3Q20 Earnings Call Presentation

Reconciliation 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

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