#1Sands Ⓡ 3Q20 Earnings Call Presentation October 21, 2020#2Forward 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 and other third parties, including government-mandated property closures, increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects, general economic conditions, disruptions or reductions in travel and 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 October 21, 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. Sands 2#3Las 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 Sands 3#4Current Operating Status: Recovery Process Continuing in Each of Our Markets ☐ Macao: Our gaming and non-gaming operations in Macao are open, as was the case throughout 2Q20 and 3Q20 The low levels of revenue generated in 3Q20 reflect meaningfully reduced visitation to the market Beginning in September 2020, eligible travelers residing in Mainland China were allowed to apply for visas under the Individual Visit Scheme ('IVS') ○ Travelers from Mainland China must obtain both of the following to enter Macao: • A visa A negative COVID-19 test result Increasing the number of visas available through the IVS and other visa programs, and the streamlining of testing procedures, 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 Guest suites at MBS re-opened during 3Q20 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 Sands 4#5Third Quarter 2020 Financial Results Quarter Ended September 30, 2020 vs Quarter Ended September 30, 2019 ($ in US millions, except per share information) LVS Consolidated Third Quarter Financial Results 3Q19 3Q20 $ Change Net Revenue $3,250 $586 ($2,664) Net Income (Loss) 669 (731) (1,400) Diluted EPS $0.69 ($0.74) ($1.43) Dividends per Common Share $0.77 ($0.77) Adjusted Net Income (Loss) Attributable to LVS 573 (515) (1,088) Adjusted Diluted EPS $0.75 ($0.67) ($1.42) Adjusted Property EBITDA 1,283 (203) (1,486) Adjusted Property EBITDA Margin 39.5% Hold-Normalized : Adjusted Property EBITDA $1,259 ($184) ($1,443) Adjusted Property EBITDA Margin 38.9% Adjusted Diluted EPS $0.72 ($0.65) ($1.37) Sands 5#6LVS Consolidated Operations EBITDA Performance Quarter Ended September 30, 2020 vs Quarter Ended September 30, 2019. LVS Consolidated Adjusted Property EBITDA ($ in US millions) Adjusted Property EBITDA Hold-Normalized Adj. Prop. EBITDA $1,400 $1,200 $1,283 $1,259 $1,000 $800 $600 $400 $200 $0 -$203 -$184 -$200 -$400 3Q19 3Q20 3Q19 3Q20 Sands 6#7LVS Consolidated Operations EBITDA Performance Quarter Ended September 30, 2020 vs Quarter Ended June 30, 2020 LVS Consolidated Adjusted Property EBITDA ($ in US millions) Adjusted Property EBITDA $0 -$203 -$200 -$400 -$547 -$600 2Q20 3Q20 Hold-Normalized Adj. Prop. EBITDA -$514 -$184 2Q20 3Q20 EBITDA Losses Decreased to $203 Million in Q3, Compared to $547 Million in Q2 Sands 7#8Sequential Improvement in EBITDA Performance Quarter Ended September 30, 2020 vs Quarter Ended June 30, 2020 ($ in US millions) Adjusted Property EBITDA Hold-Normalized Adjusted Property EBITDA 2Q20 3Q20 2Q20 3Q20 Sands China ($312) ($233) ($285) ($240) Increase in Adj. EBITDA $79 $45 % Decrease in Adj. EBITDA Loss -25.3% -15.8% Marina Bay Sands ($113) $70 ($112) $59 Increase in Adj. EBITDA $183 $171 % Decrease in Adj. EBITDA Loss Las Vegas ($122) ($40) ($117) ($3) Increase in Adj. EBITDA $82 $114 % Decrease in Adj. EBITDA Loss -67.2% -97.4% LVS Consolidated ($547) ($203) ($514) ($184) Increase in Adj. EBITDA $344 $330 % Decrease in Adj. EBITDA Loss -62.9% -64.2% Our Adjusted Property EBITDA Results Improved in Each of Our Markets Relative to 2Q20 Sands 8#9Sands China Ltd. Adjusted Property EBITDA Loss of $233 Million in 3Q20 Adjusted Property EBITDA ◉ Adjusted property EBITDA loss of $233 million Mass (non-Rolling tables and slots): - Non-Rolling table win: $55 million Slot win: $10 million Mass table hold decreased 3.8 pts to 19.8% from 23.6% compared to 3Q19 Occupancy decreased 88.7 pts to 7.8%, while ADR fell 17.2% to $154 compared to 3Q19 Rolling volume decreased 92.8% to $1.05 billion compared to 3Q19; Rolling win % was 4.06% in 3Q20 compared to 3.01% in the prior-year quarter Note: beginning in September 2020, eligible travelers residing in Mainland China were allowed to begin to apply for visas under the Individual Visit Scheme; the receipt of a visa together with a negative COVID-19 test allow travelers to visit Macao from Mainland China. ($ in US millions) Actual Hold-Normalized $1,000 $800 $755 $757 $600 $400 $200 $0 -$200 -$233 -$240 -$400 3Q19 3Q20 3Q19 3Q20 Non-Rolling Table and Slot Win ($ in US millions) $2,000 $1,596 $1,500 $160 $1,000 $1,436 $500 $0 3Q19 Slot Machines $10 $65 $55 3Q20 Non-Rolling Tables Sands 9#10Marina Bay Sands Adjusted Property EBITDA of $70 Million in 3Q20 ◉ Adjusted property EBITDA of $70 million Mass (non-Rolling tables and slots): - Non-Rolling table win: $75 million Slot win: $119 million Mass table hold decreased 0.2 pts to 17.8% from 18.0% compared to 3Q19 Occupancy decreased 42.2 pts to 55.5%, while ADR fell 45.9% to $257 compared to 3Q19 Rolling volume decreased 79.7% to $1.48 billion compared to 3Q19; Rolling win % was 4.23% in 3Q20 compared to 3.98% in the prior-year quarter Adjusted Property EBITDA ($ in US millions) Actual $450 $435 $300 $150 $70 $0 3Q19 3Q20 Hold-Normalized $396 $59 3Q19 3Q20 Non-Rolling Table and Slot Win ($ in US millions) $500 $408 $400 $153 $300 $194 $200 $255 $119 $100 $75 90 $0 3Q19 3Q20 Slot Machines Non-Rolling Tables Sands 10#11Las Vegas Operations Adjusted Property EBITDA Loss of $40 Million in 3Q20 Adjusted Property EBITDA ■ Adjusted property EBITDA loss of $40 million ($ in US millions) Actual Hold-Normalized ☐ Hotel room revenue fell 71.5% to $41 million compared to 3Q19 $150 Occupancy decreased 50.9 pts to 43.7 year-over-year ADR decreased 26.6% to $174 year-over-year RevPAR decreased 66.1% to $76 year-over-year ☐ Slot win decreased 19.7% to $49 million compared to 3Q19 ☐ Table games drop decreased 10.1% to $425 million, while win percentage decreased 8.9 pts to 8.0% compared to 3Q19 $100 $93 $50 $0 -$40 -$50 3Q19 3Q20 $106 -$3 3Q19 3Q20 Composition of Table Games Drop ($ in US millions) $600 $500 $473 $425 $400 $252 $144 $300 $200 $281 $100 $221 50 $0 3Q19 3Q20 Non-Baccarat Baccarat Sands 11#12Investment Grade Balance Sheet Strength As of September 30, 2020: ■ Cash Balance - $2.40 billion ■ Debt¹ - $13.89 billion ■ Net Debt¹ - $11.49 billion ■ Net Debt¹ to TTM EBITDA - 10.7x Trailing Twelve Months Ended September 30, 2020: ■ Cash Flow from Operations – ($0.07) billion ◉ Adjusted Property EBITDA - $1.08 billion ■ LVS Dividends Paid - $1.19 billion; SCL Dividends Paid - $308 million² ($ in US millions) Sands China U.S. LVS Corp. Total Figures as of September 30, 2020 Ltd. Singapore Operations and Other Consolidated Cash and Cash Equivalents³ $1,041 $322 $150 $884 $2,397 Debt 6,944 2,980 3,965 13,889 Net Debt (Cash) 5,903 2,658 (150) 3,081 11,492 Trailing Twelve Months Adjusted Property EBITDA 3334 696 46 1,075 Gross Debt to TTM Adjusted Property EBITDA 20.9x 4.3x 12.9x Net Debt to TTM Adjusted Property EBITDA 17.7x 3.8x 10.7x Investment Grade Balance Sheet Provides Stability During the Recovery Period 1. Debt balances shown here are net of deferred financing costs and original issue discounts of $143 million and exclude finance leases. 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 September 30, 2020 were $1.02 billion. 3. Includes restricted cash of $17 million. 4. TTM Adjusted Property EBITDA for Sands China presented here reflects Adjusted Property EBITDA from our Macao Operations. Sands 12#13Debt Maturity Profile Debt Maturity by Year ($ in US millions) $3,500 $3,000 $2,500 $3,476 $3,321 1,021 1,676 $2,000 $1,861 $1,887 500 $1,500 $1,000 $1,900 1,000 1,800 1,900 1,750 1,800 $750 $700 $500 800 750 700 1 $15 $61 $61 $0 $0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 % of Total 0% 0% 0% 13% 14% 24% 25% 0% 14% 5% 5% MBS Credit Facility SCL Bonds LVS Bonds Long Dated and Low Cost Capital Structure in Place; No Significant Maturities until 2023 1. Amount maturing October 1 through December 31, 2020. Sands 13#14Capital Expenditures Expectations Future Planned Investments Composed of Income Producing Projects and Maintenance ($ US in millions) $3,000 LVS Capex Expectations $2,400 $1,800 $2,180 $981 $1,350 $1,400 $1,300 $50 $1,125 $1,200 $150 $1,075 $949 $837 $273 $300 $200 $25 $75 $350 $900 $800 $211 $194 $600 $396 $147 $240 $450 $450 $225 $477 $450 $450 $400 $400 $500 $500 $500 $0 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 The Londoner Court The Parisian Macao St. Regis Hotel at SCC 1 ■ Investments in Current Properties and Other Maintenance Pre-Opening 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. Sands 14#15Ongoing Strategic Reinvestment in Industry-Leading Portfolio of Integrated Resorts in Macao and Singapore Total Expected Timeframe Through Future 3Q20 Spend Spend The Londoner Macao: • Renovation, expansion and rebranding of SCC to The Londoner Macao ~$610M ~$740M ~$1.35B Phased completion throughout 2020 and 2021 New Luxurious Hotel Towers in Macao: • Grand Suites at Four Seasons Macao Expanded suite inventory -$450M ~$450M • with approximately 290 new luxury suites, ranging in size from Project Completed All Administrative Licenses Received 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 ~$295M in size from 1,400 to 3,100 SF (~1 million SF in new suite product) ~$105M ~$400M Targeted completion in late 2020 Total Macao Spend: The Londoner Macao, Londoner Court and Grand Suites at Four Seasons Macao ~$1.4B ~$0.8B ~$2.2B 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 ~$1.0B ~$2.3B ~$3.3B • Targeted opening in 20241 Total Project Spend: ~$2.4B ~$3.1B ~$5.5B (1) The timing of the MBS expansion is subject to revision based upon the impact of COVID-19. Sands 15#16The Investment Case for Las Vegas Sands ☐ ◉ ◉ The global leader in Integrated Resort development and operation Industry-leading, investment grade balance sheet strength A unique MICE-based business model delivering industry-leading returns Unmatched development and operating track record creates competitive advantage as we pursue the most promising opportunities in new markets Proven history of delivering innovative growth in Asia A commitment to maximizing shareholder returns The industry's most experienced leadership team: visionary, disciplined and dedicated to driving long-term shareholder value Maximizing Return to Shareholders by: 1. Pursuing growth in current markets through investments in capacity expansion and reinvestment in industry-leading property portfolio 2. Leveraging proven MICE-based Integrated Resort business model and balance sheet strength to pursue global growth opportunities in new markets 3. Maintaining strong balance sheet and liquidity to preserve ability to make investments in future growth Sands 16#17Disciplined Execution of Our Global Growth Strategy Focused on the Most Promising Global Development Opportunities Uniquely positioned to bring our unmatched track record and powerful convention-based business model to the world's most promising Integrated Resort development opportunities Balance sheet strength designed to support future large-scale development projects ◉ Development opportunity objectives: Target minimum of 20% return on total invested capital 25%-35% of total project costs to be funded with equity (project financing to fund 65% - 75% of total project costs) Principal Areas of Future Development Interest: Macao Singapore South Korea Sands 17#18Appendices Sands#19Cash and Available Liquidity - LVS Illustrative "Near Zero" Revenue Scenario ($ in US millions) Cash and Available Liquidity at September 30, 2020 SCL MBS Las Vegas Corp./Other| Total Cash $1,041 $322 $150 $884 $2,397 Revolver Availability" 2,018 433 1,499 3,950 Cash and Available Liquidity $3,059 $755 2 $150 $2,383 $6,347 ($ in US millions) Illustrative "Near Zero" Revenue Scenario Monthly Opex, Fixed Charges and Other Costs SCL MBS Estimated Run-rate Op. Ex. $110 $45 Las Vegas Corp./Other $65 Fixed Charges and Other Interest Expense Maintenance Capex Corporate Costs & Other Subtotal Monthly Operating Expenses, Fixed Charges and Other Costs (ex Development Capex) SCL Monthly Development Capex 3 Total Monthly Operating Expenses, Fixed Charges and Other Costs Total $220 530 15 56 95 $315 50 $365 We have Sufficient Resources to Operate in a "Near Zero" Revenue Environment for Approximately 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 21. Availability of individual revolving credit facilities is reduced by outstanding letters of credit and bank guarantees. Revolver commitments are as follows, SCL: $2,018 million, MBS: $548 million, LVSC: $1,500 million. None of the revolvers were drawn as of September 30, 2020. 2. An additional $2,740 million delayed draw facility is in place to fund the expansion of Marina Bay Sands. As of September 30, 2020, $46 million was outstanding. 3. Represents the approximate average monthly spend on development capex in Macao for the periods 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. Sands 19#20$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 Las Vegas Sands Corp. Senior Unsecured Notes Sands China Ltd. Senior Unsecured Notes Marina Bay Sands Secured Credit Facility Total Outstanding US$4.0 Billion Financial Covenants None US$7.0 Billion None US$3.0 Billion Waived Until January 20221 US$14.0 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. Sands 20#21Revolver Commitments and Financial Covenants Las Vegas Sands Corp. Unsecured Revolver Sands China Ltd. Unsecured Revolver Current Revolver Availability1 US$1,499 Million Leverage Covenant Interest Covenant Waived Until January 20222 US$2,018 Million Waived Until January 20223 Waived Until January 20223 Marina Bay Sands Secured Revolver US$433 Million Waived Until January 20224 Waived Until January 20224 Total US$3,950 Million 1. Reflects availability as of September 30, 2020. Availability of revolving credit facilities is reduced by outstanding letters of credit and bank guarantees. Revolver commitments are as follows, SCL: $2,018 million, MBS: $548 million, LVSC: $1,500 million. None of the revolvers were drawn as of September 30, 2020. 2. On September 23, 2020 Las Vegas Sands received a waiver letter from its lenders, exempting it from the facility's leverage covenant through 4Q21. Upon expiry of the waiver letter, the leverage covenant will return to 4.0x. Las Vegas Sands Corp. unsecured revolver covenant is a net debt covenant capped at a $1,000 million 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. During the waiver period, LVS must maintain minimum liquidity of $350 million at its US entities. Liquidity is defined as cash plus revolver availability. During the waiver period, LVS is only permitted to pay dividends if liquidity would be $1,000 million after taking into account the dividend payment. 3. On September 11, 2020 Sands China received a second waiver letter from its lenders, exempting it from the facility's leverage and interest covenants through 4Q21 and permitted SCL to raise up to $1,000 million in incremental revolver commitments. If SCL raises incremental commitments and leverage exceeds 4.0x during the waiver period, then the Company will only be permitted to pay dividends if liquidity is greater than $2,000 million after taking into account the payment of the dividend. Liquidity is defined as cash plus revolver availability. Upon expiry of the waiver letter, the leverage covenant will return to 4.0x and the interest coverage covenant will return to 2.5x. Sands China Ltd. unsecured revolver covenant is a gross debt covenant; covenant debt includes SCL notes. 4. On June 18, 2020 Marina Bay Sands received a waiver letter from its lenders, exempting it from the facility's leverage and interest covenants through 4Q21. Upon expiry of the waiver letter, the leverage covenant will return to 4.5x and the interest coverage covenant will return to 3.5x. Marina Bay Sands Credit Facility covenant is a gross debt covenant; covenant debt includes debt drawn under the MBS Credit Facilities; 4.5x represents leverage test applicable prior to the one-year anniversary of MBS receiving a temporary occupancy permit for the MBS expansion. Following the one-year anniversary of receiving a temporary occupancy permit for the MBS expansion, maximum leverage covenant level becomes 4.0x. Sands 21#22Geographically Diverse Sources of EBITDA EBITDA Contribution by Geography in Trailing Twelve Months Ended December 31, 2019 ($ 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 $52 million of Adjusted Property EBITDA generated by Sands Bethlehem is included in the United States segment above for the period from January 1, 2019 to May 30, 2019. Sands 22#23Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $800 $712 $696 $700 $657 $600 $182 $185 $184 $533¹ TTM 3Q20 Sales per Sq. Foot² $500 $52 $53 $4411 $70 $47 $145 MBS $72 $400 $63 $1,225 $37 $127 Parisian Macao $142 $151 $54 $407 $300 $137 $30 $44 SCC $115 $476 $200 $96 Four Seasons Luxury: $3,665 $248 $253 $226 Other: $1,354 $100 $182 $144 Venetian $935 90 $0 3Q19 4Q19 1Q20 2Q20 3Q20 Operating $618M $634M $578M $462M $377M Profit Operating Profit 89% 89% 88% 87% 85% Margin The Venetian Macao Four Seasons Macao The Parisian Macao Marina Bay Sands Sands Cotai Central³ 1. Results include $59 million, $111 million and $76 million of rent concessions provided to tenants in 1Q20, 2Q20 and 3Q20, respectively. 2. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12 months divided by the comparable square footage for the same period. Only tenants that have occupied mall space for a minimum of 12 months are included in the tenant sales per square foot calculation. 3. At September 30, 2020, approximately 450,000 square feet of gross leasable area was occupied out of a total of up to approximately 600,000 square feet of retail mall space that will be featured at completion of all phases of Sands Cotai Central's renovation, rebranding and expansion to The Londoner Macao. Sands 23#24Retail Portfolio in Asia ($ per Sq. Foot, Unless Otherwise Indicated) 3Q20 2 Sales per Sq. Ft.² GLA¹ (Sq. Ft) Occupancy % at Period End TTM 3Q20 TTM 2Q20 TTM 1Q20 TTM 4Q19 TTM 3Q19 The Shoppes at Marina Bay Sands 620,213 95.0% $1,225 $1,500 $1,917 $2,062 $2,028 Shoppes at Venetian 812,934 84.9% $935 $1,224 $1,460 $1,709 $1,708 Shoppes at Four Seasons Luxury Retail 125,466 100.0% $3,665 $4,756 $6,033 $7,065 $6,652 Other Stores 116,959 88.1% $1,354 $1,924 $2,481 $2,823 $2,687 Shoppes at Cotai Central 525,497 85.6% $476 $603 $780 $934 $966 Shoppes at Parisian 295,963 82.5% $407 $561 $687 $785 $688 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. Sands 24#25Market 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 China Wynn 6% Macau. 12,112 Rooms and Suites at SCL MGM China Wynn 7% Macau 9% 6% SJM 8% Sands Melco 15% China 49% Galaxy 16% SJM Sands 10% China 44% Melco 14% Galaxy 16% 12,401 Rooms and Suites at SCL 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 35 titled 'Market-Leading Hotel Capacity at SCL' for further detail. Source: Public company filings, Macao DSEC, Macao Tourism Board. Sands 25#26Sands China Continued Expansion of Market-Leading Cotai Strip Property Portfolio Grand Suites at Four Seasons Macao -290 Suites (Opened October 1, 2020) The Venetian Macao 2,905 Suites LVS' Cotai Strip Properties C St. Regis Hotel 400 Suites The Londoner Court -370 Suites Investment Leadership in Macao >$14 billion today, ~$15 billion by year end 2020 Approximately 30 million square feet of interconnected facilities on Cotai Hotel Inventory ☐ Retail ~12,000 rooms and luxury suites ~49% of hotel inventory on Cotai Four Seasons Macao A S Conrad 659 Rooms & Suites Londoner Hotel 600 Suites " ~1.9 million square feet of gross leasable retail " Revenue of $314 million as of TTM 3Q20 Entertainment ☐ 360 Suites Paiza Mansions 19 Suites R Sheraton 3,968 Rooms & Suites MICE The Parisian Macao 2,541 Rooms & Suites New Luxury Suites Suite Conversion¹ 1. Upon completion, The Londoner hotel will feature approximately 600 suites. Tropical Gardens 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 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 opened October 1, 2020 (~1 million SF in new suite product) ~370 new suites in The Londoner Court targeted to open in late 2020 (~1 million SF in new suite product) The re-themed Londoner 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 Sands 26#27Our Integrated Resorts Are Designed to Maximize Economic Growth and the Leisure & Business Tourism Appeal of our Host Markets MBS Existing MBS Expansion Note: Images above denote preliminary artistic impressions which are subject to change. 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 Sands 27#28Marina Bay Sands Expansion Sands#29Marina 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-suite rooms designed to set a new standard of luxury in the region Sky roof with a swimming pool and other tourism attractions State-of-the-art arena 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. Sands 29#30Marina Bay Sands Expansion MBS Expansion site (land leased until August 2066) A Development Agreement with the Singapore Tourism Board Will Allow an Expansion of Marina Bay Sands Sands 30#31Marina 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. Sands 31#32Macao Market Background and Infrastructure Slides Sands#33◉ Market-Leading ~$15 Billion of Investment Investing in Macao's Future as a Leisure & Business Tourism Destination Industry-Leading Integrated 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-Class Entertainment 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 Sands 33#34Macao 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 Sands 34#35Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2020 Cotai Total Market New Capacity % of Gaming % of Gaming % of Total Gaming Operator Rooms Operators Rooms Operators Market 16,000 Sands China 12,112 49% 12,401 44% 33% Galaxy Entertainment 3,920 16% 4,420 16% 12% 14,000 12,401 Melco 3,772 15% 3,987 14% 11% SJM Holdings² 2,000 8% 2,839 10% 7% Wynn Macau Ltd. 1,706 6% 2,714 9% 7% 12,000 The Parisian MGM China 1,400 6% 1,982 7% 5% Macao 2,541 Sands Macao, 289 Subtotal Gaming Operators 24,910 100% 28,343 100% 75% 10,000 Other 4/5 Star 9,242 0% 25% Grand Suites at Four Seasons Macao, ~290 Total 24,910 100% 37,585 100% 100% 8,000 The Venetian Macao Four Seasons Macao, 379 The Londoner 2,905 Court, -370 Starworld, 500 6,000 St. Regis Macao, 400 4,420 Broadway Macau, 320 City of Dreams Morpheus Tower, 772 (Phased Opening Began June 15, 2018) Altira Macau, 215 Sofitel Macau, 408 3,987 2,839 2,714 MGM Cotai, 1,400 (Phased Opening Began February 13, 2018) 4,000 Sands Cotai Central 3 2,000 5,227 Galaxy Macau4 3,600 Macau Studio City 1,600 SJM Cotai 2,000 Wynn Palace 1,706 City of Dreams Wynn Macau, 1,008 0 Grand Lisboa, 431 2 Sands China Galaxy Entertainment SJM Holdings Wynn Macau Ltd. 1,400 Melco 1,982 MGM Cotai 1,400 MGM Grand, 582 MGM China With a Market-Leading ~US$15 Billion of Investment by 2020, SCL Hotel Inventory is Forecast to Represent ~49% of Hotel Rooms on Cotai 1. In addition to the hotel rooms that are owned by gaming operators, there are approximately 9,242 additional four- and five-star hotel rooms owned by non-gaming operators in Macao at December 31, 2019. 2. Reflects only SJM Holdings owned hotels. 3. Upon completion, The Londoner hotel, will feature approximately 600 suites. 4. Reflects the opening of Galaxy Phase I and Phase II. Source: Public company filings, Macao DSEC, Macao Tourism Board. Sands 35#36Supplemental Data Sands#37Historical Hold-Normalized Adjusted Property EBITDA¹ ($ in US millions) 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 Macao Operations² Reported $754 $786 $858 $765 $755 $811 $67 ($312) ($233) Hold-Normalized $754 $820 $845 $765 $757 $788 $84 ($285) ($240) Marina Bay Sands Reported $419 $362 $423 $346 $435 $457 $282 ($113) $70 Hold-Normalized $419 $390 $433 $392 $396 $417 $270 ($112) $59 Las Vegas Operations Reported $76 $100 $138 $136 $93 $120 $88 ($122) ($40) Hold-Normalized $97 $125 $131 $146 $106 $120 $88 ($117) ($3) Sands Bethlehem³ Reported $33 $24 $33 $19 Hold-Normalized $33 $24 $33 $19 LVS Consolidated Reported Hold-Normalized $1,282 $1,303 $1,272 $1,359 $1,452 $1,442 $1,266 $1,322 $1,283 $1,259 $1,388 $1,325 $437 $442 ($547) ($203) ($514) ($184) 1. This schedule presents hold-normalized adjusted property EBITDA based on the following methodology: - for Macao operations and Marina Bay Sands: if the quarter's rolling win percentage is outside of the 3.15%-3.45% range, then a hold adjustment is calculated by applying a rolling win percentage of 3.30% to the rolling volume for the quarter. - for Las Vegas Operations: if the quarter's baccarat win percentage is outside of the 18.0% -26.0% range, then a hold adjustment is calculated by applying a baccarat win percentage of 22.0%, and if the quarter's non-baccarat win percentage is outside of the 16.0%-24.0% range, then a hold adjustment is calculated by applying a non-baccarat win percentage of 20.0%. - for Sands Bethlehem: no hold adjustment was made. - for all properties: gaming taxes, commissions paid, bad debt expense, discounts and other incentives are applied to determine the hold-normalized adjusted property EBITDA impact. 2. Adjusted property EBITDA presented here reflects adjusted property EBITDA from The Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Sands Macao and Ferry Operations and Other. 3. The company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019. Sands 37#38Macao Market: Mass Gaming Segment Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit¹ ($ US in millions) $6,000 $5,500 $5,000 $4,589 $4,500 $4,449 $4,419 $4,000 $1,400 $5,440 $5,523 $5,608 $5,356 $5,251 $4,955 $4,864 $4,706 $4,841 $4,169 $3,989 $4,146 $3,919 $4,017 $3,816 $3,682 $3,408 $3,497 $3,589 $3,609 $3,508 $1,200 $1,000 $3,500 $800 $677 $3,000 $597 $609 $580 $586 $2,500 $536 $527 $522 $536 $540 $526 $525 $540 $557 $600 $586 $490 $497 $464 $457 $484 $480 $471 $494 $504 $2,180 $2,000 $432 $400 $1,500 $1,000 $500 $200 $331 $212 $0 $0 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2017 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 Mass Win (Tables & Slots) -Mass Win per Visit We Estimate Macao Market-Wide Mass Win Decreased Approximately 94% in 3Q20 Compared to 3Q19 1. Market-wide mass GGR for all periods through 2Q20 is defined as mass win (tables and slots) as reported by the casino operators in their public filings (does not include revenue from Galaxy's City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate. Market-wide mass GGR for 3Q20 is estimated by LVS management based on DICJ reported data and LVS management's estimated differences between DICJ reporting and win reported by operators in public filings. Source: Public company filings, Macao DSEC, Macao DICJ, Macao Public Security Police. Sands 38#39Sands China Mass Market Table Update SCL Base Mass Table Win by Quarter Sands China Departmental Profit Margin¹: 35% - 45% SCL Premium Mass Table Win by Quarter Sands China Departmental Profit Margin¹: 25% - 40% ($ in US millions) ($ in US millions) Avg. Win per Table per Day: $280 $1,000 $1,000 Avg. Win per Table per Day: $655 $900 $900 $800 $800 $789 $762 $700 $700 $674 $675 $600 $600 $500 $500 $400 $400 $300 $300 $278 $270 $200 $200 $100 $100 $23 $32 $4 $6 $0 $0 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Avg. Tables Avg. 956 953 687 912 892 450 466 376 521 531 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. Sands 39#40Sands China Mass Market Table and Slots Update SCL Mass Table¹ Win by Quarter SCL Slots² Win by Quarter Avg. Win per Unit per Day: $45 Avg. Win per Table per Day: $420 ($ in US millions) ($ in US millions) $1,800 $200 $1,600 $180 $1,400 $1,436 $1,464 $160 $160 $161 $140 $1,200 $120 $1,000 $100 $800 $80 $600 $60 $548 $61 $400 $40 $200 $20 $55 $5 $10 $10 $0 $0 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Avg. Avg. 1,406 1,419 1,063 1,433 1,423 6,039 5,932 4,196 2,372 2,409 Tables Units 1. Excludes rolling play. 2. Includes slots and electronic table games. Sands 40#41Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ 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 $212 $3312 Growth ('20 v '19) -59.9% -96.0% -94.0%2 1. Market-wide mass GGR for all periods through 2Q20 is defined as mass win (tables and slots) as reported by the casino operators in their public filings (does not include revenue from Galaxy's City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate. 2. Market-wide mass GGR for 3Q20 is estimated by LVS management based on DICJ reported data and LVS management's estimated differences between DICJ reporting and win reported by operators in public filings. Source: Public company filings, Macao DICJ. Sands 41#42Macao Market: VIP Gaming Macao Market VIP Gaming Revenue ($ 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 $172 $2692 Growth ('20 v '19) -61.6% -95.3% -91.5%2 1. Market-wide VIP GGR for all periods through 2Q20 as reported by the casino operators in their public filings (does not include revenue from Galaxy's City Clubs business). All figures reported in Hong Kong dollars have been converted to USD using a 7.75 exchange rate. 2. Market-wide VIP GGR for 3Q20 is estimated by LVS management based on DICJ reported data and LVS management's estimated differences between DICJ reporting and win reported by operators in public filings. Source: Public company filings, Macao DICJ. Sands 42#43Sands China VIP Table Update SCL Rolling Volume by Quarter ($ in US billions) $20 SCL Rolling Win by Quarter ($ in US millions, except per table amounts) $600 Avg. Win per Table per Day: $19,011 Avg. Win per Table per Day: $2,226 $16 $14.58 $400 $439 $12 Avg. Tables $8 $4 $1.05 90 $0 3Q19 3Q20 251 210 $200 $43 90 $0 3Q19 3Q20 Rolling Win % 3.01% 4.06% Sands China Rolling Volume Declined ~93% in 3Q20 Compared to 3Q19 Sands 43#44Sands ECO360 Sands#45Sands ECO360 Industry Leading Global Sustainability Program Energy High-performing buildings, energy efficiency innovations and renewable energy solutions Transportation Advanced technologies and optimized routes for our ferry and bus fleet Water Water conservation policies, efficient fixtures and systems, and reclaimed non-potable water usage 魚 GREEN BUILDINGS NVIRONM RONMENTALLY RECIBLE OPERATI SANDS ECO-360 GREEN MEETINGS AND EVENTS AKEHOLDE NGAGER MENT The Sands ECO360 Global Sustainability program reflects our vision to lead our industry in sustainable development and integrated resort operations * 12 Waste Co Programs to reduce, recycle, divert and donate waste Food QO Sustainable food options and education, restaurant design and kitchen efficiency Procurement 12 со Sustainable product purchases and alternatives to single-use plastics Sands 45#46Global 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: 7 AFFORDABLE AND CLEAN ENERGY Emissions 6 CLEAN WATER AND SANITATION 12 CONSUMPTION RESPONSIBLE AND PRODUCTION Water Waste ☐ UN Sustainable Development Goals (SDGs) Double the global rate of improvement in energy efficiency ■ Substantially increase water-use efficiency across all sectors ☐ ☐ ☐ Sands ECO360 Alignment with SDGs LVS Goals (2016-2020) Select 2019 LVS Accomplishments Increase substantially the share of renewable energy in the global energy mix 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 3% reduction in consumption on a per square foot basis (Achieved) Implemented 17 water-efficiency projects throughout our resorts Implemented water engagement program with kitchens and food & beverage outlets at all properties Increased water input from well and nano-filtration system at VR ◉ ☐ Substantially reduce waste generation through prevention, reduction, recycling, and reuse Halve per capita global food waste Waste Food Procurement 5% increase in waste diversion rate (In Progress) Started food donation program at Sands China Ltd. Engaged team members and community members on single-use plastic reduction and challenges Increased sourcing of sustainable seafood at all properties Sands 46#472019 Sands ECO360 Key Accomplishments: 1 2 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. 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. 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. Single-use Plastic: 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. 3 4 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. Sands 47#48Sustainability 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 MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM FTSE4Good CDP DISCLOSURE INSIGHT ACTION IN ENERGY 6 ENVI VIRONNE LEED PLATINUM 2019 Recognized by independent third parties as a global leader in sustainability BCA GREEN MARK Sands 48#49Reconciliation of Non-GAAP Measures and Other Financial Information Sands#50Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA ($ in US millions) Net income (loss) Add (deduct): Income tax expense (benefit) 85 236 82 65 Loss on modification or early retirement of debt 24 1Q19 2Q19 3Q19 4Q19 2019 1Q20 2Q20 3Q20 TTM 3Q20 $744 $1,108 $669 $783 $3,304 ($51) ($985) ($731) ($984) 25 25 (54) (17) 19 0 468 24 Gain on sale of Sands Bethlehem (556) (556) Other (income) expense 21 (20) 7 (31) (23) Interest expense, net of amounts capitalized 141 143 137 134 555 131 Interest income (20) (17) (20) (17) (74) Loss on disposal or impairment of assets 7 11 72 90 ིཥྱོཡ (37) 3 4 (61) 118 137 520 (13) (4) D (3) (37) 5 58 140 Amortization of leasehold interests in land 9 14 14 14 51 14 13 14 55 Depreciation and amortization 301 289 284 291 1,165 290 285 292 1,158 Development expense Pre-opening expense Stock-based compensation Corporate expense Consolidated Adjusted Property EBITDA 152 $1,452 5435 4 4 11 24 10 9 11 34 4 3 4 14 51 59 51 313 59 6530 53 523 9460 3 29 25 15 196 $1,266 $1,283 $1,388 $5,389 $437 ($547) ($203) $1,075 1. The company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019. Sands 50#51Non-GAAP Measures: Adjusted Net Income/Loss; Hold-Normalized Adjusted Net Income/Loss; Adjusted Earnings/Loss Per Diluted Share; and Hold-Normalized Adjusted Earnings/Loss Per Diluted Share ($ in US millions, except per share data) Nine Months Ended Net income (loss) attributable to LVS Nonrecurring legal settlement Pre-opening expense Development expense Loss on disposal or impairment of assets Other (income) expense Gain on sale of Sands Bethlehem (1) Loss on modification or early retirement of debt Income tax impact on net income adjustments (2) Noncontrolling interest impact on net income adjustments Adjusted net income (loss) attributable to LVS Hold-normalized casino revenue Three Months Ended September 30, September 30, 2020 2019 2020 2019 ($565) $533 ($1,386) $2,069 96 5 9 3 4 18 58 11 100% 14 23 13 68 18 4 7 (30) 8 (556) 24 24 (2) (6) (6) 151 (18) (9) (15) (10) ($515) $573 ($1,337) $1,836 21 (15) (2) (9) (6) 4 2 (1) ($500) $552 Hold-normalized casino expense Income tax impact on hold adjustments(2) Noncontrolling interest impact on hold adjustments Hold-normalized adjusted net income (loss) attributable to LVS Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Per diluted share of common stock: Net income (loss) attributable to LVS Nonrecurring legal settlement ($0.74) $0.69 ($1.81) $2.68 0.12 Pre-opening expense 0.01 0.01 0.02 0.03 Development expense 0.01 0.02 0.02 Loss on disposal or impairment of assets 0.07 0.02 0.09 0.02 Other (income) expense 0.01 0.01 (0.04) 0.01 Gain on sale of Sands Bethlehem (1) (0.72) Loss on modification or early retirement of debt 0.03 0.03 Income tax impact on net income adjustments (2) (0.01) (0.01) 0.20 Noncontrolling interest impact on net income adjustments (0.02) (0.01) (0.02) (0.01) Adjusted earnings (loss) per diluted share ($0.67) $0.75 ($1.75) $2.38 Hold-normalized casino revenue 0.03 (0.02) Hold-normalized casino expense (0.02) Income tax impact on hold adjustments (2) (0.01) 0.01 Noncontrolling interest impact on hold adjustments Hold-normalized adjusted earnings (loss) per diluted share ($0.65) $0.72 Weighted average diluted shares outstanding 764 769 764 772 12 1. The company completed the sale of Sands Bethlehem on May 31, 2019. 2. The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. Sands 51#52Non-GAAP Trailing Twelve Month Supplemental Schedule ($ in US millions) 3Q19 4Q19 1Q20 2Q20 3Q20 TTM 3Q20 Cash Flows From Operations $900 $1,242 ($370) ($652) ($294) ($74) Adjust for: Provision for doubtful accounts (4) Foreign exchange gains (losses) (11) Other non-cash items (54) Changes in working capital 147 Add: Stock-based compensation expense 3 Add: Corporate expense 59 Add: Pre-opening and development expense 13 Add: Interest expense, net of amounts capitalized 137 134 Add: Interest and other (income) expense Add: Income tax expense 11 82 222222 (15) (18) 39 (18) (11) (79) 618 (25) 3 59 11 131 118 (48) (50) ཞྲི་ཆེ༠ ༠8བབྱེ (17) (25) (75) (5) (5) 59 15 3 (58) 456 2 15 33 196 8 54 137 520 (1) 1 (98) 25 (54) (17) 19 LVS Consolidated Adjusted Property EBITDA $1,283 $1,388 $437 ($547) ($203) $1,075 Adjusted Property EBITDA Macao: The Venetian Macao $342 Sands Cotai Central 169 The Parisian Macao 120 The Plaza Macao and Four Seasons Hotel Macao 75 Sands Macao 52 Ferries and Other (3) Macao Operations 755 Marina Bay Sands ($97) ($78) (79) (71) (81) (40) (18) (15) (31) (26) (6) (312) (233) $333 435 457 282 (113) 70 696 Las Vegas Operating Properties 93 120 88 (122) (40) 46 LVS Consolidated Adjusted Property EBITDA $1,283 $1,388 $437 ($547) ($203) $1,075 $368 $49 180 122 102 40 (1) 811 ཐགྱེཌཱུ8ཝེ, ཙྪི Note: The company completed the sale of Sands Bethlehem on May 31, 2019. Sands 52#53Historical Hold-Normalized Adj. Property EBITDA¹ ($ in US millions) 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 Macao Operations² Reported $754 $786 $858 $765 $755 $811 $67 ($312) ($233) Hold-Normalized Adjustment 34 (13) - 2 (23) 17 27 (7) Hold-Normalized $754 $820 $845 $765 $757 $788 $84 ($285) ($240) Marina Bay Sands Reported $419 $362 $423 $346 $435 $457 $282 ($113) $70 Hold-Normalized Adjustment 28 10 46 (39) (40) (12) (11) Hold-Normalized $419 $390 $433 $392 $396 $417 $270 ($112) $59 Las Vegas Operations Reported $76 $100 $138 $136 $93 $120 $88 ($122) ($40) Hold-Normalized Adjustment 21 25 (7) 10 13 5 37 Hold-Normalized $97 $125 $131 $146 $106 $120 $88 ($117) ($3) Sands Bethlehem³ 3 Reported Hold-Normalized ឌឌ $33 $24 $33 $19 $33 $24 $33 $19 159 LVS Consolidated Reported $1,282 $1,272 $1,452 $1,266 $1,283 $1,388 $437 ($547) ($203) Hold-Normalized Adjustment Hold-Normalized 21 $1,303 87 $1,359 (10) $1,442 56 $1,322 (24) $1,259 (63) $1,325 5 33 19 $442 ($514) ($184) 1. This schedule presents hold-normalized adjusted property EBITDA based on the following methodology: - for Macao operations and Marina Bay Sands: if the quarter's rolling win percentage is outside of the 3.15%-3.45% range, then a hold adjustment is calculated by applying a rolling win percentage of 3.30% to the rolling volume for the quarter. - for Las Vegas Operations: if the quarter's baccarat win percentage is outside of the 18.0%-26.0% range, then a hold adjustment is calculated by applying a baccarat win percentage of 22.0%, and if the quarter's non-baccarat win percentage is outside of the 16.0%-24.0% range, then a hold adjustment is calculated by applying a non-baccarat win percentage of 20.0%. - for Sands Bethlehem: no hold adjustment was made. - for all properties: gaming taxes, commissions paid, bad debt expense, discounts and other incentives are applied to determine the hold-normalized adjusted property EBITDA impact. 2. Adjusted property EBITDA presented here reflects adjusted property EBITDA from The Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Sands Macao and Ferry Operations and Other. 3. The company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019. Sands 53#54Supplemental Information 3Q20 and 3Q19 ($ in US millions) Three Months Ended September 30, 2020 Operating Depreciation and Income (Loss) Amortization Amortization of Leasehold Interests in Land Loss on Disposal or Impairment of Assets Pre-Opening and Development Expense Royalty Fees Adjusted Stock-Based Corporate Property Compensation Expense EBITDA Macao: The Venetian Macao ($128) $45 $2 $1 $1 Sands Cotai Central (182) 55 1 53 1 $1 1 ($78) (71) The Parisian Macao (82) 41 1 (40) The Plaza Macao and Four Seasons Hotel Macao (35) 19 (15) Sands Macao (33) 6 1 (26) Ferry Operations and Other (7) 2 - - 2 (3) Macao Operations (467) 168 5 55 2 2 2 (233) Marina Bay Sands (25) 73 9 3 10 70 United States: Las Vegas Operating Properties (75) 44 3 (12) United States Property Operations (75) 44 3 (12) (40) (40) Other Development (3) 3 Corporate (40) 7 ($610) $292 $14 $58 $8 $2 33 $33 ($203) Amortization Operating Depreciation of Leasehold and Interests Income (Loss) Amortization in Land Pre-Opening and of Assets Development Expense Three Months Ended September 30, 2019 Loss on Disposal or Impairment Royalty Fees Stock-Based Corporate Compensation Expense Adjusted Property EBITDA Macao: The Venetian Macao $299 $38 $1 $2 Sands Cotai Central 92 67 1 1 7 $2 1 $342 169 The Parisian Macao 80 39 1 120 The Plaza Macao and Four Seasons Hotel Macao 58 10 5 1 75 Sands Macao 44 6 1 52 Ferry Operations and Other (34) 4 - 27 (3) Macao Operations 539 164 5 9 8 27 3 755 Marina Bay Sands 325 75 9 1 25 435 United States: Las Vegas Operating Properties 107 37 United States Property Operations 107 37 Other Development (5) 1 (52) 1 (52) 5 ៥៥ 93 93 Corporate (67) 8 $899 $284 $14 $11 $13 59 $3 $59 $1,283 Sands 54#55Supplemental Information YTD 3Q20 and YTD 3Q19 ($ in US millions) Nine Months Ended September 30, 2020 Amortization Depreciation of Leasehold Operating and Interests Loss on Disposal or Impairment Income (Loss) Amortization in Land of Assets Pre-Opening and Development Royalty Expense Fees Adjusted Stock-Based Corporate Property Compensation Expense EBITDA Macao: The Venetian Macao ($270) $130 Sands Cotai Central (385) 170 The Parisian Macao (252) 124 The Plaza Macao and Four Seasons Hotel Macao (60) 48 5522 $2 $2 54 4 1 4 1 Sands Macao (79) 20 1 Ferry Operations and Other (34) 6 - Macao Operations (1,080) 498 14 Marina Bay Sands (55) 225 27 ($126) (150) (124) (5) (58) - 13 (15) 62 7 13 8 (478) 7 33 2 239 $5 2 1 United States: Las Vegas Operating Properties (157) 122 United States Property Operations (157) 122 Other Development (18) 6 (46) 1 6 (46) 1 18 Corporate (167) 22 ($1,477) $867 $41 $68 $32 (74) (74) 145 $11 $145 ($313) Amortization Operating Depreciation of Leasehold and Interests Income (Loss) Amortization in Land Nine Months Ended September 30, 2019 Loss on Disposal or Impairment of Assets Pre-Opening and Development Royalty Expense Fees Stock-Based Corporate Compensation Expense Adjusted Property EBITDA Macao: The Venetian Macao $913 $115 $4 Sands Cotai Central 294 229 The Parisian Macao 302 117 The Plaza Macao and Four Seasons Hotel Macao 202 28 1522. $2 $5 1 15 2 1 8 3 Sands Macao 113 19 1 1 Ferry Operations and Other (101) 11 Macao Operations 1,723 519 14 12 18 Marina Bay Sands 884 217 23 1 ∞ 7 United States: Las Vegas Operating Properties 408 107 5 Sands Bethlehem 42 10 United States Property Operations 450 117 Other Development (11) (153) 5 (153) 11 $1,039 546 422 243 1 135 83 (7) 83 9 2,378 71 1 1,204 367 52 419 Corporate (282) 21 $2,764 $874 $37 $18 $36 $10 262 $262 $4,001 Note: The company completed the sale of Sands Bethlehem on May 31, 2019. Sands 55#56Sands