Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q3 2022 Earnings Presentation

56 slides from Las Vegas Sands's earnings presentation, Oct 19, 2022

  1. Slide 1: 3Q22 Earnings Call Presentation

    3Q22 Earnings Call Presentation October 19, 2022

  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  Strong balance sheet and liquidity  Unique MICE-based business model delivering industry-leading returns  Unmatched development and operating track record creates a competitive advantage as we

  4. Slide 4: Overview for the Quarter Ended September 30, 2022

    Overview for the Quarter Ended September 30, 2022  The recovery at Marina Bay Sands in Singapore continued with 3Q22 adjusted property EBITDA reaching US$343 million − Singapore visitation and airport arrivals have meaningfully improved since the relaxation of travel restrictions in April 2022  In

  5. Slide 5: Singapore Operating Environment

    Singapore Operating Environment  The recovery at Marina Bay Sands progressed during the quarter  The relaxation of travel restrictions continued to enable a recovery in market visitation  Changi Airport passenger volume in August 2022 reached 56% of August 2019 volume  Visitation from China rema

  6. Slide 6: Macao Operating Environment

    Macao Operating Environment  A government mandated closure of all casinos in Macao, from July 11th to July 22nd, meaningfully impacted our financial results for the quarter  Our gaming and non-gaming operations in Macao continue to be affected by travel restrictions; visitation remains well below

  7. Slide 7: Third Quarter 2022 Financial Results

    Third Quarter 2022 Financial Results Quarter Ended September 30, 2022 vs Quarters Ended September 30, 20211, 20201 and 2019 Note: results for the third quarter of 2022 as well as the third quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the third q

  8. Slide 8: LVS Adjusted Property EBITDA Performance

    LVS Adjusted Property EBITDA Performance Select Quarterly Results Note: results for the third quarter of 2022 as well as the third quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the third quarter of 2019 is provided to allow for a comparison to a

  9. Slide 9: Sands China Ltd.

    Sands China Ltd. Reduced Visitation Continued to Impact Financial Results Note: results for the third quarter of 2022 as well as the third quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the third quarter of 2019 is provided to allow for a comparis

  10. Slide 10: Sands China Mass Market Table Update

    Sands China Mass Market Table Update Base Mass and Premium Mass Table Win by Quarter Note: results for the third quarter of 2022 as well as the third quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the third quarter of 2019 is provided to allow for

  11. Slide 11: Sands China Mass Market Table and Slots Update

    Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win by Quarter Note: results for the third quarter of 2022 as well as the third quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the third quarter of 2019 is provided to a

  12. Slide 12: 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 $1,400 $5,608 $5,440 $5,523 $5,356 $5,500 $5,251 $4,841 $1,193 $4,955 $1,200 $5,000 $4,864 $4,706 $1,091 $1,069 $1,035 $4,500 $959 $4,146 $4,169

  13. Slide 13: Macao Market-Wide Visitation and Mass Gaming

    Macao Market-Wide Visitation and Mass Gaming Note: results for the third quarter of 2022 as well as the third quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the third quarter of 2019 is provided to allow for a comparison to a quarterly period prio

  14. Slide 14: Marina Bay Sands

    Marina Bay Sands Recovery Continued as Adjusted Property EBITDA Reached $343 Million in 3Q22 Note: results for the third quarter of 2022 as well as the third quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the third quarter of 2019 is provided to a

  15. Slide 15: Marina Bay Sands: Strong Recovery in Mass GGR

    Marina Bay Sands Strong Recovery in Mass GGR Tables & Slots MBS Mass Gaming Revenue (Tables & Slots) ($ US in millions) $550 ~104% of 3Q19 Level $500 $441 $449 $432 $437 $450 $428 $430 $427 $424 $427 $428 $420 $402 $408 $390 $400 $350 $336 $300 $285 $275 $249 $250 $236 $215 $194 $200 $171 $150 $100

  16. Slide 16: Changi Airport Monthly Passenger Volume Continued to Increase

    Marina Bay Sands Changi Airport Monthly Passenger Volume Continued to Increase Changi Passenger Volume1 2019 2022 (000’s) % of 2019 7,000 56% 56% 60% 5,816 5,911 5,901 50% 6,000 5,656 5,631 5,581 5,407 46% 50% 5,132 5,000 40% 35% 4,000 3,300 3,319 30% 2,927 3,000 20% 2,466 1,933 20% 2,000 13% 14% 1,

  17. Slide 17: Strong Balance Sheet and Liquidity

    Strong Balance Sheet and Liquidity As of September 30, 2022: Trailing Twelve Months Ended September 30, 2022:  Cash Balance1 – $6.13 billion  Adjusted Property EBITDA – $761 million  Liquidity2 – $9.07 billion  Cash Used in Operations – $738 million  Debt – $15.27 billion  Net Debt – $9.14 bil

  18. Slide 18: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year ($ in US millions) $4,000 $3,500 $3,401 $3,275 $3,000 975 1,601 $2,500 $2,000 $1,881 500 $1,900 131 $1,505 $1,500 $1,400 1,000 $1,000 1,900 750 1,750 1,800 $700 $700 1,447 $600 2 2 $500 800 700 650 700 600 $15 $0 1 2022 2023 2024 2025 2026 2027 2028 2029 2

  19. Slide 19: Capital Expenditures Expectations

    Capital Expenditures Expectations ($ US in millions) LVS Capex Expectations $2,500 $2,180 $2,000 $981 $1,475 $1,500 $1,330 $1,225 $140 $450 $1,125 $273 $284 $914 $870 $1,000 $22 $760 $700 $211 $83 $10 $700 $5 $600 $411 $445 $240 $382 $300 $500 $100 $239 $220 $305 $450 $425 $425 $425 $425 $231 $197 $

  20. Slide 20: Ongoing Strategic Expansion and Enhancement of our Integrated Resort Portfolio

    Ongoing Strategic Expansion and Enhancement of our Integrated Resort Portfolio in Macao and Singapore Through Future Total 3Q22 Spend Spend Expected Timeframe The Londoner Macao: • Creation of The Londoner Macao ~$1,300M ~$50M ~$1.35B • Phase I opened 1Q21 • Additional amenities introduced throughou

  21. Slide 21: Marina Bay Sands Towers One & Two Renovation

    Marina Bay Sands Towers One & Two Renovation Introduction of New Suite and Room Product Continues Marina Bay Sands has introduced luxurious new suite product and related offerings and amenities throughout the resort, and will continue to do so throughout 2022 and 2023 21

  22. Slide 22: The Londoner Macao

    The Londoner Macao Phased Opening Largely Complete  Amenities Open: ─ Londoner Court (luxury residential style all-suite hotel) ─ The Londoner Hotel ─ Crystal Palace Atrium ─ New dining, gaming and London- themed attractions ─ Suites by David Beckham ─ Shakespeare’s Hall Atrium in south towers ─ Bi

  23. Slide 23: 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

  24. Slide 24: Sustainability Awards and Certifications

    Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability Singapore Macao LEED Platinum for Building Operations and Dow Jones Sustainability Index Asia Pacific Maintenance (2021) Sands Expo and Convention Center at Marina FTSE4Good Bay Sand

  25. Slide 25: 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

  26. Slide 26: Appendices

    Appendices HESares

  27. Slide 27: $11.2 Billion of LVS and SCL Bonds Have No Financial Covenants

    $11.2 Billion of LVS and SCL Bonds Have No Financial Covenants Long-term Debt Long-Term Debt – No Financial Covenants for LVS and SCL Bonds Outstanding Financial Covenants Las Vegas Sands Corp. Senior US$4.0 Billion None Unsecured Notes Sands China Ltd. Senior Unsecured US$7.2 Billion None Notes Mar

  28. Slide 28: Revolver Commitments and Financial Covenants

    Revolver Commitments and Financial Covenants Current Revolver Leverage Covenant Interest Covenant Availability1 Las Vegas Waived Sands Corp. US$1,500 Million - Until January 20232 Unsecured Revolver2 Sands China Ltd. Waived Waived Unsecured Revolver US$1,036 Million Until January 20233 Until January

  29. Slide 29: 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 Singapore $1,661 34% Macao 66% $3,189 1. Excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operat

  30. Slide 30: Retail Mall Portfolio in Asia

    Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $800 TTM 3Q22 Sales $700 $648 1 1 1 per Sq. Foot² 1 $641 $642 $621 $595 1 $600 MBS $176 $178 $194 $2,359 $166 $500 $208 Parisian Macao $41 $39 $37 $34 $376 $55 Londoner Macao $400 $54 $55 $52 $29 $1,112 $48 F

  31. Slide 31: Retail Mall Portfolio in Asia

    Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 3Q22 Sales per Sq. Ft. 1 GLA Occupancy % at (Sq. Ft) Period End TTM 3Q22 TTM 2Q22 TTM 1Q22 TTM 4Q21 TTM 3Q21 The Shoppes at Marina Bay Sands 622,007 99.8% $2,359 $2,051 $1,748 $1,614 $1,480 Shoppes at Venetian

  32. Slide 32: 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, 20211 – Gaming Operators Cotai ~ 25,000 Rooms by Gaming Operators Total Macao ~ 28,500 Rooms by Gaming Operators MGM 12,105 Rooms and MGM 12,394 Rooms and China S

  33. Slide 33: Sands China Market Leadership

    Sands China Market Leadership Continued Expansion of Market-Leading Cotai Strip Property Portfolio LVS’ Cotai Strip Properties Leadership in Macao Investment Grand Suites at Four Seasons Macao  ~$15 billion 289 Suites (Opened  Approximately 30 million square feet of interconnected facilities on Co

  34. Slide 34: Marina Bay Sands Expansion

    Marina Bay Sands Expansion HESares

  35. Slide 35: Marina Bay Sands, Singapore

    Marina Bay Sands, Singapore Contribute to Economic Growth and Enhance Leisure & Business 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 arc

  36. Slide 36: Marina Bay Sands $3.3 Billion Expansion

    Marina Bay Sands $3.3 Billion Expansion to Bring New Luxurious 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: − Approximately 1,000 all-suite

  37. Slide 37: Marina Bay Sands Expansion

    Marina Bay Sands Expansion A Development Agreement with the Singapore Tourism Board will allow an expansion of Marina Bay Sands 37

  38. Slide 38: Marina Bay Sands Expansion

    Marina Bay Sands Expansion Artistic Impression Design and development work are progressing, 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. 38

  39. Slide 39: Macao Market Background and Infrastructure Slides

    Macao Market Background and Infrastructure Slides

  40. Slide 40: Market-Leading ~$15 Billion of Investment

    Market-Leading ~$15 Billion of Investment Investing in Macao’s Future as a Leisure & Business Tourism Destination  Industry-leading Integrated Resort portfolio ─ Portfolio of ~12,000 suites and hotel rooms ─ ~2 million square feet of new luxurious hotel suite inventory introduced in 2020 and 2021 

  41. Slide 41: 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,  Stay longer MICE and non-gaming offerings in Maca

  42. Slide 42: Market Leading Hotel Capacity at SCL

    Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at December 31, 2021 Cotai Total Market % of Gaming % of Gaming % of Total Gaming Operator Rooms Operators Rooms Operators Market 16,000 Sands China 12,105 49% 12,394 44% 32% Galaxy Entertainment 3,920 16% 4,420 16% 12% 14,000 M

  43. Slide 43: Supplemental Data

    Supplemental Data HESares

  44. Slide 44: Historical Hold-Normalized Adjusted Property EBITDA

    Historical Hold-Normalized Adjusted Property EBITDA1 ($ in US millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Macao Operations2 Reported $858 $765 $755 $811 $67 ($312) ($233) $47 $100 $132 $32 $74 ($11) ($110) ($152) Hold-Normalized $845 $765 $757 $789 $84 ($285)

  45. Slide 45: Macao Market: Mass Gaming Revenue

    Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ in US millions) 1 Mass Win (Tables and Slots) 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% 2020 $2,180 $212 $363 $2,049 $4,804 Growth ('20 v '19) -59.9% -96.0% -93.4% -6

  46. Slide 46: Macao Market: VIP Gaming

    Macao Market: VIP Gaming 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% 2020 $1,494 $172 $245 $662 $2,573 Growth ('20 v '19) -61.6% -95.3% -92.3% -79.9% -81.6% 2 2021 $817 $7

  47. Slide 47: Sands China VIP Table Update

    Sands China VIP Table Update SCL Rolling Volume by Quarter SCL Rolling Win by Quarter ($ in US billions) ($ in US millions, except per table amounts) $15 $600 Avg. Win per Table per Day: $19,011 $14.6 $500 $12 $439 Avg. Win per Table $400 per Day: $2,258 $9 $300 $6 $200 $3 $2.7 $100 $0.5 $79 $28 $1.

  48. Slide 48: Reconciliation of Non-GAAP Measures and Other Financial Information

    Reconciliation of Non-GAAP Measures and Other Financial Information

  49. Slide 49: Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA

    Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA1 ($ in US millions) 3Q19 3Q20 1Q21 2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 Net income (loss) $657 ($664) ($280) ($280) ($594) ($315) ($1,469) ($478) ($414) ($380) Add (deduct): Income tax expense (benefit) 77 5 14 (6) (27) 14 (5

  50. Slide 50: Non-GAAP Measures: Adjusted Net Income (Loss)

    Non-GAAP Measures: Adjusted Net Income (Loss); Hold- Normalized Adjusted Net Income (Loss) ($ in US millions) Three Months Ended September 30, 2022 2021 2020 2019 Net income (loss) attributable to LVS ($239) ($368) ($565) $533 Pre-opening expense 4 6 5 9 Development expense 26 13 3 4 Loss on disposa

  51. Slide 51: Non-GAAP Measures: Adjusted Earnings (Loss) per Diluted Share

    Non-GAAP Measures: Adjusted Earnings (Loss) per Diluted Share; Hold-Normalized Adjusted Earnings (Loss) per Diluted Share ($ in per share amounts) Three Months Ended September 30, 2022 2021 2020 2019 Per diluted share of common stock: Net income (loss) attributable to LVS ($0.31) ($0.48) ($0.74) $0.

  52. Slide 52: Non-GAAP Trailing Twelve Month Supplemental Schedule

    Non-GAAP Trailing Twelve Month Supplemental Schedule1 ($ in US millions) 3Q19 3Q20 3Q21 4Q21 1Q22 2Q22 3Q22 TTM 3Q22 Cash Flows From Operations $814 ($284) ($240) $102 ($500) ($190) ($150) ($738) Adjust for: Provision for doubtful accounts (1) (23) (3) 6 (4) (2) (8) (8) Foreign exchange gains (losse

  53. Slide 53: Historical Hold-Normalized Adj. Property EBITDA

    Historical Hold-Normalized Adj. Property EBITDA1 ($ in US millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Macao Operations2 Reported $858 $765 $755 $811 $67 ($312) ($233) $47 $100 $132 $32 $74 ($11) ($110) ($152) Hold-Normalized Adjustment (13) - 2 (22) 17 27 (7)

  54. Slide 54: Supplemental Information 3Q22 and 3Q21

    Supplemental Information 3Q22 and 3Q21 ($ in US millions) Three Months Ended September 30, 2022 Amortization (Gain) Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization

  55. Slide 55: Supplemental Information YTD 3Q22 and YTD 3Q21

    Supplemental Information YTD 3Q22 and YTD 3Q21 ($ in US millions) Nine Months Ended September 30, 2022 Amortization (Gain) Loss Pre-Opening Depreciation of Leasehold Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortizat

  56. Slide 56: ink Sands

    ink Sands IWS

Las Vegas Sands — Q3 2022 Earnings Presentation on 6ix