SANDS CHINA : Preliminary Announcement of Annual Results for the year ended December 31, 2018

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SANDS CHINA LTD.

金沙中國有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1928 and Note Stock Codes: 5140, 5141, 5142, 5725, 5727, 5733)

PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS

FOR THE YEAR ENDED DECEMBER 31, 2018

1.	FINANCIAL HIGHLIGHTS	1
2.	CHAIRMAN'S STATEMENT	2
3.	MANAGEMENT DISCUSSION AND ANALYSIS	4
4.	FINANCIAL RESULTS	15
5.	DISCLOSURE OF FINANCIAL RESULTS IN MACAO	36
6.	SCOPE OF WORK OF DELOITTE TOUCHE TOHMATSU	36
7.	CORPORATE GOVERNANCE	37
8.	PUBLICATION OF ANNUAL RESULTS ON THE WEBSITES
OF THE STOCK EXCHANGE AND THE COMPANY	38
9.	PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S
LISTED SHARES	39

Unless otherwise indicated, capitalized terms used but not defined herein shall have the meanings ascribed to them in our 2017 annual report and/or 2018 interim report.

1. FINANCIAL HIGHLIGHTS

• • Net revenues were US$8.67 billion (HK$67.85 billion) for the year ended December 31, 2018, an increase of 14.2%, compared to US$7.59 billion (HK$59.29 billion) for the year ended December 31, 2017.

• • Operating expenses were US$6.51 billion (HK$50.99 billion) for the year ended December 31, 2018, an increase of 12.0%, compared to US$5.81 billion (HK$45.43 billion) for the year ended December 31, 2017.

• • Adjusted property EBITDA for the year ended December 31, 2018 increased 17.9% to US$3.08 billion (HK$24.11 billion), compared to US$2.61 billion (HK$20.41 billion) for the year ended December 31, 2017.

• • Profit for the year ended December 31, 2018 was US$1.87 billion (HK$14.68 billion), an increase of 17.0%, compared to US$1.60 billion (HK$12.53 billion) for the year ended December 31, 2017.

Note: The translation of US$ amounts into HK$ amounts or vice versa has been made at the rate of US$1.00 to HK$7.8306 (2017:

US$1.00 to HK$7.8157) for the purposes of illustration only.

2. CHAIRMAN'S STATEMENT

Dear Shareholders,

On behalf of the Board of Directors of Sands China Ltd., I am pleased to report that the Company delivered strong financial and operating results in 2018. We also extended our industry-leading contributions to Macao's diversification in support of Macao's long-term development objectives as the leading leisure and business tourism destination in Asia.

Macao's development and evolution as Asia's leading tourism destination accelerated during the year, with market-wide visitation from China reaching a record 25.2 million visits, an increase of 14% compared to last year.

The Company experienced growth in every segment in Macao and generated a market-leading adjusted property EBITDA of US$3.08 billion, an increase of nearly 18% compared to last year. EBITDA margins also expanded to a market-leading 35.4%.

Total net revenues for the Company increased over 14% to US$8.67 billion. Profit for the year increased 17% to US$1.87 billion. The continuing strong cash flow generation of the Company enabled it to pay dividends per share of HK$1.99 in 2018.

We extended our industry leadership in the important non-gaming segments of our business by delivering growth in MICE, hotel, retail and entertainment revenues during the year.

Sands China has now invested more than US$13.0 billion to deliver on our promise to help Macao in its economic diversification and its continued evolution into the world's leading leisure and business tourism destination. Our investment includes approximately 13,000 hotel rooms and suites, 2.0 million square feet (approximately 186,000 square meters) of retail-mall offerings and 2.0 million square feet (approximately 186,000 square meters) of MICE capacity.

Over the next three years, we will increase our total investment to over US$15 billion as we make additional investments of US$2.2 billion to expand the market-leading scale of our hotel room, retail and entertainment offerings on Cotai. These investments include the addition of over 600 new luxury suites at the St. Regis Tower Suites Macao and Four Seasons Tower Suites Macao. In addition, we are expanding, renovating and transforming Sands Cotai Central into a new destination integrated resort, The Londoner Macao. The Londoner Macao will feature additional MICE, retail, and entertainment offerings that will contribute to Macao's appeal as a leisure and business tourism destination.

We believe the Macao market will benefit from the meaningful infrastructure investments being made in Macao and throughout the Greater Bay Area. The opening of the Hong Kong-Zhuhai-Macao Bridge in 2018 was a major milestone that will help Macao grow tourism and MICE business in the years ahead. It is an engineering feat of unprecedented scale and creates a direct connection between the Hong Kong International Airport, one of the largest and most important transportation hubs in all of Asia, and Macao.

We regard it as a privilege to contribute to Macao's success in realizing its important objectives of diversifying its economy, supporting the growth of local businesses, providing meaningful career development opportunities for its citizens, including through our Sands China Academy, and reaching its full potential as Asia's leading leisure and business tourism destination.

We could not have achieved our many successes this year without the hard work and dedication of Sands China's nearly 29,000 team members. I thank all our team members for their efforts and I look forward to their continued contributions in the years ahead.

Our Sands China business strategy remains straightforward: continue the execution of our Cotai Strip development strategy by leveraging our convention-based integrated resort business model and world-class amenities to contribute to Macao's diversification. This strategy drives Sands China's market-leading revenue and cash flow generation.

We look to the future with confidence. We have a strong organic growth outlook that will benefit from our industry-leading investments and unmatched scale as economic growth, wealth creation and increased demand for travel and entertainment continues in Asia.

We look forward to sharing the Company's continued success with you and other stakeholders at the upcoming Sands China Annual General Meeting.

I thank you again for the confidence that you have placed in us.

Sheldon G. Adelson

Chairman of the Board and Chief Executive Officer

February 22, 2019

3. MANAGEMENT DISCUSSION AND ANALYSIS

OUR EXISTING OPERATIONS

Our operations consist of The Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao, Sands Macao and other operations that support these properties, including our high-speed CotaiJet ferry service operating between Hong Kong and Macao. The following table sets forth data on our existing operations as at December 31, 2018:

The Venetian	Sands Cotai	The Parisian	The Plaza	Sands
Macao	Central	Macao	Macao	Macao	Total
Opening date	August 2007	April 2012(i)	September 2016	August 2008	May 2004
Hotel rooms and suites	2,841	6,246	2,333	360	238	12,018
Paiza suites	64	-	208	-	51	323
Paiza mansions	-	-	-	19	-	19
MICE (square feet)	1,200,000	369,000	63,000	28,000	-	1,660,000
Theater (seats)	1,800	1,701	1,200	-	650	-
Arena (seats)	15,000	-	-	-	-	-
Total retail (square feet)	943,000	520,000	296,000	242,000	50,000	2,051,000
Number of shops	356	158	155	141	15	825
Number of restaurants
and food outlets	57	53	23	8	10	151
Total gaming facility
(square feet)	374,000	367,000	253,000	105,000	213,000	1,312,000
Gaming units:
Tables(ii)	644	392	327	116	206	1,685
Slots	1,414	1,118	870	157	715	4,274

(i) Sands Cotai Central consists of the Conrad and Holiday Inn tower, the first Sheraton tower, the second Sheraton tower and the St. Regis tower, which opened in April 2012, September 2012, January 2013 and December 2015, respectively.

(ii)Permanent table count as at December 31, 2018.

RESULTS OF OPERATIONS

Year Ended December 31, 2018 Compared to the Year Ended December 31, 2017

Net Revenues

Our net revenues consisted of the following:

Year ended December 31,

2018	2017	Percent change
US$ in millions
Casino	6,816	5,880	15.9%
Rooms	734	651	12.7%
Mall	507	479	5.8%
Food and beverage	304	292	4.1%
Convention, ferry, retail and other	304	284	7.0%
Total net revenues	8,665	7,586	14.2%

Note: The prior year presentation has been adjusted for the adoption of IFRS 15, Revenue from Contracts with Customers, and conformed to the current year presentation.

Net revenues were US$8.67 billion for the year ended December 31, 2018, an increase of 14.2%, compared to US$7.59 billion for the year ended December 31, 2017. Net revenues increased in all business categories, mainly driven by an increase in visitation as well as growth in the overall Macao gaming market. We continued to enjoy market-leading visitation in Macao and focused on driving the high-margin mass market gaming business, while providing luxury amenities and high service levels to our VIP and premium players.

Our net casino revenues for the year ended December 31, 2018 were US$6.82 billion, an increase of 15.9%, compared to US$5.88 billion for the year ended December 31, 2017. The increase was mainly attributable to revenue increases across all properties, especially at The Venetian Macao, as a result of strong growth in both the VIP and mass segments. Strong results in our properties on Cotai continue to demonstrate the competitive advantage of our integrated resort business model.