3Q25 Earnings Presentation October 22, 2025 Singapore: 3 Forward Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this presentation, the words "anticipate ...

Core Viewpoint - The "NBA Cares x Sands Cares Community Impact Week" successfully engaged over 2,200 volunteers and community members in Macao, promoting compassion and community spirit through basketball-related activities during The NBA China Games 2025 [1][4][6]. Group 1: Community Engagement Activities - The initiative included a youth basketball exchange at Lou Hau High School, where NBA Legend Mitch Richmond and coaches mentored 200 students, along with donations of basketballs and training equipment [8]. - An official tip-off event featured participation from NBA officials and players, who led a basketball clinic for over 60 local students and packed goodie bags for community distribution [9]. - A boxed lunch distribution on October 10 provided meals and health kits to 200 local residents in need, showcasing the initiative's commitment to supporting the underprivileged [10]. Group 2: Key Participants and Contributions - NBA Legends such as Yao Ming, Tim Hardaway, and Shawn Marion participated in various events, enhancing the community's engagement and support [4][11]. - Sands China executives, including Patrick Dumont and Dr. Wilfred Wong, emphasized the company's long-standing commitment to community service and the positive impact of sports-driven philanthropy [5][6]. - Over 300 volunteers, including Sands Cares Ambassadors, contributed to the success of the week, with each receiving a certificate of appreciation for their efforts [14]. Group 3: Future Commitment - Sands China plans to continue its community initiatives, leveraging its resources to support local social service organizations and enhance community welfare [7][16]. - The Sands Cares Ambassador Programme, established in 2009, aims to encourage more volunteerism within the Macao community [15]. Group 4: Corporate Background - Sands China Ltd. is the largest operator of integrated resorts in Macao, contributing to the region's tourism and leisure transformation [17]. - The company integrates its philanthropic efforts through the Sands Cares program, focusing on community engagement and support [19].

Core Insights - Investors are showing a bullish sentiment towards Las Vegas Sands, with significant options trading activity indicating potential upcoming developments [1][2] - The options trading data reveals a strong preference for call options, suggesting confidence in the stock's upward movement [2][8] Options Trading Activity - A total of 19 options trades were identified, with 18 being call options amounting to $1,652,629, and only 1 put option worth $192,000 [2] - The projected price targets for Las Vegas Sands are between $50.0 and $57.5, based on the volume and open interest of the options contracts [3][4] Significant Trades - Notable call options include multiple trades at a strike price of $52.50, with total trade prices around $233.7K and $232.5K for different contracts [8][9] - The only put option trade recorded was for a strike price of $50.00, valued at $192.0K [9] Company Overview - Las Vegas Sands is the largest operator of fully integrated resorts globally, with major properties in Asia and Singapore, generating all its EBITDA from these regions after selling its US assets [10] - The company is expected to open a fourth tower in Singapore by 2031, indicating future growth potential [10] Market Position - A professional analyst has set an average price target of $57.0 for Las Vegas Sands, maintaining an Equal-Weight rating [11][12] - The current trading volume for LVS is 1,611,001, with a slight decrease of -0.16%, currently priced at $55.16 [14]

Core Viewpoint - Melco Resorts & Entertainment Limited reported a strong financial performance for the second quarter of 2025, with total operating revenues increasing by approximately 15% year-over-year, driven by improved gaming and non-gaming operations. Financial Performance - Total operating revenues for Q2 2025 were US$1.33 billion, up from US$1.16 billion in Q2 2024 [2] - Operating income for Q2 2025 was US$124.7 million, slightly higher than US$123.7 million in Q2 2024 [2] - Adjusted Property EBITDA reached US$377.7 million in Q2 2025, compared to US$302.8 million in Q2 2024 [3] Net Income - Net income attributable to Melco for Q2 2025 was US$17.2 million, or US$0.04 per ADS, down from US$21.4 million, or US$0.05 per ADS, in Q2 2024 [4] - The net loss attributable to noncontrolling interests was US$7.8 million in Q2 2025, compared to US$22.7 million in Q2 2024 [4] Gaming Operations - Rolling chip volume increased to US$5.49 billion in Q2 2025 from US$4.83 billion in Q2 2024, with a win rate of 3.93% compared to 2.99% [8] - Mass market table games drop rose to US$1.75 billion in Q2 2025 from US$1.46 billion in Q2 2024, with a hold percentage of 30.5% [9] - Gaming machine handle was US$945.3 million in Q2 2025, up from US$902.3 million in Q2 2024, with a win rate of 3.0% [9] Non-Gaming Revenue - Total non-gaming revenue at City of Dreams was US$88.1 million in Q2 2025, compared to US$80.4 million in Q2 2024 [10] - Non-gaming revenue at Studio City was US$83.8 million in Q2 2025, up from US$80.4 million in Q2 2024 [14] Regional Performance - In the Philippines, competitive pressures continue to affect performance, but initiatives are being implemented to improve results [6] - City of Dreams Mediterranean and satellite casinos showed solid results despite regional challenges, with total operating revenues of US$72.3 million in Q2 2025, up from US$58.7 million in Q2 2024 [25] Capital Expenditures and Financial Position - Capital expenditures for Q2 2025 were US$95.9 million, focusing on enhancement projects and the new City of Dreams Sri Lanka [35] - Total cash and bank balances as of June 30, 2025, were US$1.24 billion, with total debt of US$7.16 billion [33]

Financial Performance Highlights - Las Vegas Sands' Net Revenue increased by 14% from $2761 million in 2Q24 to $3175 million in 2Q25[9] - Net Income attributable to Las Vegas Sands increased from $424 million to $519 million[9] - Adjusted diluted earnings per share increased by $024 from $055 in 2Q24 to $079 in 2Q25[9] - Adjusted Property EBITDA increased by 243% from $1073 million in 2Q24 to $1334 million in 2Q25[9] - Adjusted Property EBITDA margin increased by 310 basis points from 389% to 420%[9] Capital Allocation - Las Vegas Sands repurchased $800 million of LVS stock, representing 2021 million shares at a weighted average price of $3959[10] - Las Vegas Sands paid $175 million in dividends, equivalent to $025 per share[10] - Las Vegas Sands increased its ownership in Sands China Ltd (SCL) to 734% with the purchase of $179 million of SCL shares[10] Macao Market Update - The Macao market generated gaming revenue of approximately $76 billion in 2Q25, an 8% increase compared to 2Q24[21] - Mass gaming revenue in Macao was approximately $65 billion, up 6% compared to 2Q24[21] - Visitation from China excluding Guangdong province in April and May of 2Q25 remained below 2019 levels, reaching approximately 65% of the comparable period in 2019[21] - Sands China Ltd's Adjusted Property EBITDA was $566 million[21] Marina Bay Sands (Singapore) Update - Marina Bay Sands' Adjusted Property EBITDA was $768 million[23] - Mass win was $843 million, up 40% from $604 million in 2Q24[23] - Rolling volume was $89 billion, up 47% from $61 billion in 2Q24[23] - Adjusted Property EBITDA margin was 553%[23]

Core Insights - The 2025 Sands Shopping Carnival, held from July 17-19, attracted nearly 110,000 visits in a shortened three-day run, close to last year's four-day event, bringing total visitation to over 640,000 since its inception in 2020 [1][2][3] Company and Event Overview - The carnival is organized by Sands China Ltd. and co-organized by the Macao Chamber of Commerce, aiming to create synergy between local SMEs, Sands retailers, NGOs, and the arts community [5] - This year's event featured over 580 booths across eight exhibition zones, including a new coffee zone to cater to Macao's growing café culture [6] Community Engagement - The number of participating community organizations has increased from three to a record-high 19 over six years, providing them with opportunities to raise awareness about their services [11] - Sands Cares Ambassadors supported community groups during the event, promoting social inclusion and engagement [12] Environmental Initiatives - The carnival operated with a focus on environmental awareness, aligning with the Sands ECO360 global sustainability strategy, including workshops on recycling and promoting a plastic-free lifestyle [14] Future Outlook - Sands China plans to continue infusing new elements into the carnival to support the sustainable development of Macao's tourism industry [8]

Core Insights - Las Vegas Sands has contributed $515,000 to The WASH Foundation in 2025, increasing total contributions to over $6.1 million since 2014 [1][2][4] Group 1: Funding and Initiatives - The 2025 Sands Cares investment supports three main priorities: hygiene supplies for those in need, funding local water initiatives, and expanding hygiene education programs globally [2][4] - The Global Hygiene Kit Build aims to assemble 70,000 hygiene kits for distribution, with a total of 1,034,000 kits produced since 2014 [4][5] - The Drop by Drop Project continues to provide grants to local nonprofits in Macao and Singapore, focusing on water stewardship and community engagement [5][6] Group 2: Partnership and Impact - The partnership with The WASH Foundation has led to significant milestones, including the transformation of a recycling center into a soap manufacturing operation and the introduction of mobile shower units for the homeless [3][7] - Since 2011, Sands and its partners have diverted over 663,000 pounds of waste and distributed 4.7 million bars of soap to those in need [7][8] - The collaboration enhances corporate responsibility efforts by engaging team members in volunteer work and promoting environmental advocacy [8][12] Group 3: Organizational Background - The WASH Foundation aims to provide safe water, sanitation, and hygiene to the 4.2 billion people lacking access to these resources [2][13] - Since its establishment in 2009, The WASH Foundation has served over 17.4 million people and distributed over 91.3 million bars of soap [14]

Core Viewpoint - Melco Resorts & Entertainment Limited has appointed Mr. John Peter Ben Wang as an independent non-executive director, effective June 13, 2025, enhancing the board's expertise and governance [1][3]. Company Overview - Melco Resorts & Entertainment Limited is a developer, owner, and operator of integrated resort facilities in Asia and Europe, with operations including City of Dreams and Altira Macau in Macau, City of Dreams Manila in the Philippines, and City of Dreams Mediterranean in Cyprus [4]. - The company is majority owned by Melco International Development Limited, which is led by Mr. Lawrence Ho, who serves as the Chairman, Executive Director, and Chief Executive Officer [5]. Appointment Details - Mr. Wang has been appointed as the chairman of the audit and risk committee and is a member of the compensation committee and nominating and corporate governance committee [1]. - Mr. Wang is recognized as an "audit committee financial expert" as defined in Item 16A of Form 20-F, indicating his qualifications in financial oversight [1]. Mr. Wang's Background - Mr. Wang has extensive experience in finance, accounting, and investment banking, having previously served as a director of Melco from November 2006 to August 2016 and as Deputy Chairman and Executive Director of Summit Ascent Holdings Limited from 2011 to 2019 [2]. - He was the chief financial officer of Melco International Development Limited from 2004 to 2009 and is a chartered accountant with qualifications from the Institute of Chartered Accountants in England and Wales [2].

Core Viewpoint - Melco Resorts & Entertainment has successfully achieved its goal of sourcing 100% cage-free eggs by 2025 across its global portfolio, reflecting its commitment to sustainability and responsible sourcing [1][3]. Group 1: Sustainability Commitment - The initiative to source cage-free eggs began in 2020 as part of Melco's broader sustainability efforts, which include restoring the environment and empowering local communities [2]. - Melco collaborates with the Lever Foundation to ensure a reliable supply of cage-free eggs and to create economies of scale for this transition [2][3]. Group 2: Impact and Industry Influence - Mr. Lawrence Ho, Chairman and CEO, emphasized that small actions can lead to significant impacts, and the company aims to enhance transparency and supplier engagement in its sourcing practices [3]. - The shift to cage-free eggs is expected to influence other food companies in the region, promoting animal welfare and sustainable food practices [3]. Group 3: Health and Safety Benefits - Cage-free eggs are produced under more humane conditions and are associated with reduced food safety risks, as evidenced by research indicating a significantly higher risk of salmonella contamination in battery cage farms [3].

Financial Performance - Total operating revenues increased by 10.8% to $1.232 billion in 1Q'25, compared to $1.112 billion in 1Q'24[17] - Gaming revenue increased by 12.2% to $1.024 billion in 1Q'25, compared to $913 million in 1Q'24[17] - Non-gaming revenue increased by 4.4% to $208 million in 1Q'25, compared to $199 million in 1Q'24[17] - Net income increased significantly to $28 million in 1Q'25, a 4944.9% change from $1 million in 1Q'24[17] - Adjusted Property EBITDA increased by 14.1% to $341 million in 1Q'25, compared to $299 million in 1Q'24[17] - Adjusted EBITDA increased by 10.2% to $313 million in 1Q'25, compared to $284 million in 1Q'24[17] Property-Specific Performance - City of Dreams Macau's Adjusted EBITDA increased by 27.5% to $196 million in 1Q'25, compared to $154 million in 1Q'24[17] - Studio City's Adjusted EBITDA increased by 10.7% to $97 million in 1Q'25, compared to $88 million in 1Q'24[17] - Altira recorded a negative Adjusted EBITDA of $1 million in 1Q'25, compared to a positive $1 million in 1Q'24, a -148.3% change[17] - City of Dreams Manila's Adjusted EBITDA decreased by 20.6% to $30 million in 1Q'25, compared to $38 million in 1Q'24[17] - City of Dreams Mediterranean and Other's Adjusted EBITDA increased by 10.2% to $12 million in 1Q'25, compared to $11 million in 1Q'24[17] Shareholder Returns - Approximately $4.1 billion has been returned to shareholders from 2016 to 2025 YTD through dividends and share repurchases[46] - From January 1, 2025 to May 7, 2025, Melco repurchased 32.3 million ADSs at an aggregate purchase price of approximately $165 million[47] - The company has remaining authority to repurchase up to approximately $223 million of ordinary shares[47]