Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q1 2025 Earnings Presentation
72 slides from Las Vegas Sands's earnings presentation, Apr 23, 2025
Slide 1: 1Q25 Earnings Presentation
1Q25 Earnings Presentation April 23, 2025
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
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
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 − On April 22, 2025, the LV
Slide 5: First Quarter 2025 Financial Highlights
First Quarter 2025 Financial Highlights Quarter Ended March 31, 2025 vs March 31, 2024 ($ in US millions, except per share information) LVS Consolidated First Quarter Financial Results 1Q24 1Q25 Change Net Revenue $2,959 $2,862 ($97) Net Income 583 408 (175) Net Income Attributable to LVS 494 352 (1
Slide 6: First Quarter 2025 Adjusted Property EBITDA
First Quarter 2025 Adjusted Property EBITDA ($ in US millions) Adjusted Property EBITDA 1Q24 1Q25 Change % Change Macao Operations $610 $535 ($75) -12.3% Adjusted Property EBITDA Margin 33.7% 31.3% -240 bps Marina Bay Sands $597 $605 $8 1.3% Adjusted Property EBITDA Margin 51.6% 52.0% 40 bps LVS Tot
Slide 7: Illustrative Impact of Hold in Our Rolling Play
Illustrative Impact of Hold in Our Rolling Play1 Macao – Select Quarterly Results ($ in US millions) Macao Operations 1Q24 2Q24 3Q24 4Q24 1Q25 Net Revenue $1,811 $1,754 $1,771 $1,771 $1,709 Expected hold impact1 52 6 4 38 17 Had we held as expected in our rolling play, Net Revenue would have been $1
Slide 8: Illustrative Impact of Hold in Our Rolling Play
Illustrative Impact of Hold in Our Rolling Play1,2 Marina Bay Sands – Select Quarterly Results ($ in US millions) Marina Bay Sands 1Q24 2Q24 3Q24 4Q24 1Q25 Net Revenue $1,158 $1,016 $919 $1,137 $1,163 Expected hold impact1,2 (67) (59) 126 29 - Because we held as expected in our rolling play, no illu
Slide 9: Operating Update: Macao Property Portfolio
Operating Update: Macao Property Portfolio Quarter Ended March 31, 2025 Macao market overview: Macao portfolio quarterly financial results: The Macao market generated gaming revenue of ~$7.2 billion for Adjusted Property EBITDA was $535 million 1Q25, up 1% from 1Q24 − Assuming expected hold in o
Slide 10: Operating Update: Marina Bay Sands in Singapore
Operating Update: Marina Bay Sands in Singapore Quarter Ended March 31, 2025 Marina Bay Sands property update: Marina Bay Sands quarterly financial results: $1.75 billion capital investment program is now substantially Adjusted Property EBITDA of $605 million completed 1Q25 Adjusted property E
Slide 11: LVS Adjusted Property EBITDA
LVS Adjusted Property EBITDA Select Quarterly Results LVS Adjusted Property EBITDA ($ in US millions) Assuming Expected Hold in our Rolling Play1,2 $1,500 -$21 +$44 +$10 $1,207 +$100 $1,200 -$42 $1,140 $1,108 $1,073 $991 $900 $600 $300 $0 1Q24 2Q24 3Q24 4Q24 1Q25 1. These amounts present the illustr
Slide 12: Sands China
Sands China 3é Savas
Slide 13: Sands China Ltd.
Sands China Ltd. Capital Investment Programs Now Completed…Positioned for Future Growth Capital investment programs at the Londoner Macao are now Adjusted Property EBITDA substantially completed ($ in US millions) Assuming Expected Hold All 2,405 Londoner Grand rooms and suites are now open $1,200
Slide 14: Macao Financial Performance
Macao Financial Performance Quarter Ended March 31, 2025 vs March 31, 2024 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 1Q24 1Q25 $ % 1Q24 1Q25 $ % 1Q24 1Q25 bps The Venetian Macao $771 $638 ($133) -17.3% $314 $225 ($89) -28.3% 40.7% 35.3% (540
Slide 15: Sands China Mass Market Table Update
Sands China Mass Market Table Update Base Mass and Premium Mass Table Win SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter ($ in US millions) ($ in US millions) $800 Avg. Win per Table per Day: $7,286 $800 Avg. Win per Table per Day: $13,267 $714 $701 $702 $690 $675 $695 $671
Slide 16: Sands China Mass Market Table and Slots Update
Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win SCL Mass Table1 Win by Quarter SCL Slots2 Win by Quarter ($ in US millions) ($ in US millions) Avg. Win per Table per Day: $9,402 Avg. Win per Unit per Day: $341 $1,600 $200 $1,400 $1,415 $1,365 $1,338 $1,366 $168 $167
Slide 17: Macao Concessionaire Adjusted Property EBITDA Share
Macao Concessionaire Adjusted Property EBITDA Share SCL Has Consistently Generated the Leading Share of Macao Market EBITDA 100% 32.9% 33.5% 33.5% 30.1% 29.1% 31.1% 29.9% 35.0% 34.1% 35.3% 33.7% 35.0% 80% 5.5% 5.8% 6.7% 5.6% 5.4% 0.4% 3.5% 4.6% 7.1% 5.7% 6.4% 4.1% 60% 8.1% 8.9% 8.5% 16.2% 14.0% 15.9
Slide 18: Macao Market: Mass Gaming
Macao Market: Mass Gaming Mass GGR Tables & Slots Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit1,2 ($ US in millions) +1% $6,500 $6,292 $1,400 $6,171 $6,139 $6,261 $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 $1,000
Slide 19: Macao Market: Total Visitation
Macao Market: Total Visitation Macao Quarterly Market Visitation (millions) ~95% of 12.0 1Q19 10.4 10.0 9.9 9.9 9.9 10.0 9.2 9.2 9.0 9.0 8.9 8.5 8.3 8.3 8.3 7.8 8.0 6.7 6.0 4.9 4.0 2.0 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Visitation to Macao in 1Q25 wa
Slide 20: Macao Visitation Overview
Macao Visitation Overview Quarter Ended March 31, 2025 vs March 31, 2019 (millions) Visitation 1Q19 1Q25 Variance % of 2019 China, excluding Guangdong Province 4.27 3.21 (1.07) 75% Guangdong Province 3.17 4.00 0.82 126% Hong Kong 1.79 1.75 (0.04) 98% All Other Visitation 1.12 0.90 (0.21) 81% Total M
Slide 21: Visitation from China to Macao
Visitation from China to Macao1 Exclusive of Guangdong Province, 1Q25 Visitation Was 75% of 2019 Level 1Q25 Visitation - % 2019 Visitation from China to Macao1 Three Months Ended March 31, Population GDP Per Penetration Province 2019 2025 % of 2019 (MM) Capita (US$) Rate Zhejiang 244,123 259,135 106
Slide 22: Marina Bay Sands
Marina Bay Sands 3é Savas
Slide 23: Marina Bay Sands
Marina Bay Sands Investment Program Now Completed – Record Financial Performance MBS Phase II suite renovation and refurbishment program has now Adjusted Property EBITDA been substantially completed: ($ in US millions) Assuming Expected Hold $1,000 in Our Rolling Play1,2 MBS now features 775 suite
Slide 24: Marina Bay Sands Mass Gaming Revenue
Marina Bay Sands Mass Gaming Revenue (Tables & Slots) MBS Mass Gaming Revenue (Tables & Slots) ($ US in millions) ~73% growth vs 1Q19, ~13% growth vs 1Q24 $800 $778 $746 $750 $700 $687 $668 $650 $604 $600 $580 $569 $584 $549 $550 $500 $477 $441 $449 $450 $428 $428 $430 $427 $437 $424 $408 $400 $390
Slide 25: Retail Mall Operations
Retail Mall Operations RE Savas
Slide 26: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $778 $780 $768 $766 TTM 1Q25 $800 $754 Sales per Sq. Foot1 $700 $260 $261 $256 $265 MBS $262 $2,845 $600 $500 $31 $30 $29 Parisian Macao $27 $25 $482 $68 $69 $72 $77 $82 Londoner Macao $400 $1,356 $189 $188 $
Slide 27: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 1Q25 Sales per Sq. Ft. 1 GLA Occupancy % at (Sq. Ft.) Period End TTM 1Q25 TTM 4Q24 TTM 3Q24 TTM 2Q24 TTM 1Q24 The Shoppes at Marina Bay Sands 622,561 98.8% $2,845 $2,878 $2,919 $2,945 $3,022 Shoppes at Venetian
Slide 28: Retail Mall Revenue
Retail Mall Revenue Quarterly Retail Revenue Composition - 1Q18 to 4Q19 and 1Q23 to 1Q25 ($ 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 $124 $119 $115 $115 $115 $116 22 $120 $113 7 15 29 15 12 8 14 $109 6 3 4
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
Slide 30: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity As of March 31, 2025: Trailing Twelve Months Ended March 31, 2025: Cash Balance1 – $3.04 billion Adjusted Property EBITDA – $4.31 billion Liquidity2 – $7.48 billion Cash Flow from Operations – $3.02 billion Debt – $13.71 billion Net Debt – $10.67 billio
Slide 31: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year ($ in US millions) $4,000 $3,500 $3,000 $2,500 $2,167 1 42 $1,956 $1,956 $1,983 $2,000 $1,856 500 56 56 56 $1,506 $1,500 56 1,000 1,250 1,383 $1,137 $1,000 750 1,900 $756 1,625 56 $500 $500 1,137 2 800 700 650 700 600 $0 2025 2026 2027 2028 2029 2030 2031
Slide 32: LVS Return of Capital
LVS Return of Capital 2012 - 2020 Total Capital Returned to LVS Shareholders 2012 - 2020 ($ 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
Slide 33: LVS Return of Capital (cont'd)
LVS Return of Capital (cont’d) Return of Capital 2023 – 2025 Predominantly Share Repurchases Total Capital Returned to LVS Shareholders 3Q23 – 1Q25 (Share amounts and $US in millions) Total 3Q24 - 1Q25 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 $ % 1 LVS Share Repurchases - $505 $450 $400 $450 $450 $450 $2,
Slide 34: Investment and Capital Expenditures
I nve s t m e nt a n d C a p i t a l E x p e n d i t u re s
Slide 35: Capital Expenditures Expectations
Capital Expenditures Expectations Investments to enhance our industry-leading portfolio of Integrated Resorts in Macao and Singapore Investment in high quality assets drives revenue growth Scale of assets creates competitive advantage ($ US in millions) LVS Capex Expectations $2,500 $2,200 $2,00
Slide 36: 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 36
Slide 37: The Londoner Macao is Now Completed
The Londoner Macao is Now Completed Phase II ─ Creation of the Londoner Grand featuring 1,500 suites and 905 rooms ─ Renovation of the Pacifica casino ─ Creation of new dining, retail and entertainment offerings ─ Introduction of new health and wellness experiences Phase I ─ Londoner Court (luxu
Slide 38: 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 Investm
Slide 39: Marina Bay Sands: $1.75 Billion Renovation Projects Substantially Completed
Marina Bay Sands: $1.75 Billion Renovation Projects Substantially Completed 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 bu
Slide 40: Marina Bay Sands Recent Capital Investment (cont'd)
Marina Bay Sands Recent Capital Investment (cont’d) $1.75 Billion Renovation Projects Substantially Completed MBS Renovation Phase II ─ Hotel Tower 3 – introduction of redesigned rooms and suites ─ Lobby and VIP arrival renovation ─ Skypark amenities ─ Additional dining and F&B options ─ Spa and w
Slide 41: Marina Bay Sands Recent Capital Investment (cont'd)
Marina Bay Sands Recent Capital Investment (cont’d) Introduction of New Suites and Amenities 41
Slide 42: Marina Bay Sands Expansion Project Development Update
M a r i n a B ay S a n d s E x p a n s i o n P ro j e c t D e ve l o p m e nt U p d at e
Slide 43: Marina Bay Sands Expansion Project
Marina Bay Sands Expansion Project New Offerings and Amenities to Enhance Tourism Appeal of Singapore Iconic Design: A new property designed by Moshe Safdie, the architect of the original Marina Bay Sands, that will redefine the Singapore skyline The Skyloop: Multi-story signature rooftop experi
Slide 44: MBS Expansion Project Development Cost Estimate Summary
MBS Expansion Project Development Cost Estimate Summary ($ 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 $2.0 25% Design and Development paid through 1Q25 0.3 Additional Development Costs: Hard Constru
Slide 45: Estimated Development Timeline
Estimated Development Timeline Marina Bay Sands Expansion Project Estimated Date Key Milestone October 2024 Submission of development application to the Urban Redevelopment Authority - completed June 2025 Anticipated piling and foundation commencement June 2025 - 20301 Estimated 55 to 60 month
Slide 46: Marina Bay Sands Expansion Project
Marina Bay Sands Expansion Project Development Capital Expenditure Expectations1,2,3 ($ US in millions) MBS Expansion Project 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
Slide 47: Marina Bay Sands
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
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
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 )
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
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
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
Slide 53: Appendices
Appendices 3é Savas
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 March 31, 20251,2 – 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 Su
Slide 55: Sands China
Sands China Market Leading Investment in Macao Investment Recent Expansion and Reinvestment ~$17 billion 289 suites in the Grand Suites at Four Seasons Macao opened October 2020 (~1 million SF of suite product) Approximately 30 million square feet of interconnected facilities on Cotai 368 su
Slide 56: Sands China
Sands China Continued Expansion of Market-Leading Cotai Strip Property Portfolio New Luxury Suites Suite Conversion and Renovation The Venetian Macao St. Regis Hotel 2,905 Rooms and 400 Suites Suites Londoner Court 368 Suites C (Opened September 2021) O Grand Suites at Four Seasons T Conrad Macao 28
Slide 57: Market Leading Hotel Capacity at SCL
Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at March 31, 2025 Cotai Total Market % of % of % of Total Concessionaire Rooms Concessionaires Rooms Concessionaires Market 16,000 Sands China 1 10,540 42% 10,829 38% 28% 2 Galaxy Entertainment 5,064 20% 5,564 19% 14% 14,000 Melc
Slide 58: Macao Airport Monthly Passenger Volume
Sands China Macao Airport Monthly Passenger Volume in 4Q24 was ~80% of 4Q19 Volume Macao Airport Passenger Volume (000’s) 2019 2023 - 2024 Passenger Volume in % of 2019 4Q24 ~80% of 4Q19 1,200 100% 85% 83% 80% 1,000 78% 78% 80%80% 81% 931 76% 73% 80% 856 853 66% 70% 778 812 792 64% 65% 65% 778 781 7
Slide 59: Supplemental Data
Supplemental Data 3é Savas
Slide 60: Macao Market: Mass Gaming Revenue
Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ 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 $4,447 Growth ('22 v '21) -14.2% -62.0% -64.6% -
Slide 61: Macao Market: VIP Gaming Revenue
Macao Market: VIP Gaming Revenue Macao Market VIP Gaming Revenue ($ 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% 2 2022 $372 $140 $76 $129 $717 Growth ('22 v '21) -54.5% -82.0% -86.1% -61.5% -71.1% 2 2023 $5
Slide 62: Sands China VIP Table Metrics
Sands China VIP Table Metrics SCL Rolling Volume by Quarter SCL Rolling Win by Quarter ($ in US billions) ($ in US millions, except per table amounts) Avg. Win per Table per $6 $200 Day: $16,028 $5.6 $5.5 $175 $5.4 $5.5 $179 $5 $177 $163 $150 $4.5 $4 $125 $128 $3 $100 $110 $75 $2 $50 $1 $25 $0 $0 1Q
Slide 63: Reconciliation of Non-GAAP Financial Measures and Other Financial Information
Re c o n c i l i at i o n o f N o n - G A A P F i n a n c i a l M e a s u re s a n d O t h e r F i n a n c i a l I n fo r m a t i o n
Slide 64: Non-GAAP Reconciliation
Non-GAAP Reconciliation Net Income to Consolidated Adjusted Property EBITDA ($ in US millions) 1Q24 2Q24 3Q24 4Q24 1Q25 Net income $583 $424 $353 $392 $408 Add (deduct): Income tax expense 17 72 50 69 63 Loss on modification or early retirement of debt - - - - 5 Other (income) expense 6 (11) (11) 6
Slide 65: Non-GAAP Measures
Non-GAAP Measures Adjusted Net Income ($ in US millions) Three Months Ended March 31, 2025 2024 Net income attributable to LVS $352 $494 Pre-opening expense 4 3 Development expense 69 53 Loss on disposal or impairment of assets 7 14 Other expense 1 6 Loss on modification or early retirement of debt
Slide 66: Non-GAAP Measures
Non-GAAP Measures Adjusted Earnings per Diluted Share ($ in per share amounts) Three Months Ended March 31, 2025 2024 Per diluted share of common stock: Net income attributable to LVS $0.49 $0.66 Pre-opening expense 0.01 - Development expense 0.10 0.07 Loss on disposal or impairment of assets 0.01 0
Slide 67: Non-GAAP Reconciliation
Non-GAAP Reconciliation Trailing Twelve Month Supplemental Schedule ($ in US millions) 1Q24 2Q24 3Q24 4Q24 1Q25 TTM 1Q25 Cash Flows From Operations $714 $814 $761 $915 $526 $3,016 Adjust for: Recovery of (provision for) doubtful accounts (11) (4) 5 (9) (5) (13) Foreign exchange gains (losses) (5) 11
Slide 68: Supplemental Information
Supplemental Information 1Q25 and 1Q24 ($ in US millions) Three Months Ended March 31, 2025 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 of
Slide 69: Marina Bay Sands Hold-Normalization Update
Marina Bay Sands Hold-Normalization Update In 2012, SCL and MBS began normalizing rolling win using an expected win percentage of 2.85% when the Company’s actual rolling win percentage fell outside a range of 2.70% - 3.00% In 2017 and 2019, SCL and MBS, respectively, updated the expected win per
Slide 70: Rolling Hold-Normalization History
Rolling Hold-Normalization History Marina Bay Sands ($ in US millions) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Hold-Normalized at 3.30% (Prior)1 - ($41) ($9) $113 $18 ($19) ($34) ($71) ($77) ($64) $78 ($2) ($25) Hold-Normalized at 3.70% (Current)2 6 (25) 12 135 40 - (9) (49)
Slide 71: Impact of Hold-Adjustment
Impact of Hold-Adjustment ($ in US millions) 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Macao Operations1 Net Revenues $551 $374 $258 $444 $1,279 $1,628 $1,789 $1,863 $1,811 $1,754 $1,771 $1,771 $1,709 Impact of hold-adjustment2 (12) (22) (10) (10) (22) (19) (25) 68 52 6 4 38 1
Slide 72: HE Sands
3s HE Sands