The Venetian Macao Marina Bay Sands, Singapore
Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo Las Vegas
2Q14 Earnings Call PresentationJuly 16, 2014
The Parisian, Macao(Targeted to open late 2015)Sands Cotai Central, Macao
This presentation contains forward‐looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward‐looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new 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 30.8% to $0.85 per share¹
Consolidated adjusted property EBITDA increased 18.6% to $1.31 billion¹
Macao – Adjusted property EBITDA¹ increased 21.9% to $801.3 million driven by strong growth in the mass market
Marina Bay Sands – Adjusted property EBITDA increased 17.6% to $417.8 million
LVS returned a total of $723.3 million to shareholders during the quarter
— $403.3 million ($0.50 per share) returned through recurring dividend
— $320.0 million returned through share repurchases
Second Quarter 2014 HighlightsSteady Quarterly Growth 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
NOTE: All comparisons in this presentation compare the second quarter 2014 against the second quarter 2013 unless otherwise specified.1. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher both in Macao and on a consolidated basis, and Adjusted Earnings per Diluted Share would have been $0.03 higher.
$ in millions, except per share information 2Q13 2Q14 $ Change % Change
Net Revenue 3,242.9$ 3,624.4$ 381.5$ 11.8%
Adjusted Property EBITDA 1,106.9$ 1,312.6$ 205.7$ 18.6%
Adjusted Property EBITDA Margin 34.1% 36.2% 210 bps
Adjusted Diluted EPS 0.65$ 0.85$ 0.20$ 30.8%
Dividends per Common Share 0.35$ 0.50$ 0.15$ 42.9%
Hold‐Normalized Adjusted Property EBITDA 1,157.0$ 1,218.8$ 61.8$ 5.3%
Hold‐Normalized Adj. Property EBITDA Margin 35.0% 35.2% 20 bps
Hold‐Normalized Adjusted Diluted EPS 0.71$ 0.77$ 0.06$ 8.5%
Second Quarter 2014 Financial ResultsGrowth in Revenue, Adjusted Property EBITDA, EPS and Dividends per Share
51. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher both in Macao and on a consolidated basis, and Adjusted Earnings per Diluted Share would have been $0.03 higher.
¹
¹
¹
¹
Macao – Steady EBITDA growth driven by growth in mass segment
— Mass table win increased 34.3% to $1.25 billion
— Slot and ETG win increased 18.8% to $177.6 million
— Rolling win decreased 5.7% to $1.12 billion
— Retail mall revenue increased 9.0% to $78.0 million
Singapore – Steady operating performance with growth in hotel and retail segments
— Mass table and slot win increased 3.7% to $426.0 million (property record $4.7 million win per day)
— Room revenue increased 7.6% to $93.1 million with ADR of $409, occupancy of 99.1% and RevPARof $405
— Rolling win decreased 0.9% to $360.3 million
— Mall revenue increased 12.6% to $40.3 million
Macao – Strong Growth in Mass SegmentSingapore –Growth in Mass, Hotel and Retail Segments
6
Year Year Six MonthsEnded Ended Ended
$ in millions 12/31/2012 12/31/2013 6/30/2014 Total
LVS Dividends Paid1 823$ 1,153$ 809$ 2,785$ LVS Special Dividend Paid 2,262 ‐ ‐ 2,262 LVS Shares Repurchased ‐ 570 1,130 1,700
Subtotal LVS 3,085$ 1,723$ 1,939$ 6,747$ SCL Dividends Paid2 357 411 777 1,545 Total 3,442$ 2,134$ 2,716$ 8,292$
$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 ShareholdersNearly $8.3 Billion of Capital Returned to Shareholders Over Last 10 Quarters
LVS Recurring Dividends per Share1 The LVS Board of Directors increased the 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 by at least 10% annually
— $2.0 billion Las Vegas Sands stock repurchase program with a commitment to purchase at least $75 million of stock each month (approximately $300 million remaining under current authorization)
— 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 of $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
3.3%
2.9%2.7%
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 $74.22 $80.00 $90.00 $100.00
2.7%
2.1%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
LVS S&P500
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 July 15, 2014. 2. Reflects the 2014 forward LVS dividend ($2.00) over the closing price for LVS on July 15, 2014.
LVS’s 2014 Dividend Yield of 2.7% Reflects a 60 bps Premium Above the S&P500 Forward Dividend Yield Estimates
Sensitivity of LVS Dividend Yield
Dividend Yield as of 7/15/14²
+60 bps
8
Figures as of June 30, 2014 Sands China U.S. Corporate(US GAAP in $MM) Ltd. Singapore Operations3 and Other Total
Cash, Cash Equivalents and Restricted Cash 1,514.0$ 515.9$ 395.5$ 873.6$ 3,299.0$
Debt 3,216.8$ 3,682.2$ 3,480.0$ ‐$ 10,379.0$
Net Debt 1,702.8$ 3,166.3$ 3,084.5$ (873.6)$ 7,080.0$
Trailing Twelve Months Adjusted Property EBITDA 3,361.3$ 1,485.4$ 435.5$ ‐$ 5,282.2$
Gross Debt to Trailing Twelve Months EBITDA 1.0 x 2.5 x 8.0 x NM 2.0 x
Net Debt to Trailing Twelve Months EBITDA 0.5 x 2.1 x 7.1 x NM 1.3 x
At June 30, 2014:
Trailing Twelve Months EBITDA – $5.28 billion1
Trailing Twelve Months LVS Dividends Paid – $1.38 billion
Trailing Twelve Months SCL Dividends Paid – $776.6 million2
Trailing Twelve Months LVS Stock Repurchases – $1.65 billion
Cash Balance – $3.30 billion
Net Debt – $7.08 billion
Net Debt to TTM EBITDA – 1.3x
Strong Cash Flow, Balance Sheet and LiquidityFlexibility for Future Growth Opportunities and Increasing Return of Capital
9
1. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher.2. 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.3. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $65.5M in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem.4. The net leverage ratio for covenant compliance purposes was 1.2x, 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
4
$657.2
$801.3
$657.2
$752.5
32.1%34.0%
32.1% 33.3%
0%
10%
20%
30%
40%
50%
60%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
2Q13 2Q14 2Q13 2Q14
Macao Operating Performance
10
($MM)
Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin¹
Actual Hold‐Normalized
+14.5%+21.9%
1. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher in Macao.
Mass tables
— Mass table win up 34.3% to $1.25 billion (compared to 32.6% growth for the Macao market)
— Mass table efficiency up 17.4% to $11,963 win per table per day (despite an increase of 145 mass tables compared to the same quarter last year)
— Mass table count increased by 14.4% to reach an average of 1,147 mass tables during the quarter
Slots and ETGs
— Slot and ETG win up 18.8% to $177.6 million driven by increased slot play at The Venetian Macao
VIP gaming
— Rolling win down 5.7% to $1.12 billion (compared to a decrease of 5.9% for the Macao market)
— VIP table efficiency increased 31.5% to $32,568 win per VIP table per day
— VIP table count decreased by 28.2% to an average of 377 VIP tables during the quarter
Macao Gaming PerformanceStrong Growth and Increased Efficiency Across Macao Mass Property Portfolio
11
Strong Operating Momentum Across Mass Gaming Segments
$2,084 $2,409$3,355
$4,358$4,952
$6,587
$8,949
$11,674
$15,309
$17,528
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
$20,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 TTM 2Q14
Mass Table and Slot GGR Year‐over‐Year Growth
Strong and Consistent Growth in Macao’s High Margin Mass Market
12
Macao Mass Table and Slot Gross Gaming Revenue($MM)
Source: Macao DICJ
Macao’s Mass Table and Slot Revenue has Grown by at Least 30% in each of the Last 18 Quarters, Including 33% Growth in TTM 2Q14 (37% Mass Table Growth and 8% Slot Growth)
$3,579 $4,670
$6,123 $7,011 $2,446
$2,637
$2,985
$3,033
$6,026
$7,307
$9,108
$10,044
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
2011 2012 2013 TTM 2Q14
Mass Tables, Slots and ETGs VIP Tables
Macao Market VIP and Mass Gaming Est. Operating Profit ¹
The Mass Business is the Primary Driver of Earnings Growth in Macao
($MM)
Source: Macao DICJ1. 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.
Since 2011, the VIP Business Generated An Additional $587 Million in Operating Profit While the Mass Business Generated an Additional $3.4 Billion in Operating Profit
13
(59%)
(64%)
(67%)
(70%)(41%)
(36%)
(33%)
(30%)
( ) = % of total operating profit for period
Mass Tables53%
Slots 8%
Hotel 12%
Mall 8%
Other 2%VIP 17%
Mass Tables50%
Slots 9%
Hotel 12%
Mall 8%
Other 1%
VIP 20%
TTM 2Q131
Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China
14
Mass Tables / Slots and Non‐Gaming Generated 83% of Macao’s Departmental Profit in the TTM Period Ending 2Q14 vs. 80% in the TTM Period Ending 2Q13
Macao Departmental Profit Contribution by Segment
TTM 2Q14
1. Represents departmental profit by segment (before unallocated expenses) for the respective TTM periods ending June 30, 2013 and 2014.
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 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 Unmatched Mix of Non‐Gaming Amenities Drives Visitation, Length of Stay and Growth 15
$929.6
$1,061.2
$1,218.5
$1,336.7$1,248.8
29.9% 29.8% 30.5% 31.6% 30.4%
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
2Q13 3Q13 4Q13 1Q14 2Q14
Mass Table Win % of Macao Mass Table Win
$10,190$10,961
$12,143$13,210
$11,963
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
2Q13 3Q13 4Q13 1Q14 2Q14
Mass Table Win Increased 34.3% Mass Table Win per Table per Day2
16
($MM)
1,091Mass Tables
1,124 1,1471,003 1,052
Over $2.2 Billion of Annual Departmental Profit at the 2Q14 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
$11,000 $11,963 $12,000 $13,000 $14,000 $15,000 $16,000
1,250 $2,258 $2,456 $2,464 $2,669 $2,874 $3,080 $3,285
# of 1,200 $2,168 $2,358 $2,365 $2,562 $2,759 $2,957 $3,154
Mass 1,150 $2,078 $2,260 $2,267 $2,456 $2,644 $2,833 $3,022
Tables 1,147 $2,072 $2,254 $2,261 $2,449 $2,638 $2,826 $3,014
1,100 $1,987 $2,161 $2,168 $2,349 $2,529 $2,710 $2,891
Extending Our Leadership in Macao’s Mass MarketMeaningful Opportunity to Continue to Grow Mass Table Business
171. Based on departmental profit margin of 45% of mass table revenue for LVS’s Macao operations.
Over $2.2 billion of Annualized Mass Table Departmental Profit Today…Opportunity for Additional Growth Through Continued Execution of Our Mass Strategy
Illustrative Profitability of LVS’s Macao Market Mass Table Offering ($MM)1
Our departmental profit opportunity in the mass table segment in Macao
LVS’s 2Q14 annualized mass table departmental profit
$372
$452
$559 $580$547
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2Q13 3Q13 4Q13 1Q14 2Q14
$557$609
$659
$757$702
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2Q13 3Q13 4Q13 1Q14 2Q14
18
LVS Base Mass Table Win by Quarter
Macao: Strong Growth in Base Mass and Premium Mass Revenues
Note: LVS base mass and premium mass table revenues are based on geographic position of the tables on the gaming floor.
Mass Table Offering is Broadest and Deepest in Macao market
($MM)
LVS Premium Mass Table Win by Quarter
LVS Departmental Profit Margin: 45% - 50% LVS Departmental Profit Margin: 35% - 45%
($MM)
261Tables 248 290241 255829Tables 877 857761 798
$149.4
$165.9$173.8
$184.3$177.6
30.1%32.6% 32.7% 32.2% 32.4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
$220
2Q13 3Q13 4Q13 1Q14 2Q14
Slot & ETG Win % of Macao Market Slot Win
$285
$327$353
$388$401
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
2Q13 3Q13 4Q13 1Q14 2Q14
Macao Slot and ETG Win Increased 18.8% Macao Slot and ETG Win per Unit per Day
19
($MM)
5,348Slots & ETGs 5,277 4,8655,757 5,507
~ $330 Million of Annual Departmental Profit at the 2Q14 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
$5.6
$3.5
$0.6
$9.7
$2.1
$11.9
$7.0
$5.2
$1.0
$13.3
$2.4
$15.7
$0.0
$3.0
$6.0
$9.0
$12.0
$15.0
$18.0
VenetianMacao
Sands CotaiCentral
Plaza Casino(Four Seasons)
TotalCotai Strip
Sands Macao(Peninsula)
TotalMacao Ops
2Q13 2Q14
Mass Table, Slot and ETG Win Per Day
($MM)
Strong Mass Growth Across our Macao Property PortfolioMacao Property Portfolio Growing Faster than the Market
20
Strong Growth at Every Property in our Macao Portfolio Drove an Increase of 31.9% in our Portfolio‐wide Mass Win per Day to Market‐Leading $15.7 million per day
Cotai Strip Properties Peninsula Total
Mass Tables 536 354 94959 199 1,147
Slots
ETGs
1,502 1,059 2,706145 583 3,289
548 689 1,2458 331 1,576
2Q14 Average Table, Slot and ETG Units
1. This compares to a 28.9% increase for the Macao market mass table, slot and ETG win for 2Q14.
$1,183.9
$1,303.4 $1,327.2
$1,445.3
$1,116.9
16.8%18.4%
16.9%18.3%
17.1%
0%
5%
10%
15%
20%
25%
30%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
2Q13 3Q13 4Q13 1Q14 2Q14
Rolling Win % of Macao Market Rolling Win
$24,763
$30,365$32,837
$39,167
$32,568
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
2Q13 3Q13 4Q13 1Q14 2Q14
Rolling Win per Table per Day
21
Rolling Win Decreased 5.7%
439Rolling Tables 410 377525 467
Greater Than $550 Million of Annual Departmental Profit at the 2Q14 Run‐Rate
($MM)
Macao VIP BusinessModestly Declining Revenue with Increased Table Productivity
2.68% 3.18% 3.19%2.82% 2.87%RollingWin %
1. This compares to a decrease of 6.0% for the Macao market.
Expanding Our Critical Mass on the Cotai StripThe Parisian Macao
22LVS Operating Assets
Third Party Operating Asset
Third Party Future Development
Construction Progress – July 14, 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
Rendering of The Parisian Macao
LVS Planned Development
$355.3$417.8
$384.0 $368.5
48.1%51.9%
49.5% 49.6%
30%
40%
50%
60%
$0
$100
$200
$300
$400
$500
2Q13 2Q14 2Q13 2Q14
$2.99 $3.02
$1.52 $1.66
$4.51 $4.68
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
2Q13 2Q14
Non‐Rolling Tables Slot Machines
Marina Bay Sands OperationsSecond Quarter 2014 Details
23
Actual
Adjusted property EBITDA of $417.8 million, an increase of 17.6%
— Hold‐normalized adjusted property EBITDA of $368.5 million, a decrease of 4.0%
Total mass (non‐rolling tables and slots) win per day increased 3.8% to reach $4.7 million
— Non‐Rolling win increased 0.7% to $274.4 million¹
— Slot win increased 9.6% to $151.5 million²
Rolling win decreased 0.9% to $360.3 million (rolling volume decreased 27.3% to $10.45 billion)
Strong growth in hotel ADR, which increased 7.9% to $409 while room revenue increased 7.6% to reach $93.1 million
($MM)
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Continued Growth in Slot, Hotel and Retail Businesses, Mass Table Play Steady
Non‐Rolling Table and Slot Win Per Day
Hold‐Normalized
1. Non‐rolling win has been between $260 million and $280 million in each of the past twelve quarters.2. Slot win has been between $135 million and $155 million in each of the past twelve quarters.
$149 $160 $169 $177 $182
$87 $97$113 $126 $125$29
$38$42
$43 $45$157$155
$154$156 $160
$422$450
$478$502 $512
$0
$100
$200
$300
$400
$500
$600
2Q13 3Q13 4Q13 1Q14 2Q14
Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands²
Asian Retail Mall Revenue Increasing Steadily
24
($MM)
Trailing Twelve Months Retail Mall Revenue
85% 86% 86%84%Operating Profit Margin
84%
1. At June 30, 2014, 305,929 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. 44,000 square feet of the Shoppes at Marina Bay Sands (6.8% of total mall square footage) was being repositioned to higher yielding luxury tenants during the second quarter.
$407M $430M $442M$355MOperating Profit
$379M
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
25
MacaoThe Parisian Macao
St. Regis Tower atSands Cotai Central
Vietnam
Appendix
Historical Hold‐Normalized Adj. Property EBITDA1
28
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. Includes the impact of the initiation of a “14th month” special bonus accrual for non-management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher both in Macao and on a consolidated basis.
$ in millions 2Q13 3Q13 4Q13 1Q14 2Q14
Macao Property Operations
Reported 657.2$ 784.3$ 835.9$ 939.8$ 801.3$
Hold‐Normalized 657.2$ 784.3$ 866.8$ 864.8$ 752.5$
Marina Bay Sands
Reported 355.3$ 373.6$ 258.8$ 435.2$ 417.8$
Hold‐Normalized 384.0$ 373.6$ 341.3$ 377.9$ 368.5$
Las Vegas Operations
Reported 63.0$ 87.1$ 88.2$ 79.7$ 66.1$
Hold‐Normalized 84.4$ 61.6$ 93.7$ 97.3$ 70.4$
Sands Bethlehem
Reported 33.6$ 29.6$ 30.3$ 26.5$ 27.9$
Hold‐Normalized 33.6$ 29.6$ 30.3$ 26.5$ 27.9$
LVS Consolidated2
Reported 1,106.9$ 1,275.8$ 1,214.0$ 1,479.7$ 1,312.6$
Hold‐Normalized 1,157.0$ 1,250.3$ 1,332.9$ 1,365.2$ 1,218.8$
³
³
$1,086
$2,229
$3,532$3,791
$4,763
$5,282
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2009 2010¹ 2011 2012² 2013 TTM 2Q14
$4,563
$6,853
$9,411
$11,131
$13,770
$14,859
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
2009 2010¹ 2011 2012² 2013 TTM2Q14
LVS Historical Net Revenue($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 2012.3. Includes the impact of the initiation of a “14th month” special bonus accrual for non-management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher.
The Power and Consistency of our Convention‐Based Integrated Resort Business Model is Reflected in our Financial Results
35.5%
29
³
$0.07
$0.98
$2.02$2.14
$2.90
$3.37
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
2009 2010¹ 2011 2012² 2013 TTM 2Q14
$48
$775
$1,644$1,768
$2,399
$2,758
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2009 2010¹ 2011 2012² 2013 TTM 2Q14
LVS Historical Adjusted Net Income
Strong Historical Net Income and EPS Growth Over the Last Four Years
LVS Historical Adjusted Diluted Earnings per Share($MM)
Diluted SharesOutstanding
728M 792M 825M812M 826M
1. Marina Bay Sands opened in April 2010.2. Sands Cotai Central opened in April 2012.3. Includes the impact of the initiation of a “14th month” special bonus accrual for non-management employees in Macao in 2Q14. Absent this accrual, Adjusted Earnings per Diluted Share would have been $0.03 higher. 4. 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
819M4
30
³
$472 $447 $500 $500 $500 $500
$250
$830
$192
$225
$60
$40
$210
$680$1,250
$350$75
$100
$400
$200
$25
$107
$49
$145
$1,449
$898
$1,900
$2,210
$1,050
$600
$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
31
180 418
980
1,633
147 626
921
1,178 810
1,191
2,115
$163
$656
$950
$1,439
$2,420
$1,013
$3,748
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2014 2015 2016 2017 2018 2019 2020
SCL MBS USRG LVSC
Debt Maturity ProfileDebt Maturity by Year at June 30, 2014
Long Term and Low Cost Financing in Place
($MM)
2% 6% 9% 23%% of Total 14% 10% 36%
32
2
1. Reflects remaining 2014 payments.2. Reflects refinancing of Macao Credit Facility in the first quarter of 2014.
1
$3,217$3,361
$1,756$1,473 $1,378
$1,127$914
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
LVS LVS TTM2Q14²
Galaxy³ MPEL WynnMacau
SJM MGMChina
$7,484
$9,865
$1,048
$1,333
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
1Q13 TTMEBITDA
LVSEBITDAGrowth
All OthersEBITDAGrowth
1Q14 TTMEBITDA
LVS Outperforming the Macao Market in EBITDA Generation and Growth
LVS Had 33% Market Share of EBITDA in TTM 1Q14 and Generated 44% of the Incremental EBITDA Created in Macao in TTM 1Q14
33
Source: Company Reports1. Reflects adjusted property EBITDA for operating properties based on US GAAP for the twelve months ended March 31, 2014, and for LVS TTM 2Q14 for the 12 months ended June 30, 2014.2. Includes the impact of the initiation of a “14th month” special bonus accrual for non‐management employees in Macao in 2Q14. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher.3. Galaxy only includes revenue and EBITDA from Starworld and Galaxy Macau.
EBITDA Margin
31% 43% 14% 11% 26%
1Q14 TTM Macao Market EBITDA1
EBITDA TTM
Growth
29% 28% 33% 17% 26%
($MM)
1Q14 TTM Macao Market EBITDA Growth
($MM)
44% of Incremental EBITDA
56% of Incremental EBITDA
48%
34%
40%
34%
18% 15% 14% 11% 9%33%Macao MarketEBITDA
Share (%)
TBD
$70$208
$285$361
$510 $561$656
$780$822 $896
$1,045 $1,087 $1,059 $1,120 $1,016 $1,068 $1,028
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%
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
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
$0
$75
$150
$225
$300
$375
$450
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
MBS – Credit Collections Remain Healthy Reserve Balance Has Now Increased to 40.9% of Gross A/R
34
($MM)
Reserve Balance Has Increased to $420 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 $488M Represents 9.8% of Rolling Win Since Opening of Property
$38M $39M $37M $39M $36M $36M $33M
$342 $252
$209$188
$551$440
$0$100$200$300$400$500$600$700
2Q13 2Q14Baccarat Non‐Baccarat
$63.0 $66.1
$84.4
$70.4
18.2% 18.7%22.7%
19.6%
0%
10%
20%
30%
40%
$0
$20
$40
$60
$80
$100
2Q13 2Q14 2Q13 2Q14
Las Vegas OperationsSecond Quarter 2014 Details
35
Composition of Table Games Drop
Adjusted property EBITDA was $66.1 million, an increase of 5.0%
— On a hold‐normalized basis, adjusted property EBITDA was $70.4 million, a decrease of 16.6%
ADR increased 8.8% to $223, with RevPAR increasing 6.9% to $201
Table games drop decreased 20.2% to $440.0 million, driven by a 26.2% decrease in Baccarat drop
— Non‐Baccarat drop decreased 10.4% to $187.5 million
Slot handle increased 1.7% to $483.6 million
Best opportunities for future growth:
— High‐end Asian gaming growth
— Increase in group room pricing in 2014 and 2015
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Strong RevPAR Recovery Continues
Actual($MM)
Hold‐Normalized
$121 $128
$138 $133
$259 $261
$0
$100
$200
$300
2Q13 2Q14Baccarat Non‐Baccarat
$33.6
$27.9
26.5%22.1%
0%
10%
20%
30%
40%
$0
$10
$20
$30
$40
2Q13 2Q14
Sands Bethlehem OperationsSecond Quarter 2014 Details
36
Adjusted property EBITDA decreased 16.9% to $27.9 million
Table games drop increased 0.7% to reach $260.6 million, driven by a 5.4% increase in baccarat drop
Slot handle decreased 3.5% to $1.02 billion
Retail outlet mall (130,000 SF) features 26 stores including Coach, Tommy Hilfiger, DKNY, European Body Concepts Day Spa and recently opened Joli French Bakery and Cafe
Event Center (50,000 SF)
— Headline events have included Belator MMA, Yes, Tiesto, Willie Nelson, The Beach Boys, Incubus, Glenn Frey, Crosby, Stills and Nash, NBC Fight Night, and Diana Krall with average occupancy of 82%
($MM)
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Composition of Table Games Drop
Macao Market Background and Infrastructure Slides
37%
70%
63%
30%
0%
20%
40%
60%
80%
100%
Gross Gaming Revenue Operating Profit
Mass Tables and Slots VIP Gaming
$17,528
$30,328
$47,856
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
Gross Gaming Revenue
Mass Tables and Slots VIP Gaming
TTM 2Q14 Macao Market Gross Gaming Revenue
VIP Gaming Represents 63% of Total Macao GGR……but Mass Tables and Slots Generate ~70% of Gaming Operating Profit
($MM)
Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit2
Source: Macao DICJ1. In the second quarter of 2014, the mass table segment grew 33% and the slot business grew 4% compared to the second 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 37% of the Gaming Revenue, but ~70% of the Gaming Operating Profit
38
2Q14 YoY Growth
+5%
‐6%
+29%1
~2X
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
39
As a result, Macao’s visitors are:
Coming From Further Away
Staying Longer
Spending More On:• Dining• Retail• Entertainment• Gaming
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, CLSA40
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
$306
0
50
100
150
200
250
300
350
'95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19
Outbound Travel from China
China Is The World’s Largest and Fastest Growing Outbound Tourism Market
41
Outbound Travel Penetration¹
Wealth Generation and Increased Mobility in China Have Driven Strong Growth in Outbound Trips and Tourism Spend, And Comparative Outbound Travel Penetration Rates Show a Meaningful Opportunity for Continued Long Term Growth
Expenditure (US$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 May 31, Population PenetrationProvince 2013 2014 % Change (MM) Rate (LTM)
Guangdong 7,896,953 8,502,545 +8% 104 8.2%
Fujian 774,928 807,691 +4% 37 2.2%
Subtotal 8,671,881 9,310,236 +7% 141 6.6%
Hunan 594,554 697,160 +17% 66 1.1%
Zhejiang 624,323 670,044 +7% 54 1.2%
Hubei 502,485 601,824 +20% 58 1.0%
Shanghai 532,910 544,835 +2% 23 2.4%
Jiangsu 504,286 540,950 +7% 79 0.7%
Sichuan 361,781 381,694 +6% 80 0.5%
Henan 346,650 420,480 +21% 94 0.4%
Beijing 336,972 376,312 +12% 20 1.9%
Shandong 250,842 280,095 +12% 13 2.2%
Chongqing 202,368 238,046 +18% 13 1.8%
Guangxi 377,576 428,131 +13% 46 0.9%
Hebei 251,944 284,247 +13% 72 0.4%
All Other Provinces 3,895,248 5,033,481 +29% 784 0.6%
Subtotal (Excluding Guangdong & Fujian)
8,781,939 10,497,299 +20% 1,403 0.7%
Total China 17,453,820 19,807,535 +13% 1,544 1.3%
Growth in Visitation to Macao from Throughout China
42NOTE: 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%
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
43
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 2013.44
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 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 DSEC45
‐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 Board46
‐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
471. 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
48
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 Macau2,250
Grand Waldo, 550Starworld, 509
City of Dreams1,461
Altira Macau, 216
Wynn Macau1,014 Grand Lisboa, 431
Sofitel Macau, 408MGM Grand, 587
9,277
3,309
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
Las Vegas Sands 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 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
49
LVS Hotel Inventory Exceeds the Other Five Gaming Operators Combined
Macao Market Gaming Operator Hotel Rooms1
Four Seasons Macao, 360
5
`
Sands Cotai Central5,723
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
Wynn Macau, 1,014
Wynn Cotai1,700
Grand Lisboa, 431Sofitel Macau, 408
SJM Cotai2,000
MGM Grand, 587
MGM Cotai1,600
12,677
4,659 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
Hotel % of Gaming % of TotalGaming Operator Rooms Operators Market
Las Vegas Sands 12,677 43% 34%
Galaxy Entertainment 4,659 16% 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%
Subtotal Gaming Operators 29,533 100% 79%Other 4/5 Star 7,773 0% 21%Total 37,306 100% 100%
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
50
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
`