1. 4/11/2010page Changing times, changing tastes How visitors to Macau are reacting to new supply – and how they are providing clues to the future for Macau's casino operators Presentation to Deutche Bank Gaming Conference Marina Bay Sands, Singapore May 13, 2010

2. 4/11/2010page The Market Macau has grown its gaming revenues at warp- speed compared to Vegas, but non-gaming revenues have lagged. Duh! A year after Venetian opened, our 2008 borders survey showed visitors did not care about spas, shows, live bands, or fine dining Long-distance visitors need hotel rooms, and everyone needs affordable food, but beyond that, it's gaming all the way That said, these people have tastes, preferences, and loyalty to brands that reward them. And they are evolving

3. 4/11/2010page Who they are

4. What they said The IR model is working, because size counts Word of mouth is everything in marketing Promotions can make people move – But these need to be clever and clear Strong loyalty to brands exists already – People shop around, but in small circles Long way to go in Macau's image evolution Casinos have overspent in short-term – Shows, spas, live music uninteresting to Chinese

5. How we chose them Deliberate focus on equal weighting between Guangdong, Rest of China, and Hong Kong – Showed subtle differences in preferences High percentage are frequent visitors

6. How casinos can reach them Word of mouth is king Internet stronger among younger demographic GDHKROC

7. When to hit them One-third still undecided AFTER leaving home Buses are key for mainland mass-market

8. Venetian brand kicks butt Pre-COD, 12 months after world's biggest IR opens:

9. Demographics differ... Wynn has spenders, Lisboas have Stanley Venetian has youth

10. … but favorites are set Wynn, Lisboas, Venetian, Sands, Starworld, MGM:

11. Location, location, location… 72% visit Cotai, while 61% visit the Peninsula Integrated resort model a big draw, people like it all under one roof

12. Why not stay longer?

13. Dos & don’ts of promos Hongkongers dislike complicated processes Mainlanders dislike smaller payouts Payouts, rules, and game play are quite evenly relevant

14. Don’ts

15. Dos

16. Hotel guests Price sensitivity is still very high But appeal of luxury hotel is still apparent, especially among mainlanders More things to do may yield longer guest stays Rooms are sold, not bought. Indirect distribution channels are crucial Prior experience also important but less so for outer PRC regions probably because many are on their first trip

17. All comes down to value

18. Money, money, money

19. Rooms are sold, not bought

20. Know thy options

21. Agents are your best friend

22. The tech savvy

23. Are amenities working? Guangdongers far less inclined to visit amenities Visitors would rather go to Macau Tower than see a show or go to a spa Visitors uneager to dine non-Portuguese cuisine Shopping a minor but relevant factor for Visitors

24. Not just gambling

25. Landmarks, F&B

26. Activities

27. What has changed? COD is helping to build Cotai further – MGF revenue is half of Venetian's, but catching up to peninsula casinos Premium mass is becoming all-important Zaia was a flop, but Dragone looks promising Plaza is kicking in – US$19m ebitda in 1Q Galaxy Macau will be key driver in 2011

28. Thank you Intelligence Macau We look forward to hearing from you

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