Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q3 2015 Earnings Presentation

34 slides from Las Vegas Sands's earnings presentation, Oct 21, 2015

1. Slide 1: 3Q15 Earnings Call Presentation

   The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore The Parisian Macao 3Q15 Earnings Call Presentation October 21, 2015 Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo, Las Vegas

2. Slide 2: Forward Looking Statements

   Forward Looking Statements This presentation contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward- looking statements involve a number of risks, uncertainties or other factors beyond the company’s co

3. Slide 3: Third Quarter 2015 Financial Highlights

   Third Quarter 2015 Financial Highlights EBITDA Remains Stable Sequentially in Macao, Growth in Singapore and RevPAR Growth in Las Vegas  Net revenue was $2.89 billion  Consolidated adjusted property EBITDA was $1.05 billion  While Macao remains a challenging market, particularly in the VIP Segmen

4. Slide 4: Third Quarter 2015 Financial Results (Y/Y)

   Third Quarter 2015 Financial Results (Y/Y) Quarter Ended September 30, 2015 vs Quarter Ended September 30, 2014 $ in millions, except per share information 3Q14 3Q15 $ Change % Change Net Revenue $ 3,533.1 $ 2,893.7 $ (639.4) -18.1% Adjusted Property EBITDA $ 1,283.9 $ 1,052.2 $ (231.7) -18.0% Adjus

5. Slide 5: Third Quarter 2015 Financial Results (Q/Q)

   Third Quarter 2015 Financial Results (Q/Q) Quarter Ended September 30, 2015 vs Quarter Ended June 30, 2015 $ in millions, except per share information 2Q15 3Q15 $ Change % Change Net Revenue $ 2,921.4 $ 2,893.7 $ (27.7) -0.9% Adjusted Property EBITDA $ 1,016.2 $ 1,052.2 $ 36.0 3.5% Adjusted Property

6. Slide 6: Geographically Diverse Sources of EBITDA For Las Vegas Sands

   Geographically Diverse Sources of EBITDA For Las Vegas Sands EBITDA Contribution by Geography in Q3 2015 Actual Hold-Normalized $1,052M $1,087M United States United States 11% 13% Macao Macao 49% Singapore 52% 37% Singapore 38% 6

7. Slide 7: LVS Increasing Return of Capital to Shareholders

   LVS Increasing Return of Capital to Shareholders Nearly $12.0 Billion of Capital Returned to Shareholders Over Last 15 Quarters LVS Recurring Dividends per Share1 Return of Capital to Shareholders The company remains committed to returning capital to shareholders $3.50 via dividends and repurchases:

8. Slide 8: SCL Also Increasing Return of Capital to Shareholders

   SCL Also Increasing Return of Capital to Shareholders Over US$7.2 Billion of Capital Returned to Shareholders Over Last 15 Quarters SCL Recurring Dividends per Share (HK$)1 Return of Capital to Shareholders $3.00  For the 2015 year, the SCL Board of Directors $2.50 increased the SCL dividend to HK$

9. Slide 9: LVS Generates Greater Forward Dividend Yield than the S&P500 Index

   LVS Generates Greater Forward Dividend Yield than the S&P500 Index 2015 Forward Dividend Yield of LVS and S&P5001 Sensitivity of LVS Dividend Yield 7.0% 7.0% 6.5% Dividend 6.0% 6.0% Yield as of 5.5% 5.5% 10/20/15² 5.2% 5.0% 5.0% 4.3% 4.0% +320 bps 4.0% 3.7% 3.3% 3.0% 3.0% 2.3% 2.0% 2.0% 1.0% 1.0% 0.

10. Slide 10: Strong Cash Flow, Balance Sheet and Liquidity

    Strong Cash Flow, Balance Sheet and Liquidity Flexibility for Future Growth Opportunities and Increasing Return of Capital At September 30, 2015:  Trailing Twelve Months Adjusted Property EBITDA – $4.46 billion  Trailing Twelve Months LVS Dividends Paid – $1.96 billion  Trailing Twelve Months SCL

11. Slide 11: Macao Operating Performance (Y/Y)

    Macao Operating Performance (Y/Y) Quarter Ended September 30, 2015 vs Quarter Ended September 30, 2014 Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin Actual Hold-Normalized ($MM) -33.6% -31.6% $1,000 60% $900 $809.0 50% $800 $772.1 $700 40% $600 $528.3 $536.8

12. Slide 12: Macao Operating Performance (Q/Q)

    Macao Operating Performance (Q/Q) Quarter Ended September 30, 2015 vs Quarter Ended June 30, 2015 Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin Actual Hold-Normalized ($MM) -4.1% +0.3% $700 60% $600 $559.8 $528.3 50% $536.8 $526.5 $500 40% $400 33.0% 33.4% 30

13. Slide 13: Macao: Diversified and Stable Sources of Departmental Profit

    Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China Macao Departmental Profit Contribution by Segment¹ TTM 3Q14 TTM 3Q15 Other 3% VIP 10% VIP 16% Other 2% Mall 13% Mall 8% Mass Tables 53% Mass Tables 51% Hotel 13% Hotel 15% Slots 8% Slots 8% Mass Tables /

14. Slide 14: Macao: SCL Base Mass Showing Greater Stability Than Premium Mass

    Macao: SCL Base Mass Showing Greater Stability Than Premium Mass in Macau’s Softer Mass Market SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter SCL Departmental Profit Margin: 40% - 50% SCL Departmental Profit Margin: 25% - 40% Avg. Win per Table per Day: $6,651 Avg. Win per

15. Slide 15: Executing Our Mass Strategy in Macao

    Executing Our Mass Strategy in Macao Family-friendly Entertainment World Class Concerts, Sporting Events Portfolio of Nearly and Other Entertainment Offerings 9,300 Suites and Hotel Rooms Over 1.5 million sq. feet of World Class Shopping The Broadest and Deepest Market-Leading Customer Database Mass

16. Slide 16: Macao Mass Visitation Drivers

    Macao Mass Visitation Drivers Future Growth Drivers As a result, Macao’s Mass visitors will:  More efficient and affordable  Come From Farther transportation infrastructure Away  Greater number of hotel rooms  Stay Longer and non-gaming offerings in Macao  Spend More On: • Dining  Additional t

17. Slide 17: Expanding Our Critical Mass on the Cotai Strip

    Expanding Our Critical Mass on the Cotai Strip The Parisian Macao Rendering of The Parisian Macao  The Parisian Macao is a $2.7 billion themed, aspirational destination Integrated Resort  Construction continues to progress  Hotel rooms and suites: 3,000+  Gaming capacity: ~450 table games and 2,

18. Slide 18: Expanding Our Critical Mass on the Cotai Strip

    Expanding Our Critical Mass on the Cotai Strip The St. Regis Tower at Sands Cotai Central Construction Progress – October 19, 2015  St. Regis branded 5-star hotel and serviced apartments to complement the existing portfolio of brands on the Cotai Strip  Opening December 17, 2015  Construction con

19. Slide 19: Macao Market Annual EBITDA Market Share by Operator

    Macao Market Annual EBITDA Market Share by Operator Historical EBITDA Market Share1,2 SCL Property Operations All Others Macao Leader in Market Share 40% of EBITDA 80% 72% 68% 65% 65% 10% 9% 30% 60% 9% 10% 16% 14% 13% 13% 20% 40% 14% 12% 35% 11% 10% 35% 32% 28% 14% 15% 14% 14% 10% 20% 18% 18% 18% 18

20. Slide 20: Marina Bay Sands Operations

    Marina Bay Sands Operations¹ Hold-Normalized EBITDA Up 22.4% On a Constant Currency Basis Adjusted Property EBITDA  Hold-normalized adjusted property EBITDA increased 12.2% to $411.3 million with margin expanding 430 basis points (hold- and Adjusted Property EBITDA Margin normalized adjusted proper

21. Slide 21: Marina Bay Sands: Diversified and Stable Sources of Departmental Profit

    Singapore’s Marina Bay Sands: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands Marina Bay Sands Hold-Normalized Departmental Profit Contribution by Segment TTM 3Q14¹ TTM 3Q15¹ Other Other VIP 5% VIP 5% 12% 11% Mall Mall 7% Mass Tables 8% Mass Tables 38% 38% Hotel Hotel 18% 1

22. Slide 22: Asia Retail Mall Portfolio Continues to Generate Strong Growth

    Asia Retail Mall Portfolio Continues to Generate Strong Growth in Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue ($MM) TTM 3Q15 Sales per Sq. Foot² $569 $586 $575 $600 $536 $551 MBS: $500 $171 $167 $1,383 $171 $169 $167 SCC: $400 $65 $63 $938 $61 $52 $57 $300 Four Seasons: $

23. Slide 23: Las Vegas Operations

    Las Vegas Operations Best Third Quarter RevPAR Result since Quarter Ended September 30, 2008 Adjusted Property EBITDA  On a hold-normalized basis, adjusted property EBITDA and Adjusted Property EBITDA Margin increased 21.8% to reach $101.8 million Actual Hold-Normalized — Low hold contributed to a

24. Slide 24: Sands Bethlehem Operations

    Sands Bethlehem Operations Strong Quarter for Leading Tri-State Region Property Adjusted Property EBITDA  Adjusted property EBITDA increased 25.8% to $37.5 and Adjusted Property EBITDA Margin million ($MM)  Table games drop increased 5.9% to reach $290.7 million, $40 $37.5 40% driven by a 6.7% inc

25. Slide 25: Disciplined Execution of Our Global Growth Strategy

    Disciplined Execution of Our Global Growth Strategy  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 developme

26. Slide 26: The Investment Case for Las Vegas Sands

    The Investment Case for Las Vegas Sands  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 long-term growth in Asia, with the pre-eminent destination

27. Slide 27: Appendix

    Appendix Sanes LAS VEGAS SANDS CORP.

28. Slide 28: Historical Hold-Normalized Adj. Property EBITDA

    Historical Hold-Normalized Adj. Property EBITDA1 $ in millions 3Q14 4Q14 1Q15 2Q15 3Q15 Macao Property Operations Reported $ 809.0 $ 711.2 $ 527.7 $ 559.8 $ 536.8 Hold-Normalized $ 772.1 $ 686.2 $ 527.7 $ 526.5 $ 528.3 Marina Bay Sands Reported $ 351.7 $ 518.5 $ 415.3 $ 363.3 $ 389.7 Hold-Normalized

29. Slide 29: Capital Expenditures Expectations

    Capital Expenditures Expectations Future Investments Include The Parisian Macao, St. Regis at SCC and Maintenance ($MM) LVS Capex Expectations $3,000 $2,500 $2,000 $1,875 $375 $1,560 $1,449 $1,500 $150 $107 $19 $40 $1,179 $49 $775 $898 $190 $1,000 $910 $800 $830 $210 $390 $60 $100 $300 $192 $75 $125

30. Slide 30: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year at September 30, 2015 ($MM) $6,000 $5,076 $5,000 $4,000 2,115 $3,000 $2,251 $2,000 1,739 1,063 $1,027 $1,000 323 $325 209 1,155 1,222 $340 $24 $94 493 $0 181 2015 2016 2017 2018 2019 2020 2021 SCL MBS USRG LVSC % of Total <1% 1% 4% 11% 25% 56% 4% Long Term

31. Slide 31: MBS – Credit Collections Remain Healthy

    MBS – Credit Collections Remain Healthy Casino Credit Collections Remain Stable ($MM) $500 $418 $408 $403 $378 $368 $400 $342 $361 $311 $317 $326 $281 $272 $291 $281 $300 $262 $200 $100 $0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Reserve Balance Of $353 Million Repr

32. Slide 32: Market Leading Hotel Capacity at SCL

    Market Leading Hotel Capacity at SCL Sands China Operates 36% of Macao’s Current 4/5-Star Hotel Inventory Macao Market Gaming Operator Hotel Rooms1 10,000 Hotel % of Gaming % of Total 9,277 Gaming Operator Rooms Operators Market 9,000 Sands Macao, 289 Four Seasons Macao, 360 Sands China ` 9,277 52%

33. Slide 33: Market Leading Hotel Capacity at SCL

    Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2017 Macao Market Gaming Operator Hotel Rooms at December 31, 20171 Hotel % of Gaming % of Total 14,000 12,677 Gaming Operator Rooms Operators Market Sands China ` 12,677 45% 34% 12,000 Galaxy Entertainm

34. Slide 34: Las Vegas Sands Corp.

    Sanes LAS VEGAS SANDS CORP.

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