Las Vegas Sands : 2Q20 Earnings Slides

2Q20 Earnings Call Presentation

July 22, 2020

Forward Looking Statements

This presentation contains forward-looking statements 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, the uncertainty of the extent, duration and effects of the COVID- 19 pandemic and the response of governments, including government-mandated property closures or travel restrictions, and other third parties on our business, results of operations, cash flows, liquidity and development prospects, general economic conditions, disruptions or reductions in travel, as well as in our operations, due to natural or man-made disasters, pandemics, epidemics, or outbreaks of infectious or contagious diseases, our ability to invest in future growth opportunities, execute our previously announced capital expenditure programs in both Macao and Singapore, and produce future returns, new development, construction and ventures, government regulation, risks relating to our gaming licenses and subconcession, our subsidiaries' ability to make distribution payments to us, substantial leverage and debt service, fluctuations in currency exchange rates and interest rates, gaming promoters, competition, tax law changes, transportation infrastructure in Macao, political instability, civil unrest, terrorist acts or war, legalization of gaming, insurance, 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.

Within this presentation, the company may make reference to certain non-GAAP financial measures including "adjusted net income/loss," "adjusted earnings/loss per diluted share," and "consolidated adjusted property EBITDA," which have directly comparable financial measures presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), along with "adjusted property EBITDA margin," "hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA margin," "hold-normalized adjusted net income/loss," and "hold- normalized adjusted earnings/loss per diluted share," as well as present these or other items on a constant currency basis. The specific reasons why the company's management believes the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands' financial condition, results of operations and cash flows, as well as reconciliations of the non-GAAP measures to the most directly comparable GAAP measures, are included in the company's Form 8-K dated July 22, 2020, which is available on the company's website at www.sands.com. Reconciliations also are available in the Reconciliation of Non-GAAP Measures and Other Financial Information section of this presentation.

2

Las Vegas Sands' Strategic Priorities

• Safety and security of team members and guests
• Support for local communities in Macao, Singapore and Las Vegas
• Continuation of previously announced capital expenditure programs in both Macao and Singapore
• Maintaining strong balance sheet and liquidity required to invest in future growth opportunities

3

Current Operating Status: Early Stages of Recovery

• Macao:
• • Our gaming and non-gaming operations in Macao are open, as was the case throughout 2Q20
  • The low levels of revenue generated in 2Q20 reflect meaningfully reduced visitation to the market
  • Since July 15th, 2020, certain travelers returning to Guangdong Province from Macao are no longer subject to quarantine
  • Expansion of the travel bubble to more geographies and re-establishment of IVS and group visa programs will be important for the recovery
• Singapore:
• • On July 1st, 2020, the Casino at MBS re-opened to Sands Rewards Club members, Paiza Club members and Annual Levy Holders
  • Re-openingof guest suites at MBS, reduction in international travel restrictions and increasing airlift into Singapore will be important for the recovery
• Las Vegas:
• • Our Las Vegas operations re-opened on June 4th, 2020
  • The return of group business and increased airlift to the Las Vegas market will be important for the recovery

4

Cash and Available Liquidity - LVS

Illustrative "Near Zero" Revenue Scenario

($ in US millions)	Cash and Available Liquidity at June 30, 2020
		SCL	MBS	Las Vegas	Corp./Other		Total
Cash	$1,608	$187	$150	$1,087		$3,032
Revolver Availability 1	2,018	425		1,499		3,942
Cash and Available Liquidity	$3,626	$612 2	$150	$2,586		$6,974
($ in US millions)		Illustrative "Near Zero" Revenue Scenario
		Monthly Opex, Fixed Charges and Other Costs
		SCL	MBS	Las Vegas	Corp./Other		Total
Estimated Run-rate Op. Ex .		$110	$45	$65			$220
Fixed Charges and Other
Interest Expense						50
Maintenance Capex						30
Corporate Costs & Other						15
Subtotal						95
Monthly Operating Expenses, Fixed Charges and Other Costs (ex Development Capex)		$315
SCL Monthly Development Capex 3						50
Total Monthly Operating Expenses, Fixed Charges and Other Costs			$365

We have Sufficient Resources to Operate in a "Near Zero" Revenue Environment for More Than 18 Months While Continuing to Execute our Existing Development Projects in Both Macao and Singapore

1. Revolver availability is subject to existing covenants and other terms under their respective facility agreements. See details on slide 19. Availability of individual revolving credit facilities is reduced by outstanding letters of credit and bank guarantees. Revolver commitments are as follows, SCL: $2,018, MBS: $538, LVSC: $1,500. None of the revolvers were drawn as of June 30, 2020.
2. An additional $2.6 billion delayed draw facility is in place to fund the expansion of Marina Bay Sands.
3. Represents the approximate average monthly spend on development capex in Macao for the periods 3Q-4Q 2020 and 2021. MBS development capex has been excluded from this analysis due to separate funding sources described in Note 2.

Source: Company data, LVS management estimates.

5

Strong Balance Sheet and Liquidity

Investment Grade Balance Sheet Provides Liquidity During Recovery Period

		As of June 30, 2020:							Trailing Twelve Months Ended June 30, 2020:
		 Cash Balance - $3.03 billion							 Cash Flow from Operations - $1.12 billion
		 Debt1 - $13.82 billion							 Adjusted Property EBITDA - $2.56 billion
		 Net Debt1 - $10.78 billion							 LVS Dividends Paid - $1.78 billion; SCL Dividends Paid -
		 Net Debt1 to TTM EBITDA - 4.2x							$308 million2
	($ in US millions)	Sands China				U.S.		LVS Corp.		Total
	Figures as of June 30, 2020	Ltd.		Singapore	Operations		and Other		Consolidated
	Cash and Cash Equivalents3	$1,608		$187		$150	$1,087	$3,032
	Debt	6,956		2,896		-	3,964	13,816
	Net Debt (Cash)	5,348		2,709		(150)	2,877	10,784
	Trailing Twelve Months Adjusted Property EBITDA	1,3214		1,061		179	-	2,561
	Gross Debt to TTM Adjusted Property EBITDA			5.3x		2.7x	-	-		5.4x
	Net Debt to TTM Adjusted Property EBITDA			4.0x		2.6x	-	-		4.2x

LVS' Investment Grade Balance Sheet Provides Liquidity and Flexibility During the Recovery Period

1. Debt balances shown here are net of deferred financing costs and original issue discounts of $145 million and exclude finance leases. SCL debt balance is net of a positive cumulative fair value adjustment of $13 million.
2. Reflects only the public (non-LVS) portion of dividends paid by Sands China. Total dividends paid by Sands China in the TTM period ended June 30, 2020 were $1.02 billion.
3. Includes restricted cash of $16 million.
4. TTM Adjusted Property EBITDA for Sands China presented here reflects Adjusted Property EBITDA from our Macao Operations.

6

Debt Maturity Profile

Debt Maturity by Year

($ in US millions)

$3,500

$3,000

$2,500

$3,288

988

$3,416

1,616

$2,000

$1,500

$1,000

$500

$0

• of Total

$1,860

$1,885

500

$1,900

						1,000
			1,800	1,750	1,800			1,900	$750	$700
$291	$60	$60				800	$0		750	700
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
0%	0%	0%	13%	14%	24%	25%	0%	14%	5%	5%

MBS Credit Facility SCL Bonds LVS Bonds

Long Dated and Low Cost Capital Structure in Place; No Maturities until 2023

1. Amount maturing July 1 through December 31, 2020.

7

Capital Expenditures Expectations

Future Planned Investments Composed of Income Producing Projects and Maintenance

($ US in millions)

$3,000									LVS Capex Expectations
$2,400					$2,180
$1,800					$981						$1,400
						$1,300				$1,300
								$1,125	$1,125
$1,200				$949			$150	$100
	$837		$273		$200
					$300	$900
					$300		$800
					$211	$25		$75
		$194		$396		$325
$600			$240		$350		$450
	$147
$0		$477		$450	$450		$400		$400	$500	$500	$500
	2017A	2018A	2019A		2020E		2021E	2022E	2023E	2024E
Development Timeline

Expansion, Renovation and Rebranding of SCC to The Londoner

Grand Suites at Four Seasons Macao

The Londoner Court

Marina Bay Sands Expansion Project2

Marina Bay Sands Expansion2			Expansion, Renovation and Rebranding of SCC to The Londoner		Grand Suites at Four Seasons Macao				Pre-Opening
The Londoner Court			The Parisian Macao		St. Regis Hotel at SCC		Investments in Current Properties and Other 1		Maintenance		Post-Opening

Capital Expenditures Include Investments to Expand and Enhance Our Industry-Leading Portfolio of Integrated Resorts in Macao and Singapore

1. Reflects investments that are designed to generate future income in our current property portfolio.
2. The timing of the project is subject to revision based upon the impact of COVID-19.

8

Ongoing Strategic Reinvestment in Industry-Leading Portfolio of Integrated Resorts in Macao and Singapore

	Through	Future	Total	Expected Timeframe
The Londoner Macao:	2Q20	Spend	Spend
• Renovation, expansion and rebranding of SCC to The	~$480M	~$870M	~$1.35B	• Phased completion throughout 2020 and
Londoner Macao				2021

New Luxurious Hotel Towers in Macao:

•	Grand Suites at Four Seasons Macao Expand suite inventory	~$420M	~$30M	~$450M
	with approximately 290 new luxury suites, ranging in size from
	2,000 to 4,700 SF; introduction of three luxurious gaming salons
	(~1 million SF in new suite product)
•	The Londoner Court Approximately 370 new luxury suites ranging	~$190M	~$210M	~$400M
	in size from 1,400 to 3,100 SF (~1 million SF in new suite product)

• Three gaming salons opened in tower late September 2019
• Construction Complete
• Targeted completion in late 2020

Total Macao Spend: The Londoner Macao, Londoner Court and Grand Suites at Four Seasons Macao

Marina Bay Sands Expansion1:

• $3.3 billion expansion to bring new luxurious hotel, entertainment, MICE and retail offerings to Marina Bays Sands - a new luxury hotel tower with ~1,000 new all-suite rooms, a state-of-the-art arena, additional MICE capacity and new luxury retail

~$1.1B ~$1.1B ~$2.2B

~$1.0B

~$2.3B

~$3.3B

• Targeted opening in 20231

Total Project Spend:	~$2.1B		~$3.4B	~$5.5B

1. The timing of the MBS expansion is subject to revision based upon the impact of COVID-19.

9

Second Quarter 2020 Financial Results

Quarter Ended June 30, 2020 vs Quarter Ended June 30, 2019

($ in US millions, except per share information)

LVS Consolidated First Quarter Financial Results

2Q19

2Q20

$ Change

% Change

Net Revenue	$3,334	$98	($3,236)	-97.1%
Net Income (Loss)	1,108	(985)	(2,093)	n/m
Diluted EPS	$1.24	($1.07)	($2.31)	n/m
Dividends per Common Share	$0.77	$0.00	($0.77)	-100.0%
Adjusted Net Income (Loss) Attributable to LVS	555	(801)	(1,356)	n/m
Adjusted Diluted EPS	$0.72	($1.05)	($1.77)	n/m
Adjusted Property EBITDA	1,266	(547)	(1,813)	n/m
Adjusted Property EBITDA Margin	38.0%	n/m		n/m
Hold-Normalized :
Adjusted Property EBITDA	$1,322	($514)	($1,836)	n/m
Adjusted Property EBITDA Margin	38.8%	n/m		n/m
Adjusted Diluted EPS	$0.78	($1.02)	($1.80)	n/m

Note: The company completed the sale of Sands Bethlehem on May 31, 2019; "n/m" denotes "not meaningful."

10

LVS Consolidated Operations EBITDA Performance

Quarter Ended June 30, 20201 vs Quarter Ended June 30, 2019

LVS Consolidated Adjusted Property EBITDA

($ in US millions)

Adjusted Property EBITDA

Hold-Normalized Adj. Prop. EBITDA

$1,600
$1,400
$1,200	$1,266		$1,322
$1,000
$800
$600
$400
$200
$0	2Q19	2Q20	2Q19	2Q20
-$200
-$400		-$547		-$514
-$600

1. On March 17, 2020, the Nevada government suspended all casino and non-essential operations, including all operations at our Las Vegas Operating Properties, from March 18, 2020, through June 3, 2020; on April 7, 2020, Marina Bay Sands suspended operations and remained closed through June 30, 2020.

11

Sands China Ltd.

Adjusted Property EBITDA Loss of $312 Million in 2Q20

Adjusted Property EBITDA

• Adjusted property EBITDA loss of $312 million
• Mass (non-Rolling tables and slots):
• • Non-Rollingtable win: $10 million
  • Slot win: $5 million
• Mass table hold decreased 9.7 pts to 13.0% from 22.7%
• Occupancy decreased 92.2 pts to 2.5%, while ADR grew 5.6% to $187
• Rolling volume decreased 92.2% to $1.27 billion; Rolling win % was -0.59% in 2Q20 compared to 3.42% in the prior-year quarter

($ in US millions)
		Actual		Hold-Normalized
$1,000
$800
$765				$765
$600
$400
$200
$0
	2Q19		2Q20		2Q19	2Q20
-$200
			-$312				-$285
-$400
-$600		Non-Rolling Table and Slot Win
($ in US millions)
$2,000			$1,553
$1,500
		$162
$1,000
$500			$1,391
							$5
$0					$15	$10
		2Q19		2Q20

Slot Machines

Non-Rolling Tables

12

Marina Bay Sands1

Adjusted Property EBITDA Loss of $113 Million in 2Q20

Adjusted Property EBITDA

 Adjusted property EBITDA loss of $113 million

($ in US millions)

 Mass (non-Rolling tables and slots):

$450

ActualHold-Normalized

	─	Non-Rolling table win: $6 million
	─	Slot win: $4 million
	Mass table hold increased 0.2 pts to 22.2% from 22.0%
	Occupancy decreased 57.0 pts to 40.2%, while ADR fell 21.9%
	to $328

	$346		$392
$300
$150
$0	2Q19	2Q20	2Q19	2Q20
		-$113		-$112
-$150

• Rolling volume decreased 98.3% to $0.12 billion; Rolling win % was 1.91% in 2Q20 compared to 2.49% in the prior-year quarter

1. On April 7, 2020 Marina Bay Sands suspended operations and remained closed through June 30, 2020.

Non-Rolling Table and Slot Win

($ in US millions)

$500		$427
$400
$300		$163
$200			$4
		$264
$100		$6
$0			$10
	2Q19	2Q20

Slot Machines

Non-Rolling Tables

13

Las Vegas Operations1

Adjusted Property EBITDA Loss of $122 Million in 2Q20

			Adjusted Property EBITDA
 Adjusted property EBITDA loss of $122 million	($ in US millions)	Actual	Hold-Normalized
 Hotel room revenue fell 94.2% to $9 million	$200
−	Occupancy decreased 63.7 pts to 33.5%	$150			$146
$100	$136
−	ADR decreased 35.5% to $162
$50
−	RevPAR decreased 77.9% to $54	$0	2Q19	2Q20	2Q19	2Q20
 Slot win decreased 81.7% to $11 million	-$50
 Table games drop decreased 80.7% to $99 million, while win	-$100		-$122		-$117
percentage decreased 6.0 pts to 11.8%	-$150

Composition of Table Games Drop

($ in US millions)

$600		$514
$500
$400		$215
$300
$200		$299
$100		$99
		$49
$0			$50
	2Q19	2Q20

Non-Baccarat

Baccarat

1. On March 17, 2020, the Nevada government suspended all casino and non-essential operations, including all operations at our Las Vegas Operating Properties, from March 18, 2020, through June 3, 2020.

14

The Investment Case for Las Vegas Sands

• The global leaderin Integrated Resort development and operation
• Industry-leading,investment grade balance sheet strength
• A unique MICE-based business model delivering industry-leading returns
• Unmatched development and operating track recordcreates competitive advantage as we pursue the most promising opportunities in new markets
• Proven history of delivering innovative growth in Asia
• A commitment to maximizing shareholder returns
• The industry's most experienced leadership team: visionary, disciplined and dedicated to driving long-termshareholder value

Maximizing Return to Shareholders by:

1. Pursuing growth in current markets through investments in capacity expansion and reinvestment in industry-leading property portfolio
2. Leveraging proven MICE-based Integrated Resort business model and balance sheet strength to pursue global growth opportunities in new markets
3. Maintaining strong balance sheet and liquidity to preserve ability to make investments in future growth

15

Disciplined Execution of Our Global Growth Strategy

Focused on the Most Promising Global Development Opportunities

• Uniquely positioned to bring our unmatched track record and powerful convention-based business model to the world's most promising Integrated Resort development opportunities
• Balance sheet strength designed to support future large-scale development projects
• Development opportunity objectives:
• • Target 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)

Principal Areas of Future Development Interest:

Macao

Singapore

South Korea

16

Appendices

$11.0 Billion of LVS and SCL Bonds Have No Financial Covenants

Investment Grade Long-term Debt - No Financial Covenants for LVS and SCL Bonds

			Outstanding		Financial Covenants
	Las Vegas Sands		US$4.0 Billion		None
	Corp. Senior
	Unsecured Notes
	Sands China Ltd.
	Senior Unsecured		US$7.0 Billion		None
	Notes
	Marina Bay Sands
	Secured Credit		US$2.9 Billion		Waived Until January 20221
	Facility
	Total		US$13.9 Billion	-

1. On June 18, 2020 Marina Bay Sands received a waiver letter from its lenders, exempting it from the facility's leverage and interest covenants through 4Q21.

18

Revolver Commitments and Financial Covenants

		Current Revolver		Leverage Covenant		Interest Covenant
		Availability1
Las Vegas
Sands Corp.		US$1,499 Million		4.0x Net Leverage2		n/a2
Unsecured Revolver

Sands China Ltd.	US$2,018 Million	Waived	Waived
Unsecured Revolver	Until July 20213	Until July 20213

	Marina Bay Sands	US$425 Million	Waived	Waived
	Secured Revolver	Until January 20224	Until January 20224

Total	US$3,943 Million	-	-

1. Reflects availability as of June 30, 2020. Availability of revolving credit facilities is reduced by outstanding letters of credit and bank guarantees. Revolver commitments are as follows, SCL: $2,018M, MBS: $538M, LVSC: $1,500M. None of the revolvers were drawn as of June 30, 2020.
2. Las Vegas Sands Corp. unsecured revolver covenant is a net debt covenant capped at a $1.0 billion deduction of cash; covenant EBITDA includes royalty-related revenue and applicable dividends from SCL and MBS as well as various other adjustments allowable under the US credit agreement; covenant debt includes LVSC notes; revolving credit facility is not subject to an interest covenant.
3. On March 27, 2020 Sands China received a waiver letter from its lenders, exempting it from the facility's leverage and interest covenants through 2Q21. Upon expiry of the waiver letter, the leverage covenant will return to 4.0x and the interest coverage covenant will return to 2.5x. Sands China Ltd. unsecured revolver covenant is a gross debt covenant; covenant debt includes SCL notes.
4. On June 18, 2020 Marina Bay Sands received a waiver letter from its lenders, exempting it from the facility's leverage and interest covenants through 4Q21. Upon expiry of the waiver letter, the leverage covenant will return to 4.5x and the interest coverage covenant will return to 3.5x. Marina Bay Sands Credit Facility covenant is a gross debt covenant; covenant debt includes debt drawn under the MBS Credit Facilities; 4.5x represents leverage test applicable prior to the one-year anniversary of MBS receiving a temporary occupancy permit for the MBS expansion. Following the one-year anniversary of receiving a temporary occupancy permit for the MBS expansion, maximum leverage covenant level becomes 4.0x.

19

Geographically Diverse Sources of EBITDA

EBITDA Contribution by Geography in Trailing Twelve Months Ended December 31, 2019

($ in US millions)

LVS 2019 Consolidated Adjusted Property EBITDA1

$5,389M

United

States

10%

Singapore

31%

Macao 59%

1. The Macao region includes adjusted property EBITDA from The Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Sands Macao and Ferry Operations and Other. The Singapore region includes adjusted property EBITDA from Marina Bay Sands and the United States region includes adjusted property EBITDA from the Las Vegas Operating Properties and Sands Bethlehem.

Note: The company completed the sale of Sands Bethlehem on May 31, 2019, and $52 million of Adjusted Property EBITDA generated by Sands Bethlehem is included in the United States segment above for the period from January 1, 2019 to May 30, 2019.

20

Retail Mall Portfolio in Asia

Trailing Twelve Months Retail Mall Revenue

($ in US millions)

$800

$700

$600

$500 $400

$300

$200

$100

$0

Operating

Profit

Operating Profit

Margin

$689	$696		$712
			$657 1
$180	$182		$185			$533 1
			$184
$52	$52			$53	$47	$145
$72	$72			$70
				$63	$37
					$151
$143	$142		$137	$54
									$115
$242	$248		$253	$226	$182
2Q19		3Q19		4Q19		1Q20	2Q20
$610M		$618M		$634M		$578M	$462M
89%	89%		89%	88%	87%
The Venetian Macao		Four Seasons Macao		Sands Cotai Central3		The Parisian Macao		Marina Bay Sands

TTM 2Q20 Sales per Sq. Foot²

MBS

$1,500

Parisian Macao

$561

SCC

$603

Four Seasons Luxury: $4,756 Other: $1,924

Venetian

$1,224

1. Results include $59 million and $111 million of rent concessions provided to tenants in 1Q20 and 2Q20, respectively.
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.
3. At June 30, 2020, approximately 460,000 square feet of gross leasable area was occupied out of a total of up to approximately 600,000 square feet of retail mall space that will be featured at completion of all phases of Sands Cotai Central's renovation, rebranding and expansion to The Londoner Macao.

21

Retail Portfolio in Asia

($ per Sq. Foot, Unless Otherwise Indicated)		2Q20							Sales per Sq. Ft.2
		GLA1			Occupancy %
		(Sq. Ft)			at Period End				TTM 2Q20		TTM 1Q20		TTM 4Q19	TTM 3Q19		TTM 2Q19
The Shoppes at Marina Bay Sands	593,756	95.3%	$1,500	$1,917	$2,062			$2,028	$1,945
Shoppes at Venetian	812,934	85.6%	$1,224	$1,460	$1,709			$1,708	$1,688
Shoppes at Four Seasons
Luxury Retail	125,466	100.0%	$4,756	$6,033	$7,065			$6,652	$6,247
Other Stores	116,959	88.7%	$1,924	$2,481	$2,823			$2,687	$2,186
Shoppes at Cotai Central	525,497	87.6%	$603	$780	$934			$966	$967
Shoppes at Parisian	295,963	86.8%	$561	$687	$785			$688	$650

1. Denotes gross leasable area.
2. Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

Note: During 2Q20 the malls in Macao remained open while the Shoppes at Marina Bay Sands were closed April 7th to June 18th; upon re-opening in Singapore, mall visitation was limited to loyalty program members; some tenants in both regions limited their business hours.

22

Market Leading Hotel Capacity

SCL is the Clear Leader in Macao Hotel Room and Suite Inventory

Projected Macao Market 4/5 Star Hotel Rooms at December 31, 20201 - Gaming Operators

	Cotai ~ 25,000 Rooms by Gaming Operators			Total Macao ~ 28,500 Rooms by Gaming Operators
	MGM					MGM
		12,112 Rooms and					12,401 Rooms and
Wynn	China		Suites at SCL		Wynn		China		Suites at SCL
6%					7%
Macau				Macau
6%					9%
	SJM
	8%	Sands			SJM	Sands
				10%
	Melco	China				China
	49%					44%
	15%
						Melco
							14%
	Galaxy							Galaxy
	16%							16%

With a Market-Leading ~US$15 Billion of Investment by 2020, SCL Hotel Inventory is Forecast to Represent ~44% of Gaming Operator Hotel Rooms and ~49% of Hotel Rooms on Cotai

1. See slide 33 titled 'Market-Leading Hotel Capacity at SCL' for further detail. Source: Public company filings, Macao DSEC, Macao Tourism Board.

23

Sands China

Continued Expansion of Market-Leading Cotai Strip Property Portfolio

LVS' Cotai Strip Properties

Leadership in Macao

Investment

Grand Suites at Four

Seasons Macao

~290 Suites

The Venetian Macao

2,905 Suites

	C
	O
	T
	A
	I
Four Seasons
Macao
360 Suites	S
Paiza	T
Mansions
19 Suites	R

I

P

The Parisian Macao

2,541 Rooms &

Suites

New Luxury Suites

Suite Conversion1

1. Upon completion, The Londoner hotel will feature approximately 600 suites.

St. Regis Hotel

400 Suites

The Londoner Court

~370 Suites

Conrad

659 Rooms & Suites

Londoner

Hotel

600 Suites

Sheraton

3,968 Rooms

& Suites

Tropical Gardens

• >$13 billion today, ~$15 billion by 2021
• Approximately 30 million square feet of interconnected facilities on Cotai

Hotel Inventory

• ~12,000 rooms and luxury suites
• ~49% of hotel inventory on Cotai

Retail

• ~1.9 million square feet of gross leasable retail
• Revenue of $388 million as of TTM 2Q20

Entertainment

• The Macao leader in entertainment - more seats, shows and venues than any other operator
• The Cotai Arena is the largest, most important entertainment venue in Macao, featuring 15,000 seats

MICE

• The Macao leader in convention and group meetings
• ~80% of all MICE square footage in Macao is owned and operated by Sands China

Reinvestment

• ~290 new suites in the Grand Suites at Four Seasons Macao by 1H20
• (~1 million SF in new suite product)
• ~370 new suites in The Londoner Court in late 2020
• (~1 million SF in new suite product)
• The re-themedLondoner Macao will provide a third European-themed iconic destination resort on Cotai with additional MICE, retail, entertainment and luxurious suite offerings upon completion of its planned opening in phases throughout 2020 and 2021

24

Our Integrated Resorts Are Designed to Maximize Economic Growth and the Leisure & Business Tourism Appeal of our Host Markets

MBS Existing

MBS Expansion

Contribution to Singapore's Leisure & Business Tourism Appeal

• Contributed to economic growth and to Singapore's appeal as an exciting global city
• Delivered iconic architecture to Singapore's CBD area
• MBS is central to the MICE business in Singapore with record 2019 MICE revenues. MBS hosted more than 3,000 events in 2018
• Created thousands of jobs for Singaporeans (MBS employed >10,000 FTE's in 2019)
• Procurement and sourcing focused on Singapore-based SME's
• Further enhance MBS' status as an iconic architectural landmark
• Provide suite product that is unparalleled in South East Asia
• Introduce a 'state-of-the-art' theater designed for live musical performances that can attract the highest-caliber global entertainment events and artists to Singapore
• Extend the success of Singapore as a MICE destination
• Ensure MBS is positioned to grow its economic, employment and visitation contributions to Singapore in the years ahead

Note: Images above denote preliminary artistic impressions which are subject to change.

25

Marina Bay Sands Expansion

Marina Bay Sands $3.3 Billion Expansion to Bring New Luxurious Hotel, Entertainment, MICE and Retail Offerings

Las Vegas Sands has entered into a development agreement with the Singapore government to expand Marina Bay Sands

• Iconic New Luxury Hotel Tower:
• • Approximately 1,000 all-suiterooms designed to set a new standard of luxury in the region
  • Sky roof with a swimming pool and other tourism attractions
• State-of-the-artarena designed specifically for live musical performances; Seating for at least 15,000
• Additional MICE capacity (meeting and function rooms, exhibition halls)
• Luxury retail

Note: Images above denote preliminary artistic impressions which are subject to change.

27

Marina Bay Sands Expansion

A Development Agreement with the Singapore Tourism Board Will Allow an Expansion of Marina Bay Sands

28

Marina Bay Sands Expansion

Artistic Impression

Design and Development Work are Progressing, with a Focus on Increasing the Leisure and Business Tourism Appeal of Singapore and Marina Bay Sands

Note: Image above denotes preliminary artistic impression which is subject to change.

29

Macao Market Background and Infrastructure Slides

Market-Leading ~$15 Billion of Investment

Investing in Macao's Future as a Leisure & Business Tourism Destination

• Industry-LeadingIntegrated Resort Portfolio
• • Portfolio of ~12,400 suites and hotel rooms
  • Addition of ~2 Million sq. feet of new luxurious hotel suite inventory in 2020
• The Entertainment and Tourism Offerings of The Londoner Macao Will Be Introduced Throughout 2020 and 2021
• Conference, Exhibition and Carpeted Meeting Space: ~2 Million sq. feet
• World-ClassEntertainment and Events
• World Class Shopping: ~ 1.9 Million sq. feet

Our Diversified Convention-Based Integrated Resort Offerings Coupled with Industry Leading Branding and Service Levels Appeal to the Broadest Set of Customers and Provide a Competitive Advantage in the Macao Market

31

Macao Visitation Opportunity

Business & 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 and a desire for tourism and travel experiences

As a result, Macao's Mass visitors will

• Come From Farther Away
• Stay Longer
• Spend More On
• • Lodging
  • Retail
  • Dining
  • Entertainment
  • Gaming

32

Market Leading Hotel Capacity at SCL

Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2020

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

															Cotai					Total Market
					New Capacity										% of Gaming			% of Gaming	% of Total
									Gaming Operator				Rooms	Operators	Rooms	Operators		Market
									Sands China					12,112	49%			12,401	44%		33%
									Galaxy Entertainment					3,920	16%			4,420	16%		12%
									Melco					3,772	15%			3,987	14%		11%
	12,401
								SJM Holdings2					2,000	8%			2,839	10%		7%
									Wynn Macau Ltd.					1,706	6%			2,714	9%		7%
	The Parisian
								MGM China					1,400	6%			1,982	7%		5%
	Macao				Sands Macao, 289
						Subtotal Gaming Operators	24,910	100%			28,343	100%		75%
	2,541
					Grand Suites at Four			Other 4/5 Star1					-	-			9,242	0%		25%
					Seasons Macao, ~290			Total					24,910	100%			37,585	100%		100%
	The				Four Seasons Macao, 379
				The Londoner
	Venetian Macao				Starworld, 500
	2,905				Court, ~370	City of Dreams Morpheus Tower, 772	MGM Cotai, 1,400 (Phased Opening
					St. Regis Macao, 400	Broadway Macau, 320	(Phased Opening Began June 15, 2018)			Began February 13, 2018)
			4,420		3,987		Altira Macau, 215		Sofitel Macau, 408
	Sands Cotai							2,839			2,714					1,982
	Central 3							Macau Studio City
									SJM Cotai		Wynn Palace
	5,227				Galaxy Macau4
						1,600
				3,600							2,000				1,706					MGM Cotai
								City of Dreams												1,400
														Wynn Macau, 1,008
								1,400			Grand Lisboa, 431			MGM Grand, 582
	Sands China		Galaxy Entertainment		Melco		SJM Holdings2		Wynn Macau Ltd.			MGM China

With a Market-Leading ~US$15 Billion of Investment by 2020, SCL Hotel Inventory is Forecast to Represent ~49% of Hotel Rooms on Cotai

1. In addition to the hotel rooms that are owned by gaming operators, there are approximately 9,242 additional four- and five-star hotel rooms owned by non-gaming operators in Macao at December 31, 2019.
2. Reflects only SJM Holdings owned hotels.
3. Upon completion, The Londoner hotel, will feature approximately 600 suites.
4. Reflects the opening of Galaxy Phase I and Phase II.

Source: Public company filings, Macao DSEC, Macao Tourism Board.

33

Supplemental Data

Historical Hold-Normalized Adjusted Property EBITDA1

($ in US millions)
	2Q18		3Q18		4Q18		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20
Macao Operations2
Reported	$750	$754	$786	$858	$765	$755	$811	$67	($312)
Hold-Normalized	$740	$754	$820	$845	$765	$758	$788	$84	($285)
Marina Bay Sands
Reported	$368	$419	$362	$423	$346	$435	$457	$282	($113)
Hold-Normalized	$389	$419	$390	$433	$392	$396	$417	$270	($112)
Las Vegas Operations
Reported	$77	$76	$100	$138	$136	$93	$120	$88	($122)
Hold-Normalized	$106	$97	$125	$131	$146	$106	$120	$88	($117)
Sands Bethlehem3
Reported	$30	$33	$24	$33	$19	-	-	-	-
Hold-Normalized	$30	$33	$24	$33	$19	-	-	-	-
LVS Consolidated
Reported	$1,225	$1,282	$1,272	$1,452	$1,266	$1,283	$1,388	$437	($547)
Hold-Normalized	$1,265	$1,303	$1,359	$1,442	$1,322	$1,260	$1,325	$442	($514)

1. This schedule presents hold-normalized adjusted property EBITDA based on the following methodology:
2. • for Macao operations and Marina Bay Sands: if the quarter's rolling win percentage is outside of the 3.15%-3.45% range, then a hold adjustment is calculated by applying a rolling win percentage of 3.30% to the rolling volume for the quarter.
   • for Las Vegas Operations: if the quarter's baccarat win percentage is outside of the 18.0%-26.0% range, then a hold adjustment is calculated by applying a baccarat win percentage of 22.0%, and if the quarter's non-baccarat win percentage is outside of the 16.0%-24.0% range, then a hold adjustment is calculated by applying a non-baccarat win percentage of 20.0%.
   • for Sands Bethlehem: no hold adjustment was made.
   • for all properties: gaming taxes, commissions paid, bad debt expense, discounts and other incentives are applied to determine the hold-normalized adjusted property EBITDA impact.
3. Adjusted property EBITDA presented here reflects adjusted property EBITDA from The Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Sands Macao and Ferry Operations and Other.
4. The company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.

35

Macao Market: Mass Gaming Segment

Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit1

($ US in millions)

We Estimate Macao Market-Wide Mass Win Decreased Approximately 96% in 2Q20

1. Market-wide mass GGR for all periods through 1Q20 is defined as mass win (tables and slots) as reported by the casino operators in their public filings (does not include revenue from Galaxy's City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate. Market-wide mass GGR for 2Q20 is estimated by LVS management based on DICJ reported data and LVS management's estimated differences between DICJ reporting and win reported by operators in public filings.

Source: Public company filings, Macao DSEC, Macao DICJ, Macao Public Security Police.

.

36

Sands China Mass Market Table Update

SCL Base Mass Table Win by Quarter

Sands China Departmental Profit Margin1: 35% - 45%

($ in US millions)

$1,000				Avg. Win per Table per Day: $48
$900
$800			$789
$700	$756	$762
$600
$500
$400
$300				$278
$200
$100					$4
$0
2Q19	3Q19	4Q19	1Q20	2Q20
Avg.	962	956	953	687	912
Tables

SCL Premium Mass Table Win by Quarter

Sands China Departmental Profit Margin1: 25% - 40%

($ in US millions)

$1,000			Avg. Win per Table per Day: $127
$900
$800
$700		$674	$675
$600	$635
$500
$400
$300				$270
$200
$100					$6
$0
2Q19	3Q19	4Q19	1Q20	2Q20
Avg.	448	450	466	376	521
Tables

1. Denotes expected range under normal operating conditions.

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.

37

Sands China Mass Market Table and Slots Update

SCL Mass Table1 Win by Quarter

($ in US millions)	Avg. Win per Table per Day: $77

$1,800
$1,600
$1,400	$1,391	$1,436	$1,464
$1,200
$1,000
$800
$600				$548
$400
$200					$10
$0
2Q19	3Q19	4Q19	1Q20	2Q20
Avg.	1,410	1,406	1,419	1,063	1,433
Tables

SCL Slots2 Win by Quarter

($ in US millions)	Avg. Win per Unit per Day: $23

$200
$180
$160	$162	$160	$161
$140
$120
$100
$80
$60				$61
$40
$20					$5
$0	2Q19	3Q19	4Q19	1Q20	2Q20
Avg.	5,840	6,039	5,932	4,196	2,372
Units

1. Excludes rolling play.
2. Includes slots and electronic table games.

38

Macao Market: Mass Gaming Revenue

Macao Market Mass Gaming Revenue

($ in US millions)		Mass Win (Tables and Slots)1
	Q1	Q2	Q3	Q4	Total
2016	$3,609	$3,508	$3,816	$3,989	$14,922
2017	$4,146	$4,017	$4,169	$4,706	$17,038
Growth ('17 v '16)	14.9%	14.5%	9.3%	18.0%	14.2%
2018	$4,955	$4,841	$4,864	$5,251	$19,911
Growth ('18 v '17)	19.5%	20.5%	16.7%	11.6%	16.9%
2019	$5,440	$5,356	$5,523	$5,608	$21,927
Growth ('19 v '18)	9.8%	10.6%	13.5%	6.8%	10.1%
2020	$2,180	$214 2
Growth ('20 v '19)	-59.9%	-96.0%2

1. Market-widemass GGR for all periods through 1Q20 is defined as mass win (tables and slots) as reported by the casino operators in their public filings (does not include revenue from Galaxy's City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate.
2. Market-widemass GGR for 2Q20 is estimated by LVS management based on DICJ reported data and LVS management's estimated differences between DICJ reporting and win reported by operators in public filings.

Source: Public company filings, Macao DICJ.

39

Macao Market: VIP Gaming

Macao Market VIP Gaming Revenue

($ in US millions)			VIP Win1
	Q1	Q2	Q3	Q4	Total
2016	$3,294	$2,856	$3,017	$3,516	$12,683
2017	$3,661	$3,734	$4,099	$4,292	$15,786
Growth ('17 v '16)	11.1%	30.7%	35.9%	22.1%	24.5%
2018	$4,429	$4,208	$4,288	$4,412	$17,337
Growth ('18 v '17)	21.0%	12.7%	4.6%	2.8%	9.8%
2019	$3,892	$3,640	$3,173	$3,301	$14,006
Growth ('19 v '18)	-12.1%	-13.5%	-26.0%	-25.2%	-19.2%
2020	$1,494	$182 2
Growth ('20 v '19)	-61.6%	-95.0%2

1. Market-wideVIP GGR for all periods through 1Q20 as reported by the casino operators in their public filings (does not include revenue from Galaxy's City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate.
2. Market-wideVIP GGR for 2Q20 is estimated by LVS management based on DICJ reported data and LVS management's estimated differences between DICJ reporting and win reported by operators in public filings.

Source: Public company filings, Macao DICJ.

40

Sands China VIP Table Update

SCL Rolling Volume by Quarter		SCL Rolling Win by Quarter
($ in US billions)		($ in US millions, except per table amounts)

$25

$20

$15

$10

$5

$0

Avg.

Tables

$16.36

$1.27

2Q192Q20

260213

$1,000

$800

$600

$400

$200

$0

-$200

Rolling

Win %

Avg. Win per Table per		Avg. Win per Table per
Day: $23,669		Day: -$413

$560

-$8

2Q192Q20

3.42%-0.59%

Sands China Rolling Volume Declined ~92% in 2Q20

41

Sands ECO360

Sands ECO360

Industry Leading Global Sustainability Program

The Sands ECO360 Global Sustainability program reflects our vision

to lead our industry in sustainable development and integrated resort operations

43

Global Goals:

Our 2016-2020 Targets

• We have aligned our global sustainability targets for 2016-2020 with three key, measurable, UN Sustainable Development Goals (SDGs) and our emissions reduction goals are approved by science-based targets:

UN Sustainable Development

Goals (SDGs)

Emissions		Water		Waste
 Double the global rate of improvement		 Substantially increase water-use		 Substantially reduce waste
in energy efficiency		efficiency across all sectors		generation through prevention,
 Increase substantially the share of				reduction, recycling, and reuse
renewable energy in the global energy				 Halve per capita global food waste
mix

SandsECO360

AlignmentwithSDGs

LVS Goals (2016-2020)

Select 2019 LVS

Accomplishments

Energy

Transportation

• 6% reduction in emissions from resort operations, in addition to offsetting newly opened resorts (Achieved)
• 6% reduction in ferry emissions (Achieved)
• Implemented 53 eco-efficiency projects throughout our resorts
• Started sourcing renewable energy certificates (REC) for Marina Bay Sands and The Venetian Resort (VR)
• Achieved 98% of LED lighting at Sands China Ltd. properties

Water	Waste	Food
	Procurement
 3% reduction in consumption on a	 5% increase in waste diversion
per square foot basis (Achieved)	rate (In Progress)

	Implemented 17 water-efficiency	 Started food donation program at
	projects throughout our resorts	Sands China Ltd.
	Implemented water engagement	 Engaged team members and
	program with kitchens and food &	community members on single-use
	beverage outlets at all properties	plastic reduction and challenges
 Increased water input from well and	 Increased sourcing of sustainable
	nano-filtration system at VR	seafood at all properties

44

2019 Sands ECO360

Key Accomplishments:

1	Employee engagement: During 2019, our Team Members continued to embed sustainability into our culture,
contributing to more than 240,000 Sands ECO360 Actions to protect the environment, which allowed us to reach
our 1 million Sands ECO360 action by 2020 goal one year in advance. Our global ECOengage campaign on
	single-use plastic demonstrated to be an effective way to discuss and act on pressing, current environmental
	challenges.
2	LEED Certifications: The Sands Expo and Convention Center at Marina Bay Sands obtained the LEED
Platinum certification for "Existing Buildings: Maintenance & Operations". It is believed to be the first MICE
venue in Asia Pacific to achieve this certification.
	The Parisian Macao is the first Integrated Resort in Macao to achieve the LEED Silver for Building Design and
	Construction certification.
3	CDP and DJSI: We are the only company from the Casino & Gaming industry named on the DJSI North
America, and are still part of the CDP Climate A List and CDP Water A List.
4	Single-usePlastic: In 2019, we formalized our strategy to address single-use plastic and implemented multiple
initiatives to eliminate, reuse, replace and recycle single-use plastic in our operations. Items like plastic straws,
food containers, retail bags, laundry packaging and water bottles have been, or are in process of being,

addressed.

5	Renewable Electricity: The Venetian Resort Las Vegas partnered with NV Energy to procure sufficient
renewable energy certificates to cover 100% of its electricity use.

45

Sustainability Awards and Certifications

Recognition on a Local and Global Level

Las Vegas Sands

Dow Jones Sustainability Indices (2015, 2016, 2018, 2019)

FTSE4Good

(2019)

CDP Climate A List (2015, 2016, 2018, 2019)

CDP Water A List (2018, 2019)

United States

Better Buildings Challenge

The Venetian Resort Las Vegas

APEX/ASTM Level Two

Sands Expo and Congress Center at The Venetian Resort Las Vegas

LEED Silver for New Construction

The Palazzo

LEED Gold for Building Operations and Maintenance

Sands Expo and Congress Center at The Venetian Resort Las Vegas

Macao

LEED Silver for Building Design and Construction

The Parisian Macao

Macao Green Hotel Awards

Platinum - The Venetian Macao

Gold - Sands Cotai Central, Parisian

Macao, Four Seasons Hotel Macao

Silver - Sands Macao

World's Leading Green Hotel - World Travel Awards

Conrad Macao

ISO 20121

The Venetian Macao

IMEX / GMIC Green Supplier Award

The Venetian Macao

Singapore

LEED Platinum for Building Operations and Maintenance

Sands Expo and Convention Center at Marina Bay Sands

LEED Gold for Building Operations and Maintenance

ArtScience Museum at Marina Bay Sands

Singapore BCA Green Mark Platinum

Marina Bay Sands

APEX/ASTM Level One

Marina Bay Sands

ISO 20121

Marina Bay Sands

IMEX / GMIC Green Supplier Award

Marina Bay Sands

VERIFIED

Recognized by independent third parties as a global leader in sustainability

46

Reconciliation of Non-GAAP Measures

and Other Financial Information

Reconciliation of Net Income (Loss) to

Consolidated Adjusted Property EBITDA

($ in US millions)
	1Q19		2Q19		3Q19		4Q19	2019			1Q20		2Q20		TTM 2Q20
Net income (loss)	$744	$1,108	$669	$783		$3,304		($51)	($985)		$416
Add (deduct):
Income tax expense (benefit)	85	236	82	65		468		25	(54)		118
Loss on modification or early retirement of debt	-	-	24	-		24		-	-		24
Gain on sale of Sands Bethlehem(1)	-	(556)	-	-		(556)		-	-		-
Other (income) expense	21	(20)	7	(31)		(23)		(37)	3		(58)
Interest expense, net of amounts capitalized	141	143	137	134		555		131	118		520
Interest income	(20)	(17)	(20)	(17)		(74)		(13)	(4)		(54)
Loss on disposal or impairment of assets	7	-	11	72		90		5	5		93
Amortization of leasehold interests in land	9	14	14	14		51		14	13		55
Depreciation and amortization	301	289	284	291		1,165		290	285		1,150
Development expense	5	4	4	11		24		6	9		30
Pre-opening expense	4	10	9	11		34		5	4		29
Stock-based compensation	3	4	3	4		14		3	6		16
Corporate expense	152	51	59	51		313		59	53		222
Consolidated Adjusted Property EBITDA	$1,452	$1,266	$1,283	$1,388		$5,389		$437	($547)		$2,561

1. The company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.

48

Non-GAAP Measures: Adjusted Net Income/Loss; Hold-Normalized Adjusted Net Income/Loss; Adjusted Earnings/Loss Per Diluted Share; and Hold-Normalized Adjusted Earnings/Loss Per Diluted Share

($ in US millions, except per share data)	Three Months Ended				Six Months Ended
			June 30,					June 30,
			2020			2019	2020	2019
Net income (loss) attributable to LVS	($820)			$954	($821)	$1,536
Nonrecurring legal settlement	-			-	-	96
Pre-opening expense	4			10	9	14
Development expense	9			4	15	9
Loss on disposal or impairment of assets	5			-	10	7
Other (income) expense	3			(20)	(34)	1
Gain on sale of Sands Bethlehem(1)	-			(556)	-	(556)
Income tax impact on net income adjustments(2)	(2)			159	(4)	157
Noncontrolling interest impact on net income adjustments		-			4			3	(1)
Adjusted net income (loss) attributable to LVS	(801)			555	(822)	1,263
Hold-normalized casino revenue	55			69
Hold-normalized casino expense	(22)			(13)
Income tax impact on hold adjustments(2)	(1)			(10)
Noncontrolling interest impact on hold adjustments		(8)			-
Hold-normalized adjusted net income (loss) attributable to LVS	(777)			601
			Three Months Ended				Six Months Ended
			June 30,					June 30,
			2020			2019	2020	2019
Per diluted share of common stock:
Net income (loss) attributable to LVS	(1.07)			$1.24	(1.07)	$1.98
	Nonrecurring legal settlement	-			-	-	0.12
Pre-opening expense	-			0.01	0.01	0.02
Development expense	0.01			0.01	0.02	0.01
Loss on disposal or impairment of assets	0.01			-	0.01	0.01
Other (income) expense	-			(0.03)	(0.04)	-
Gain on sale of Sands Bethlehem(1)	-			(0.72)	-	(0.72)
Income tax impact on net income adjustments(2)	-			0.20	(0.01)	0.21
Noncontrolling interest impact on net income adjustments		-			0.01			-	-
Adjusted earnings (loss) per diluted share		($1.05)			$0.72			($1.08)	$1.63
Hold-normalized casino revenue	0.07			0.09
Hold-normalized casino expense	(0.03)			(0.02)
Income tax impact on hold adjustments(2)	-			(0.01)
Noncontrolling interest impact on hold adjustments	(0.01)			-
Hold-normalized adjusted earnings (loss) per diluted share		($1.02)			$0.78
Weighted average diluted shares outstanding	764			772	764	774

1. The company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.
2. The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

49

Non-GAAP Trailing Twelve Month Supplemental Schedule

($ in US millions)
		2Q19		3Q19		4Q19		1Q20		2Q20			TTM 2Q20
Cash Flows From Operations	$76	$900	$1,242	($370)	($652)	$1,120
Adjust for:
Provision for doubtful accounts	(7)	(4)	(15)	(18)	(17)	(54)
Foreign exchange gains (losses)	24	(11)	30	39	(5)	53
Other non-cash items	407	(54)	(18)	(11)	17	(66)
Leasehold interest in land	969	-	-	-	-	-
Changes in working capital	(58)	147	(79)	618	(25)	661
Add: Stock-based compensation expense	4	3	4	3	6	16
Add: Corporate expense	51	59	51	59	53	222
Add: Pre-opening and development expense	14	13	22	11	13	59
Add: Gain on sale of Sands Bethlehem	(556)	-	-	-	-	-
Add: Other expense	106	148	86	81	117	432
Add: Income tax expense		236	82	65	25	(54)	118
LVS Consolidated Adjusted Property EBITDA	$1,266	$1,283	$1,388	$437	($547)	$2,561
Adjusted Property EBITDA
Macao:
The Venetian Macao	336	342	368	49	(97)
Sands Cotai Central	165	169	180	-	(79)
The Parisian Macao	139	120	122	(3)	(81)
The Plaza Macao and Four Seasons Hotel Macao	83	75	102	28	(18)
Sands Macao	43	52	40	(1)	(31)
Ferries and Other		(1)	(3)	(1)	(6)	(6)
Macao Operations	765	755	811	67	(312)	1,321
Marina Bay Sands	346	435	457	282	(113)	1,061
U.S.:
Las Vegas Operating Properties	136	93	120	88	(122)
Sands Bethlehem	19	-	-	-	-
U.S. Operating Properties		155	93	120	88	(122)			179
LVS Consolidated Adjusted Property EBITDA	$1,266	$1,283	$1,388	$437	($547)	$2,561

Note: The company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.

50

Historical Hold-Normalized Adj. Property EBITDA1

($ in US millions)
		2Q18			3Q18		4Q18		1Q19			2Q19			3Q19		4Q19			1Q20			2Q20
Macao Operations2
Reported	$750	$754	$786	$858	$765	$755	$811	$67	($312)
Hold-Normalized Adjustment	(10)		-		34		(13)		-		3		(23)		17		27
Hold-Normalized	$740	$754	$820	$845	$765	$758	$788	$84	($285)
Marina Bay Sands
Reported	$368	$419	$362	$423	$346	$435	$457	$282	($113)
Hold-Normalized Adjustment	21		-		28		10		46		(39)		(40)		(12)		1
Hold-Normalized		$389		$419		$390		$433		$392		$396		$417		$270		($112)
Las Vegas Operations
Reported	$77	$76	$100	$138	$136	$93	$120	$88	($122)
Hold-Normalized Adjustment	29		21		25		(7)		10		13		-		-		5
Hold-Normalized	$106	$97	$125	$131	$146	$106	$120	$88	($117)
Sands Bethlehem3
Reported	$30	$33	$24	$33	$19	-	-	-	-
Hold-Normalized	$30	$33	$24	$33	$19	-	-	-	-
LVS Consolidated
Reported	$1,225	$1,282	$1,272	$1,452	$1,266	$1,283	$1,388	$437	($547)
Hold-Normalized Adjustment	40	21	87	(10)	56	(23)	(63)	5	33
Hold-Normalized	$1,265		$1,303		$1,359		$1,442		$1,322		$1,260		$1,325		$442		($514)

1. This schedule presents hold-normalized adjusted property EBITDA based on the following methodology:
2. • for Macao operations and Marina Bay Sands: if the quarter's rolling win percentage is outside of the 3.15%-3.45% range, then a hold adjustment is calculated by applying a rolling win percentage of 3.30% to the rolling volume for the quarter.
   • for Las Vegas Operations: if the quarter's baccarat win percentage is outside of the 18.0%-26.0% range, then a hold adjustment is calculated by applying a baccarat win percentage of 22.0%, and if the quarter's non-baccarat win percentage is outside of the 16.0%-24.0% range, then a hold adjustment is calculated by applying a non-baccarat win percentage of 20.0%.
   • for Sands Bethlehem: no hold adjustment was made.
   • for all properties: gaming taxes, commissions paid, bad debt expense, discounts and other incentives are applied to determine the hold-normalized adjusted property EBITDA impact.
3. Adjusted property EBITDA presented here reflects adjusted property EBITDA from The Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Sands Macao and Ferry Operations and Other.
4. The company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.

51

Supplemental Information 2Q20 and 2Q19

($ in US millions)						Three Months Ended June 30, 2020
					Amortization	Loss on	Pre-Opening
				Depreciation	of Leasehold	Disposal or	and				Adjusted
			Operating	and	Interests	Impairment	Development	Royalty	Stock-Based	Corporate	Property
	Income (Loss)	Amortization	in Land	of Assets	Expense	Fees	Compensation	Expense	EBITDA
Macao:
The Venetian Macao	($144)	$43	$2	-	-	-	$2	-	($97)
Sands Cotai Central	(136)	54	2	-	1	-	-	-	(79)
The Parisian Macao	(126)	42	1	1	-	-	1	-	(81)
The Plaza Macao and Four Seasons Hotel Macao	(38)	16	-	3	1	-	-	-	(18)
Sands Macao	(38)	7	-	-	-	-	-	-	(31)
Ferry Operations and Other		(8)	2	-	-	-	-	-	-	(6)
Macao Operations	(490)	164	5	4	2	-	3	-	(312)
Marina Bay Sands	(197)	72	8	-	2	-	2	-	(113)
United States:
Las Vegas Operating Properties	(165)	41	-	1	-	-	1	-	(122)
Sands Bethlehem	-	-	-	-	-	-	-	-	-
United States Property Operations		(165)	41	-	1	-	-	1	-	(122)
Other Development	(9)	-	-	-	9	-	-	-	-
Corporate		(61)	8	-	-	-	-	-	53	-
	($922)	$285	$13	$5	$13	-	$6	$53	($547)
						Three Months Ended June 30, 2019
					Amortization	Loss on	Pre-Opening
				Depreciation	of Leasehold	Disposal or	and				Adjusted
			Operating	and	Interests	Impairment	Development	Royalty	Stock-Based	Corporate	Property
	Income (Loss)	Amortization	in Land	of Assets	Expense	Fees	Compensation	Expense	EBITDA
Macao:
The Venetian Macao	$295	$39	$1	-	-	-	$1	-	$336
Sands Cotai Central	85	73	2	-	5	-	-	-	165
The Parisian Macao	98	39	1	-	-	-	1	-	139
The Plaza Macao and Four Seasons Hotel Macao	72	9	-	-	2	-	-	-	83
Sands Macao	36	6	-	-	-	-	1	-	43
Ferry Operations and Other		(31)	3	-	-	-	27	-	-	(1)
Macao Operations		555	169	4	-	7	27	3	-	765
Marina Bay Sands	236	74	10	-	4	21	1	-	346
United States:
Las Vegas Operating Properties	148	35	-	-	-	(47)	-	-	136
Sands Bethlehem	15	4	-	-	-	-	-	-	19
United States Property Operations		163	39	-	-	-	(47)	-	-	155
Other Development	(3)	-	-	-	3	-	-	-	-
Corporate		(57)	7	-	-	-	(1)	-	51	-
		$894	$289	$14	-	$14	-	$4	$51	$1,266

Note: The company completed the sale of Sands Bethlehem on May 31, 2019.

52

Supplemental Information

YTD 2Q20 and YTD 2Q19

($ in US millions)						Six Months Ended June 30, 2020
					Amortization	Loss on	Pre-Opening
				Depreciation	of Leasehold	Disposal or	and				Adjusted
			Operating	and	Interests	Impairment	Development	Royalty	Stock-Based	Corporate	Property
	Income (Loss)	Amortization	in Land	of Assets	Expense	Fees	Compensation	Expense	EBITDA
Macao:
The Venetian Macao	($142)	$85	$3	$1	$1	-	$4	-	($48)
Sands Cotai Central	(203)	115	4	1	3	-	1	-	(79)
The Parisian Macao	(170)	83	1	1	-	-	1	-	(84)
The Plaza Macao and Four Seasons Hotel Macao	(25)	29	1	4	1	-	-	-	10
Sands Macao	(46)	14	-	-	-	-	-	-	(32)
Ferry Operations and Other	(27)	4	-	-	-	11	-	-	(12)
Macao Operations		(613)	330	9	7	5	11	6	-	(245)
Marina Bay Sands	(30)	152	18	-	4	23	2	-	169
United States:
Las Vegas Operating Properties	(82)	78	-	3	-	(34)	1	-	(34)
Sands Bethlehem	-	-	-	-	-	-	-	-	-
United States Property Operations		(82)	78	-	3	0	(34)	1	-	(34)
Other Development	(15)	-	-	-	15	-	-	-	-
Corporate	(127)	15	-	-	-	-	-	112	-
		($867)	$575	$27	$10	$24	$0	$9	$112	($110)
						Six Months Ended June 30, 2019
					Amortization	Loss on	Pre-Opening
				Depreciation	of Leasehold	Disposal or	and				Adjusted
			Operating	and	Interests	Impairment	Development	Royalty	Stock-Based	Corporate	Property
	Income (Loss)	Amortization	in Land	of Assets	Expense	Fees	Compensation	Expense	EBITDA
Macao:
The Venetian Macao	$614	$77	$3	-	-	-	$3	-	$697
Sands Cotai Central	202	162	4	-	8	-	1	-	377
The Parisian Macao	222	78	1	-	-	-	1	-	302
The Plaza Macao and Four Seasons Hotel Macao	144	18	1	3	2	-	-	-	168
Sands Macao	69	13	-	-	-	-	1	-	83
Ferry Operations and Other	(67)	7	-	-	-	56	-	-	(4)
Macao Operations		1,184	355	9	3	10	56	6	-	1,623
Marina Bay Sands	559	142	14	-	7	46	1	-	769
United States:
Las Vegas Operating Properties	301	70	-	4	-	(101)	-	-	274
Sands Bethlehem	42	10	-	-	-	-	-	-	52
United States Property Operations		343	80	-	4	-	(101)	-	-	326
Other Development	(6)	-	-	-	6	-	-	-	-
Corporate		(215)	13	-	-	-	(1)	-	203	-
	$1,865	$590	$23	$7	$23	$0	$7	$203	$2,718

Note: The company completed the sale of Sands Bethlehem on May 31, 2019.

53