Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q4 2023 Earnings Presentation

75 slides from Las Vegas Sands's earnings presentation, Jan 24, 2024

  1. Slide 1: 4Q23 Earnings Presentation

    4Q23 Earnings Presentation January 24, 2024

  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 futur

  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 leading markets with industry-leading revenues and margins  Investing in promising growth opportunities  Disciplined, experienced l

  4. Slide 4: Fourth Quarter 2023 Overview

    Fourth Quarter 2023 Overview  Recovery in travel and tourism spending continued in both Macao and Singapore  Adjusted Property EBITDA reached $1,198 million (94% of 4Q19)  Adjusted Property EBITDA margin reached 41.1%  The Company repurchased $505 million of LVS stock (11.1 million LVS shares at

  5. Slide 5: Fourth Quarter 2023 Overview (Cont'd)

    Fourth Quarter 2023 Overview (Cont’d) ($ in US millions) 1,2 Adjusted Property EBITDA 4Q19 4Q23 Change Macao Operations $811 $654 ($157) Adjusted Property EBITDA Margin 36.2% 35.1% -110 bps Marina Bay Sands $457 $544 $87 Adjusted Property EBITDA Margin 53.6% 51.3% -230 bps LVS Total $1,268 $1,198 ($

  6. Slide 6: Illustrative Impact of Hold in Our Rolling Segments - Macao

    Illustrative Impact of Hold in Our Rolling Segments1 Macao – Select Quarterly Results ($ in US millions) Macao Operations 4Q19 4Q22 3Q23 4Q23 Net Revenue $2,241 $444 $1,789 $1,863 1 Expected hold impact (43) (10) (25) 68 Had we held as expected in our rolling play segment, Net Revenue would have bee

  7. Slide 7: Illustrative Impact of Hold in Our Rolling Segments - Marina Bay Sands

    Illustrative Impact of Hold in Our Rolling Segments1 Marina Bay Sands – Select Quarterly Results ($ in US millions) Marina Bay Sands 4Q19 4Q22 3Q23 4Q23 Net Revenue $853 $682 $1,015 $1,061 1 Expected hold impact (50) 144 (44) (91) Had we held as expected in our rolling play segment, Net Revenue woul

  8. Slide 8: Operating Environment in Macao

    Operating Environment in Macao  Recovery of travel and tourism spending in Macao continued during the quarter  For the Macao market in total for the quarter ended December 31, 2023: − Market-wide mass gaming revenue reached ~$5.9 billion (~105% of 4Q19) − Visitation from China excluding Guangdong

  9. Slide 9: Operating Environment at MBS in Singapore

    Operating Environment at MBS in Singapore  Recovery in travel and tourism spending at Marina Bay Sands in Singapore continued during the quarter  Visitation from China continued to improve, with airlift capacity recovery of ~81% in the quarter compared to 4Q19  Marina Bay Sands (MBS) reported: −

  10. Slide 10: Fourth Quarter 2023 Financial Results

    Fourth Quarter 2023 Financial Results Quarter Ended December 31, 20231 vs December 31, 20221 and 2019 Note: results for the fourth quarter of 2022 reflects lower market visitation due to the impact on travel and tourism of the Covid-19 pandemic; the fourth quarter of 2019 is provided to allow for a

  11. Slide 11: LVS Adjusted Property EBITDA Performance

    LVS Adjusted Property EBITDA Performance Select Quarterly Results Note: result for the fourth quarter of 2022 reflects lower market visitation due to the impact on travel and tourism of the Covid-19 pandemic. LVS Adjusted Property EBITDA ($ in US millions) ~94% of 4Q19 $1,500 Assuming Expected Hold

  12. Slide 12: Sands China

    Sands China HESares

  13. Slide 13: Sands China Ltd.

    Sands China Ltd. Increasing Visitation Contributed to Recovery in Financial and Operating Performance Note: results for the fourth quarter of 2022 reflect lower market visitation due to the impact on travel and tourism of the Covid-19 pandemic; the fourth quarter of 2019 is provided to allow for a c

  14. Slide 14: Macao Financial Performance

    Macao Financial Performance Quarter ended December 31, 2023 versus quarter ended September 30, 2023 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 3Q23 4Q23 $ % 3Q23 4Q23 $ % 3Q23 4Q23 bps The Venetian Macao $723 $748 $25 3.5% $290 $302 $12 4.1%

  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: $7,762 Avg. Win per Table per Day: $15,480 ~93% of 4Q19, 7% ~101% of 4Q19

  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) $1,600 Avg. Win per Table per Day: $10,227 $200 Avg. Win per Unit per Day: $426 $1,400 ~97% of 4Q19, 10% ~101% of 4Q19, 3%

  17. Slide 17: Macao Market: Mass Gaming Segment

    Macao Market: Mass Gaming Segment Mass GGR Tables & Slots Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit1 ($ US in millions) $6,000 $5,885 $1,400 $5,608 $5,440 $5,523 $5,500 $5,356 $5,350 $5,251 $1,200 $4,841 $4,955 $4,864 $5,000 $4,730 $4,706 $4,500 $1,000 $4,146 $4,169 $866

  18. Slide 18: Macao Market: Total Visitation

    Macao Market: Total Visitation Macao Quarterly Market Visitation (millions) 12.0 ~90% of 10.4 4Q19 10.0 9.9 9.9 10.0 9.2 9.0 8.8 8.3 8.5 8.3 8.3 8.3 7.9 8.0 7.7 6.7 6.0 4.9 4.0 2.0 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 Visitation to Macao reached ~8.3 millio

  19. Slide 19: Macao Visitation and Transportation Recovery Overview

    Macao Visitation and Transportation Recovery Overview Visitation to Macao: 4Q23 Macao Visitation (millions) 2019 2023 % of 2019 China, excluding Guangdong Province 3.04 2.61 86% Guangdong Province 3.42 3.08 90% Total China 6.47 5.68 88% Hong Kong 1.79 1.84 102% Air Passenger Capacity:  Macao Airpor

  20. Slide 20: Visitation from China to Macao

    Visitation from China to Macao1 Exclusive of Guangdong Province 4Q23 Visitation Reached 86% of 2019 4Q23 Visitation - % of 4Q19 Visitation from China to Macao1 Three Months Ended December 31, Population GDP Per Penetration Province 2019 2023 % of 2019 (MM) Capita (US$) Rate Shanghai 150,900 228,728

  21. Slide 21: Macao Airport Monthly Volume Reached 67% of 4Q19 Level

    Sands China Macao Airport Monthly Volume Reached 67% of 4Q19 Level in 4Q23 Macao Airport Passenger Volume 2019 2023 (000’s) (000’s) % of 2019 1,000 931 Passenger Volume 80% in 4Q23 ~67% of 70% 900 856 853 812 792 4Q19 64% 65% 65% 66% 778 778 781 781 767 62% 800 730 752 55% 60% 700 49% 47% 603 599 60

  22. Slide 22: Macao and Hong Kong Airport Scheduled Seat Capacity Recovery Rates

    Sands China Macao and Hong Kong Airport Scheduled Seat Capacity Recovery Rates Monthly Scheduled Seat Capacity - % of 2019 Levels Macao Airport HKIA 100% 91% 90% 85% 82% 81% 83% 79% 80% 77% 78% 78% 77% 75% 75% 72% 72% 70% 70% 66% 72% 73% 44% 59% 60% 51% 52% 55% 64% 50% 61% 57% 50% 55% 53% 51% 51% 52

  23. Slide 23: Marina Bay Sands

    Marina Bay Sands HESares

  24. Slide 24: Marina Bay Sands: Strong Financial Performance Continued

    Marina Bay Sands Strong Financial Performance Continued During The Quarter Note: visitation to Singapore in the quarter ended December 2022 is meaningfully lower than in 2019, prior to the impact of the pandemic; the fourth quarter of 2019 is provided to allow for a comparison to a quarterly period

  25. Slide 25: Marina Bay Sands: Strong Recovery in Mass Gaming Revenue

    Marina Bay Sands Strong Recovery in Mass Gaming Revenue (Tables & Slots) MBS Mass Gaming Revenue (Tables & Slots) ($ US in millions) ~33% growth v. 4Q19 $600 $580 $583 $569 $549 $550 $500 $477 $449 $441 $437 $450 $432 $427 $427 $428 $428 $430 $424 $420 $402 $408 $400 $390 $350 $300 $250 $200 $150 1Q

  26. Slide 26: Scheduled Aircraft Seat Capacity from China to Singapore

    Marina Bay Sands Scheduled Aircraft Seat Capacity from China to Singapore Estimated Scheduled China to Singapore Aircraft Seat Capacity – Comparison to 2019 Monthly Capacity Mainland China Scheduled Seat Capacity to Singapore 100% Flight capacity from China ~81% 87% 90% recovered in 4Q23 80% 79% 80%

  27. Slide 27: Retail Mall Operations

    Retail Mall Operations HESares

  28. Slide 28: Retail Mall Portfolio in Asia

    Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $800 $766 TTM 4Q23 Sales $698 per Sq. Foot² $700 $616 $254 $579 1 $592 $600 MBS $245 $2,991 $500 $232 $32 $226 $230 $28 $66 Parisian Macao $400 $710 $59 Londoner Macao $26 $25 $25 $51 $1,796 $47 $47 $187 $300

  29. Slide 29: Retail Mall Portfolio in Asia: Tenant Sales

    Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 4Q23 Sales per Sq. Ft. GLA1 Occupancy % at (Sq. Ft) Period End TTM 4Q23 TTM 3Q23 TTM 2Q23 TTM 1Q23 TTM 4Q22 The Shoppes at Marina Bay Sands 615,633 99.8% $2,991 $2,998 $2,912 $2,809 $2,596 Shoppes at Venetian 8

  30. Slide 30: Balance Sheet, Liquidity and Return of Capital to Shareholders

    Balance Sheet, Liquidity and Return of Capital to Shareholders

  31. Slide 31: Strong Balance Sheet and Liquidity

    Strong Balance Sheet and Liquidity As of December 31, 2023: Trailing Twelve Months Ended December 31, 2023:  Cash Balance1 – $5.11 billion  Adjusted Property EBITDA – $4.09 billion  Liquidity2 – $9.54 billion  Cash Flow from Operations – $3.23 billion  Debt – $14.01 billion  Net Debt – $8.90 b

  32. Slide 32: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year ($ in US millions) $4,000 $3,538 $3,500 $3,358 $3,000 1,058 1,738 $2,500 $2,000 $1,892 500 $1,900 142 $1,500 $1,400 1,000 $1,000 1,900 750 1,750 1,800 $700 $700 2 $600 $500 800 700 650 700 600 $0 2024 2025 2026 2027 2028 2029 2030 2031 % of Total 14% 23% 2

  33. Slide 33: LVS Return of Capital

    LVS Return of Capital 2012 - 2020 Total Capital Returned to LVS Shareholders 2012 - 2020 ($ in US millions) Total 2012 - 2020 4 2012 2013 2014 2015 2016 2017 2018 2019 2020 $ % 1 LVS Share Repurchases - $570 $1,665 $205 - $375 $905 $754 - $4,474 20.0% 2,3 LVS Dividends Paid 824 1,153 1,610 2,074 2,2

  34. Slide 34: LVS Return of Capital (Cont'd)

    LVS Return of Capital (Cont’d) 4Q23: $505 Million Shares of LVS Repurchased, $152 Million in Dividends Paid Total Capital Returned to LVS Shareholders in 2023 Capital Return Update for 2023 ($ in US millio ns) Repurchases: 2023 %  $505 million of LVS share repurchases (11.1 million shares at a weig

  35. Slide 35: Investment and Capital Expenditures

    Investment and Capital Expenditures

  36. Slide 36: Sands China: Recent Capital Investment

    Sands China: Recent Capital Investment Investments in Increased Capacity and Elevated Customer Experience  Completed Investments: − The Londoner Macao Phase I: ~$1.35 billion − Grand Suites at Four Seasons Macao: ~$450 million − Londoner Court: ~$400 million  The Londoner Macao Phase II: ~$1.2 bil

  37. Slide 37: Sands China: Recent Capital Investment (Cont'd)

    Sands China: Recent Capital Investment Investments in Increased Capacity and Elevated Customer Experience (Cont’d) Grand Suites at Four Seasons Macao The Londoner Macao 37

  38. Slide 38: The Londoner Macao

    The Londoner Macao Phase I Complete, Phase II Commenced in 4Q23  Phase II: ─ Renovation and repositioning of the Sheraton and Conrad hotels ─ Renovation of the Pacifica casino ─ Creation of new dining, retail and entertainment offerings ─ Introduction of new health and wellness experiences  Phase

  39. Slide 39: Long-Term Commitment to Macao

    Long-Term Commitment to Macao ~$3.8 billion of investment commitment through 2032 (~92% non-gaming), with an incremental ~$700 million commitment at a Macao market level GGR of ~$22.5 billion1 10-Year Commitment ($ in US millions) Capital Operating Capex Commitment ~$2,700 Operating Commitment ~$1,1

  40. Slide 40: Marina Bay Sands: Recent Capital Investment

    Marina Bay Sands: Recent Capital Investment 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 tourism appea

  41. Slide 41: Marina Bay Sands Renovation Phases

    Marina Bay Sands Phase I Substantially 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 CNY 2025) ─ Lobby and VIP arrival renovation ─ Skypark amenities ─ Additional F&B/dining options ─

  42. Slide 42: Marina Bay Sands Renovation Program

    Marina Bay Sands Renovation Program Introduction of New Suites and Amenities Continues Marina Bay Sands has now introduced 1,250 of 1,300 redesigned rooms for Phase I, including 350 new suites, as well as additional dining, entertainment and retail offerings 42

  43. Slide 43: Capital Expenditures Expectations

    Capital Expenditures Expectations ($ US in millions) LVS Capex Expectations $2,000 $1,525 $1,500 $1,330 $33 $600 $1,150 $1,017 $175 $1,000 $891 $835 $825 $825 $88 $419 $651 $175 $175 $650 $475 $196 $700 $500 $172 $325 $325 $157 $462 $426 $328 $298 $325 $325 $325 $225 $0 2020A 2021A 2022A 2023A 2024E

  44. Slide 44: 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

  45. Slide 45: Environmental, Social and Governance (ESG)

    Environmental, Social and Governance (ESG)

  46. Slide 46: 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

  47. Slide 47: Sustainability Awards and Certifications

    Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability Highlights:  In 2023, Sands was named to the Dow Jones Sustainability Indices (DJSI) on DJSI World for the fourth consecutive year and DJSI North America for the sixth consecutive y

  48. Slide 48: 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 America LEED Platinum for Building Operations and Maintenance Dow Jones Sustainability Index, Asia Paci

  49. Slide 49: Appendices

    Appendices HESares

  50. Slide 50: Sources of EBITDA

    Sources of EBITDA EBITDA Contribution by Geography in Fiscal Year Ended December 31, 2019 ($ in US millions) LVS 2019 Adjusted Property EBITDA1 $4,850 $1,661 $3,189 MBS Adjusted Singapore SCL Adjusted Property 34% Property EBITDA1 Margin: Macao EBITDA1 66% 53.6% Margin: 36.1% LVS Adjusted Property E

  51. Slide 51: 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, 20231 – Gaming Operators Cotai ~ 27,000 Rooms by Gaming Operators Total Macao ~ 30,000 Rooms by Gaming Operators MGM 12,103 Rooms and MGM 12,392 Rooms and China S

  52. Slide 52: Sands China Market Leadership

    Sands China Market Leadership Leadership in Macao Investment Expansion and Reinvestment  ~$15 billion through December 31, 2023  289 suites in the Grand Suites at Four Seasons Macao  Approximately 30 million square feet of interconnected opened October 2020 (~1 million SF of suite product) facili

  53. Slide 53: Sands China Market Leadership: Cotai Strip Property Portfolio

    Sands China Market Leadership Continued Expansion of Market-Leading Cotai Strip Property Portfolio The Venetian St. Regis Hotel Macao 400 Suites 2,905 Suites Londoner Court 368 Suites C (Opened September O 2021) Grand Suites at Four Seasons T Conrad Macao 289 Suites A 659 Rooms & Suites (Opened Octo

  54. Slide 54: Marina Bay Sands Expansion

    Marina Bay Sands Expansion HESares

  55. Slide 55: Marina Bay Sands, Singapore

    Marina Bay Sands, Singapore Contribute to Economic Growth and Enhance Tourism Appeal of Singapore Contribution to Singapore’s Leisure & Business Tourism Appeal MBS Existing  Contributed to economic growth and to Singapore’s appeal as an exciting global city  Delivered iconic architecture to Singap

  56. Slide 56: Marina Bay Sands Expansion

    Marina Bay Sands Expansion Luxurious New Hotel, Entertainment, MICE and Retail Offerings Las Vegas Sands entered into a development agreement with the Singapore government in April 2019 to expand Marina Bay Sands  Iconic New Luxury Hotel Tower: − All-suite room product designed to set a new standar

  57. Slide 57: Marina Bay Sands Expansion

    Marina Bay Sands Expansion A Development Agreement with the Singapore Tourism Board will allow an expansion of Marina Bay Sands 57

  58. Slide 58: Marina Bay Sands Expansion: Artistic Impression

    Marina Bay Sands Expansion Artistic Impression Design, development and programming work remain ongoing, with a focus on increasing the leisure and business tourism appeal of Singapore and Marina Bay Sands Note: Image above denotes preliminary artistic impression which is subject to change. 58

  59. Slide 59: Macao Market Background and Infrastructure Slides

    Macao Market Background and Infrastructure Slides

  60. Slide 60: Market-Leading ~$15 Billion of Investment Through 2023

    Market-Leading ~$15 Billion of Investment Through 2023 Investing in Macao’s Future as a Leisure & Business Tourism Destination  Industry-leading Integrated Resort portfolio ─ Portfolio of ~12,000 rooms and suites ─ ~2.0 million square feet of new luxurious hotel suite inventory introduced in 2020 a

  61. Slide 61: Macao's Long-Term Growth Opportunity

    Macao’s Long-Term Growth Opportunity Business & Leisure Tourism Drivers Future growth drivers As a result, Macao’s visitors will  More efficient and affordable  Come from further away transportation infrastructure  Greater number of hotel rooms, luxury suite offerings, MICE and non-  Stay longer

  62. Slide 62: Market Leading Hotel Capacity at SCL

    Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at December 31, 2023 Cotai Total Market % of % of % of Total Concessionaire Rooms Concessionaires Rooms Concessionaires Market 16,000 Sands China 12,103 45% 12,392 41% 30% Galaxy Entertainment 5,064 19% 5,564 18% 14% 14,000 M elc

  63. Slide 63: Supplemental Data

    Supplemental Data HESares

  64. Slide 64: 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% -

  65. Slide 65: 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 3 2023

  66. Slide 66: 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) $16 $600 $15.2 Avg. Win per Table $552 per Day: $23,622 $500 $12 $400 ~40% of 4Q19 $8 $300 Avg. Win per Table $6.0 per Day: $9,613 $200 $4 $100 $130

  67. Slide 67: Reconciliation of Non-GAAP Measures and Other Financial Information

    Reconciliation of Non-GAAP Measures and Other Financial Information

  68. Slide 68: Non-GAAP Reconciliation

    Non-GAAP Reconciliation Net Income (Loss) to Consolidated Adjusted Property EBITDA1 ($ in US millions) 4Q19 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 Net income (loss) $741 ($478) ($414) ($380) ($269) ($1,541) $145 $368 $449 $469 $1,431 Add (deduct): Income tax expense (benefit) 66 2 110 60

  69. Slide 69: Non-GAAP Measures: Adjusted Net Income (Loss)

    Non-GAAP Measures Adjusted Net Income (Loss) ($ in US millions) Three Months Ended December 31, 2023 2022 2019 Net income (loss) attributable to LVS $382 ($169) $629 Pre-opening expense 2 2 11 Development expense 65 35 11 Loss on disposal or impairment of assets 5 1 68 Other income (9) (20) (64) (In

  70. Slide 70: Non-GAAP Measures: Adjusted Earnings per Diluted Share

    Non-GAAP Measures Adjusted Earnings (Loss) per Diluted Share ($ in per share amounts) Three Months Ended December 31, 2023 2022 2019 Per diluted share of common stock: Net income (loss) attributable to LVS $0.50 ($0.22) $0.82 Pre-opening expense - - 0.01 Development expense 0.09 0.05 0.01 Loss on di

  71. Slide 71: Non-GAAP Reconciliation: Trailing Twelve Month Supplemental Schedule

    Non-GAAP Reconciliation Trailing Twelve Month Supplemental Schedule1 ($ in US millions) 4Q19 1Q23 2Q23 3Q23 4Q23 TTM 4Q23 Cash Flows From Operations $1,202 $441 $941 $839 $1,006 $3,227 Adjust for: (Provision for) recovery of credit losses (10) 6 (5) (3) (2) (4) Foreign exchange gains (losses) 30 (37

  72. Slide 72: Supplemental Information: 4Q23 and 4Q22

    Supplemental Information 4Q23 and 4Q22 ($ in US millions) Three Months Ended December 31, 2023 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

  73. Slide 73: Supplemental Information: YTD 4Q23 and YTD 4Q22

    Supplemental Information YTD 4Q23 and YTD 4Q22 ($ in US millions) Twelve Months Ended December 31, 2023 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

  74. Slide 74: 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 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 $1,789 $1,863 2 Impact

  75. Slide 75: Sands

    ink Sands IWS

Las Vegas Sands — Q4 2023 Earnings Presentation on 6ix