Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q3 2017 Earnings Presentation
74 slides from Las Vegas Sands's earnings presentation, Oct 25, 2017
Slide 1: 3Q17 Earnings Call Presentation
The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore The Parisian Macao 3Q17 Earnings Call Presentation October 25, 2017 Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo, Las Vegas
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company’s con
Slide 3: The Investment Case for Las Vegas Sands
The Investment Case for Las Vegas Sands The global leader in MICE-based Integrated Resort development and operation, delivering strong and diversified cash flow and earnings Best positioned operator to deliver long-term growth in Asia, with the pre-eminent destination MICE-based Integrated Resor
Slide 4: Third Quarter 2017 Financial Highlights
Third Quarter 2017 Financial Highlights Quarter Ended September 30, 2017 vs Quarter Ended September 30, 2016 Net revenue increased 7.7% to $3.20 billion Net income increased 13.0% to $685 million1 Adjusted property EBITDA increased 6.0% to $1.21 billion Hold-normalized adjusted property EBIT
Slide 5: Third Quarter 2017 Financial Results (Y/Y)
Third Quarter 2017 Financial Results (Y/Y) Quarter Ended September 30, 2017 vs Quarter Ended September 30, 2016 ($ in millions, except per share information) 3Q16 3Q17 $ Change % Change Net Revenue $ 2,969 $ 3,199 $ 230 7.7% Net Income1 $ 606 $ 685 $ 79 13.0% Adjusted Property EBITDA $ 1,142 $ 1,210
Slide 6: Third Quarter 2017 Financial Results
Third Quarter 2017 Financial Results Change in the Estimated Useful Lives of Certain Fixed Assets1 Impact on Reported Financial Results of the Change in Estimated Useful Lives of Certain Fixed Assets 3Q17 Decrease in Depreciation and Amortization Expense $ 51 Incremental Income Tax Expense (5) Impac
Slide 7: Geographically Diverse Sources of EBITDA
Geographically Diverse Sources of EBITDA EBITDA Contribution by Geography in 3Q 2017 ($ in millions) Consolidated Adjusted Property EBITDA1 Consolidated Hold-Normalized Adj. Prop. EBITDA1 $1,210M $1,182M United United States States 10% 11% Singapore Singapore 36% Macao 35% Macao 54% 54% 1. The Macao
Slide 8: LVS Increasing Return of Capital to Shareholders
LVS Increasing Return of Capital to Shareholders Over $18.0 Billion of Capital Returned to Shareholders Since 2012 LVS Recurring Dividends per Share1 Las Vegas Sands remains committed to returning capital to shareholders via its recurring dividend program and share repurchases: $2.88 $2.92 $3.00 D
Slide 9: SCL Return of Capital to Shareholders
SCL Return of Capital to Shareholders US$11.4 Billion of Capital Returned to Shareholders Since 2012 SCL Recurring Dividends per Share (HK$)1 Sands China remains committed to returning capital to shareholders via its recurring bi-annual dividend program $1.99 $1.99 $1.99 $1.73 $1.33 Sands China
Slide 10: Strong Cash Flow, Balance Sheet and Liquidity
Strong Cash Flow, Balance Sheet and Liquidity Flexibility for Future Growth Opportunities and Return of Capital As of September 30, 2017: Trailing twelve months ended September 30, 2017: Cash Balance – $2.01 billion Cash Flow from Operations – $4.44 billion Debt – $9.72 billion1 Adjusted Pro
Slide 11: Macao Operating Performance (Y/Y)
Macao Operating Performance (Y/Y) Quarter Ended September 30, 2017 vs Quarter Ended September 30, 2016 Macao Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin ($ in millions) Adjusted Property EBITDA Hold-Normalized Adj. Prop. EBITDA +3.8% +11.1% $700 $642 60% $652 $628 $600 $5
Slide 12: Diversified and Stable Sources of Departmental Profit
Diversified and Stable Sources of Departmental Profit Macao Departmental Profit Contribution1 TTM 3Q16 TTM 3Q17 Other Other 4% VIP VIP 4% 11% 10% Mall Mall 14% Mass Tables 13% Mass Tables 50% 49% Hotel 14% Hotel 15% Slots Slots 8% 8% Mass Tables / Slots and Non-Gaming Generated 89% of Macao’s Depart
Slide 13: Macao: Increased Overnight Visitation, Length of Stay and Win-per-Visit
Macao: Increased Overnight Visitation, Length of Stay and Win-per-Visit are Contributing to Growth in Mass Gaming Win Mainland Chinese Avg. Length of Stay for Mass (Tables & Slots) Overnight Visits Mainland Chinese Visitors Win-per-Visit1 (in millions) (Days) ($) 600 3.5 3.23 1.4 1.3 $512 3.0 1.2 50
Slide 14: Macao Mass Market Gaming Recovery Continues
Macao Mass Market Gaming Recovery Continues Macao Market Mass Gaming Revenue ($ in millions) Peak TTM Year Ended December 31,1 Ended 3Q14A 2015A 2016A Change Mass Win (Tables & Slots) $17,797 Mass Win (Tables & Slots) $14,171 $14,922 5.3% Quarter Ended March 31,1 2016A 2017A Change Mass Win (Tables
Slide 15: Continued Double-Digit Growth in Macao's High Margin Mass Gaming Segment
Macao: Continued Double-Digit Growth in Macao’s High Margin Mass Gaming Segment Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit1 ($ in millions) $5,000 $1,000 $4,589 $4,449$4,419 $4,340 $4,147 $4,236 $3,919 $3,989 $4,017 $4,000 $3,872 $800 $3,682 $3,816 $3,584$3,609 $3,508 $3,
Slide 16: Sands China Mass Market Table Update
Sands China Mass Market Table Update Mass Market Table Win Grew 13.1% in 3Q17 vs. 3Q16 SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter Sands China Departmental Profit Margin: 35% - 45% Sands China Departmental Profit Margin: 25% - 40% ($ in millions) Avg. Win per Table per D
Slide 17: Sands China VIP Table Update
Sands China VIP Table Update VIP Table Volume Up 47.9% and Win Up 19.2% in 3Q17 vs. 3Q16 SCL Rolling Volume by Quarter SCL VIP Win by Quarter ($ in billions) ($ in millions, except per table amounts) Avg. Win per Table per Day $25 $800 $30,558 $22,274 $700 $20.50 $20 $596 $600 $500 $500 $15 $13.86 $
Slide 18: The Parisian Macao: A New "Must See" Attraction
The Parisian Macao A New “Must See” Attraction on the Cotai Strip 18
Slide 19: The Parisian Macao: 4.3 Billion Online Impressions
The Parisian Macao 4.3 Billion Online Impressions Opened in September 2016 and meaningfully expanded our The Parisian Macao critical mass on the Cotai Strip Is interconnected with our other Cotai Strip properties through mall access and other pedestrian connectivity Original Hotel Rooms Progra
Slide 20: The Parisian Macao: Ramp of our Latest Cotai Strip Property Continues
The Parisian Macao Ramp of our Latest Cotai Strip Property Continues Delivered strong results in each of its first four quarters of operation Generated $135 million of adjusted property EBITDA in the third quarter of 2017 Strong visitation has contributed to increased traffic across our entire
Slide 21: Reinvesting in Our Market-Leading Macao Portfolio
Reinvesting in Our Market-Leading Macao Portfolio Expected Timeframe Sands Cotai Central: Renovation, expansion and Commencement in 2018 – phased to minimize rebranding to The Londoner Macao disruption during peak periods – completion of all components in 2020 St. Regis Hotel Macao Tower Suites:
Slide 22: Capital Expenditures Expectations
Capital Expenditures Expectations Future Planned Investments Composed of Income Producing Projects and Maintenance ($ in millions) $2,500 LVS Capex Expectations $2,000 $1,529 $1,500 $1,398 $285 $67 $1,250 $1,179 $1,005 $150 $898 $190 $1,000 $895 $100 $175 $767 $925 $20 $100 $770 $210 $390 $105 $325
Slide 23: Macao Market Annual Adjusted Property EBITDA Market Share by Operator
Macao Market Annual Adjusted Property EBITDA Market Share by Operator Historical Adjusted Property EBITDA Market Share1 Sands China2 All Others Macao Leader in Market Share 40% of EBITDA 80% 72% 65% 10% 30% 60% 8% 16% 14% 20% 40% 6% 14% 35% 28% 15% 14% 10% 20% 22% 18% 0% 0% 2012 TTM 2Q17 2012 TTM 2Q
Slide 24: Marina Bay Sands Update
Marina Bay Sands Update Adjusted Property EBITDA Increased 13.0% to $442 million Adjusted property EBITDA increased 13.0% to $442 Adjusted Property EBITDA million. and Adjusted Property EBITDA Margin ($ in millions) Actual Hold-Normalized − Hold-normalized adjusted property EBITDA increased 11.4%
Slide 25: Marina Bay Sands: Diversified Sources of Departmental Profit
Marina Bay Sands: Diversified Sources of Departmental Profit For Las Vegas Sands Marina Bay Sands Hold-Normalized Departmental Profit Contribution TTM 3Q161 TTM 3Q171 Other 5% VIP 8% VIP Mall Other 16% 8% 4% Mass Tables Mass Tables 36% 40% Mall Hotel 8% 18% Hotel 16% Slots Slots 20% 21% Increasing P
Slide 26: Marina Bay Sands: The Reference Model for Future Integrated Resort Projects
Marina Bay Sands: The Reference Model for Future Integrated Resort Projects Ideal reference site for jurisdictions considering MICE-based Integrated Resort development Offers clear demonstration of a development’s exceptional economic power and direct contributions to tourism, employment and GDP
Slide 27: Asia Retail Mall Portfolio Continues to Generate Strong Revenue
Asia Retail Mall Portfolio Continues to Generate Strong Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue ($ in millions) TTM 3Q17 Sales $700 per Sq. Foot² $628 $641 $610 $580 $588 MBS: $600 $1,506 $165 $164 $165 $500 $163 $166 Parisian Macao: $531 $57 $68 $5 $23 $40 $400 SCC:
Slide 28: Sands China: Retail Mall Revenue Composition
Sands China: Retail Mall Revenue Composition Macao Quarterly Retail Revenue Composition ($ in millions) $160 $140 $123 $118 $118 $117 $120 $104 $11 $1 $4 $5 $100 $4 $80 $60 $117 $114 $112 $112 $100 $40 $20 $- 3Q16 4Q16 1Q17 2Q17 3Q17 Base Rent and Other Fees Turnover Rent Strong Base Rent, Which Gre
Slide 29: Las Vegas Operations Update
Las Vegas Operations Update Hold-normalized Adjusted Property EBITDA Grew 2.3% Adjusted property EBITDA decreased 11.6% to $76 Adjusted Property EBITDA million and Adjusted Property EBITDA Margin ($ in millions) — On a hold-normalized basis, adjusted property Actual Hold-Normalized EBITDA increase
Slide 30: Sands Bethlehem Update
Sands Bethlehem Update Record Quarter for the Leading Tri-State Region Property Adjusted property EBITDA increased 8.1% to $40 Adjusted Property EBITDA million, a quarterly record for the property and Adjusted Property EBITDA Margin ($ in millions) Table games drop increased 3.2% to $293 million
Slide 31: Disciplined Execution of Our Global Growth Strategy
Disciplined Execution of Our Global Growth Strategy Uniquely positioned to bring our unmatched track record and powerful convention-based business model to the world’s most promising Integrated Resort development opportunities Development opportunity parameters: — Targeting minimum of 20% return
Slide 32: Sands ECO 360°
Sands ECO 360° Sanes LAS VEGAS SANDS CORP.
Slide 33: Sands ECO 360°: Industry Leading Global Sustainability Program
Sands ECO 360° Industry Leading Global Sustainability Program The Sands ECO 360° Global Sustainability Program Reflects our Vision to Lead our Industry in Sustainable Development and Integrated Resort Operations 33
Slide 34: Sands ECO 360° Key Initiatives
Sands ECO 3600 Key Initiatives: Clean the World: Over 100,000 hygiene kits with repurposed amenities from 1 hotel rooms to help improve the health and well-being of populations in need Meeting Green: Through Sands ECO360 Green Meetings program, our event 2 attendees in Las Vegas took 1,829 actions,
Slide 35: Global Goals: Our 2016-2020 Targets
Global Goals: Our 2016-2020 Targets We have aligned our global sustainability targets for 2016-2020 with three key, measurable, UN Sustainable Development Goals (SDGs): Waste (SDG12 Responsible Emissions (SDG7 Affordable Water (SDG6 Clean Water Consumption and Clean Energy) and Sanitation) Product
Slide 36: Awards and Certifications
Awards and Certifications LVS’ Commitment to Green Initiatives has Garnered Recognition Globally Macao Green Hotel Gold Award, 2011 & 2014 (The Venetian Macao) Macao Green Hotel Silver Award, 2012 & Gold Award, 2015 (Sands Macao) Macao Green Hotel Gold Award, 2013 & 2016 (Sands Cotai Central)
Slide 37: Sands – Global Leadership in Entertainment
Sands – Global Leadership in Entertainment
Slide 38: Sands – Global Leadership in Entertainment
Sands – Global Leadership in Entertainment LVS Has Transformed Entertainment in Asia by Delivering More Entertainment and Events Than Any Other IR Operator in Asia Events Entity Venue Seating Capacity Since Opening Cotai Arena 15,000 327 Four Other Theaters 5,350 149 Largest Pillar-less 5,850 34 Bal
Slide 39: Sands – Global Leadership in Entertainment: Western Performers
Sands – Global Leadership in Entertainment Western Performers The Rolling Stones Katy Perry Celine Dion Beyoncé Rihanna Bon Jovi Elton John LVS is the Asian Entertainment Leader, Unmatched in Bringing the Greatest Superstars of Western Entertainment to Asia for more than a Decade… 39 All images abov
Slide 40: Sands – Global Leadership in Entertainment: Global Artists
Sands – Global Leadership in Entertainment Global Artists G.E.M. Joey Yung Big Bang Jay Chou A Lin Aaron Kwok Twins Girls Generation 2NE1 …As well as Asia’s Pop Superstars to Macao’s Cotai Strip and Singapore’s Marina Bay Sands 40 All images above were photographed at the Cotai Strip in Macao or The
Slide 41: Sands – Global Leadership in Entertainment: Sporting Events
Sands – Global Leadership in Entertainment Sporting Events and Exhibitions Macau Drift The Clash in Cotai: Pacquiao v Rios Cotai Showdown – Agassi v Sampras UFC Macao World Tennis Assoc. Finals - Official Draw Ceremony Nitro Circus We Offer an Extraordinary Experience to Our Guests with World-Class
Slide 42: Sands – Global Leadership in Entertainment: Musical and Cinematic Events
Sands – Global Leadership in Entertainment Musical and Cinematic Events From Vegas to Macau Premiere The Voice of China China Music Awards Voice of China Asian Film Awards The Expendables 3 Premiere International Indian Film Academy Awards Return of the Cuckoo Premiere …Awards, Events and Premieres
Slide 43: Sands – Global Leadership in Entertainment: Family Entertainment
Sands – Global Leadership in Entertainment Entertainment That Engages the Entire Family Beauty and the Beast The Lion King Disney on Ice Cats Wicked Carnevale Winter in Venice Boss Baby Premiere …and the Spectacle of Live Theater and Immersive Events for All 43 All images above were photographed at
Slide 44: Sands – Global Leadership in Entertainment: Recent Performances
Sands – Global Leadership in Entertainment Recent Performances and Events Jackie Cheung Alan Tam Cirque: Adrenaline Show Lo Sandy Lam Thriller Live Blue Man Group Chicago: The Musical 44 All images above were photographed at the Cotai Strip in Macao or The Marina Bay Sands in Singapore.
Slide 45: Appendix
Appendix Sanes LAS VEGAS SANDS CORP.
Slide 46: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold-Normalized Adj. Property EBITDA1 ($ in millions) 3Q16 4Q16 1Q17 2Q17 3Q17 Macao Operations2 Reported $ 628 $ 610 $ 624 $ 600 $ 652 Hold-Normalized $ 578 $ 583 $ 592 $ 597 $ 642 Marina Bay Sands Reported $ 391 $ 366 $ 365 $ 492 $ 442 Hold-Normalized $ 368 $ 366 $ 388 $ 386 $ 410 Las V
Slide 47: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year ($ in millions) $3,000 $2,500 $2,354 $2,277 $2,030 $2,000 $1,458 $1,500 $1,263 1,830 2,255 $1,000 1,118 1,436 $500 $293 $30 502 220 $22 $0 112 1 2017 2018 2019 2020 2021 2022 2023 2024 SCL MBS US LVSC % of Total 0% 3% 13% 24% 15% 24% 0% 21% Long Term and L
Slide 48: ~$13 Billion of Investment in Macao's Future as a Tourism Destination
Market-Leading ~$13 Billion of Investment in Macao’s Future as a Business & Leisure Tourism Destination Portfolio of Nearly Family-friendly Entertainment World Class Concerts, Sporting Events and Other 13,000 Suites and Hotel Rooms Entertainment Offerings Targeting Chinese Consumers Over Two Million
Slide 49: Macao Mass Visitation: Business & Leisure Tourism Expenditure Drivers
Macao Mass Visitation Business & Leisure Tourism Expenditure Drivers Future Growth Drivers As a result, Macao’s Mass visitors will: More efficient and affordable Come From Farther transportation infrastructure Away Greater number of hotel rooms Stay Longer and non-gaming offerings in Macao
Slide 50: Supplemental Information 3Q17 and 3Q16
Supplemental Information 3Q17 and 3Q16 ($ in millions) Three Months Ended September 30, 2017 Amortization Loss on Pre-Opening Depreciation of Leasehold Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Land of
Slide 51: Supplemental Information YTD 3Q17 and YTD 3Q16
Supplemental Information YTD 3Q17 and YTD 3Q16 ($ in millions) Nine Months Ended September 30, 2017 Amortization Loss on Pre-Opening Depreciation of Leasehold Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in
Slide 52: Macao Market Background and Infrastructure Slides
Macao Market Background and Infrastructure Slides
Slide 53: Mass Tables and Slots Comprise the Majority of Macao Market GGR
Mass Tables and Slots Comprise the Majority of Total Macao Market GGR and Generate the Bulk of Gaming Operating Profit Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit¹ 3Q17 TTM 3Q17 ($ in millions) ($ in millions) $8,375M $2,108M $31,439M $8,060M 100% 100% 20% 19% 8
Slide 54: Five Trends that Should Contribute To Growth in the Macao Market
Five Trends that Should Contribute To Growth in the Macao Market In The Future 200 million Chinese are expected to travel outside of China by 2020, 1 compared to 128 million in 2015. Chinese tourism expenditures are expected to increase to $672 billion by 2025 Transportation infrastructure and conne
Slide 55: China Is The World's Largest and Fastest Growing Outbound Tourism Market
1 China Is The World’s Largest and Fastest Growing Outbound Tourism Market Outbound Travel Tourism Spending ($ in billions) $700 $672 $600 $500 +$411 Billion in Incremental Spend $400 $300 $261 $200 $100 $0 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Outbound Chinese Tourism Spend Is
Slide 56: China Is The World's Largest and Fastest Growing Outbound Tourism Market (cont.d)
1 China Is The World’s Largest and Fastest Growing Outbound Tourism Market (cont.d) Outbound Travel from China (Trips in millions) 300 260 250 200 150 135 100 50 0 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E In the Next 10 Years Outbound Travel From China is Projected to Reach 260 Mil
Slide 57: Strong Growth in Chinese Outbound Tourism
1 Strong Growth in Chinese Outbound Tourism Chinese Outbound Tourism to Select Markets 2010-2016 CAGR +20% +17% +13% +13% +16% +25% +14% +29% +27% +41% +8% +11% (in millions) 50.0 42.8 40.0 30.0 22.7 20.5 20.0 13.2 10.0 8.1 8.8 6.4 2.9 3.1 3.5 1.9 2.3 1.6 1.4 1.9 0.4 1.2 0.5 1.3 0.9 1.1 1.2 0.8 1.1
Slide 58: Chinese Middle Class Consumption Growth
1 Chinese Middle Class Consumption Growth Chinese Middle Class Consumption in 2030 is Projected to Reach $10.0 trillion Global Middle Class Consumption in 2030 (US$ in trillions) ($ in trillions) $15 $10.0 $10 $5 $4.0 $2.3 $2.5 $1.1 $1.2 $1.2 $1.3 $1.4 $- France Brazil Mexico Germany Russia Japan In
Slide 59: Mainland Chinese Visitation to Macao Penetration Remains Low
Mainland Chinese Visitation to Macao 1 Penetration Remains Low Year-Over-Year Visitation Growth Mainland Chinese Visitation to Macao Twelve Months Ended September 30, Population GDP Per Penetration Province 2016 2017 % Change (MM) Capita (US$) Rate Guangdong 9,031,702 9,082,659 +1% 108 $10,346 8.4%
Slide 60: Infrastructure: China's High-Speed Rail
2 Infrastructure: China’s High-Speed Rail Connecting More of Mainland China to Macao Beijing – Guangzhou High-Speed Rail World’s longest high-speed rail route Covers 2,298km in ~10 hours (compared to 22 hours previously) Provides seamless connection from Guangzhou – Zhuhai Intercity Rail North
Slide 61: Infrastructure: Meaningful Improvements Throughout the Pearl River Delta Region
Infrastructure: Meaningful Improvements 2 Throughout the Pearl River Delta Region Guangzhou Population: 13M Wuhan – Guangzhou High-Speed Rail GDP Per Capita: US$20,000 • 4 hour train ride • 55-65 trains in each direction per day Guangzhou – Zhuhai Intercity Rail Guangzhou – Shenzhen – Hong Kong Rail
Slide 62: The Hong Kong-Macao-Zhuhai Bridge
2 The Hong Kong-Macao-Zhuhai Bridge Linking the Pearl River Delta Prior to project completion, no roads directly connect Zhuhai and Macao with Hong Kong. Automobile traffic must currently detour via the Humen Bridge - a 200km journey of approximately four hours The bridge will cut travel time be
Slide 63: Market Leading Hotel Capacity at SCL
3 Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2020 Anticipated Macao Market Gaming Operator Hotel Rooms at December 31, 20201 16,000 Hotel % of Gaming % of Total Gaming Operator Rooms Operators Market 14,000 13,412 Sands China 13,412 46% 35% ` Gal
Slide 64: Length-of-Stay of Chinese Overnight Visitors & Chinese Hotel Guests in Macao
Length-of-Stay of Chinese Overnight Visitors 4 & Number of Chinese Hotel Guests in Macao Average Length-of-Stay of Mainland Chinese Overnight Visitors in Macao Mainland Chinese Hotel Guests in Macao (Days) (in millions) 2.5 8.0 7.5 2.2 2.1 2.1 2.1 7.0 6.8 6.6 2.0 2.0 2.0 6.2 6.0 5.2 5.0 4.6 1.5 4.0
Slide 65: Overnight Visitation Now Exceeds "Day-trip" Visitation to Macao
Overnight Visitation Now Exceeds “Day-trip” 4 Visitation to Macao Mainland China Day-Trip Visitors to Macao Mainland China Overnight Visitors to Macao (in millions) (in millions) 14.0 14.0 12.0 12.0 11.5 11.2 10.3 10.2 10.0 9.7 10.0 9.7 9.2 8.9 8.8 8.8 8.1 8.0 7.3 8.0 6.9 6.3 5.8 6.0 6.0 5.2 4.0 4.0
Slide 66: The Greater Bay Area
5 The Greater Bay Area Promoting the Economic and Social Integration of the Pearl River Delta The Greater Bay Area (“GBA”) initiative was officially presented during the 12th National Peoples Congress in March 2017 The GBA initiative promotes the development of the Pearl River Delta region via e
Slide 67: Hengqin Island Expands Critical Mass of Tourism Offerings
Hengqin Island Expands Critical Mass of 5 Tourism Offerings for Visitors to the Region Map of Hengqin Island New Area Important Facts Island adjacent to Macao (3X the size of Macao) that has been identified as a strategic zone for cooperation among Guangdong Province, Hong Kong and Macao Master-
Slide 68: Non-GAAP Measures Reconciliations
Non-GAAP Measures Reconciliations
Slide 69: Reconciliation of Net Income to Consolidated Adjusted Property EBITDA
Reconciliation of Net Income to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA ($ in millions) Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income $ 685 $ 606 $ 1,901 $ 1,409 Add (deduct): Income tax expense 73 69 220 18
Slide 70: Non-GAAP Measures: Adjusted Net Income and Adjusted Earnings Per Diluted Share
Non-GAAP Measures: Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share ($ in millions) Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 (1) 2017 2016 (1) Net income attributab
Slide 71: Non-GAAP Trailing Twelve Month Supplemental Schedule
Non-GAAP Trailing Twelve Month Supplemental Schedule ($ in millions) 3Q16 4Q16 1Q17 2Q17 3Q17 TTM 3Q17 Cash Flows From Operations $ 1,043 $ 1,213 $ 963 $ 1,146 $ 1,113 $ 4,435 Adjust for: Provision for doubtful accounts (51) (34) (32) (22) (23) (111) Foreign exchange (gains) losses 7 41 (18) (5) (15
Slide 72: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold-Normalized Adj. Property EBITDA1 ($ in millions) 3Q16 4Q16 1Q17 2Q17 3Q17 Macao Operations 2 Reported $ 628 $ 610 $ 624 $ 600 $ 652 Hold-Normalized Adjustment (50) (27) (32) (3) (10) Hold-Normalized $ 578 $ 583 $ 592 $ 597 $ 642 Marina Bay Sands Reported $ 391 $ 366 $ 365 $ 492 $ 442
Slide 73: The Parisian Macao: Reconciliation of Adjusted Property EBITDA
The Parisian Macao: Reconciliation of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA1 ($ in millions) Sequential Sequential Sequential 4Q16 1Q17 Change 2Q17 Change 3Q17 Change As Reported $ 95 $ 82 -13.7% $ 106 29.3% $ 135 27.4% Hold-Normalized Casino Revenues (37) 8 (25) (6) H
Slide 74: Sanes
Sanes LAS VEGAS SANDS CORP.