Hilfiger, DKNY, GUESS, European Body Concepts Day Spa and Joli French Bakery and Cafe

The Sands Bethlehem Event Center (50,000 SF)

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

($MM)

($MM)

Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Composition of Table Games Drop

Macao Market Background and Infrastructure Slides

40%

72%

60%

28%

0%

20%

40%

60%

80%

100%

Gross Gaming Revenue Operating Profit

Mass Tables and Slots VIP Gaming

$17,400

$26,608

$44,008

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

Gross Gaming Revenue

Mass Tables and Slots VIP Gaming

2014 Macao Market Gross Gaming Revenue

VIP Gaming Represents 60% of Total Macao GGR……but Mass Tables and Slots Generate ~72% of Gaming Operating Profit

($MM)

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

Source: Macao DICJ

1. In the fourth quarter of 2014, the mass table segment decreased -16.1% and the slot business decreased -16.8% compared to the fourth quarter of 2013.

2. This presentation reflects an assumed operating profit margin of 10.0% on gross VIP revenue and a blended margin of 40% on mass table and slot gross revenue.

Mass Gaming Generates 40% of the Gaming Revenue, but ~72% of the Gaming Operating Profit

35

4Q14 YoY Growth

-25%

-29%

-16%1

~1.8X

$3,579

$4,670

$6,123

$6,960 $2,446

$2,637

$2,985

$2,661

$6,026

$7,307

$9,108 $9,621

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2011 2012 2013 2014

Mass Tables, Slots and ETGs VIP Tables

Macao Market VIP and Mass Gaming Estimated Operating Profit ¹

The Mass Business is the Principal Profit Pool and the Primary Driver of Earnings Growth in Macao

($MM)

Source: Macao DICJ

1. This presentation reflects an assumed operating profit margin of 10.0% on gross VIP revenue and a blended margin of 40% on mass table and slot gross revenue.

― The VIP Business Now Generates Approximately $215 Million More in Annual Operating Profit ― The Mass Business Now Generates Approximately $3.4 Billion More in Annual Operating Profit

36

(59%)

(64%)

(67%)

(72%)(41%)

(36%)

(33%)

(28%)

(XX%) = % of total

operating profit for period

Since 2011:

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

$4,358$4,952

$6,587

$8,949

$11,674

$15,309

$17,400

$4,411$3,696

16%

39%

30%

14%

33%36%

30% 31%

14%

0%

10%

20%

30%

40%

50%

60%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 4Q13 4Q14¹

Mass Table and Slot GGR Year-over-Year Growth

Macao Base Mass Business Remains More ResilientThan Premium Mass in Softer Current Environment

37

Macao Mass Table and Slot Gross Gaming Revenue

($MM)

Source: Macao DICJ

1. In 4Q14, Macao market mass table and slot revenue decreased by -16% (-16% mass table growth and -17% slot growth).

Macao’s Mass Table and Slot Revenue Growth For the Full Year 2014was 14% (15% Mass Table Growth and 0.1% Slot Growth)

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

1

2

3

4

5

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

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

Increasing length of stay in Macao

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

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

Sources: McKinsey, Ernst & Young, CLSA

38

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

73

8397

108119

132

147

163

180

200

$138

$157

$179

$205

$234

$268

$306

0

50

100

150

200

250

300

350

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

Outbound Travel from China

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

39

Outbound Travel Penetration¹

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

Expenditure (US$bn)

Chinese outbound

tourists (millions)

CLSA estimates

Source: CLSA, UNWTO

1. Outbound travel penetration is defined as total departures by residents as a percentage of the respective country’s population.

1

China

Japan

Taiwan

Korea

2009-2013 2012-2020

Expenditure 27.2% 14.3%

Tourists 16.1% 10.9%

CAGR

44.5%

27.5%

14.5%

6.1%

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

Hong Kong

Macao

Twelve Months Ended December 31, Population GDP Per Penetration

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

Guangdong 8,200,118 9,008,942 +10% 104 $9,452 8.6%

Fujian 781,571 902,303 +15% 37 $9,342 2.4%

Hunan 655,432 750,687 +15% 66 $5,936 1.1%

Zhejiang 644,929 694,678 +8% 54 $11,054 1.3%

Hubei 553,959 668,188 +21% 58 $6,881 1.2%

Jiangsu 517,760 581,939 +12% 79 $12,047 0.7%

Shanghai 538,143 547,739 +2% 23 $14,547 2.4%

Henan 365,956 508,495 +39% 94 $5,518 0.5%

Guangxi 401,535 504,575 +26% 46 $4,939 1.1%

Jiangxi 370,479 454,682 +23% 45 $5,130 1.0%

Sichuan 378,532 396,421 +5% 80 $5,240 0.5%

Beijing 357,283 387,023 +8% 20 $15,051 2.0%

Hebei 241,581 349,467 +45% 72 $6,251 0.5%

Liaoning 292,874 344,360 +18% 44 $9,961 0.8%

Heilongjiang 242,135 312,103 +29% 38 $6,057 0.8%

Shandong 268,247 300,765 +12% 96 $9,094 0.3%

Chongqing 221,894 257,409 +16% 30 $6,910 0.9%

All Other 3,599,779 4,282,634 +19% 407 N/A 1.1%

Subtotal (Excluding

Guangdong)10,432,089 12,243,468 +17% 1,288 $6,617 1.0%

Mainland China 18,632,207 21,252,410 +14% 1,392 $6,767 1.5%

40

NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor.Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates1. In December 2014, overall visitation from Mainland China was up 1.1% YoY, drive by a 1.1% increase in Guangdong visitation and a 1.2% increase in non-Guangdong visitation. In November 2014, overall visitation from Mainland China was up 27.8% YoY, driven by a 27.8% increase in Guangdong visitation and a 27.8% increase in non-Guangdong visitation. In October 2014, overall visitation from Mainland China was up 20.5% YoY, driven by a 10.3% increase in Guangdong visitation and a 29.4% increase in non-Guangdong visitation.

Year-Over-Year Visitation Growth Mainland Chinese Visitation to Macao¹

Greater than 20%

Data Not Available-10% - 0%

0% - 10%

10% - 20%

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

1

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

Source: SCMP, LVS, NYT41

2

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

Beijing – Guangzhou High-Speed Rail

World’s longest high-speed rail route

Covers 2,298km in ~10 hours (compared to 22 hours previously) at a cost of 862 yuan (~US$140) per one way ticket

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

5 trains in each direction each day

Guangzhou – Zhuhai Intercity Rail

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

Guangzhou is the largest city in Guangdong province and is a key economic and transportation hub

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

Zhuhai station opened in Jan 2013

Future link to Macao Light Rail System

40-45 trains in each direction each day

Wuhan – Guangzhou High-Speed Rail

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

Wuhan is an important economic and transportation hub in Central China

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

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

Hong KongMacao

Infrastructure: Meaningful Improvements Throughout the Pearl River Delta Region

Source: World Bank, China Daily, Chinatrainguide.com, Analyst reports. Note: population and GDP data from 2013.42

GuangzhouPopulation: 13M

GDP Per Capita: US$14,000

MacaoPopulation: 0.6M

GDP Per Capita: US$91,300

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

Jan. 2014 and expected to attract 20M visitors annually at completion of all phases

Hong KongPopulation: 7.2M

GDP Per Capita: US$38,000

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

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

ShenzhenPopulation: 10M

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

350,000 people in 2H13• Reduced average wait times on China side of

border

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

January 2013

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

Infrastructure Legend

Existing

Future

Completed in 1Q13

Gongbei – Hengqin Railway• Connects the Gongbei border crossing with

Hengqin Island• Stops at Lotus Bridge crossing and ends at

Chimelong theme park• Expected completion 2017

2

5.2

6.3

7.3

8.1

8.9

9.7

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2009 2010 2011 2012 2013 2014

5.8

6.9

8.8 8.8

9.7

11.5

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2009 2010 2011 2012 2013 2014

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

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

(MM)

Source: Macao DSEC43

-9% +19% +28% 0%

(MM)

Growth -1% +22% +16% +10%Growth

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

+10% +10%

3

+19% +9%

11.013.2

16.2 16.918.6

21.3

18.0

22.7

28.1

34.9

40.7

47.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Mainland China Visitation to Macao and Hong Kong

Visitation to Macao Can Meaningfully Grow47.2 Million Residents of Mainland China Visited Hong Kong in 2014

(MM)

Source: Macao DSEC; Hong Kong Tourism Board44

-5% +20% +22% +5%Macao

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

Robust Transportation Infrastructure, 74,000 Hotel Rooms and World-Class Dining and Shopping Amenities Enabled 47.2 Million Mainland Chinese Visitors to Travel to Hong Kong in 2014

In 2014 Hong Kong Received 25.9M More Visitors from

China than Macao

2009 2010 2011 2012 2013

+10%

+17%

3

Macao Hong Kong

2014

+14%

+16%

18.7

58.1

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2.1

3.4

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

9.78.9

23.7

17.1

0.0

5.0

10.0

15.0

20.0

25.0(Days)

Total 2013 Mainland Chinese Visitor Nights¹

(MM)(MM)

Daytrip Visitors

Opportunity for Increased Overnight Visitation and Length of Stay In Macao

451. Calculated as total overnight visitors from Mainland China multiplied by average length of stay for Mainland overnight visitors in each market for 2013.

Source: Macao DSEC, Hong Kong Tourism Board

Composition of 2013 Visitation from Mainland China

Mainland Visitors Spent 58.1 Million Visitor Nights in Hong Kong in 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

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

46

Map of Hengqin Island New Area Important Facts

Island adjacent to Macao (3X the size of Macao) that has been welcomed by President Xi Jinping as a strategic zone for cooperation among Guangdong Province, Hong Kong and Macao

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

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

— Support from the Central Government to enable long term success

— Empowerment to have broad flexibility on economic and legal matters

Designed to contribute to the diversification of Macao

— US$3.2 billion Chimelong International Ocean Resort opened January 28, 2014 and is expected to generate 20 million visits in the future after completion of all phases¹

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

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

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

1. Phase 1 currently includes the Hengqin Bay Hotel, the Ocean Kingdom theme park, the Circus World show and a waterpark in the Hengqin Bay Hotel. During the 2014 Chinese New Year holiday, the theme park received over 500,000 visitors. It is expected to draw over 5.5 million visitors by the end of the year, up from the initial 2 million visitor projection.

4

Sands Cotai Central5,723

The Venetian Macao

2,905

Sands Macao, 289

Galaxy Macau2,250

Grand Waldo, 550

Starworld, 509

City of Dreams1,461

Altira Macau, 216

Wynn Macau1,014 Grand Lisboa, 431

Sofitel Macau, 408MGM Grand, 587

9,277

3,309

1,677

1,014 839587

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

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

Hotel % of Gaming % of Total

Gaming Operator Rooms Operators Market

Sands China 9,277 56% 38%

Galaxy Entertainment 3,309 20% 14%

Melco Crown 1,677 10% 7%

Wynn Resorts 1,014 6% 4%

SJM Holdings² 839 5% 4%

MGM China 587 4% 2%

Subtotal Gaming Operators 16,703 100% 68%

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

Total 24,240 100% 100%

Market Leading Hotel Capacity at SCLSands China Operates 38% of Macao’s Current 4/5-Star Hotel Inventory

1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,537 additional four- and five-star hotel rooms in Macao.2. Reflects only SJM Holdings self-owned hotels.

Source: Company filings, Macao DSEC

47

With a Market-Leading US$9 billion of Investment,SCL Hotel Inventory Represents 56% of Macao Competitor Hotel Inventory

Macao Market Gaming Operator Hotel Rooms1

Four Seasons Macao, 360

5

`

Sands Cotai Central

5,723

The Venetian Macao

2,905

Sands Macao, 289

The Parisian Macao3,000

Galaxy Macau2,250

Grand Waldo, 550Starworld, 509

Galaxy Macau Phase II1,350

City of Dreams1,461

Altira Macau, 216

Macau Studio City2,000

Grand Lisboa, 431Sofitel Macau, 408

SJM Cotai2,000

Wynn Macau, 1,014

Wynn Cotai1,700

MGM Grand, 587

MGM Cotai1,600

12,677

4,659

3,6772,839 2,714

2,187

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

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

Hotel % of Gaming % of Total

Gaming Operator Rooms Operators Market

Sands China 12,677 44% 35%

Galaxy Entertainment 4,659 16% 13%

Melco Crown 3,677 13% 10%

SJM Holdings² 2,839 10% 8%

Wynn Resorts 2,714 9% 7%

MGM China 2,187 8% 6%

Subtotal Gaming Operators 28,753 100% 79%

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

Total 36,526 100% 100%

1. In addition to the hotel rooms that are owned by gaming operators presented here, there will be approximately 7,773 additional four- and five-star hotel rooms in Macao.2. Reflects only SJM Holdings self-owned hotels.

Source: Company filings, Macao DSEC

48

Macao Market Gaming Operator Hotel Rooms at December 31, 20171

Four Seasons Macao, 360

St. Regis Macao, 400

5

`

With a Market-Leading US$13 billion of Investment,SCL Hotel Inventory Will Represent 44% of Macao Competitor Hotel Inventory

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

Supplemental Sands China Information

$7.0

$4.9

$1.0

$12.8

$2.3

$15.1

$6.2

$4.8

$0.7

$11.7

$2.0

$13.7

$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 TotalMacao Ops

4Q13 4Q14

Mass Table, Slot and ETG Win Per Day

($MM)

SCL’s Mass Business Holding Up Better In a ChallengingMarket Than the Macao Market as a Whole

50

Cotai Strip Properties Peninsula Total

Mass Tables 506 378 95268 196 1,149

Slots

ETGs

1,421 999 2,561141 551 3,112

590 635 1,2338 368 1,601

4Q14 Average Table, Slot and ETG Units

$12,143

$13,210

$11,963$11,518

$10,469

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

4Q13 1Q14 2Q14 3Q14 4Q14

$1,218.5

$1,336.7

$1,248.8 $1,218.2

$1,106.4

30.5% 31.6% 30.5% 30.0%32.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

4Q13 1Q14 2Q14 3Q14 4Q14

Mass Table Win % of Macao Mass Table Win

Mass Table Win Mass Table Win per Table per Day2

51

($MM)

1,091Avg. Mass Tables

1,124 1,147 1,150 1,149

Greater Than $1.75 Billion of Annual Departmental Profit at the 4Q14 Run-Rate

Source: Macao 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.

Macao Mass Table BusinessMass Business in Macao is Contracting (Particularly at the “High End” of Mass)

1

$353

$388$401

$424

$362

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

4Q13 1Q14 2Q14 3Q14 4Q14

$173.8$184.3

$177.6 $175.9

$156.9

32.7% 32.2% 32.5%31.5%

32.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

$220

4Q13 1Q14 2Q14 3Q14 4Q14

Slot & ETG Win % of Macao Market Slot Win

Macao Slot and ETG Win Macao Slot and ETG Win per Unit per Day

52

($MM)

5,348Avg. Slots & ETGs

5,277 4,865 4,515 4,713

~ $300 Million of Annual Departmental Profit at the 4Q14 Run-Rate

Source: Macao DICJ

1. LVS’s slot market share as presented above reflects the Macao DICJ’s slot revenue reporting methodology, which excludes ETG play. Live dealer ETG configurations are reported within

the mass table segment. For financial reporting purposes, LVS presents a non-rolling table segment (which excludes all ETGs) and a slot segment (which includes all ETGs).

Macao Slot Business Soft, But Highly ProfitableDecreasing less than the Macao market as a whole (declined 16.8%)

1

$32,837

$39,167

$32,568

$29,893

$24,084

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

4Q13 1Q14 2Q14 3Q14 4Q14

$1,327.2

$1,445.3

$1,116.9

$1,018.6

$837.7

16.9%18.3%

16.8%17.9%

15.6%

0%

5%

10%

15%

20%

25%

30%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

4Q13 1Q14 2Q14 3Q14 4Q14

Rolling Win % of Macao Market Rolling Win

Rolling Win per Table per Day

53

Rolling Win

439Avg. Rolling Tables

410 377 370 378

Approximately $370 Million of Annual Departmental Profit at the 4Q14 Run-Rate

($MM)

VIP Business in Macao Continues to Decline

2.68% 3.18% 3.19% 3.26% 3.01%RollingWin %

Department

Year Ended

12/31/2013

Year Ended

12/31/2014 YoY Growth (%)

Departmental Profit

Margin Range

Mall $324 $380 17% 85%+

Hotel 536 652 22% 75% - 80%

Convention, F&B,

Entertainment & Other521 595 14% Varies

Base Mass 2,348 2,813 20% 40% - 50%

Slots 638 695 9% 40% - 50%+

Premium Mass 1,728 2,097 21% 25% - 40%

VIP Gaming 5,038 4,418 -12% ~10%

Adj. Property EBITDA from

Macao Property Operations

Gross Revenue (US$MM)

$2,908 $3,261 12%

Macao Annual Operating PerformanceMost Diversified and Defensive Cash Flows in the Macao Market

54

SCL Departmental Revenue and Profit Margins – Year Ended December 2014 vs 2013

Annual Revenue Growth Across All Segments Except VIP

Department

Quarter Ended

12/31/2013

Quarter Ended

12/31/2014 YoY Growth (%)

Departmental Profit

Margin Range

Mall $116 $128 10% 85%+

Hotel 163 169 4% 75% - 80%

Convention, F&B,

Entertainment & Other152 164 8% Varies

Base Mass 659 645 -2% 40% - 50%

Slots 174 157 -10% 40% - 50%+

Premium Mass 559 461 -18% 25% - 40%

VIP Gaming 1,327 838 -37% ~10%

Adj. Property EBITDA from

Macao Property Operations

Gross Revenue (US$MM)

$836 $711 -15%

Macao Fourth Quarter Operating PerformanceMost Diversified and Defensive Cash Flows in the Macao Market

55

SCL Departmental Revenue and Profit Margins – Quarter Ended 12/31/2014 vs 12/31/2013

Base Mass Showing Greater Resilience in Softer Gaming Market…With Higher Margin Non-Gaming Segments Continuing to Show Growth

Macao Annual Non-Gaming RevenueMost Diversified and Defensive Cash Flows in the Macao Market

56

($MM)

SCL Non-Gaming Revenue

SCL Continues to Expand Its Market-Leading Non-Gaming Offerings in Macao

$40 $49

$198

$576 $593$688

$817

$1,030

$1,381

$1,626

$0

$500

$1,000

$1,500

$2,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Non-Gaming Revenue (US$MM)

$450.7

$529.9

$769.7

$927.0

$1,093.2

10.9%

10.9%11.8%

10.4%11.4%

0%

5%

10%

15%

20%

25%

0

200

400

600

800

1,000

1,200

2010 2011 2012 2013 2014

Labor Expense Labor Expense as a % of Net Revenue

Labor Costs in MacaoWhile Costs Have Increased, They Have Remained Fairly Stable as a % of Net Revenue

57

SCL Historical Labor Expense

($MM)Opening of

Sands Cotai

Central