Las Vegas Sands Inc. (LVS) presented by Tushar (T.J.) Jain, Ellen Yang, and A.J. Tus on September 16, 2011.

1. Las Vegas Sands Corp.
Tushar Jain ♠ AJ Tus ♣ Ellen Yang

2. Agenda
I. Company Overview
II. Investment Thesis
III. Competitive Analysis
• Las Vegas
• Macau
• Singapore
IV. Key Drivers and Risks
V. Valuation
VI. Questions
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

3. Visionary leader
• Sheldon Adelson
– Bought Sands Hotel and
Casino in 1988
– Transformed company
into global empire
– Considered the Steve
Jobs of the gaming
industry
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

4. Company Overview
LVS is owner and operator of luxury hotels, casinos, and resorts worldwide
Las Vegas Macau Singapore
The Venetian Sands Macao Marina Bay Sands
Bethlehem
The Palazzo LV The Venetian Macao Sands Bethlehem
Sands Expo Center Four Seasons Hotel
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

5. Corporate Timeline
1988 1990 1999 2004 2007 2008 2009 2010 2012 2013+
Sands Cotai
Sheldon Adelson scheduled to
buys Sands Hotel open in
and Casino Macau
Four Seasons
Hotel opened in
Cotai Strip,
Macau Additional
Cotai
properties to
be opened
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

6. Investment Thesis
• Non-replicable market exposure
– Joint property model in Las Vegas
– First mover advantage in Cotai Strip, Macau
– Dominant market position in Singapore
• Great business at a good price
– Unrecognized growth in developing properties
– Mitigated risks in premium target market
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

7. Las Vegas
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

8. Stagnation in Las Vegas
155000 96%
94%
150000
92%
145000
90%
140000 88%
Rooms
135000 86%
Occupancy
84%
130000
82%
125000
80%
120000 78%
2006 2007 2008 2009 2010
$12,000.0 39.5
39
$10,000.0
38.5
$8,000.0 38
37.5
$6,000.0 Revenue
37
Visitors
$4,000.0 36.5
36
$2,000.0
35.5
$- 35
2006 2007 2008 2009 2010
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

9. Las Vegas Gaming Market
(Company Revenue by Geographic Distribution)
LVS Wynn
Singapore US
19% 31%
US
Macau
21%
60% MGM Macau
69%
Macau
US
48%
52%
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

10. LVS Vegas Strategy
Table Game Revenue: $357.9 M
The Venetian Slot Machine Revenue: $201.4 M
• Over 5,000 suites Hotel Revenue: $445.9 M
• 110 table games Food and Bev Revenue: $260.6 M
• 1,370 slot machines
• VIP Club, SpaClub, entertainment Total Revenue: $1.3 Billion
complex, Grand Canal Shoppes
The Palazzo 5-Year Vegas Net Revenues
• Over 3,000 suites
• 120 table games $1,400.00
• 1,270 slot machines $1,200.00
• VIP Club, SpaClub, entertainment $1,000.00
complex, Shoppes at the Palazzo $800.00
$600.00
$400.00
Sands Expo Center $200.00
• Over 2.3 million square feet of $-
premier exhibition and meeting 2006 2007 2008 2009 2010
space
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

11. Asia
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

12. What Happens in Vegas
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

13. Has Moved to Asia
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

14. Macau and Singapore have Overtaken Vegas
2010 Gaming Revenue (In Billions)
Asia
Las Vegas
$- $500 $1,000 $1,500 $2,000 $2,500 $3,000
Revenue/Casino (In Millions) Revenue/Visitor
Asia Asia
Las Vegas Las Vegas
$- $200 $400 $600 $800 $1,000 $- $200 $400 $600 $800 $1,000
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

15. Why Asia
Heavily • Government grants concession rights
regulated • Limits entrance of competition
• Growing middle class in Asia
Target market
• Number of high net worth individuals to increase by 133% in
growth next five years
Increased
• New ferry from Hong Kong to Cotai
modes of • Bridge from China to Macau and Zhu Hai planned for 2016
transportation
• Possible move by Singapore government to allow junkets
Deregulation of
Junkets
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

16. Macau
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

17. Macau Development Timeline
2006 2007 2010 2010 2012 2012+
First Cotai Strip Venetian Macau Wynn announces Macau Theme MGM LVS Cotai
hotel opens opens planned Park announced Expects to Central
development begin Coati brought
development online
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

18. Macau Gaming Market
(Company Revenue by Geographic Distribution)
LVS Wynn
Singapore US
19% 31%
US
Macau
21%
60% Macau
69%
MGM
Macau
US
48%
52%
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

19. Competitive Advantage in Macau
• Strong foothold in Cotai Strip
– Effectively managing Cotai Development
– Largest current and developing projects
• Venetian Macau: 3,000+Rooms
• Sands Cotai Center: 6,000+ Rooms
– Control of Transportation Infrastructure
• LVS Owned Ferry System
• New Bridge Development
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

20. Singapore
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

21. Singapore Gaming Market
(Company Revenue by Geographic Distribution)
LVS Wynn
Singapore US
19% 31%
US
Macau
21%
60% MGM Macau
69%
Macau
US
48%
52%
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

22. Singapore’s Gaming Industry
Sentosa Island Resort Marina Bay Sands
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

23. Drivers and Risks
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

24. Catalysts & Drivers
• Junket legalization in Singapore
• Opening of Cotai properties
• Q3 Earnings (October 28, 2011)
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

25. Risks
• Reductions in discretionary spending
• Travel restrictions imposed by the Chinese
government to Macau
• Significant changes to tax laws
• Double-dip recession
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

26. Valuation
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

27. Questions
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

28. Appendix
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

29. Appendix A:
LVS Property Summary
Property Hotel Rooms # Table Games # Slot Machines Amenities
VIP Club, SpaClub, entertainment
Venetian (Vegas) 5,040 110 1,370
complex, Grand Canal Shoppes
VIP Club, SpaClub, entertainment
Palazzo (Vegas) 3,066 120 1,270
complex, Shoppes at the Palazzo
Sands Expo Center 2.3 million sq ft of exhibition and meeting
N/A N/A N/A
(Vegas) space
Ferry to Mainland China, VIP Club,
Sands (Macau) 289 420 1,140
restaurants and retail
Restaurants and retail, entertainment
Venetian (Macau) 2,900 600 2,160
complex, event center
Apartment complex (under
Four Seasons & Plaza
360 120 200 development), VIP mansions,
Casino (Macau)
restaurants and retail, event center
Marina Bay Sands SkyPark, restaurants and retail,
2,600 620 2,300
(Singapore) entertainment complex, event center
Retail facility, event center, National
Sands (Bethlehem) 300 (opening 2011) 80 3,020
Museum of Industrial History
Total 14,555 2,070 11,460 -
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation

30. Appendix B:
Industry Analysis
• Gaming equipment industry is highly concentrated
Power of
Moderate • No dominant player (stable prices)
Suppliers
• Lengthening of replacement cycles
Power of • Game offerings are similar across casinos
Moderate
Buyers • Switching costs are low (loyalty programs are key)
Barriers to • Heavily regulated industry
High
Entry • High development costs ($500 M - $1.5 B)
Power of • Alternative forms of gambling
Low
Substitutes • Alternative forms of entertainment
Intra- • Few high-end, integrated resort casino companies
Industry High • Same target market and similar gaming options
Rivalry • Key differentiators: ambience and amenities
Introduction ♦ Investment Thesis ♠ Competitive Analysis ♣ Drivers & Risks ♥ Valuation