3Q20 Earnings Call Presentation

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) 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

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