Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Investor Presentation (February 2012)

38 slides from Las Vegas Sands's investor presentation, February 2012

  1. Slide 1: Las Vegas Sands Corp. Investor Update

    Las Vegas Sands Corp. Investor Update February 2012

  2. Slide 2: The Investment Case for LVS

    The Investment Case for LVS  Our Integrated Resort (IR) business model generates PREDICTABLE and RELIABLE EBITDA and EPS  In Macao, the world’s largest and most lucrative gaming market: – We are positioned to deliver strong organic growth – Sands Cotai Central, opening approximately 6 weeks from t

  3. Slide 3: Fourth Quarter 2011 Highlights

    Fourth Quarter 2011 Highlights1  Strong financial results overall with record adjusted property EBITDA for the quarter and year  Strong adjusted EPS growth — Adjusted EPS of $0.57 (+35.7%) for 4Q11 and $2.02 (+106.1%) for the full year 2011  Meaningful organic growth in both Macao and Singapore —

  4. Slide 4: Fourth Quarter 2011 Financial Results

    Fourth Quarter 2011 Financial Results $ in millions 4Q10 4Q11 $ Change % Change Net Revenue $ 2,015.0 $ 2,544.4 $ 529.4 26.3% Adjusted Property EBITDA $ 738.9 $ 960.6 $ 221.7 30.0% Adj. Property EBITDA Margin 36.7% 37.8% 110 bps Adjusted Diluted EPS $ 0.42 $ 0.57 $ 0.15 35.7%  Delivered record net

  5. Slide 5: Fourth Quarter 2011 Overview by Market

    Fourth Quarter 2011 Overview by Market  Strong mass table and slot growth (record non‐rolling drop of $1.10 billion at The Venetian Macao in 4Q11) Macao  VIP initiatives meaningfully growing rolling volume (record rolling volume of $28.68 billion in 4Q11)  Increases in retail mall (+41.4%) and ho

  6. Slide 6: Consolidated Adjusted Property EBITDA and Margin

    Las Vegas Sands Corp. Consolidated Adjusted Property EBITDA and Margin Adjusted Property EBITDA and Adjusted Property EBITDA Margin Composition of 4Q11 EBITDA Bethlehem 2% ($MM) Las $1,000 $960.6 40% Vegas 8% Macao $800 $738.9 38% 45% Singapore 37.8% 45% $600 36.7% 36% $400 34% Composition of 4Q10 E

  7. Slide 7: Future Organic Growth Opportunities

    Future Organic Growth Opportunities  Expanded mass gaming amenities  Increased competitiveness in VIP business Macao  Drive growth in hotel and retail segments  Enhanced transportation infrastructure Sands Cotai Central  Mass growth – slots and table games  Gardens by the Bay opening in June 2

  8. Slide 8: Future Development Opportunities

    Future Development Opportunities Areas of Focus for Las Vegas Sands Japan Macao South Korea Parcel 3 Vietnam Singapore Europe MBS Expansion 8

  9. Slide 9: Macao Operations

    Macao Operations Saneas LAS VEGAS SANDS CORP.

  10. Slide 10: Macao Operations: Fourth Quarter 2011 Summary

    Macao Operations Fourth Quarter 2011 Summary  Record quarterly adjusted property EBITDA for Macao Adjusted Property EBITDA property operations of $434.2 million (+27.2%) and Adjusted Property EBITDA Margin  Consolidated gaming volumes reflected strong growth in ($MM) each segment $450 $434.2 35% $

  11. Slide 11: Macao is a Supply Driven Market

    Macao is a Supply Driven Market The Plaza Macao Encore Galaxy Oceanus Crown / Altira The Venetian (SCL) Macau Macau (SJM) (MPEL) Macao (WML) (Galaxy) ($MM) StarWorld (SCL) (Galaxy) City of Dreams Properties $10,000 (MPEL) 35 Grand Lisboa MGM Grand (SJM) (MGM) Wynn Macau 30 $8,000 (WML) Sands Macao 2

  12. Slide 12: Sands Cotai Central

    Sands Cotai Central Cotai Strip, Macao  Land area of over 1.6 million SF adjacent to a tropical garden of 480,000 square feet Phase III Phase I Phase IIA Phase IIB  Integrated resort of ~13.7 million SF (upon completion of all Phases), which will significantly expand our footprint on the Cotai Str

  13. Slide 13: Sands Cotai Central

    Sands Cotai Central February 3, 2012 Bridge Connection to The Shoppes at Four Seasons 13

  14. Slide 14: Vital Drivers for Mass Market Growth

    Vital Drivers for Mass Market Growth Growth Driver Addressing the Growth Driver  High Speed Rail development throughout China (ongoing) Enhanced Transportation  Completion of inter‐city rail to Macao (2H2012) Infrastructure  Macao‐Hong Kong‐Zhuhai Bridge (est. 2015)  Macao Permanent Ferry Termin

  15. Slide 15: China's High-Speed Rail

    China’s High‐Speed Rail Connecting More of Mainland China to Macao Guangzhou – Zhuhai Intercity Rail Wuhan– Guangzhou High‐Speed Rail  Rail line connecting Guangzhou to  Wuhan is the capital of Hubei Province Zhuhai, where the Gongbei border and the most populous city in Central gate to Macao is l

  16. Slide 16: Penetration Into Mainland China is Happening

    Penetration Into Mainland China is Happening Visitation from Select Provinces Mainland China Visitation to Macao July ‐ December 2010 2011 % Change Beijing 187,338 288,296 + 54% Tianjin 73,880 105,490 + 43% Shanghai 323,644 440,448 + 36% Zhejiang 322,236 415,702 + 29% Fujian 409,427 606,013 + 48% Ch

  17. Slide 17: Macao-Hong Kong-Zhuhai Bridge

    Macao‐Hong Kong‐Zhuhai Bridge Reducing the Travel Time from Hong Kong to Macao 17 Source: Hopewell Holdings

  18. Slide 18: Expanding Macao's Hotel Infrastructure

    Expanding Macao’s Hotel Infrastructure LVS and Non‐LVS 4‐ and 5‐Star Hotel Rooms in Macao 25,000 23,695 21,695 20,000 17,895 16,326 60% 15,478 14,327 Non‐LVS 15,000 14,327 80% 14,327 80% 10,000 11,910 77% 12,758 78% 5,000 40% 9,368 LVS 7,368 34% 3,568 23% 3,568 22% 3,568 20% 0 2009 2010 2011 2012E 2

  19. Slide 19: Marina Bay Sands

    Marina Bay Sands Saneas LAS VEGAS SANDS CORP.

  20. Slide 20: Marina Bay Sands Operations: Fourth Quarter 2011 Summary

    Marina Bay Sands Operations Fourth Quarter 2011 Summary  Record quarterly adjusted property EBITDA of $426.9 Adjusted Property EBITDA million, up 39.6% and Adjusted Property EBITDA Margin ($MM)  Gaming volumes reflected strong growth $426.9 $450 60% — Rolling volume increased 32.2% to $10.76 billi

  21. Slide 21: Marina Bay Sands Operations

    Marina Bay Sands Operations Adjusted Property EBITDA and Margin Adjusted Property EBITDA and Adjusted Property EBITDA Margin Composition of 4Q11 Operating Profit ($MM) $500 70% $427 $400 VIP 60% Gaming $306 21% $300 Mass 54.6% 52.9% 50% Gaming Non-Gaming 55% $200 24% 40% $100 $0 30% 4Q10 4Q11 Adj. P

  22. Slide 22: Marina Bay Sands

    Marina Bay Sands Prime Location in Singapore’s Central Business District Changi Airport Source: Urban Redevelopment Authority 22

  23. Slide 23: An Unparalleled Integrated Resort Destination

    An Unparalleled Integrated Resort Destination Singapore – The Ideal Environment for IR Development and Operation  Duopoly market  Favorable gaming tax rate  Vast addressable market – over 3 billion people within a six hour flight  World class transportation infrastructure  No remotely competiti

  24. Slide 24: Visitation to Singapore

    Visitation to Singapore Total Visitation to Singapore Mainland China Visitation to Singapore (MM) +16% +14% +15% +9% (MM) +25% +49% +49% +21% 3.6 0.5 0.47 3.49 3.4 3.36 0.41 3.24 0.4 3.2 3.12 0.35 0.35 3.04 3.07 0.33 0.32 3.0 0.29 0.3 2.84 2.8 0.23 2.69 0.2 2.6 2.4 0.1 2.2 2.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2

  25. Slide 25: Bayfront MRT Metro Stop – Access to MBS

    Bayfront MRT Metro Stop – Access to MBS Station Opened on January 14, 2012  Bayfront MRT station has direct feed into hotel, retail and MICE amenities  Provides enhanced accessibility for guests, particularly during busiest periods — Average of approximately 15,000 visitors per day arriving to the

  26. Slide 26: State-of-the-Art Deep Water Cruise Terminal

    State‐of‐the‐Art Deep Water Cruise Terminal New International Cruise Terminal to Open in 2Q 2012  S$500 million project funded by the Singapore Tourism Board (STB) to replace Singapore’s current underutilized cruise terminal  1km from Marina Bay Sands  Purpose‐built for 2 Oasis‐class (largest cla

  27. Slide 27: Gardens by the Bay

    Gardens by the Bay S$1 Billion Tourism Attraction Opening June 2012 Supertrees  S$1 billion cultural icon  Grand Opening expected in June 2012  STB expecting 5 million visitors per year  133 acres; 90 football fields Conservatory Complex Source: Singapore National Parks Board and Singapore Touri

  28. Slide 28: U.S. Operations

    U.S. Operations Saneas LAS VEGAS SANDS CORP.

  29. Slide 29: Las Vegas Operations: Fourth Quarter 2011 Summary

    Las Vegas Operations Fourth Quarter 2011 Summary  Adjusted property EBITDA increased 0.4% to $80.9 Adjusted Property EBITDA million and Adjusted Property EBITDA Margin ($MM)  Table games drop, led by strong baccarat play, increased 14.9% to $532.4 million $100 40% $80.6 $80.9 $80  Slot win decrea

  30. Slide 30: Sands Bethlehem Operations

    Sands Bethlehem Operations Fourth Quarter 2011 Summary Adjusted Property EBITDA  Adjusted property EBITDA increased 15.4% to $22.5 and Adjusted Property EBITDA Margin million ($MM) $25 $22.5 40%  Table games drop was a record $193.8 million, an $19.5 $20 increase of 90.6% 30% $15  Slot handle inc

  31. Slide 31: Liquidity and Capital Resources

    Liquidity and Capital Resources

  32. Slide 32: Full Year 2011 Financial Results

    Full Year 2011 Financial Results $ in millions 2010 2011 $ Change % Change Net Revenue $ 6,853.2 $ 9,410.7 $ 2,557.5 37.3% Adjusted Property EBITDA $ 2,228.6 $ 3,532.2 $ 1,303.6 58.5% Adj. Property EBITDA Margin 32.5% 37.5% 500 bps Adjusted Diluted EPS $ 0.98 $ 2.02 $ 1.04 106.1%  Delivered record

  33. Slide 33: Powerful EPS Trajectory

    Powerful EPS Trajectory Actual and Analyst Consensus Fully Diluted Adjusted EPS Analyst Consensus $4.00 $3.59 $3.50 $3.03 $3.00 $2.57 $2.50 $2.02 $2.00 $1.50 $0.98 $1.00 $0.50 $0.11 $0.07 $0.00 2008 2009 2010 2011 2012E 2013E 2014E Fully Diluted 394 728 792 812 813 813 813 Shares (M) Strong Revenue

  34. Slide 34: Completion of Current Developments Reduces Capital Expenditures

    Completion of Current Developments Reduces Capital Expenditures1 ($MM) LVS Capex Expectations $4,000 $3,658 $3,562 $3,500 $3,000 $2,500 $2,027 $1,918 $2,000 $1,550 $1,500 $1,381 $1,000 $850 $650 $500 $0 2007 2008 2009 2010 2011 2012E 2013E 2014E Maintenance Capex Development Capex Development Timeli

  35. Slide 35: Meaningful Free Cash Flow Expansion

    Meaningful Free Cash Flow Expansion Actual and Analyst Consensus Free Cash Flow1 ($MM) Analyst Consensus $5,000 $3,935 $4,000 $3,318 $3,000 $1,914 $2,000 $1,154 $1,000 $0 ($154) ‐$1,000 ‐$2,000 ($1,454) ‐$3,000 ‐$4,000 ($3,664) 2008 2009 2010 2011 2012E 2013E 2014E Cash Balance at $3,233 $5,074 $3,8

  36. Slide 36: Long Dated Maturity Profile

    Long Dated Maturity Profile Debt Maturity by Year at December 31, 2011 ($MM) $4,500 $4,000 $3,760 $3,698 $193 $3,500 $217 $3,000 $956 $1,609 $2,500 $2,000 $1,519 $1,500 $2,394 $1,000 $895 $2,085 $456 $530 $500 $235 $385 $385 $385 $58 $12 $0 2012 2013 2014 2015 2016 2017 2018+ MBS SCL USRG LVSC % of

  37. Slide 37: Financial Strength

    Financial Strength  On February 1, 2012 our Board of Directors declared an annual dividend, payable quarterly, of $1.00 per common share — Return of over $700 million of cash to shareholders ($MM) 12/31/11 Cash, Cash Equivalents and Restricted Cash $ 3,910 Debt 10,033 Net Debt $ 6,123 TTM EBITDA $

  38. Slide 38: Sands

    Sands LAS VEGAS SANDS CORP.

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