The Venetian Macao Marina Bay Sands, Singapore
Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo, Las Vegas
Las Vegas Sands Investor UpdateJune 2016
The Parisian Macao(Opening 2016)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 development, construction and ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our ability to meet certain development deadlines, our subsidiaries’ ability to make distribution payments to us, and other factors detailed in the reports filed by Las Vegas Sands 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 assumes no obligation to update such information.
Forward Looking Statements
2
Net revenue was $2.72 billion
Hold‐normalized adjusted property EBITDA was $1.03 billion
Stability in Macao, hold‐normalized growth in Singapore and strong RevPAR‐led EBITDA growth in Las Vegas contributed to another quarter of hold‐normalized adjusted property EBITDA in excess of $1 billion
Hold‐normalized adjusted property EBITDA margin increased 220 bps to an industry‐leading 36.5%
Macao – Adjusted property EBITDA was $510.4 million. Hold‐normalized adjusted property EBITDA was $500.5 million, while hold‐normalized adjusted property EBITDA margin increased 190 bps to a Macao market‐leading 32.1%
Marina Bay Sands – Despite the impact of a stronger US dollar, hold‐normalized adjusted property EBITDA increased 3.1% to $382.8 million
On a constant currency basis, hold‐normalized adjusted property EBITDA increased 10.3% Y/Y
Adjusted diluted EPS was $0.45 per share; Hold‐normalized adjusted diluted EPS was $0.57 per share
LVS returned a total of $572.3 million to shareholders during the quarter through its recurring dividend of $0.72 per share (up 10.8%)
First Quarter 2016 Financial HighlightsStability in Macao, Hold‐Normalized Growth at MBS and Strong EBITDA Growth in Las Vegas
3NOTE: All comparisons in this presentation compare the first quarter 2016 against the first quarter 2015 unless otherwise specified.
$ in millions, except per share information 1Q15 1Q16 $ Change % Change
Net Revenue 3,011.6$ 2,716.2$ (295.4)$ ‐9.8%
Adjusted Property EBITDA 1,050.5$ 917.6$ (132.9)$ ‐12.7%
Adjusted Property EBITDA Margin 34.9% 33.8% ‐110 bps
Adjusted Diluted EPS 0.66$ 0.45$ (0.21)$ ‐31.8%
Dividends per Common Share 0.65$ 0.72$ 0.07$ 10.8%
Hold‐Normalized Adjusted Property EBITDA 1,021.6$ 1,031.1$ 9.5$ 0.9%
Hold‐Normalized Adj. Property EBITDA Margin 34.3% 36.5% 220 bps
Hold‐Normalized Adjusted Diluted EPS 0.64$ 0.57$ (0.07)$ ‐10.9%
First Quarter 2016 Financial Results (Y/Y)Quarter Ended March 31, 2016 vs Quarter Ended March 31, 2015
4
Macao49%
Singapore37%
United States14%
Macao56%
Singapore30%
United States14%
Actual
Geographically Diverse Sources of EBITDA For Las Vegas Sands
5
EBITDA Contribution by Geography in Q1 2016
Hold‐Normalized
$918M $1,031M
$1.00$1.40
$2.00
$2.60$2.88
$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50
2012 2013 2014 2015 2016
6
LVS Increasing Return of Capital to Shareholders$13.4 Billion of Capital Returned to Shareholders Since 2012
LVS Recurring Dividends per Share1
Las Vegas Sands remains committed to returning capital to shareholders via its recurring dividend program and share repurchases:
Dividends:
Las Vegas Sands is committed to maintaining its recurring dividend program and to increasing dividends in the future as cash flows grow
In October 2015, the LVS Board of Directors increased the LVS recurring dividend by 10.8% to $2.88 per share for the 2016 calendar year ($0.72 per share payable quarterly)
Repurchases:
Since the inception of the company’s share repurchase program in June 2013, the company has returned $2.44 billion to shareholders through the repurchase of 35.4 million shares
$1.56 billion remains under current authorization
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 were $8.29 billion).
Las Vegas Sands Remains Committed to Returning Capital to Shareholders While Maintaining a Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities
Total Capital Returned to Shareholders
Return of Capital to Shareholders
Year Year Year Year Three MonthsEnded Ended Ended Ended Ended
$ in millions 12/31/2012 12/31/2013 12/31/2014 12/31/2015 3/31/2016 Total
LVS Dividends Paid1 823$ 1,153$ 1,610$ 2,074$ 572$ 6,232$ LVS Special Dividend Paid 2,262 ‐ ‐ ‐ ‐ 2,262 LVS Shares Repurchased ‐ 570 1,665 205 ‐ 2,440
Subtotal LVS 3,085$ 1,723$ 3,275$ 2,279$ 572$ 10,934$ SCL Dividends Paid2 357 411 538 619 308 2,233 SCL Special Dividend Paid ‐ ‐ 239 ‐ ‐ 239
Subtotal SCL 357$ 411$ 777$ 619$ 308$ 2,472$ Total 3,442$ 2,134$ 4,052$ 2,898$ 880$ 13,406$
$1.16 $1.33$1.73
$1.99 $1.99
$0.00$0.50$1.00$1.50$2.00$2.50$3.00
2012 2013 2014 2015 2016
7
SCL Also Increasing Return of Capital to ShareholdersOver US$8.2 Billion of Capital Returned to Shareholders Since 2012
SCL Recurring Dividends per Share (HK$)1
Sands China is committed to returning capital to shareholders via its recurring bi‐annual dividend program. Sands China is committed to maintaining its recurring dividend program and increasing dividends in the future as cash flows grow
For the 2016 year, the SCL Board of Directors set the 2016 SCL recurring interim dividend at HK$0.99 per share, which was paid on February 26, 2016 and proposed a final dividend of HK$1.00 per share. The final dividend is subject to the approval of SCL shareholders at the SCL Annual General Meeting on May 27, 2016
For the 2015 year, the SCL Board of Directors increased the SCL dividend to HK$1.99 per share, including an interim dividend of HK$0.99 per share paid on February 27, 2015 and a final dividend of HK$1.00 per share paid on July 15, 2015
1. Excludes the special dividend paid in 2014.2. The total 2016 dividend of HK$1.99 per share includes the interim dividend of HK$0.99 per share and the proposed final dividend of HK$1.00 per share. The final dividend is subject to the approval of SCL shareholders at the SCL Annual General Meeting on May 27, 2016.
Sands China Remains Committed to Returning Capital to Shareholders While Maintaining a Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities
SCL Total Capital Returned to Shareholders
Return of Capital to Shareholders
2
2012 2013 2014US$ in millions Total Total Total Interim Final Interim Final Total
SCL Dividends Paid1 1,201$ 1,382$ 1,800$ 1,030$ 1,041$ 1,031$ ‐ 7,485$
SCL Special Dividend Paid ‐ ‐ 801 ‐ ‐ ‐ ‐ 801
Total 1,201$ 1,382$ 2,601$ 1,030$ 1,041$ 1,031$ 8,286$
Year Ended Year Ended12/31/2015 12/31/2016
Figures as of March 31, 2016 Sands China U.S. Corporate(in $MM) Ltd. Singapore Operations2 and Other Total
Cash, Cash Equivalents and Restricted Cash $753.2 $430.2 $349.6 $179.9 $1,712.9
Debt3 $3,742.5 $3,262.2 $2,500.7 ‐ $9,505.4
Net Debt $2,989.3 $2,832.0 $2,151.1 ($179.9) $7,792.5
Trailing Twelve Months Adjusted Property EBITDA $2,182.3 $1,366.1 $461.9 $27.0 $4,037.3
Gross Debt to Trailing Twelve Months EBITDA 1.7 x 2.4 x 5.4 x NM 2.4 x
Net Debt to Trailing Twelve Months EBITDA 1.4 x 2.1 x 4.7 x NM 1.9 x
At March 31, 2016:
Trailing Twelve Months Adjusted Property EBITDA – $4.04 billion
Trailing Twelve Months LVS Dividends Paid – $2.12 billion
Trailing Twelve Months SCL Dividends Paid – $619.2 million1
Trailing Twelve Months LVS Stock Repurchases – $205.0 million
Cash Balance – $1.71 billion
Net Debt – $7.79 billion
Net Debt to TTM EBITDA – 1.9x
Strong Cash Flow, Balance Sheet and LiquidityFlexibility for Future Growth Opportunities and Return of Capital
8
1. Reflects only the public (non‐LVS) portion of dividends paid by Sands China Ltd. Total dividends paid by Sands China Ltd. in the TTM period ended March 31, 2016 were $2.07 billion.2. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $59.0 million in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem.3. Debt balances shown here exclude deferred financing costs of $118.2 million. 4. TTM Adjusted EBITDA for U.S. Operations 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 $2.87 billion 5. The net leverage ratio for covenant compliance purposes, which includes the dividends and royalty fees paid by Sands China Ltd. and Marina Bay Sands to the U.S. Operations, was 0.8x.
Strong Balance Sheet and Cash Flow Maximize Financial Flexibility
5
4
Macao Operating Performance (Y/Y)Quarter Ended March 31, 2016 vs Quarter Ended March 31, 2015
9
($MM)
Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Actual Hold‐Normalized
‐5.2%‐3.3%
$527.7 $510.4$527.7 $500.5
30.2%31.9%
30.2%32.1%
0%
10%
20%
30%
40%
50%
60%
$0
$100
$200
$300
$400
$500
$600
1Q15 1Q16 1Q15 1Q16
Mass Tables50%
Slots8%
Hotel15%
Mall14%
Other2% VIP
11%
Mass Tables52%
Slots8%
Hotel14%
Mall10%
Other3% VIP
13%
TTM 1Q15
Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China
10
Mass Tables / Slots and Non‐Gaming Generated 89% of Macao’s Departmental Profit in the Trailing Twelve Months Ended 1Q16 vs. 87% in the Trailing Twelve Months Ended 1Q15
Macao Departmental Profit Contribution by Segment¹
TTM 1Q16
1. Represents departmental profit by segment (before unallocated expenses) for the trailing twelve month periods ended March 31, 2015 and 2016.
$412 $402$367 $365 $380
$0
$100
$200
$300
$400
$500
$600
$700
$800
1Q15 2Q15 3Q15 4Q15 1Q16
$601$574 $563
$532$555
$0
$100
$200
$300
$400
$500
$600
$700
$800
1Q15 2Q15 3Q15 4Q15 1Q16
11
SCL Base Mass Table Win by Quarter
Sands China Mass Market UpdateBoth Base Mass and Premium Mass Grew Q/Q in 1Q16
Note: Sands China’s base mass and premium mass table revenues as presented above are based on the geographic position of non‐rolling (mass) tables on the gaming floor. Some high‐end mass play occurs in the base mass geographic area and some lower‐end mass play occurs in the premium mass geographic area of the gaming floor.
Sands China’s Mass Table Offering is the Broadest and Deepest in the Macao Market
($MM)
SCL Premium Mass Table Win by Quarter
Sands China Departmental Profit Margin: 40% - 50% Sands China Departmental Profit Margin: 25% - 40%
($MM)
306Avg.Tables
292 289944Avg.Tables
919 938
Avg. Win per Table per Day: $6,460 Avg. Win per Table per Day: $13,625
892865 305326
Market‐Leading ~$13 Billion of Investment in Macao’s Future as a Business & Leisure Tourism Destination1
Expansion of Mass MarketOfferings Underway with The Parisian
Family-friendly Entertainment World Class Concerts, Sporting Events and Other Entertainment Offerings
Over Two Million sq. feet of World Class Shopping1
Market-Leading Customer Database
Highly Themed Tourism Attractions
Portfolio of Nearly 13,000 Suites and Hotel Rooms1
Over Two Million sq. feet of Conference, Exhibition and Carpeted Meeting Space
The Broadest and Deepest
Mass Tourism Offerings in Macao
Our Diversified Convention‐based Integrated Resort Offerings Appeal to the Broadest Set of Customers and Comprise a Unique Competitive Advantage in the Macao Market 12
1. Incorporates the investment in and the offerings of The Parisian Macao, which is targeted to open in 2016
Macao Mass VisitationBusiness & Leisure Tourism Expenditure Drivers
Future Growth Drivers
More efficient and affordable transportation infrastructure
Greater number of hotel rooms and non‐gaming offerings in Macao
Additional tourism attractions in Macao and Hengqin Island
Rapidly expanding middle‐class with growing disposable income
13
As a result, Macao’s Mass visitors will:
Come From Farther Away
Stay Longer
Spend More On:• Lodging• Retail• Dining• Entertainment• Gaming
Expanding Our Critical Mass on the Cotai StripThe Parisian Macao
14LVS Operating Assets
Third Party Operating Asset
Third Party Future Development
Construction Progress – May 30, 2016Map of Macao’s Cotai Strip
The Parisian Macao is a $2.7 billion themed, iconic destination Integrated Resort
Construction continues to progress
Hotel rooms and suites: Approximately 3,000
Gaming capacity: ~450 table games and 2,500 slots and ETGs
Additional amenities including a 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 with airport‐style moving sidewalks connecting to Sands Cotai Central
Rendering of The Parisian Macao
LVS Future Development
Expanding Our Critical Mass on the Cotai StripThe Parisian Macao – Construction Progress
15
MICE BallroomRetail (Galerie Vivienne)
Main Gaming FloorPublic Circulation
18% 18% 18% 20%
14% 15% 14% 14%
14% 12% 11% 8%
16% 14% 13% 12%
10%9%
9% 9%
0%
20%
40%
60%
80%
2012 2013 2014 TTM 1Q16
28%32%
35% 37%
0%
10%
20%
30%
40%
2012 2013 2014 TTM 1Q16
Macao Market Annual EBITDA Market Share by Operator
Sands China Expanded Market Share of Macao EBITDA by 900 bps Since 2012Source: Company Reports1. Reflects reported adjusted property EBITDA for the operating properties2. Galaxy only includes EBITDA from Starworld and Galaxy Macau
Historical EBITDA Market Share1,2
16
Galaxy MPELSands China 2 SJM Wynn MGM
Sands China All Others
Macao Leader in
Market Share of EBITDA
72%68% 65% 63%
$415.3
$274.9
$371.3 $382.8
52.9%45.5%
50.9% 51.8%
20%
30%
40%
50%
60%
70%
80%
$0
$100
$200
$300
$400
$500
$600
1Q15 1Q16 1Q15 1Q16
$3.11 $3.22
$1.59 $1.60
$4.70 $4.82
$0.0
$2.0
$4.0
$6.0
1Q15 1Q16
Non‐Rolling Tables Slot Machines
Marina Bay Sands Update1Hold‐Normalized EBITDA Up 10.3% On a Constant Currency Basis
17
Actual
Hold‐normalized adjusted property EBITDA increased 10.3% on a constant currency basis. Hold‐normalized adjusted property EBITDA increased 3.1% to $382.8 million with margin expanding 90 basis points.
Adjusted property EBITDA decreased 33.8% to $274.9 million due to lower‐than‐normal Rolling win %
Adjusted property EBITDA decreased 29.2% on a constant‐currency basis
Total mass win‐per‐day was a property record in local currency terms and increased 9.8% on a constant‐currency basis. Despite the impact of a stronger USD, total mass (Non‐Rolling tables and slots) win‐per‐day increased 2.6% to $4.82 million.
— Non‐Rolling table win increased 4.8% to $293.3 million
— Slot win increased 2.1% to $145.7 million
Room revenue decreased 0.8% as RevPAR decreased 1.8% to $386 and ADR decreased 4.8% to $394 (impact of the strong USD was approximately 7%)
Retail mall revenue decreased 2.0% to $39.0 million (impact of the strong USD was approximately 7%)
MBS financials and key performance indicators were negatively impacted by the stronger USD
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Despite Currency Impact from Strong US Dollar, Solid Financial Performance in Singapore
Non‐Rolling Table and Slot Win Per Day
Hold‐Normalized
1. Due to a strengthened US Dollar in 1Q16 compared to 1Q15, MBS faced a currency impact of approximately 7%
($MM)
Mass Tables40%
Slots20%
Hotel17%
Mall7%
Other5% VIP
11%
Mass Tables38%
Slots21%
Hotel18%
Mall8%
Other4% VIP
11%
TTM 1Q15¹
Singapore’s Marina Bay Sands: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands
18
Mass Tables / Slots and Non‐Gaming Generated 89% of Marina Bay Sands’ Hold‐Normalized Departmental Profit in the TTM Period Ended March 31, 2016
Marina Bay Sands Hold‐Normalized Departmental Profit Contribution by Segment
TTM 1Q16¹
1. With no adjustment for hold‐normalization, VIP contribution would have been 17% (vs 11%) in the TTM 1Q15 period and 2% (vs. 11%) in the TTM 1Q16 period.
$198 $205 $204 $205 $210
$139 $145 $141 $130 $132
$61 $65 $63 $62 $64
$171$171 $167 $163 $163
$569 $586 $575 $560 $569
$0
$100
$200
$300
$400
$500
$600
1Q15 2Q15 3Q15 4Q15 1Q16Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands
Asia Retail Mall Portfolio Continues to Generate Strong Revenue and Operating Profit
19
($MM)
Trailing Twelve Months Retail Mall Revenue
89% 89% 89%Operating Profit Margin 88%
1. At March 31, 2016, 318,288 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 of Sands Cotai Central. 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.
$521M $514M $508MOperating Profit $503M
Flat Y/Y TTM 1Q16 Sales per Sq. Foot²
MBS:$1,334
SCC:$872
Four Seasons:Luxury: $4,389Other: $1,508
Venetian:$1,428
89%
$501M
$85.7 $88.5 $89.1 $95.2 $94.2
$8.6
$22.5 $87.4
$94.0 $97.7
$117.7
$95.3
$‐
$20
$40
$60
$80
$100
$120
$140
$160
1Q15 2Q15 3Q15 4Q15 1Q16
Base Rent and Other Fees Turnover Rent
Macao Quarterly Retail Revenue Composition
20
Sands China: Retail Mall Revenue Composition
($MM)
Strong Base Rent, Which Grew 9.9% in 1Q16, Provides the Majority of Sands China’s Retail Mall Revenue
$5.5$1.6
$1.1
$281 $256
$252 $228
$533 $484
$0$100$200$300$400$500$600$700
1Q15 1Q16Baccarat Non‐Baccarat
Las Vegas Operations UpdateStrong RevPAR Performance Drove 17.3% Adjusted Property EBITDA Growth
21
Composition of Table Games Drop
Adjusted property EBITDA increased 17.3% to reach $86.9 million
— On a hold‐normalized basis, adjusted property EBITDA increased 15.0% to reach $102.5 million
Room revenue increased 13.0% to a property record $147.6 million. ADR increased 2.9% to $251 with 92.1% occupancy, driving a RevPAR increase of 10.0% to $231.
Table games drop decreased 9.3% to $483.5 million
— Non‐baccarat drop decreased 9.8% to $228 million
— Baccarat drop declined 8.9%, reflecting slower international play
Slot win increased 8.3% to $47.7 million
Best opportunities for potential future growth:
— Increase in group & FIT room pricing
— Non‐gaming offerings
— Recovery of international gaming segment
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Room Segment Strength Leading Recovery in Las Vegas Market
Actual($MM)
Hold‐Normalized
$74.1$86.9 $89.2
$102.5
19.7%22.6% 22.6%
25.4%
0%
10%
20%
30%
40%
$0
$20
$40
$60
$80
$100
$120
1Q15 1Q16 1Q15 1Q16
Sands Bethlehem UpdateSolid Quarter for Leading Tri‐State Region Property
22
Adjusted property EBITDA increased 26.2% to a property record $37.7 million
Table games drop increased 6.7% to reach $281.0 million, driven by an 11.5% increase in Baccarat drop
Slot handle increased 7.6% to $1.08 billion
ADR increased 2.7% to $153 with occupancy of 90.7%, driving a RevPAR increase of 9.5% to $138
The Outlets at Sands Bethlehem (150,000 SF) feature 29 stores including Coach, Tommy Hilfiger, DKNY, GUESS, European Body Concepts Day Spa and Joli French Bakery and Cafe
The Sands Bethlehem Event Center (50,000 SF)
— Headline events have included Tiesto, Yes, Willie Nelson, The Beach Boys, Incubus, Bellator MMA, Glenn Frey, Crosby, Stills and Nash, NBC Fight Night, Diana Krall and Bill Maher
($MM)
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Composition of Table Games Drop
$29.9
$37.7
23.4%27.2%
0%5%10%15%20%25%30%35%40%
$0$5
$10$15$20$25$30$35$40$45
1Q15 1Q16
$125 $139
$139 $142
$263 $281
$0
$100
$200
$300
1Q15 1Q16Baccarat Non‐Baccarat
South Korea
Principal Areas of Future Development Interest for Las Vegas Sands
Japan
As the global leader in MICE‐based 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:
— Targeting minimum of 20% return on total invested capital
— 25% ‐ 35% of total project costs to be funded with equity (project financing to fund 65% ‐ 75% of total project costs)
Disciplined Execution of Our Global Growth Strategy
23
MacaoThe Parisian Macao
The global leader in MICE‐based Integrated Resort development and operation, delivering strong and diversified cash flow and earnings as well as recurring dividends
Best positioned operator to deliver long‐term growth in Asia, with the pre‐eminent destination MICE‐based 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 long‐term growth while continuing the return of capital to shareholders 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
24
Maximizing Return to Shareholders by:1. Delivering long‐term growth in current markets 2. Using leadership position in MICE‐based Integrated Resort development and
operation to pursue global growth opportunities3. Continuing to return excess capital to shareholders
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 volume for the quarter.(b) for Las Vegas operations: if the quarter’s Baccarat win percentage is outside of the 21.0%‐29.0% band, then a hold‐adjustment is calculated by applying a Baccarat win percentage of 25.0%, and if the quarter’s non‐Baccarat win percentage is outside of the 16.0%‐20.0% band, then a hold‐adjustment is calculated by applying a non‐Baccarat win percentage of 18.0%. (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 adjusted property EBITDA impact.
2. Reflects consolidated adjusted property EBITDA inclusive of Other Asia (principally CotaiJet operations) segment.
2
2
$ in millions 1Q15 2Q15 3Q15 4Q15 1Q16
Macao Property OperationsReported 527.7$ 559.8$ 536.8$ 575.3$ 510.4$ Hold‐Normalized 527.7$ 526.5$ 528.3$ 549.1$ 500.5$
Marina Bay SandsReported 415.3$ 363.3$ 389.7$ 338.2$ 274.9$ Hold‐Normalized 371.3$ 363.3$ 411.3$ 374.8$ 382.8$
Las Vegas OperationsReported 74.1$ 54.2$ 79.8$ 97.4$ 86.9$ Hold‐Normalized 89.2$ 85.3$ 101.8$ 105.4$ 102.5$
Sands BethlehemReported 29.9$ 34.1$ 37.5$ 34.3$ 37.7$ Hold‐Normalized 29.9$ 34.1$ 37.5$ 34.3$ 37.7$
LVS Consolidated2
Reported 1,050.5$ 1,016.2$ 1,052.2$ 1,051.3$ 917.6$ Hold‐Normalized 1,021.6$ 1,013.9$ 1,087.3$ 1,069.8$ 1,031.1$
$472 $447 $445 $396 $500 $500 $500
$150 $100
$830
$192 $75
$210 $390 $767$900
$318
$190
$285 $240
$107 $1,449
$898
$1,179
$1,529$1,690
$968
$600
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2012A 2013A 2014A 2015A 2016E 2017E 2018E
Maintenance Investments in Current Properties¹ Sands Cotai Central The Parisian Macao² St. Regis at SCC Other
Capital Expenditures ExpectationsFuture Planned Investments Composed Principally of The Parisian Macao and Maintenance
Future Capital Expenditures Focused on Growth in Asia
($MM)
1. Reflects investments that will generate future income in our current property portfolio2. The timing of capex is subject to the receipt of timely government approvals.
Sands Cotai CentralSt. Regis at Sands Cotai CentralThe Parisian Macao2
LVS Capex Expectations
Development Timeline Pre‐OpeningPost‐Opening
27
$40
$49
$60
$19
$50
$8
$73
181 494 1,154
1,572218
1,110
1,816
259
2,115
$73$328
$971
$2,298
$5,503
$340
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2016 2017 2018 2019 2020 2021
SCL MBS US LVSC
Debt Maturity ProfileDebt Maturity by Year at March 31, 2016
Long Term and Low Cost Financing in Place
($MM)
1% 10%% of Total 3% 24% 58%
28
4%
$418
$311 $317$378 $368
$408$342
$403$326 $361
$281 $272 $291 $281 $262 $257$206
$0
$100
$200
$300
$400
$500
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Marina Bay Sands: Accounts Receivable and Credit Collections Update
29
($MM)
Reserve Balance Of $376 Million Represents 46.1% of Gross Accounts Receivable
Casino Credit Collections
Quarterly Provision
$40M
Life to Date Provision of $689 Million Represents 9.2% of Rolling Win Since Opening of Property
$38M $39M $37M $39M $36M $36M $33M $30M $30M $24M $20M $24M$32M $40M
$780 $822$896
$1,045 $1,087 $1,059 $1,120$1,016 $1,068 $1,028 $984 $1,001 $1,011 $994
$913$866
$816
19.8%23.4%
26.8% 26.7% 27.8% 30.3% 32.0%37.2% 37.5%
40.9% 41.9% 40.0% 37.6% 38.5% 38.7% 41.6% 46.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
$0
$300
$600
$900
$1,200
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Gross Casino A/R Balance at End of Period Reserve Against Casino A/R Balance
$33M $32M
46%
77%
54%
23%
0%
20%
40%
60%
80%
100%
Gross Gaming Revenue Operating Profit
Mass Tables and Slots VIP Gaming
46%
77%
54%
23%
0%
20%
40%
60%
80%
100%
Gross Gaming Revenue Operating Profit
Mass Tables and Slots VIP Gaming
VIP Gaming Represents the Majority of Total Macao GGR……but Mass Tables and Slots Generate the Bulk of Gaming Operating Profit
Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit¹
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. Gross gaming revenue presented here is based on disclosures from the DICJ and is not adjusted for table reclassifications from VIP to mass (non-rolling tables that are positioned within VIP areas of gaming floors). This presentation therefore likely overstates rolling revenue and operating profit percentages and understates mass revenue and operating profit percentages.
Mass Gaming is the Primary Driver of Gaming Operating Profit
31
~1.7X
1Q16 TTM 1Q16
~1.7X
$27,780M $6,592M$7,022M $1,669M
Gradual Sequential Improvement in Macao’s High Margin Mass Market Segment
32
Macao Mass Gaming Revenue & Mass Win‐per‐Visit1
($MM)
1. Mass Win is defined as Mass table win plus slot win as reported by the casino operators in their public filings (does not include revenue from Galaxy’s City Club business). Mass spend-per-visit is defined as Mass win (tables and slots) divided by total visitation to Macao as reported by the Macao DSEC. All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate. Source: Company Filings, Macao DSEC
Macao’s Mass Segment is Showing Signs of Stability
$2,655 $2,679 $2,839
$3,175 $3,351 $3,441
$3,872
$4,340 $4,589
$4,449 $4,419
$3,919 $3,682
$3,408 $3,496 $3,584 $3,609
$382 $404 $390$440
$474 $487 $498
$585 $597 $586$536
$490 $497$464
$432 $456$484
$0
$200
$400
$600
$800
$1,000
$0
$1,000
$2,000
$3,000
$4,000
$5,000
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Mass Win Mass Win Per Visit
Gradual Improvement in Mass Win and Mass Spend‐per‐Visit Over the Past Few
Quarters
Five Trends that Should Contribute To Growth in the Macao Market In The Future
1
2
3
4
5
200 million Chinese are expected to travel outside of China by 2020,compared to 128 million in 2015. Chinese tourism expenditures are expected to increase 10% annually through 2020 to reach $354 billion.
Transportation infrastructure and connectivity throughout China,especially in the Pearl River Delta region, will be meaningfully expanded
Over 9,000 new hotel rooms will open in Macao by 2018
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
Sources: McKinsey, Ernst & Young, CLSA, WTTC33
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
'67 '73 '79 '85 '91 '97 '03 '09 '15
Japan
Korea
Taiwan
China
$8 $9 $9 $11$13$19 $26 $29
$39$55
$84
$108
$143
$215
$235
$261
$289
$319
$354
5 8 10 11 13 14 18 20 27 31 38 41 46 48 57
70 83
98
117 128
137 150
165
181
200
0
50
100
150
200
250
300
350
400
'96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20
Outbound Travel from China
China Is The World’s Largest and Fastest Growing Outbound Tourism Market
34
Outbound Travel Penetration2
Wealth Generation and Increased Mobility in China Have Driven Strong Growth in Outbound Trips and Tourism Spend, and Comparative Outbound Travel Penetration Rates Show a Meaningful Opportunity for Continued Long‐Term Growth
Expenditure (US$bn)
Chinese outbound tourists (millions)
CLSA / WTTC estimates1
Source: CLSA, WTTC, UNWTO1. The outbound tourist forecast is based on CLSA estimates. The expenditure forecast is based on estimates from the World Travel & Tourism Council (WTTC). Historical expenditure data is converted to USD using the average exchange rate during the respective year. WTTC forecasts are converted to USD using the average exchange rate in 2015. 2. Outbound travel penetration is defined as total departures by residents as a percentage of the respective country’s population. Penetration rates assume that each visitor from Mainland China is a unique visitor.
1
56.1%
38.3%
12.8%
9.3%
CAGR
2009 ‐ 2015 2015‐2020Expenditure 40% 10%Tourists 18% 9%
Strong Growth in Chinese Outbound Tourism
35
Chinese Outbound Tourism to Select Markets
1. Includes France, Germany, Italy, Switzerland and the United Kingdom Source: CLSA, Macau DSEC, Hong Kong Tourism Board
Continued Growth of Chinese Outbound Tourism will Drive Macao Mass Tourism Opportunity
1
(MM)
1.2 0.8 1.9 1.4 1.9 1.1
13.2
22.7
2.1 2.6 4.3 5.0 6.0
7.9
20.4
45.8
0.0
10.0
20.0
30.0
40.0
50.0
Singapore USA Major EuropeanCountries
Japan Korea Thailand Macau Hong Kong
2010 2015
+27%2010‐2015 CAGR +17% +29% +26% +48% +9% +15%
1
+12%
$1.1 $1.2 $1.2 $1.3 $1.4 $2.3 $2.5
$4.0
$10.0
$‐
$5
$10
$15
France Brazil Mexico Germany Russia Japan Indonesia USA China
Chinese Middle Class Consumption GrowthChinese Middle Class Consumption in 2030 is Projected to Reach $10.0 trillion
36
Global Middle Class Consumption in 2030 (US$ in trillions)
NOTE: Brookings Institution defines the global middle class as those households with daily expenditures between $10 and $100 per person in purchasing power parity terms.Source: Brookings Institution; UN; World Bank; Financial Times.
Continued Growth of the Chinese Middle Class Will Drive Macao Mass Tourism Opportunity
1
(US$ in trillions)
Twelve Months Ended March 31 Population GDP Per PenetrationProvince 2015 2016 % Change (MM) Capita (US$) Rate
Guangdong 9,091,313 9,030,963 ‐1% 107 $10,466 8.4%
Fujian 907,990 847,919 ‐7% 38 $10,523 2.2%
Hunan 768,898 808,279 5% 67 $6,645 1.2%
Hubei 678,947 654,302 ‐4% 58 $7,832 1.1%
Zhejiang 686,674 563,105 ‐18% 55 $12,003 1.0%
Guangxi 516,116 546,691 6% 48 $5,448 1.1%
Jiangsu 563,365 499,485 ‐11% 80 $13,578 0.6%
Shanghai 538,737 490,596 ‐9% 24 $15,863 2.0%
Jiangxi 459,009 433,473 ‐6% 45 $5,676 1.0%
Henan 494,391 420,378 ‐15% 94 $6,046 0.4%
Sichuan 394,360 397,848 1% 81 $5,700 0.5%
Beijing 369,082 328,991 ‐11% 22 $16,453 1.5%
Liaoning 338,551 317,102 ‐6% 44 $10,091 0.7%
Hebei 344,432 263,903 ‐23% 74 $6,222 0.4%
Heilongjiang 302,802 261,928 ‐13% 38 $6,066 0.7%
Shandong 301,125 255,102 ‐15% 98 $9,920 0.3%
Anhui 256,482 252,659 ‐1% 61 $5,576 0.4%
Chongqing 261,069 243,049 ‐7% 30 $8,100 0.8%
Shanxi 244,316 207,354 ‐15% 36 $5,409 0.6%
Jilin 231,457 207,178 ‐10% 28 $7,993 0.8%
All Other Provinces 3,355,776 3,296,336 ‐2% 239 N/A 1.4%Subtotal (Excluding Guangdong)
12,013,579 11,295,678 ‐6% 1,261 $7,647 0.9%
Total China 21,104,892 20,326,641 ‐4% 1,368 $7,868 1.5%
37NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor. GDP per Capita defined as 2015 GDP divided 2014 population (the latest data available).Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates
Year‐Over‐Year Visitation Growth Mainland Chinese Visitation to Macao
Less than ‐10%Data Not Available‐10% ‐ 0% 0% ‐ 10%
10% ‐ 20%
Mainland Chinese Visitation to MacaoPenetration Remains Low
1
Infrastructure: China’s High‐Speed RailConnecting More of Mainland China to Macao
Source: SCMP, LVS, NYT38
2
The Chinese Premier Has Pledged to Continue Heavy Investment in the High Speed Rail System –Approximately US$130 billion per year for the 2016‐2020 Period
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, Macau Business Daily, Chinatrainguide.com, Analyst reports. Note: population and GDP data from 2014.39
GuangzhouPopulation: 13M
GDP Per Capita: US$20,000
MacaoPopulation: 0.6M
GDP Per Capita: US$96,000Hengqin Island• Special economic area• Over $20B of overall investment expected• Over 10,000 hotel rooms expected (~5,000 today)• Phase I of Chimelong theme park opened in Jan. ‘14 and attracted 8M visitors in ‘14. 20M annual visitors expected at completion of all phases.
Hong KongPopulation: 7.2M
GDP Per Capita: US$40,200
Hong Kong‐Macao‐Zhuhai Bridge (expected completion TBD)
Wuhan – Guangzhou High‐Speed Rail• 3.5 hour train ride• 75‐80 trains in each direction per day
ShenzhenPopulation: 15M
GDP Per Capita: US$29,000China 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)• 33 ‐ 43 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• 26 trains in each direction per day
Legend
Existing
Future
Gongbei – Hengqin Railway• Connects the Gongbei border crossing with Hengqin Island
• Stops at Lotus Bridge crossing and ends at Chimelong theme park
• Expected completion 2018
2
Taipa Ferry Terminal• Estimated opening in 2017• 40 ferry per hour capacity and helipad• 114 immigration clearance counters and e‐channels
Sands Cotai Central5,723
The Venetian Macao
2,905
Sands Macao, 289
Galaxy Macau³Phase I: 2,250Phase II: 1,250 City of Dreams
1,400
Macau Studio City1,600
Wynn Macau1,008 Grand Lisboa, 430 MGM Grand, 582
9,677
4,329
3,230
1,008 838 582
0
2,000
4,000
6,000
8,000
10,000
12,000
Sands China Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China
Market Leading Hotel Capacity at SCLSands China Operates 34% 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 approximately 8,436 additional four‐ and five‐star hotel rooms in Macao.2. Reflects only SJM Holdings self‐owned hotels.3. Reflects the opening of Galaxy Phase II, an extension to the Galaxy Macau, which opened on May 27, 2015.Source: Company filings, Macao DSEC
40
With a Market‐Leading US$10 billion of Investment,SCL Hotel Inventory Represents 49% of Macao Competitor Hotel Inventory
Macao Market Gaming Operator Hotel Rooms1
Four Seasons Macao, 360
St. Regis Macao, 400
Hotel % of Gaming % of TotalGaming Operator Rooms Operators Market
Sands China 9,677 49% 34%
Galaxy Entertainment 4,329 22% 15%Melco Crown 3,230 16% 11%Wynn Resorts 1,008 5% 4%SJM Holdings² 838 4% 3%MGM China 582 3% 2%
Subtotal Gaming Operators 19,664 100% 70%Other 4/5 Star 8,436 0% 30%Total 28,100 100% 100%
`
Starworld, 509
Broadway Macau, 320
Altira Macau, 230
Sofitel Macau, 408
3
Sands Cotai Central5,723
The Venetian Macao
2,905
The Parisian Macao3,000
Galaxy Macau³Phase I: 2,250Phase II: 1,250 City of Dreams
1,400
Macau Studio City1,600
Grand Lisboa, 430
SJM Cotai2,000
Wynn Macau, 1,008
Wynn Palace1,700
MGM Grand, 582
MGM Cotai1,500
12,677
4,329
3,230 2,838 2,7082,082
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
1. In addition to the hotel rooms that are owned by gaming operators presented here, there will be approximately 9,403 additional four‐ and five‐star hotel rooms in Macao at December 31, 2017.2. Reflects only SJM Holdings self‐owned hotels.3. Reflects the opening of Galaxy Phase II, an extension to the Galaxy Macau, which opened on May 27, 2015.Source: Company filings, Macao DSEC
41
Macao Market Gaming Operator Hotel Rooms at December 31, 20171
Four Seasons Macao, 360
St. Regis Macao, 400
With a Market‐Leading US$13 billion of Investment,SCL Hotel Inventory Will Represent 45% of Macao Competitor Hotel Inventory
Market Leading Hotel Capacity at SCLProjected Macao Market 4/5 Star Hotel Rooms at December 31, 2017
Sands Macao, 289
Altira Macau, 230
Hotel % of Gaming % of TotalGaming Operator Rooms Operators Market
Sands China 12,677 45% 34%
Galaxy Entertainment 4,329 16% 12%Melco Crown 3,230 12% 9%SJM Holdings² 2,838 10% 8%Wynn Resorts 2,708 10% 7%MGM China 2,082 7% 6%
Subtotal Gaming Operators 27,864 100% 75%Other 4/5 Star 9,403 0% 25%Total 37,267 100% 100%
`
Starworld, 509
Broadway Macau, 320Sofitel Macau, 408
3
2.12.0
2.12.0
2.12.0
2.2
0.0
0.5
1.0
1.5
2.0
2.5
2011 2012 2013 2014 2015 1Q15 1Q16
4.6
5.2
6.2
6.86.6
1.5 1.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 1Q15 1Q16
Average Length‐of‐Stay ofMainland Chinese Overnight Visitors in Macao Mainland Chinese Hotel Guests in Macao
Length‐of‐Stay of Chinese Overnight Visitors & Number of Chinese Hotel Guests in Macao
Source: Macao DSEC 42
(MM)
Additional Hotel Capacity and Transportation Infrastructure Will Enhance Hotel Visitation and Average Length of Stay in Macao
4
(Days)
5.2
6.3
7.38.1
8.9
9.79.2 9.3
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2009 2010 2011 2012 2013 2014 2015 TTMMarch2016
5.8
6.9
8.8 8.89.7
11.5 11.2 11.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2009 2010 2011 2012 2013 2014 2015 TTMMarch2016
Mainland China Day‐Trip Visitors to Macao Mainland China Overnight Visitors to Macao
Chinese Day‐Trip and Overnight Visitation To Macao
(MM)
Source: Macao DSEC1. Reflects the percentage change for the trailing twelve month period ended March 31, 2016 compared to the trailing twelve month period ended March 31, 2015
43
+19% +28% 0%
(MM)
Growth +21% +16% +11%Growth
Additional Hotel Capacity and Transportation Infrastructure Will Enhance Overnight Visitation to Macao in the Future
+10% +10%
4
+19% +9%‐3% ‐5%‐1%‐9% ‐5%1 ‐2%1
Hengqin Island Expands Critical Mass of Tourism Offerings for Visitors to the Region
44
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 attracted 8M visitors in 2014. It is expected to generate 20 million visits in the future after completion of all phases.¹
— Hengqin’s central business district features an 800,000square foot convention center
— More than 10,000 hotel rooms expected to open over the next five years. Around 5,000 hotel rooms are currently open.
Source: Macau Daily, Zhuhai Daily, Chimelong Group, Hengqin New Area Administrative Committee
1. Phase 1 includes the Hengqin Bay Hotel, the Ocean Kingdom theme park, the Circus World show and a waterpark in the Hengqin Bay Hotel.
5
Top Related