3Q20 Earnings Call Presentation

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 Sands 34

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