SANDS CHINA : Inside Information – Results of our Controlling Shareholder, Las Vegas Sands Corporate., for the Fiscal Second Quarter Ended June 30, 2015

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

金沙中國有限公司

(Incorporated in the Cayman Islands with limited liability)

This announcement is issued pursuant to Part XIVA of the Securities and Futures Ordinance and Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
On or about July 23, 2015 (4 a.m. Hong Kong time), our controlling shareholder, Las Vegas Sands Corp. ("LVS"), announced its financial results for its fiscal second quarter ended June 30, 2015.

This announcement is issued by Sands China Ltd. ("SCL" or our "Company" or "Sands China") pursuant to Part XIVA of the Securities and Futures Ordinance and Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
Our Company's controlling shareholder, LVS, is a company listed on the New York Stock Exchange (the "NYSE") in the United States. As at the date of this announcement, LVS beneficially owns approximately 70.12% of the issued and outstanding share capital of our Company.
LVS files quarterly and annual reports, including quarterly and annual financial information and certain operating statistics under Form 10-Q and Form 10-K, respectively, with the United States Securities and Exchange Commission (the "SEC"), in accordance with the ongoing disclosure obligations applicable to a publicly traded NYSE-listed company. Such filings include segment financial information about the Macao operations of LVS, which Macao operations are owned by our Company, and the filings are available in the public domain.

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LVS has, on or about July 23, 2015 (4 a.m. Hong Kong time), announced its financial results for the fiscal second quarter ended June 30, 2015 (the "Quarterly Financial Results"), held its second quarter
2015 Earnings Conference Call (the "Earnings Call") and posted a second quarter results chart deck
on its website (the "Chart Deck"). If you wish to review the Quarterly Financial Results prepared by LVS, which were filed with the SEC, please visit http://investor.sands.com/files/doc_news/2015/Q215-Earnings-Release-vFinal.pdf or http://www.sec.gov/Archives/edgar/data/1300514/000095014215001735/eh1501002_ex9901.htm. If you wish to review the Chart Deck, please visit http://investor.sands.com/files/doc_presentations/2015/LVS-2Q15-Earnings-Deck-vFinal.pdf.
The financial results of LVS and its consolidated subsidiaries, including those contained in the Quarterly Financial Results, the Earnings Call and the Chart Deck have been prepared in accordance with the generally accepted accounting principles of the United States ("US GAAP"), which are different from the International Financial Reporting Standards ("IFRS") that we are subject to when preparing and presenting our stand-alone financial results and related financial information. As such, the financial results and related information set forth in the Quarterly Financial Results, the Earnings Call and the Chart Deck are not directly comparable to the financial results and related financial information that our Company discloses as a company listed on the Main Board of The Stock Exchange of Hong Kong Limited. In particular, Average Daily Rate ("ADR") and Revenue Per Available Room ("RevPAR") as presented in the Quarterly Financial Results, the Earnings Call and the Chart Deck are based on gross room revenues as reported under US GAAP, which include associated promotional allowances within room revenues. Under US GAAP, promotional allowances are then deducted from total gross revenues in presenting net revenues. Under IFRS, room revenues exclude such promotional allowances. Our shareholders and potential investors in our ordinary shares are advised that the consolidated financial results and related financial information set forth in the Quarterly Financial Results, the Earnings Call and the Chart Deck with respect to our Company's operating results have not been prepared or presented by our Company, and there is no indication or assurance from our Company that the financial results and related financial information of our Company will be the same as that presented in the Quarterly Financial Results, the Earnings Call and the Chart Deck.
To ensure that all shareholders of and potential investors in our Company's ordinary shares have equal and timely access to the information pertaining to our Company, set forth below are extracts and key highlights of the financial results and related financial information published by LVS in the Quarterly Financial Results and the Earnings Call that relate to our Company and our operations in Macao:

Mr. Sheldon G. Adelson, chairman and chief executive officer of LVS, said, "While the operating environment in Macao, particularly in the high-end gaming segments, remained challenging during the quarter, our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows allowed us (LVS) to again deliver in excess of US$1 billion of adjusted property EBITDA during the quarter and weather this cyclical downturn better than the industry overall. Despite the current headwinds in the Macao market, we remain sharply focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based integrated resort business model.

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Our convention-based integrated resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows, and delivers the industry's highest revenue and profit from non-gaming segments while bringing unsurpassed economic and diversification benefits to the regions in which we operate. We remain confident in our ability to both further extend our global leadership position and deliver strong growth in the future."
Mr. Adelson added, "In Macao, we welcomed more than 16 million visits to our Macao property portfolio and delivered strong growth in the high-margin retail mall business. Notwithstanding a challenging environment in the VIP and premium mass gaming segments, we delivered US$559.8 million in adjusted property EBITDA across our Macao property portfolio in the second quarter. We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by The Parisian Macao and the St. Regis tower at Sands Cotai Central, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers and provide an outstanding and diversified platform for growth in the years ahead."

On a US GAAP basis, total net revenues for Sands China Ltd. decreased 25.6% to US$1.77 billion in the second quarter of 2015, compared to US$2.38 billion in the second quarter of 2014. Adjusted property EBITDA for Sands China Ltd. decreased 29.5% to US$564.5 million in the second quarter of 2015, compared to US$800.6 million in the second quarter of 2014. Net income for Sands China Ltd. decreased 37.3% to US$388.7 million in the second quarter of 2015, compared to US$620.2 million in the second quarter of 2014.

Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy Macao market- leading visitation and financial performance. The property generated adjusted property EBITDA of US$255.0 million in the second quarter with an EBITDA margin of 34.5%. Non-Rolling Chip drop was US$1.68 billion for the quarter with a Non-Rolling Chip win percentage of 26.0%. Rolling Chip volume during the quarter decreased 38.1% to US$7.63 billion. Rolling Chip win percentage was 3.07% in the quarter, below the 3.45% experienced in the prior-year quarter. Slot handle decreased 27.7% compared to the second quarter of 2014 to US$973.2 million. Mall revenues increased 14.9% during the quarter to reach US$48.5 million.

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The following table summarizes the key operating results for The Venetian Macao for the second quarter of 2015 compared to the second quarter of 2014:

(In US$ millions) 2015 2014 $ Change Change

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

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Net revenues and adjusted property EBITDA for the second quarter of 2015 at Sands Cotai Central were US$554.2 million and US$164.2 million, respectively, resulting in an EBITDA margin of
29.6%.
Non-Rolling Chip drop was US$1.46 billion in the second quarter with a Non-Rolling Chip win percentage of 22.4%. Rolling Chip volume was US$4.83 billion for the quarter with a Rolling Chip win percentage of 3.43%. Slot handle was US$1.50 billion for the quarter. Mall revenues increased
30.1% during the quarter to reach US$14.7 million. Hotel occupancy was 78.7% with ADR of
US$156.
The following table summarizes our key operating results for Sands Cotai Central for the second quarter of 2015 compared to the second quarter of 2014:

(In US$ millions) 2015 2014 $ Change Change

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

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The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of US$74.3 million in the second quarter of 2015, an increase of 9.3% compared to the year-ago quarter. Non- Rolling Chip drop was US$276.8 million, while Non-Rolling Chip win percentage was 21.8%. Rolling Chip volume was US$4.18 billion for the quarter. Rolling Chip win percentage was 3.58% in the quarter, above the 3.08% experienced in the prior-year quarter. Slot handle decreased to US$126.8 million during the quarter. Mall revenue increased 25.4% during the quarter to reach US$31.1 million.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and
Plaza Casino for the second quarter of 2015 compared to the second quarter of 2014:

(In US$ millions) 2015 2014 $ Change Change

Revenues:

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

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Sands Macao's adjusted property EBITDA was US$66.3 million. Non-Rolling Chip drop was US$769.1 million during the quarter, while slot handle was US$658.6 million. Rolling Chip volume was US$2.33 billion for the quarter. The property realized 3.91% win on Rolling Chip volume during the quarter, above the 3.20% generated in the year-ago quarter.
The following table summarizes our key operating results for Sands Macao for the second quarter of
2015 compared to the second quarter of 2014:

(In US$ millions) 2015 2014 $ Change Change

Revenues:
Casino $ 236.0 $ 307.0 $ (71.0) -23.1%
Rooms 5.7 5.5 0.2 3.6%
Food and Beverage 7.9 10.0 (2.1) -21.0%
Convention, Retail and Other 2.0 2.5 (0.5) -20.0% Less - Promotional Allowances (10.0) (12.2) 2.2 18.0%

Net Revenues $ 241.6 $ 312.8 $ (71.2) -22.8% Adjusted Property EBITDA $ 66.3 $ 82.3 $ (16.0) -19.4%
EBITDA Margin % 27.4% 26.3% 1.1 pts
Operating Income $ 56.1 $ 73.0 $ (16.9) -23.2%

(In US$ millions)

Rolling Chip Volume $ 2,328.2 $ 4,651.5 $ (2,323.3) -49.9% Rolling Chip Win %(1) 3.91% 3.20% 0.71 pts
Non-Rolling Chip Drop $ 769.1 $ 1,081.3 $ (312.2) -28.9% Non-Rolling Chip Win % 19.9% 17.5% 2.4 pts
Slot Handle $ 658.6 $ 832.4 $ (173.8) -20.9% Slot Hold % 3.6% 3.7% -0.1 pts

Occupancy % 99.6% 98.5% 1.1 pts
Average Daily Rate (ADR) $ 219 $ 216 $ 3 1.4% Revenue per Available Room (RevPAR) $ 218 $ 213 $ 5 2.3%

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

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Gross revenue from tenants in the company's retail malls on Cotai (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached US$134.4 million for the second quarter of 2015, an increase of 13.6% compared to the second quarter of 2014. Operating profit derived from these retail mall assets increased 18.2% for the quarter compared to the quarter one year ago, reaching US$119.4 million.

(In US$ millions except per square foot data)

Shoppes at Venetian $ 48.3 $ 43.1 89.2% 780,044 97.8% $ 1,578
Shoppes at Four Seasons
Luxury Retail 20.4 19.2 94.1% 142,562 100.0% 5,589
Other Stores 10.7 10.0 93.5% 115,053 100.0% 2,646

Total 31.1 29.2 93.9% 257,615 100.0% 4,924

Shoppes at Cotai Central 14.6 12.6 86.3% 331,466(3) 97.8% 1,004

Total Cotai in Macao 94.0 84.9 90.3% 1,369,125 98.2% 1,966

The Shoppes at Marina Bay Sands(4) 40.4 34.5 85.4% 644,590 93.6% 1,393

Total $ 134.4 $ 119.4 88.8% 2,013,715 96.7% $ 1,789

(1) Gross revenue figures are net of intersegment revenue eliminations.

(2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

(3) At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.

(4) Marina Bay Sands is not part of the SCL group.

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Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of US$4.8 million during the quarter, compared to a loss of US$0.5 million in the second quarter of 2014.
The net income attributable to noncontrolling interests during the second quarter of 2015 of
US$112.3 million was principally related to Sands China Ltd.

Capital expenditures during the second quarter totaled US$351.9 million, including construction, development and maintenance activities of US$282.7 million in Macao.

I am pleased we continued to execute our strategic objectives during the quarter, and despite the continuing challenges in the Macao market, we delivered a solid set of financial results, with company-wide adjusted property EBITDA reaching US$1.02 billion. At the same time, we continued to return excess capital to shareholders.
It has always been clear to me that our unique MICE-based integrated resort business model positively differentiates us from our competitors, in terms of both financial performance and economic contribution to our host jurisdictions. During the quarter, it was not surprising to see our company weather this cyclical downturn in Macao better than the industry overall. Our EBITDA in Macao grew sequentially by 6%. Against a backdrop of double digit market revenue decline, new competition, and general wage inflation, our Macao operations managed to improve EBITDA and profit margin on a quarter on quarter basis.
In addition, our gaming revenue market share in Macao reached 24.6% for the quarter, our highest market share in any quarter since Q1 of 2009.
At the heart of our company's success is having the right strategy at the outset: (1) we had the courage of our convictions to build early and aggressively; (2) we developed critical mass through scale and diversification; and (3) we offer product and amenities that are best positioned to capture the long term tourism and consumption growth in Asia.
I remain steadfast in my belief that we will grow and prosper in the long-term, while continuing to contribute to the economic development of our host jurisdictions.
Our industry-leading financial strength enables us to stay fully committed to our markets, our development plans, and the return of capital to shareholders. We remain confident that our recurring dividends will increase in the years ahead as the Macao market and our cash flows grow.

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Now let me take you through some of the operating highlights of our results in Macao for the quarter.
For Q2, Sands China EBITDA was US$564 million. This represents a decline of 29% over the prior year, but a 6% sequential increase over the prior quarter.
Furthermore, our EBITDA margin at our Macao properties improved by 200 basis points sequentially to 32.2%, primarily reflecting strong gains in cost efficiencies, which more than offset the impact of wage inflation. Hold-Normalized EBITDA margin also improved sequentially, by 150 basis points, to 31.7%.
In the base mass segment, we continue to benefit from the scale of our hotel room inventory, the diversity of our product offering, and the attraction of The Venetian Macao as Macao's 'must- see' destination. I am also pleased that we managed to achieve market share gains while being disciplined and judicious in our casino reinvestment expenses.
In VIP gaming, the strength of our premium direct business has offset a lot of the weakness in the junket segment and enabled us to outperform the Macao VIP market. Our premium direct rolling volumes were up 3% quarter on quarter, resulting in our overall rolling volumes declining by 10% sequentially, versus the 15% decline in Macao's VIP junket volumes.
We also experienced strong growth in retail mall revenues.
Based on the latest published government statistics, overall Macao market hotel occupancy for the period January to May of 2015 was 79%, a decline of 8 percentage points compared to 2014. This decline in occupancy was principally related to the decrease in casino room occupancy across the market, particularly in the junket segment.
Sands China's hotel occupancy for the same period was 4 percentage points higher than that of the Macao market, at 83%, and our occupancy decline of 6 percentage points also outperformed the market.
The scale of our hotel room inventory remains one of our key strategic advantages. It allows us to target higher value overnight visitors from Greater China and the rest of Asia, and to grow the base of high value visitors for Macao.
With the completion of St. Regis Macao and The Parisian Macao, we will have almost thirteen thousand hotel rooms in four interconnected resorts, over 840 stores across four shopping malls (with the potential to add several hundred more stores in future development phases, subject to government approval), 2 million square feet of meeting and exhibition space, and four performance and event venues, including our Cotai Arena at The Venetian Macao, which can be utilized either for our MICE business or major entertainment events.
We have the room inventory, the resort content, the iconic 'must-see' destination, and the operating experience in growing the overnight visitor market in Macao.

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We remain fully committed to playing the pioneering role in Macao's transformation into the world's leading business and leisure tourism destination. Our track record in being transformative pioneers in MICE, retail, and entertainment speaks for itself.
On the return of capital to shareholders, we remain committed to the maintenance of our generous recurring dividend program and to increasing those recurring dividends in the future as our cash flows grow.
Our industry-leading cash flows and balance sheet strength enable us to continue our recurring dividend programs at both LVS and Sands China while retaining more than sufficient financial resources to invest for future growth and pursue new development opportunities.
In conclusion, we will continue to stay disciplined and execute our business plan. I am today more confident than ever about our future success.

In response to a question concerning the opening date of The Parisian Macao, Mr. Adelson commented that we are grateful to the Macao government for the labor and construction related approvals that we have received to date and currently expect that a full opening of this project could potentially occur approximately 12 months from now.

This announcement contains forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our ability to meet certain development deadlines, our subsidiaries' ability to make distribution payments to us, and other factors detailed in our Company's prospectus dated November 16, 2009. We are under no obligation to (and expressly disclaim any such obligation to) update the forward-looking statements as a result of new information, future events or otherwise.
Our shareholders, potential investors and readers are advised not to place undue reliance on the Quarterly Financial Results, the Earnings Call and the Chart Deck and to exercise caution in dealing in securities in our Company.
By Order of the Board SANDS CHINA LTD. Dylan James Williams Company Secretary
Macao, July 23, 2015

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As at the date of this announcement, the directors of the Company are:

Executive Directors: Sheldon Gary Adelson Robert Glen Goldstein Toh Hup Hock

Non-Executive Directors: Michael Alan Leven Charles Daniel Forman

Independent Non-Executive Directors:

Iain Ferguson Bruce
Chiang Yun
David Muir Turnbull
Victor Patrick Hoog Antink
Steven Zygmunt Strasser

In case of any inconsistency between the English version and the Chinese version of this announcement, the English version shall prevail.

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