Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q4 2024 Earnings Presentation

71 slides from Las Vegas Sands's earnings presentation, Jan 29, 2025

1. Slide 1: 4Q24 Earnings Presentation

   4Q24 Earnings Presentation January 29, 2025

2. Slide 2: Forward Looking Statements

   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

3. Slide 3: The Investment Case for Las Vegas Sands

   The Investment Case for Las Vegas Sands  Global leader in Integrated Resort development and operation delivering industry-leading returns  Largest scale operator in the most important markets with industry-leading revenues and margins  Investing in promising growth opportunities  Experienced lea

4. Slide 4: Strategic Priorities and Market Updates

   Strategic Priorities and Market Updates Strategic Priorities:  Ongoing capital investment programs in both Macao and Singapore − Adding suite capacity in both markets to attract more high-value business  Returning excess capital to shareholders through share repurchases and dividends  Pursuing de

5. Slide 5: Fourth Quarter 2024 Financial Highlights

   Fourth Quarter 2024 Financial Highlights Quarter Ended December 31, 2024 vs December 31, 2023 ($ in US millions, except per share information) LVS Consolidated Fourth Quarter Financial Results 4Q23 4Q24 Change Net Revenue $2,915 $2,896 ($19) Net Income 469 392 (77) Net Income Attributable to LVS 382

6. Slide 6: Fourth Quarter 2024 Adjusted Property EBITDA

   Fourth Quarter 2024 Adjusted Property EBITDA ($ in US millions) Adjusted Property EBITDA 4Q23 4Q24 Change % Change Macao Operations $654 $571 ($83) -12.7% Adjusted Property EBITDA Margin 35.1% 32.2% -290 bps Marina Bay Sands $544 $537 ($7) -1.3% Adjusted Property EBITDA Margin 51.3% 47.2% -410 bps L

7. Slide 7: Illustrative Impact of Hold in Our Rolling Play

   Illustrative Impact of Hold in Our Rolling Play1 Macao – Select Quarterly Results ($ in US millions) Macao Operations 4Q23 1Q24 2Q24 3Q24 4Q24 Net Revenue $1,863 $1,811 $1,754 $1,771 $1,771 Expected hold impact1 68 52 6 4 38 Had we held as expected in our rolling play, Net Revenue would have been $3

8. Slide 8: Illustrative Impact of Hold in Our Rolling Play

   Illustrative Impact of Hold in Our Rolling Play1 Marina Bay Sands – Select Quarterly Results ($ in US millions) Marina Bay Sands 4Q23 1Q24 2Q24 3Q24 4Q24 Net Revenue $1,061 $1,158 $1,016 $919 $1,137 Expected hold impact1 (91) (99) (83) 101 (3) Had we held as expected in our rolling play, Net Revenue

9. Slide 9: Operating Update: Macao Property Portfolio

   Operating Update: Macao Property Portfolio Quarter Ended December 31, 2024 Macao market overview: Macao portfolio quarterly financial results:  The Macao market generated gaming revenue of ~$7.1 billion  Adjusted Property EBITDA was $571 million for 4Q24, up 6% from 4Q23 − Assuming expected hold i

10. Slide 10: Operating Update: Marina Bay Sands in Singapore

    Operating Update: Marina Bay Sands in Singapore Quarter Ended December 31, 2024 Marina Bay Sands property update: Marina Bay Sands quarterly financial results:  $1.75 billion capital investment program to enhance leisure  Adjusted Property EBITDA of $537 million business and tourism will be comple

11. Slide 11: LVS Adjusted Property EBITDA

    LVS Adjusted Property EBITDA Select Quarterly Results LVS Adjusted Property EBITDA ($ in US millions) Assuming Expected Hold in our Rolling Play1 $1,500 -$31 -$46 +$20 $1,198 $1,207 -$60 +$80 $1,200 $1,108 $1,073 $991 $900 $600 $300 $0 4Q23 1Q24 2Q24 3Q24 4Q24 1. These amounts present the illustrati

12. Slide 12: Sands China

    Sands China 3é Savas

13. Slide 13: Sands China Ltd. Investing for Future Growth

    Sands China Ltd. Investing for Future Growth Approximately 20% of Sands keys on Cotai were not in service during Adjusted Property EBITDA the fourth quarter ($ in US millions) Assuming Expected Hold Capital investment programs at the Londoner Macao are progressing $1,200 in Our Rolling Play1 accordi

14. Slide 14: Macao Financial Performance

    Macao Financial Performance Quarter Ended December 31, 2024 vs December 31, 2023 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 4Q23 4Q24 $ % 4Q23 4Q24 $ % 4Q23 4Q24 bps The Venetian Macao $748 $682 ($66) -8.8% $302 $250 ($52) -17.2% 40.4% 36.7%

15. Slide 15: Sands China Mass Market Table Update

    Sands China Mass Market Table Update Base Mass and Premium Mass Table Win SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter ($ in US millions) ($ in US millions) $1,000 $1,000 Avg. Win per Table per Day: $7,250 Avg. Win per Table per Day: $14,612 $800 $800 $732 $714 $701 $702

16. Slide 16: Sands China Mass Market Table and Slots Update

    Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win SCL Mass Table1 Win by Quarter SCL Slots2 Win by Quarter ($ in US millions) ($ in US millions) Avg. Win per Table per Day: $9,749 Avg. Win per Unit per Day: $356 $1,600 $200 $1,400 $1,417 $1,415 $1,365 $1,338 $1,366 $1

17. Slide 17: Macao Concessionaire Adjusted Property EBITDA Share

    Macao Concessionaire Adjusted Property EBITDA Share SCL Has Consistently Generated the Leading Share of Macao Market EBITDA 100% 32.9% 33.5% 33.5% 30.1% 29.1% 31.1% 35.0% 34.1% 35.3% 33.7% 35.0% 80% 5.5% 5.8% 5.6% 5.4% 0.4% 3.5% 4.6% 7.1% 5.7% 6.4% 4.1% 60% 8.1% 8.9% 16.2% 14.0% 15.9% 16.3% 8.5% 8.5

18. Slide 18: Macao Market: Mass Gaming

    Macao Market: Mass Gaming Mass GGR Tables & Slots Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit1,2 ($ US in millions) $6,500 $6,232 $1,400 $6,171 $6,139 $6,051 $6,000 $5,936 $5,523 $5,608 $1,200 $5,500 $5,440 $5,356 $5,350 $5,251 $4,955 $5,000 $4,841 $4,864 $1,000 $4,730 $4,

19. Slide 19: Macao Market: Total Visitation

    Macao Market: Total Visitation Macao Quarterly Market Visitation (millions) ~98% of 12.0 4Q19 10.4 9.9 10.0 9.9 10.0 9.2 9.2 9.0 9.0 8.9 8.5 8.3 8.3 8.3 7.8 8.0 6.7 6.0 4.9 4.0 2.0 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Visitation to Macao in 4Q24 was ~9.0 mi

20. Slide 20: Macao Visitation Overview

    Macao Visitation Overview Quarter Ended December 31, 2024 vs December 31, 2019 (millions) 4Q Visitation 2019 2024 Variance % of 2019 China, excluding Guangdong Province 3.04 2.80 (0.24) 92% Guangdong Province 3.42 3.47 0.05 101% Hong Kong 1.79 1.78 (0.02) 99% All Other Visitation 0.94 0.96 0.01 102%

21. Slide 21: Visitation from China to Macao

    Visitation from China to Macao1 Exclusive of Guangdong Province, 4Q24 Visitation Was 92% of 2019 Level 4Q24 Visitation - % 2019 Visitation from China to Macao1 Three Months Ended December 31, Population GDP Per Penetration Province 2019 2024 % of 2019 (MM) Capita (US$) Rate Shanghai 150,900 201,698

22. Slide 22: Marina Bay Sands

    Marina Bay Sands 3é Savas

23. Slide 23: Marina Bay Sands Investing for Future Growth

    Marina Bay Sands Investing for Future Growth MBS Phase II suite renovation and refurbishment program remains on Adjusted Property EBITDA schedule: ($ in US millions) Assuming Expected Hold $1,000 in Our Rolling Play1  702 suites and 925 rooms in service at quarter end 4Q24  At program completion i

24. Slide 24: Marina Bay Sands Mass Gaming Revenue

    Marina Bay Sands Mass Gaming Revenue (Tables & Slots) MBS Mass Gaming Revenue (Tables & Slots) ($ US in millions) ~71% growth vs 4Q19, ~28% growth vs 4Q23 $746 $750 $700 $687 $668 $650 $604 $600 $580 $584 $569 $549 $550 $500 $477 $441 $449 $450 $428 $428 $430 $437 $427 $424 $408 $400 $390 $350 $300

25. Slide 25: Retail Mall Operations

    Retail Mall Operations RE Savas

26. Slide 26: Retail Mall Portfolio in Asia

    Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $766 $778 $780 $768 TTM 4Q24 $800 $754 Sales per Sq. Foot1 $700 $254 $260 $261 $256 MBS $262 $2,878 $600 $500 $31 $30 $29 Parisian Macao $32 $27 $489 $66 $68 $69 $72 $77 Londoner Macao $400 $1,457 $187 $189 $

27. Slide 27: Retail Mall Portfolio in Asia: Tenant Sales

    Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 4Q24 Sales per Sq. Ft. GLA1 Occupancy % at (Sq. Ft.) Period End TTM 4Q24 TTM 3Q24 TTM 2Q24 TTM 1Q24 TTM 4Q23 The Shoppes at Marina Bay Sands 615,869 99.3% $2,878 $2,919 $2,945 $3,022 $2,991 Shoppes at Venetian

28. Slide 28: Retail Mall Revenue

    Retail Mall Revenue Quarterly Retail Revenue Composition - 1Q18 to 4Q19 and 1Q23 to 4Q24 ($ in US millions) Base Rent, CAM, Other1 Turnover Rent2 SCL Mall Revenue $180 $160 $156 $148 $150 $132 $136 $129 47 $125 $124 38 $123 49 $119 $115 $115 $115 $116 22 $120 $113 7 15 29 15 8 14 $109 6 3 4 8 11 15

29. Slide 29: Balance Sheet, Liquidity and Return of Capital to Shareholders

    B a l a n c e S h e e t , L i q u i d i t y a n d Ret u r n o f C a p i ta l to S h a re h o l d e r s

30. Slide 30: Strong Balance Sheet and Liquidity

    Strong Balance Sheet and Liquidity As of December 31, 2024: Trailing Twelve Months Ended December 31, 2024:  Cash Balance1 – $3.65 billion  Adjusted Property EBITDA – $4.38 billion  Liquidity2 – $8.09 billion  Cash Flow from Operations – $3.20 billion  Debt – $13.62 billion  Net Debt – $9.97 b

31. Slide 31: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year ($ in US millions) $4,000 $3,487 $3,500 $3,152 $3,000 1,027 1,687 $2,500 $1,900 $1,900 $2,000 500 $1,450 $1,500 1,000 1,250 $1,000 750 1,625 1 $700 $600 2 $500 $500 800 700 650 $0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 % of 23% 25% 11% 14% 14% 5

32. Slide 32: LVS Return of Capital 2012 - 2020

    LVS Return of Capital 2012 - 2020 Total Capital Returned to LVS Shareholders 2012 - 2020 ($ in US millions) Total 2012 - 2020 3 2012 2013 2014 2015 2016 2017 2018 2019 2020 $ % LVS Sha re Repurcha s es - $570 $1,665 $205 - $375 $905 $754 - $4,474 20.0% 1,2 LVS Di vi dends Pa i d 824 1,153 1,610 2,07

33. Slide 33: LVS Return of Capital (cont'd)

    LVS Return of Capital (cont’d) 4Q24: $450 Million Shares of LVS Repurchased, $145 Million in Dividends Paid Total Capital Returned to LVS Shareholders 3Q23 – 4Q24 ($ in US millions, share amounts in millions) Total 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 $ % 1 LVS Sha re Repurcha s es - $505 $450 $400 $450 $4

34. Slide 34: Investment and Capital Expenditures

    I nve s t m e nt a n d C a p i t a l E x p e n d i t u re s

35. Slide 35: Sands China: Recent Capital Investment

    Sands China: Recent Capital Investment Investments in Increased Capacity and Elevated Customer Experience Grand Suites at Four Seasons Macao The Londoner Macao 35

36. Slide 36: The Londoner Macao

    The Londoner Macao Phase II Works to be Completed by 2Q25  Phase II: ─ Creation of the Londoner Grand featuring 1,500 suites and 905 rooms (315 rooms and suites in service throughout 4Q24) ─ Renovation of the Pacifica casino (completed September 2024) ─ Creation of new dining, retail and entertainm

37. Slide 37: Long-Term Commitment to Macao

    Long-Term Commitment to Macao Capital Investment Commitment in Macao Through 2032  In conjunction with the award of our concession to operate in Macao through 2032, Sands committed to spend at least $4.5 billion of investment in Macao through 2032, 93% of which will be for non-gaming projects Inves

38. Slide 38: Marina Bay Sands: Recent Capital Investment of $1.75B

    Marina Bay Sands: Recent Capital Investment of $1.75B Elevation of hotel towers, premium gaming areas, public spaces, lifestyle experiences  Renovation and Refurbishment Program to elevate and enhance room and suite product and conduct refurbishments to increase Singapore’s business and leisure tou

39. Slide 39: Marina Bay Sands Recent Capital Investment (cont'd)

    Marina Bay Sands Recent Capital Investment (cont’d) Phase I Completed, Phase II To Be Completed in Phases Through 2025  MBS Renovation Phase II: ─ Hotel Tower 3 – introduction of redesigned rooms and suites (completed by 2Q25) ─ Lobby and VIP arrival renovation ─ Skypark amenities ─ Additional dini

40. Slide 40: Marina Bay Sands Recent Capital Investment (cont'd)

    Marina Bay Sands Recent Capital Investment (cont’d) Introduction of New Suites and Amenities Continues 40

41. Slide 41: Marina Bay Sands IR2 Update

    Marina Bay Sands IR2 Update 3é Savas

42. Slide 42: Marina Bay Sands IR2 Development

    Marina Bay Sands IR2 Development New Ultra-Luxury Resort Destination to Enhance Tourism Appeal of Singapore  Iconic Design: A new property designed by Moshe Safdie, the architect of the original Marina Bay Sands, that will redefine the Singapore skyline  The Skyloop: Multi-story signature rooftop

43. Slide 43: MBS IR2 Development Cost Estimate Summary

    MBS IR2 Development Cost Estimate Summary ($ in US billions) Original Land Premium (paid 2019) $1.0 Note: Land Premium for 47 Year Leasehold Additional Land Premium1 1.0 Total Land Premiums $2.0 25% Design and Development paid through 4Q24 0.2 Additional Development Costs: Hard Construction Costs $3

44. Slide 44: Estimated Development Timeline

    Estimated Development Timeline Marina Bay Sands IR2 Estimated Date Key Milestone October 2024  Submission of development application to the Urban Redevelopment Authority - completed June 2025  Anticipated piling and foundation commencement June 2025 - 20301  Estimated 55 to 60 month construction

45. Slide 45: Marina Bay Sands IR2 Development Capital Expenditure Expectations

    Marina Bay Sands IR2 Development Development Capital Expenditure Expectations1,2,3 ($ US in millions) MBS IR2 Capital Expenditure Expectations $2,000 $1,850 $1,500 $1,200 $1,150 $1,050 $1,000 $1,000 $850 $500 $500 $450 $400 $150 $350 $100 $200 $200 $0 2024 and Prior 4 2025E 5 2026E 5 2027E 2028E 202

46. Slide 46: Marina Bay Sands: Contributing to Singapore's Economic Growth

    Marina Bay Sands Contributing to Singapore’s Economic Growth and Enhancing Singapore’s Tourism Appeal Marina Bay Sands Original Integrated Resort  Contributed meaningfully to economic growth and to Singapore’s appeal as an exciting global city  Delivered iconic architecture to Singapore’s CBD area

47. Slide 47: Capital Expenditures Expectations

    Capital Expenditures Expectations Investments to enhance our industry-leading portfolio of Integrated Resorts in Macao and Singapore  Investment in high quality assets drives revenue growth  Scale of assets creates competitive advantage ($ US in millions) LVS Capex Expectations $2,500 $2,200 $2,00

48. Slide 48: Disciplined Execution of Our Global Growth Strategy

    Disciplined Execution of Our Global Growth Strategy Focused on the Most Promising Global Development Opportunities  Uniquely positioned to bring our unmatched track record and powerful convention-based business model to the world’s most promising Integrated Resort development opportunities  Balanc

49. Slide 49: Environmental, Social and Governance (ESG)

    E nv i ro n m e nt a l , S o c i a l a n d G o ve r n a n c e ( ES G )

50. Slide 50: Environmental, Social and Governance (ESG)

    Environmental, Social and Governance (ESG) Industry Leading ESG Platform  LVS is committed to providing leadership in ESG through collaboration with Team Members, guests, small and medium enterprises, and community organizations where we operate  Minimizing our environmental impact, practicing goo

51. Slide 51: Sustainability Awards and Certifications

    Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability Highlights:  In 2024, Sands was named to the Dow Jones Sustainability Indices (DJSI) on DJSI World for the fifth consecutive year and DJSI North America for the seventh consecutive

52. Slide 52: Sustainability Awards and Certifications (cont'd)

    Sustainability Awards and Certifications (cont’d) Recognized by Independent Third Parties as a Global Leader in Sustainability Las Vegas Sands Singapore Macao Dow Jones Sustainability Index, North LEED Platinum for Building Operations and Dow Jones Sustainability Index, Asia Pacific America Maintena

53. Slide 53: Appendices

    Appendices 3é Savas

54. Slide 54: Market Leading Hotel Capacity

    Market Leading Hotel Capacity SCL is the Leader in Macao Hotel Room and Suite Inventory Macao Market 4/5 Star Hotel Rooms at December 31, 20241,2 – Gaming Operators Cotai ~ 25,000 Rooms by Gaming Operators Total Macao ~ 29,000 Rooms by Gaming Operators MGM 10,540 Rooms and MGM 10,829 Rooms and China

55. Slide 55: Sands China: Market Leading Investment in Macao

    Sands China Market Leading Investment in Macao Investment Expansion and Reinvestment  ~$17 billion  289 suites in the Grand Suites at Four Seasons Macao opened October 2020 (~1 million SF of suite product)  Approximately 30 million square feet of interconnected facilities on Cotai  368 suites in

56. Slide 56: Sands China: Cotai Strip Property Portfolio

    Sands China Continued Expansion of Market-Leading Cotai Strip Property Portfolio New Luxury Suites Suite Conversion The Venetian Macao St. Regis Hotel 2,905 Rooms and 400 Suites Suites Londoner Court 368 Suites C (Opened September 2021) O Grand Suites at Four Seasons T Conrad Macao 289 Suites (Opene

57. Slide 57: Market Leading Hotel Capacity at SCL

    Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at December 31, 2024 Cotai Total Market % of % of % of Total Concessionaire Rooms Concessionaires Rooms Concessionaires Market 16,000 Sands China 1 10,540 42% 10,829 38% 28% 2 Galaxy Entertainment 5,064 20% 5,564 19% 14% 14,000 M

58. Slide 58: Macao Airport Passenger Volume

    Sands China Macao Airport Monthly Passenger Volume in 4Q24 was ~80% of 4Q19 Volume Macao Airport Passenger Volume (000’s) 2019 2023/2024 Passenger Volume in % of 2019 4Q24 ~80% of 4Q19 1,200 100% 85% 83% 80% 1,000 78% 78% 80%80% 81% 931 76% 73% 80% 856 853 66% 70% 778 812 792 64% 65% 65% 778 781 781

59. Slide 59: Supplemental Data

    Supplemental Data 3é Savas

60. Slide 60: Macao Market: Mass Gaming Revenue

    Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ in US millions) Mass Win (Tables and Slots)1 Q1 Q2 Q3 Q4 Total 2019 $5,440 $5,356 $5,523 $5,608 $21,927 Growth ('19 v '18) 9.8% 10.6% 13.5% 6.8% 10.1% 2 2022 $1,779 $890 $621 $1,157 $4,447 Growth ('22 v '21) -14.2% -62.0% -64.6% -

61. Slide 61: Macao Market: VIP Gaming Revenue

    Macao Market: VIP Gaming Revenue Macao Market VIP Gaming Revenue ($ in US millions) VIP Win1 Q1 Q2 Q3 Q4 Total 2019 $3,892 $3,640 $3,173 $3,301 $14,006 Growth ('19 v '18) -12.1% -13.5% -26.0% -25.2% -19.2% 2022 2 $372 $140 $76 $129 $717 Growth ('22 v '21) -54.5% -82.0% -86.1% -61.5% -71.1% 2 2023 $5

62. Slide 62: Sands China VIP Table Metrics

    Sands China VIP Table Metrics SCL Rolling Volume by Quarter SCL Rolling Win by Quarter ($ in US billions) ($ in US millions, except per table amounts) $7 $200 Avg. Win per Table per Day: $10,397 $6 $175 $179 $177 $6.0 $5.6 $5.5 $150 $5 $5.4 $4.5 $125 $130 $128 $4 $100 $110 $3 $75 $2 $50 $1 $25 $0 $0

63. Slide 63: Reconciliation of Non-GAAP Financial Measures and Other Financial Information

    Re c o n c i l i at i o n o f N o n - G A A P F i n a n c i a l M e a s u re s a n d O t h e r F i n a n c i a l I n fo r m a t i o n

64. Slide 64: Non-GAAP Reconciliation

    Non-GAAP Reconciliation Net Income to Consolidated Adjusted Property EBITDA ($ in US millions) 4Q23 1Q24 2Q24 3Q24 4Q24 Net income $469 $583 $424 $353 $392 Add (deduct): Income tax expense 123 17 72 50 69 Other (income) expense (9) 6 (11) (11) 6 Interest expense, net of amounts capitalized 190 182 1

65. Slide 65: Non-GAAP Measures: Adjusted Net Income

    Non-GAAP Measures Adjusted Net Income ($ in US millions) Three Months Ended December 31, 2024 2023 Net income attributable to LVS $324 $382 Pre-opening expense 4 2 Development expense 59 65 Loss on disposal or impairment of assets 9 5 Other (income) expense 6 (9) Income tax impact on net income adju

66. Slide 66: Non-GAAP Measures: Adjusted Earnings per Diluted Share

    Non-GAAP Measures Adjusted Earnings per Diluted Share ($ in per share amounts) Three Months Ended December 31, 2024 2023 Per diluted share of common stock: Net income attributable to LVS $0.45 $0.50 Pre-opening expense 0.01 - Development expense 0.08 0.09 Loss on disposal or impairment of assets 0.0

67. Slide 67: Non-GAAP Reconciliation: Trailing Twelve Month Supplemental Schedule

    Non-GAAP Reconciliation Trailing Twelve Month Supplemental Schedule ($ in US millions) 4Q23 1Q24 2Q24 3Q24 4Q24 TTM 4Q24 Cash Flows From Operations $1,006 $714 $814 $761 $915 $3,204 Adjust for: Recovery of (provision for) doubtful accounts (2) (11) (4) 5 (9) (19) Foreign exchange gains (losses) 8 (5

68. Slide 68: Supplemental Information 4Q24 and 4Q23

    Supplemental Information 4Q24 and 4Q23 ($ in US millions) Three Months Ended December 31, 2024 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Land

69. Slide 69: Supplemental Information YTD 4Q24 and YTD 4Q23

    Supplemental Information YTD 4Q24 and YTD 4Q23 ($ in US millions) Twelve Months Ended December 31, 2024 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization

70. Slide 70: Impact of Hold-Adjustment

    Impact of Hold-Adjustment ($ in US millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1 Macao Operations Net Revenues $2,334 $2,147 $2,112 $2,241 $814 $47 $171 $675 $777 $855 $616 $649 $551 $374 $258 $444 $1,279 $1,628 $1

71. Slide 71: Sands

    3s HE Sands

Las Vegas Sands — Q4 2024 Earnings Presentation on 6ix