Las Vegas Sands Corp. J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum

Las Vegas Sands Corp. J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum

The Investment Case for LVS We have the largest asset base in Macao, the fastest growing, most lucrative gaming market in the world Macao is a limited supply environment with expanding transportation infrastructure Sands Cotai Central, opening approximately 4 weeks from today, will be the final property to open in Macao for at least the next three years We have the premier destination integrated resort in Singapore, which is a duopoly environment with additional organic growth opportunities The Singapore Government is making investments in transportation and entertainment to increase visitation to Singapore which will benefit Marina Bay Sands Our track record of convention based IR development, coupled with our strong balance sheet and senior leadership team, position us uniquely to win new development opportunities in emerging gaming jurisdictions around the globe Our strong balance sheet and cash flow position the company to simultaneously: 1. Pursue promising growth opportunities around the world 2. Invest in high return projects for continued organic growth 3. Return capital to shareholders 2

Future Organic Growth Opportunities Mass gaming Macao VIP gaming Hotel and retail Enhanced transportation infrastructure Sands Cotai Central Singapore Mass gaming VIP gaming Hotel Retail Singapore Tourism Enhancements MRT (train) opened January 14, 2012 Gardens by the Bay opening in June 2012 (S$1B investment) Deep water cruise terminal to open in 2Q 2012 Las Vegas Leisure room rate growth MICE room rate growth High end baccarat play 3

Future Development Opportunities Areas of Focus for Las Vegas Sands Japan Macao Parcel 3 South Korea Vietnam Singapore MBS Expansion Europe 4

Macao Operations

Our Gaming Opportunity in Macao Mass tables Slots / ETGs Junket VIP Direct VIP 6

Our Advantage in Macao Maximizing Our Mass Market Opportunity 5 Keys To Mass Market Success SCL s Asset Base Upon Full Opening of Sands Cotai Central Comparison to Macao Market 1 Table Capacity 1,052 mass tables ~30% of mass tables 2 Slot and ETG Capacity 5,667 slot machines and ETGs ~31% of slot machines 3 Hotel Rooms 9,368 4/5 star hotel rooms 40% of 4/5 star hotel inventory 4 Convenient Food Offerings Over 100 restaurants and food outlets Offerings range from affordable to high end 5 Retail Amenities The Grand Canal Shoppes Shoppes at Four Seasons Shoppes at Sands Cotai Central Largest retail footprint in Macao Our Assets Are Principally Located on the Cotai Strip, Putting Us in an Advantaged Location 7

VIP Gaming is 73% of Total Macao GGR but Mass Tables and Slots Generate > 50% of Gaming Operating Profit 2011 Macao Market Gross Gaming Revenue Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit 1 (MM) $35,000 $33,412 100% $30,000 $25,000 $20,000 $24,463 80% 60% 73% 48% $15,000 40% $10,000 $5,000 $8,949 20% 27% 52% $0 Gross Gaming Revenue 0% Gross Gaming Revenue Operating Profit Mass Tables and Slots VIP Gaming Mass Tables and Slots VIP Gaming Mass Gaming Generates 27% of the Gaming Revenue But > 50% of the Gaming Operating Profit Source: Macao DICJ 1. This presentation reflects an assumed operating profit margin of 12.5% on gross VIP revenue and a blended margin of 37% on gross mass revenue (35% on mass table revenue and 45% on slot revenue) 8

Macao is a Supply Driven Market ($MM) $10,000 StarWorld (Galaxy) Crown / Altira (MPEL) Grand Lisboa (SJM) The Venetian Macao (SCL) MGM Grand (MGM) The Plaza Macao (SCL) City of Dreams (MPEL) Oceanus (SJM) Encore Macau (WML) Galaxy Macau (Galaxy) Properties 35 $8,000 Wynn Macau (WML) 30 $6,000 Sands Macao (SCL) May 2004 25 20 $4,000 15 $2,000 10 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 5 2005 2006 2007 2008 2009 2010 Macao Casino Gaming Revenue Number of Properties 2011 Source: DICJ Record Macao Market Gross Gaming Revenue of $33.4 Billion in 2011 9

Sands Cotai Central Cotai Strip, Macao Land area of over 1.6 million SF adjacent to a tropical garden of 480,000 square feet Integrated resort of ~13.7 million SF (upon completion of all Phases), which will significantly expand our footprint on the Cotai Strip Phase I will open in approx. 4 weeks and will feature: Phase III Phase I Phase IIA Phase IIB Mass gaming floor with ~200 gaming tables Paiza Club encompassing ~40 private gaming rooms and up to 140 gaming tables 600 Conrad branded hotel rooms and 1,200 Holiday Inn branded hotel rooms Portion of 775,000 SF of retail plus entertainment, dining facilities and MICE space Phase IIA will open in Q3 2012 and will feature: Additional mass gaming floor with ~200 gaming tables 2,000 Sheraton branded hotel rooms Additional amenities Phase IIB will open in Q1 2013 and will feature: 2,000 Sheraton Towers branded hotel rooms Phase III is expected to include a fourth luxury St. Regisbranded hotel and mixed use tower February 17, 2012 10

Vital Drivers for Continued Mass Market Growth Growth Driver Enhanced Transportation Infrastructure Increased Hotel Capacity Continued Economic Growth in China Addressing the Growth Driver High Speed Rail development throughout China (ongoing) Completion of inter city rail to Macao (2H2012) Macao Hong Kong Zhuhai Bridge (est. 2015) Macao Permanent Ferry Terminal on Cotai Strip (mid 2013) Opening of hotel rooms at Sands Cotai Central 1,800 rooms in April 2012 2,000 rooms in Q3 2012 2,000 rooms in Q1 2013 10,000+ hotel rooms to be developed on Hengqin Inland, adjacent to Macao 1 $5.9 trillion economy with continued growth and diversification Growing Middle Class with rising disposable income Government policies to encourage higher consumption to drive economic growth Deeper Penetration into Mainland China 1. Source: BofA-ML report dated January 5, 2012 11

China s High Speed Rail Connecting More of Mainland China to Macao Wuhan Guangzhou High Speed Rail Wuhan is the capital of Hubei Province and the most populous city in Central China with ~10 million people Wuhan is a major transportation hub and known as the economic hub of Central China HSR reduces travel time to Guangzhou from 11 hours by bus to 3.5 hours by train One of the most successful routes with 75 80 trains in each direction each day Guangzhou Zhuhai Intercity Rail Rail line connecting Guangzhou to Zhuhai, where the Gongbei border gate to Macao is located Guangzhou is the largest city in Guangdong province and is a key economic and transportation hub Reduces travel time from Guangzhou to Zhuhai from 1.5 hours by bus to 45 minutes Expected completion in 2012 Future link to Macao Light Rail System Source: Union Gaming, LVS 12

Penetration Into Mainland China is Happening Visitation from Select Provinces Mainland China Visitation to Macao Population July December (MM) 2010 2011 % Change Beijing 22 187,338 288,296 + 54% Tianjin 12 73,880 105,490 + 43% Shanghai 19 323,644 440,448 + 36% Zhejiang 51 322,236 415,702 + 29% Fujian 36 409,427 606,013 + 48% Chongqing 31 92,876 147,547 + 59% Hunan 64 203,846 343,575 + 69% Guangdong 95 5,523,110 6,707,052 + 21% Source: Macao DSEC 13

Expanding Macao s Hotel Infrastructure LVS and Non LVS 4 and 5 Star Hotel Rooms in Macao 25,000 23,695 21,695 20,000 15,000 15,478 16,326 17,895 14,327 80% 14,327 60% Non LVS 10,000 11,910 77% 12,758 78% 14,327 80% 5,000 0 7,368 9,368 34% 3,568 23% 3,568 22% 3,568 20% 2009 2010 2011 2012E 2013E¹ LVS Rest of Market 40% LVS Source: DSEC, LVS 1. 2013 hotel figures reflect the full opening of Sands Cotai Central s 5,800 hotel rooms and no other capacity additions in the market 14

Meaningful Opportunities to Grow VIP Volumes Macao Market Estimated Rolling Volume per Table per Day in 4Q11 Macao Market Estimated Rolling Volume per Table per Day in 4Q11 ($US MM) $2.0 $1.8 Non LVS Flagship Properties $1.75 $1.85 $1.6 $1.4 $1.2 $1.0 $0.8 $1.05 $0.85 $0.83 $1.31 $1.09 $1.17 $1.18 $1.23 $0.97 $1.31 Flagship Property Market Average $0.6 $0.59 $0.4 $0.2 $0.0 Sands Macao Venetian Macao Plaza Casino Total Sands China Avg. of Flagship Properties Wynn Macau Galaxy Macau City of Dreams MGM Grand Galaxy StarWorld Grand Lisboa All Other Casinos Total Est. Avg. # of Rolling Tables 141 140 96 377 295 188 200 210 140 134 630 2,174 OUR OPPORTUNITY: Grow Rolling Volume Per Table to Match Flagship Property Average Source: Company filings; sell side analyst models and reports 15

Maximizing Our Opportunity in Macao s Limited Supply Environment Estimated Upon Full Opening At December 31, 2011 of Sands Cotai Central LVS Total Market Total % of Market LVS Total Market Total % of Market Mass Gaming Tables 721 3,128 23% 1,052 3,457 30% VIP Gaming Tables 408 2,174 19% 477 2,243 21% Total Gaming Tables 1,129 5,302 21% 1,529 5,700 27% Slot Machines and ETGs 3,467 16,056 22% 5,667 18,256 31% 4/5 Star Hotel Rooms 3,568 17,895 20% 9,368 23,695 40% Source: Macao DICJ; Company With Sands Cotai Central Opening, LVS Will Have the Largest Asset Base in Macao Greater than $9.0 Billion of Capital Investment 27% of the gaming tables 31% of the slot machines and ETGs 40% of the 4/5 Star hotel rooms 16

Marina Bay Sands

An Unparalleled Integrated Resort Destination Singapore The Ideal Environment for IR Development and Operation Duopoly market Favorable gaming tax rate Vast addressable market over 3 billion people within a six hour flight World class transportation infrastructure No remotely competitive product offering in the region outside of Singapore Expanding wealth in middle, upper middle and high net worth (super wealthy) classes Established world class corporate meeting and MICE destination Supportive and collaborative government partner in growing tourism, employment and GDP Marina Bay Sands is the Ideal Model for Future Integrated Resort Destinations 18

MBS Asia's Most Elite Gaming Destination 19

More Than Three Billion People and > $9 Trillion of GDP Within a Six Hour Flight 5 hrs 4 hrs 3 hrs 2 hrs 1 hr Source: Google Maps 20

Singapore s Changi Airport Non Stop Connections to the World s Major Cities Southeast Asia Daily Number of Non Stop Inbound Flights Travel Time (hrs) Kuala Lumpur 40 1.00 Jakarta 37 1.50 Bangkok 21 2.25 Manila 13 3.50 Ho Chi Minh City 11 2.00 Phnom Penh 8 2.00 Other Major Cities Hong Kong 16 3.75 Beijing/Shanghai 14 6.50/5.50 Delhi/Mumbai/Bangalore 13 5.50/5.50/4.50 Dubai/Abu Dhabi 9 7.25 Tokyo 7 7.50 Sydney 8 7.00 London 7 12.50 Seoul 6 6.50 New York/Newark 2 18.75 46.5 Million Passenger Movements in 2011 Capacity to Handle 70 Million Passengers 21 Source: Changi Airport

Local Market of Singapore, Indonesia and Malaysia is > 270 million people and > $1.1 Trillion GDP 2010 GDP of Southeast Asia (US$bn) $1,864 $900 $1,864 $800 $700 $707 $600 $500 $400 $300 $200 $238 $223 $319 $200 $100 $103 $75 $0 Population (M) Source: Asian Development Bank; World Bank 1. Consists of Brunei, Cambodia, Laos, and Myanmar Indonesia Malaysia Singapore Thailand Philippines Vietnam Other¹ Total SE Asia 240 28 5 69 93 87 69 591 22

Singapore Market Tourism Enhancements MRT station opened on January 14, 2012 and has direct feed into MBS s hotel, retail and MICE amenities Singapore government expects over 500,000 riders per day on the line (Circle Line) New state of the art deep water cruise terminal in Marina Bay expected to open in 2Q12 S$500 million project funded by the Singapore Tourism Board (STB) 1.6 million total cruise passengers projected by STB by 2015 S$1 Billion Gardens By the Bay expected to open in June 2012 STB expecting 5 million visitors per year to the attraction MRT Station and Additional Tourism Enhancements (Deep Water Cruise Terminal and Gardens by the Bay) to Increase Visitation to Marina Bay Area Source: Singapore Land Transit Authority, Singapore Tourism Board 23

Liquidity and Capital Resources

Financial Highlights Delivered record operating results in the quarter and year ended December 31, 2011 Strong EPS growth trend Initiated ongoing dividend programs at both LVS and SCL With the completion of Sands CotaiCentral: Project capital expenditures will be meaningfully reduced Free cash flow will expand Our strong balance sheet and cash flow position the company to simultaneously: 1. Pursue promising growth opportunities around the world 2. Invest in high return projects for continued organic growth 3. Return capital to shareholders 25

Full Year 2011 Financial Results $ in millions 2010 2011 $ Change % Change Net Revenue $ 6,853.2 $ 9,410.7 $ 2,557.5 37.3% Adjusted Property EBITDA $ 2,228.6 $ 3,532.2 $ 1,303.6 58.5% Adj. Property EBITDA Margin 32.5% 37.5% 500 bps Adjusted Diluted EPS $ 0.98 $ 2.02 $ 1.04 106.1% Delivered record net revenue of $9.41 billion (+37.3%) Delivered record adjusted property EBITDA of $3.53 billion (+58.5%) Adjusted property EBITDA margin increased 500 basis points to industry leading 37.5% Adjusted diluted EPS increased 106.1% to record $2.02 26

Powerful EPS Trajectory Actual and Analyst Consensus Fully Diluted Adjusted EPS Analyst Consensus $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 $3.70 $3.07 $2.58 $2.02 $0.98 $0.11 $0.07 2008 2009 2010 2011 2012E 2013E 2014E Fully Diluted Shares (M) 394 728 792 812 813 813 813 Strong Revenue Growth + Margin Expansion + Cost Control + Reduced Interest Expense + Elimination of Preferred Dividend NOTE: Analyst consensus estimates as presented is based on 26 reporting analysts covering the company Strong EPS Growth 27

Completion of Current Developments Reduces Capital Expenditures 1 ($MM) $4,000 $3,500 $3,000 $3,562 $3,658 LVS Capex Expectations $2,500 $2,000 $1,500 $2,027 $1,918 $1,381 $1,550 $1,000 $500 $850 $650 $0 2007 2008 2009 2010 2011 2012E 2013E 2014E Development Timeline Palazzo Las Vegas Four Seasons Macao Sands Bethlehem Marina Bay Sands Sands Cotai Central Maintenance Capex Development Capex Pre Opening Post Opening Lower Project Capital Expenditures Result in Greater Cash Flow 1. Excludes capitalized interest 28

Meaningful Free Cash Flow Expansion Actual and Analyst Consensus Free Cash Flow 1 ($MM) $5,000 $4,000 $3,000 $2,000 $1,000 $1,154 Analyst Consensus $3,935 $3,318 $1,914 $0 $1,000 ($154) $2,000 ($1,454) $3,000 $4,000 Cash Balance at ($3,664) 2008 2009 2010 2011 2012E 2013E 2014E $3,233 $5,074 $3,847 $3,910 $4,958 End of Period ($M) $6,899 $9,701 2 EBITDA Growth and Completion of Property Development Spending Drives Significant Increase in Free Cash Flow 1. Free cash flow denotes cash flow from operations reduced by actual/projected capital expenditures in the respective period 2. The consensus cash balances for 2012, 2013 and 2014 reflect the payment of at least a $1.00 per common share annual dividend in each of the analyst models NOTE: Analyst consensus estimates consist of estimates from Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs, JPMorgan and Morgan Stanley 29

Long Dated Maturity Profile Debt Maturity by Year at December 31, 2011 1 ($MM) $5,000 $4,500 $4,000 $3,500 $4,584 $1,609 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 $886 $2,006 $193 $1,380 $217 $1,415 $640 $895 $2,085 $168 $145 $1,358 $472 $956 $246 $459 $235 2012 2013 2014 2015 2016 2017 2018+ SCL MBS USRG LVSC % of Total 2% 1% 14% 20% 45% 14% 5% Long Term and Low Cost Financing in Place 1. Pro forma for the expected completion of the Singapore refinancing in 2Q12 30

The Path to Financial Strength Milestones August 2009 Amended VML Credit Facilities November 2009 $3.1BN Sands China IPO May 2010 $1.75BN Project Financing for Sands Cotai Central August 2010 Amended / Extended US Credit Facilities 3Q11/4Q11 Refinanced VML/VOL Credit Facilities November 2011 Redeemed $712MM Pfd. Stock 2Q12 Refinancing Singapore Credit Facility 2009 2010 2011 2012 Rating Upgrades March 2009 B3 / B- August 2010 B2 / B November 2010 B1 / BB- February 2011 Ba3 / BB- June 2011 Ba3 / BB November 2011 Ba2 / BB Positive Credit Watch Benefits of A Stronger Balance Sheet 1. Lower Cost of Debt 2. Greater Access to Capital 3. Financial Flexibility for the Future 31

Financial Strength On February 1, 2012 our Board of Directors declared an annual dividend, payable quarterly, of $1.00 per common share Return of over $800 million of cash to shareholders ($MM) 12/31/11 Cash, Cash Equivalents and Restricted Cash $ 3,910 Debt 10,033 Net Debt $ 6,123 TTM EBITDA $ 3,532 Gross Debt to TTM EBITDA Net Debt to TTM EBITDA 2.8 x 1.7 x 32

The Investment Case for LVS We have the largest asset base in Macao, the fastest growing, most lucrative gaming market in the world Macao is a limited supply environment with expanding transportation infrastructure Sands Cotai Central, opening approximately 4 weeks from today, will be the final property to open in Macao for at least the next three years We have the premier destination integrated resort in Singapore, which is a duopoly environment with additional organic growth opportunities The Singapore Government is making investments in transportation and entertainment to increase visitation to Singapore which will benefit Marina Bay Sands Our track record of convention based IR development, coupled with our strong balance sheet and senior leadership team, position us uniquely to win new development opportunities in emerging gaming jurisdictions around the globe Our strong balance sheet and cash flow position the company to simultaneously: 1. Pursue promising growth opportunities around the world 2. Invest in high return projects for continued organic growth 3. Return capital to shareholders 33

Appendix

Macao Hong Kong Zhuhai Bridge Reducing the Travel Time from Hong Kong to Macao Source: Hopewell Holdings A1

Visitation to Singapore Total Visitation to Singapore Mainland China Visitation to Singapore (MM) 3.6 +16% +14% +15% +9% (MM) +25% +49% +49% +21% 0.5 3.49 0.47 3.4 3.2 3.0 2.8 2.69 3.12 2.84 3.24 3.04 3.07 3.36 0.4 0.3 0.33 0.41 0.23 0.35 0.32 0.29 0.35 2.6 0.2 2.4 0.1 2.2 2.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2010 2011 Increasing Visitation to Singapore from Mainland China and Around the Region Source: Singapore Tourism Board A2

Bayfront MRT Metro Stop Access to MBS Station Opened on January 14, 2012 Bayfront MRT station has direct feed into hotel, retail and MICE amenities Provides enhanced accessibility for guests, particularly during busiest periods Singapore government expects over 500,000 riders per day on the line connecting through MBS (Circle Line) Mall Casino MRT Station Exit MICE Hotel MRT Station and Additional Tourism Enhancements (Deep Water Cruise Terminal and Gardens by the Bay) to Increase Visitation to Marina Bay Area Source: Singapore Land Transit Authority A3

State of the Art Deep Water Cruise Terminal New International Cruise Terminal to Open in 2Q 2012 S$500 million project funded by the Singapore Tourism Board (STB) to replace Singapore s current underutilized cruise terminal 1km from Marina Bay Sands Purpose built for 2 Oasis class (largest class in the world) ships 1.6 million total cruise passengers projected by STB by 2015 Target markets: Indonesia, India, Malaysia, Australia, New Zealand and Europe Connected to Downtown MRT Line Opportunities for joint marketing programs Source: Singapore Tourism Board, Channel News Asia A4

Gardens by the Bay S$1 Billion Tourism Attraction Opening June 2012 Supertrees S$1 billion cultural icon Grand Opening expected in June 2012 STB expecting 5 million visitors per year 133 acres; 90 football fields Conservatory Complex Source: Singapore National Parks Board and Singapore Tourism Board A5