Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q1 2018 Earnings Presentation
63 slides from Las Vegas Sands's earnings presentation, Apr 25, 2018
Slide 1: 1Q18 Earnings Call Presentation
The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore The Parisian Macao 1Q18 Earnings Call Presentation April 25, 2018 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 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 control, whi
Slide 3: The Investment Case for Las Vegas Sands
The Investment Case for Las Vegas Sands The global leader in Integrated Resort development and operation A unique MICE‐based business model delivering strong growth in cash flow and earnings Best positioned operator to deliver long‐term growth in Asia The pre‐eminent destination MICE‐based I
Slide 4: First Quarter 2018 Financial Highlights
First Quarter 2018 Financial Highlights Quarter Ended March 31, 2018 vs Quarter Ended March 31, 2017 Net revenue increased 16.7% to $3.58 billion Net income increased 179.1% to $1.62 billion, which includes a nonrecurring, non‐cash income tax benefit of $670 million Adjusted property EBITDA in
Slide 5: First Quarter 2018 Financial Results (Y/Y)
First Quarter 2018 Financial Results (Y/Y) Quarter Ended March 31, 2018 vs Quarter Ended March 31, 2017 ($ in millions, except per share information) 1Q17 1Q18 $ Change % Change Net Revenue $ 3,067 $ 3,579 $ 512 16.7% Net Income $ 579 $ 1,616 $ 1,037 179.1% Adjusted Property EBITDA $ 1,148 $ 1,500 $
Slide 6: 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 March 31, 2018: Trailing twelve months ended March 31, 2018: Cash Balance – $2.64 billion Cash Flow from Operations – $4.98 billion Debt – $9.76 billion1 Adjusted Property EB
Slide 7: LVS Increasing Return of Capital to Shareholders
LVS Increasing Return of Capital to Shareholders Over $19.7 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 8: SCL Return of Capital to Shareholders
SCL Return of Capital to Shareholders US$12.4 Billion of Capital Returned to Shareholders Since 2012 SCL Recurring Dividends per Share (HK$)1 Sands China remains committed to returning capital to shareholders via its recurring bi‐annual dividend program $1.99 $1.99 $1.99 $1.99 Sands China is com
Slide 9: U.S. Tax Reform Impact on LVS
U.S. Tax Reform Impact on LVS IN THE FIRST QUARTER OF 2018: IN THE FOURTH QUARTER OF 2017: Application of the Tax Cuts and Job Act (“the Act”) to 2018 Enactment of the Act Tax Provision Nonrecurring, non‐cash benefit of $526 million ($0.66 per Nonrecurring, non‐cash benefit of $670 million (
Slide 10: Macao Operations EBITDA Performance
Macao Operations EBITDA Performance Quarter Ended March 31, 2018 vs Quarter Ended March 31, 2017 Macao Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin ($ in millions) Adjusted Property EBITDA Hold‐Normalized Adj. Prop. EBITDA $900 60% $789 $767 $800 50% $700 $626 $594 $600 40
Slide 11: Sands China Mass Market Table Update
Sands China Mass Market Table Update Mass Market Table Win Grew 22.0% in 1Q18 vs. 1Q17 SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter Sands China Departmental Profit Margin: 35% - 45% Sands China Departmental Profit Margin: 25% - 40% ($ in millions) Avg. Win per Table per D
Slide 12: Macao Financial Performance by Property
Macao Financial Performance Financial Performance by Property ($ in millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 1Q17 1Q18 $ % 1Q17 1Q18 $ % 1Q17 1Q18 bps The Venetian Macao $726 $868 $142 19.6% $289 $348 $59 20.4% 39.8% 40.1% 30 Sands Cotai Central 459
Slide 13: Growing Mainland Chinese Visitation to Macao
Growing Mainland Chinese Visitation to Macao Non‐Guangdong Province Chinese Visitation Grew 15% for the Trailing Twelve Months Ended March 31, 2018 and 18% in the Quarter Ended March 31, 2018 Year‐Over‐Year Visitation Growth Mainland Chinese Visitation to Macao Twelve Months Ended March 31, Populati
Slide 14: Macao Market: Growing Overnight Visitation and Mass Win-per-Visit
Macao Market: Growing Overnight Visitation and Increasing Mass Gaming Win‐per‐Visit are Contributing to Growth Mainland Chinese Mass (Tables & Slots) Overnight Visits Win‐per‐Visit1 (in millions) ($) 3.5 700 3.1 3.0 2.7 600 $587 $527 2.5 500 2.0 400 1.5 300 1.0 200 0.5 100 0.0 0 1Q17 1Q18 1Q17 1Q18
Slide 15: Macao Market: Continued Strong Growth in Mass Gaming Segment
Macao Market: Continued Strong Growth in Macao’s High Margin Mass Gaming Segment Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win‐per‐Visit1 ($ in millions) $5,500 $1,000 $5,018 $5,000 $4,449 $4,707 $4,589 $4,340 $4,419 $4,500 $800 $4,147 $4,169 $3,919 $3,584 $3,816 $3,989 $4,017 $4,000
Slide 16: Macao Market: Mass Gaming
Macao Market: Mass Gaming Mass Gaming Growth Remained Robust in 1Q18 Macao Market Mass Gaming Revenue ($ in millions) Mass Win (Tables and Slots) 1 Q1 Q21 Q31 Q41 Total1 2016 $3,609 $3,508 $3,816 $3,989 $14,922 2017 $4,147 $4,017 $4,169 $4,707 $17,040 Growth ('17 v '16) 14.9% 14.5% 9.3% 18.0% 14.2%
Slide 17: Sands China VIP Table Update
Sands China VIP Table Update VIP Win Up 20.9% in 1Q18 vs. 1Q17 ($ in millions, except per table amounts) VIP Investment Programs SCL Rolling Win by Quarter Increasing in 2018 and 2019 Avg. Win per Table per Day $31,849 $800 $27,905 Adding additional amenities $700 $665 across our entire property p
Slide 18: Macao Market: VIP Gaming
Macao Market: VIP Gaming VIP Gaming Growth Continued in 1Q18 Macao Market VIP Gaming Revenue ($ in millions) VIP Win Q11 Q21 Q31 Q41 Total1 2016 $3,294 $2,856 $3,017 $3,516 $12,683 2017 $3,661 $3,734 $4,099 $4,292 $15,786 Growth ('17 v '16) 11.1% 30.7% 35.9% 22.1% 24.5% 2 2018 ~ $4,546 2 Growth ('1Q
Slide 19: A Focus on Reinvestment in Our Market-Leading Assets
A Focus on Reinvestment in Our Market‐Leading Assets Reinvesting in Macao Property Portfolio Expected Timeframe The Londoner Rebranding: Renovation, expansion and rebranding to The Londoner Commencement in late 2018 – phased to minimize Macao disruption during peak periods – completion of all comp
Slide 20: Sands China Market-Leading Cotai Strip Property Portfolio
Sands China Market‐Leading Cotai Strip Property Portfolio LVS’ Cotai Strip Properties Leadership in Macao Investment: 1 ~$13 billion today, more than $14 billion by 2020 Critical Mass of 35 million SF of development 2 Hotel Inventory: ~12,300 rooms and luxury suites as of 1Q18 >50% of hotel
Slide 21: Diversified and Stable Sources of Departmental Profit
Diversified and Stable Sources of Departmental Profit Sands China Departmental Profit Contribution1 TTM 1Q17 TTM 1Q18 Other Other 4% 4% VIP VIP 9% 11% Mall 12% Mall Mass Tables 14% 49% Mass Tables 53% Hotel Hotel 15% 14% Slots Slots 8% 7% Mass Tables / Slots and Non‐Gaming Generated 91% of Sands Chi
Slide 22: Capital Expenditures Expectations
Capital Expenditures Expectations Future Planned Investments Composed of Income Producing Projects and Maintenance ($ 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 $100 $175 $837 $770 $767 $925 $19 $100 $210 $390 $105 $325
Slide 23: Market Leading Hotel Capacity at SCL
Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2020 Projected Macao Market Gaming Operator Hotel Rooms at December 31, 20201 New Development Cotai Total Market 16,000 % of Gaming % of Gaming % of Total Gaming Operator Rooms Operators Rooms Operators
Slide 24: Macao Market Adjusted Property EBITDA Market Share by Operator
Macao Market Adjusted Property EBITDA Market Share by Operator Historical Adjusted Property EBITDA Market Share1 Sands China2 All Others Macao Leader in Market Share 40% 80% of EBITDA 72% 67% 10% 7% 30% 60% 16% 17% 20% 40% 5% 14% 33% 15% 28% 14% 10% 20% 23% 18% 0% 0% 2012 2017 2012 2017 3 3 Sands Ch
Slide 25: Marina Bay Sands
Marina Bay Sands Strong Cash Flow Generation Adjusted property EBITDA increased 48.6% to $541 Adjusted Property EBITDA million and Adjusted Property EBITDA Margin Hold‐normalized adjusted property EBITDA ($ in millions) Actual Hold‐Normalized • Increased 11.1% to $430 million $600 $541 80% • Mar
Slide 26: Marina Bay Sands: Diversified Sources of Departmental Profit
Marina Bay Sands: Diversified Sources of Departmental Profit For Las Vegas Sands Marina Bay Sands Hold‐Normalized Departmental Profit Contribution TTM 1Q171 TTM 1Q181 Other 5% VIP 9% VIP 19% Mall Mass Tables Mass Tables 8% Other 39% 33% 4% Mall Hotel 7% 18% Hotel Slots Slots 16% 21% 21% Increasing P
Slide 27: Marina Bay Sands: The Reference Model for Future Integrated Resort Projects
Marina Bay Sands: The Reference Model for Future Integrated Resort Projects Ideal reference site for jurisdictions considering MICE‐based Integrated Resort development Provides exceptional economic power and direct contributions to tourism, employment and GDP growth No Other Company has such a C
Slide 28: Retail Mall Portfolio in Asia Generating Strong Revenue and Operating Profit
Retail Mall Portfolio in Asia Generating Strong Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue ($ in millions) TTM 1Q18 Sales $700 per Sq. Foot² $641 $647 $646 $610 $628 $600 MBS: $164 $167 $171 $1,719 $165 $165 $500 Parisian Macao: $57 $68 $66 $64 $623 $40 $400 SCC: $66 $64
Slide 29: Retail Tenant Sales in Asia
Retail Tenant Sales in Asia Trailing Twelve Months’ Sales per Square Foot1 ($ per Sq. Foot) TTM 1Q18 v TTM 1Q18 TTM 4Q17 TTM 3Q17 TTM 2Q17 TTM 1Q17 TTM 1Q17 The Shoppes at Marina Bay Sands $ 1,719 $ 1,590 $ 1,506 $ 1,482 $ 1,431 20.1% Shoppes at Venetian $ 1,591 $ 1,389 $ 1,357 $ 1,340 $ 1,330 19.6%
Slide 30: Las Vegas Operations Update
Las Vegas Operations Update Improving Market Conditions and Growing Baccarat Volumes Adjusted property EBITDA increased 15.6% to $141 Adjusted Property EBITDA million and Adjusted Property EBITDA Margin ($ in millions) — No hold normalization was required in 1Q18 Actual Hold‐Normalized Hotel roo
Slide 31: Sands Bethlehem Update
Sands Bethlehem Update Leading Tri‐State Region Property Adjusted property EBITDA decreased 19.4% to $29 Adjusted Property EBITDA million and Adjusted Property EBITDA Margin ($ in millions) Poor weather impacting transportation from nearby $50 50% population centers eleven days during the quarte
Slide 32: Geographically Diverse Sources of EBITDA
Geographically Diverse Sources of EBITDA EBITDA Contribution by Geography in 1Q 2018 ($ in millions) LVS Consolidated Adjusted Property EBITDA1 LVS Consolidated Hold‐Normalized Adj. Prop. EBITDA1 $1,500M $1,367M United United States States 11% 12% Macao Singapore Singapore 32% 53% Macao 36% 56% 1. T
Slide 33: Disciplined Execution of Our Global Growth Strategy
Disciplined Execution of Our Global Growth Strategy Uniquely positioned to bring our unmatched track record and powerful convention‐based business model to the world’s most promising Integrated Resort development opportunities Balance sheet strength designed to support two potential large‐scale
Slide 34: Overview of ASC 606 Revenue From Contracts With Customers
Overview of ASC 606 Revenue From Contracts With Customers Background: Accounting Standards Codification (ASC) 606, Revenue From Contracts With Customers, was issued by the FASB on May 28, 2014 in collaboration with the IASB For all public entities, ASC 606 was originally effective for periods
Slide 35: Implementation of New Accounting Standard For Revenue Recognition (ASC 606)
Implementation of New Accounting Standard For Revenue Recognition (ASC 606) The following table illustrates the primary impacts of the implementation of ASC 606 to the Company’s financial statements: Prior Treatment New Treatment Promotional Allowances/ Deducted from gross revenues to arrive at ne
Slide 36: LVSC Consolidated Results
LVSC Consolidated Results ($ in millions) 2017 2016 1Q17 2Q17 3Q17 4Q17 As Originally Reported Net Revenues $ 12,882 $ 11,410 $ 3,106 $ 3,141 $ 3,199 $ 3,436 Operating Expenses 9,420 8,917 2,343 2,325 2,343 2,409 Adjusted Property EBITDA 4,900 4,130 1,147 1,208 1,210 1,335 EBITDA Margin % 38.0% 36.2
Slide 37: Appendix
Appendix Sanes LAS VEGAS SANDS CORP.
Slide 38: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold‐Normalized Adj. Property EBITDA1 ($ in millions) 1Q17 2Q17 3Q17 4Q17 1Q18 Macao Operations 2 Reported $ 626 $ 600 $ 651 $ 730 $ 789 Hold‐Normalized $ 594 $ 597 $ 641 $ 757 $ 767 Marina Bay Sands Reported $ 364 $ 492 $ 442 $ 457 $ 541 Hold‐Normalized $ 387 $ 386 $ 410 $ 389 $ 430 Las
Slide 39: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year1 ($ in millions) $3,000 $2,776 $2,500 505 $2,015 $1,945 $2,000 $1,518 $1,500 65 2,249 $1,000 1,924 $588 1,432 $609 $500 65 $209 $108 501 587 65 $0 49 111 2 2018 2019 2020 2021 2022 2023 2024 2025 SCL MBS US % of Total 1% 2% 6% 16% 28% 20% 6% 21% Completed
Slide 40: Reporting of Non-Rolling Chip Drop at Marina Bay Sands
Reporting of Non‐Rolling Chip Drop at Marina Bay Sands The following presents non‐rolling drop at Marina Bay Sands: ($ in millions) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 MBS Under Updated (1) Methodology Non‐Rolling Chip drop $ 1,364 $ 1,281 $ 1,319 $ 1,268 $ 1,286 $ 1,267 $ 1,374 $ 1,342 $
Slide 41: ~$14 Billion of Investment in Macao's Future
Market‐Leading ~$14 Billion of Investment in Macao’s Future as a Business & Leisure Tourism Destination Portfolio of Nearly Family-friendly Market-Leading World-Class Entertainment and 13,000 Suites and Hotel Rooms Entertainment Customer Database Events Targeting Chinese Consumers Over Two Million s
Slide 42: Macao Visitation Opportunity
Macao Visitation Opportunity Business & Leisure Tourism Expenditure Drivers Future Growth Drivers As a result, Macao’s Mass visitors will: More efficient and affordable Come From Farther transportation infrastructure Away Greater number of hotel rooms Stay Longer and non‐gaming offerings in
Slide 43: Supplemental Information 1Q18 and 1Q17
Supplemental Information 1Q18 and 1Q17 ($ in millions) Three Months Ended March 31, 2018 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 Ass
Slide 44: Macao Market Background and Infrastructure Slides
Macao Market Background and Infrastructure Slides
Slide 45: Mass Gaming Generates Over 80% of Gaming Operating Profit in Macao
Mass Gaming Generates Over 80% of Gaming Operating Profit in Macao Composition of Macao Market Gross Gaming Revenue1 and Est. Gaming Operating Profit2 Quarter Ended March 31, 2018 TTM Ended March 31, 2018 ($ in millions) ($ in millions) $9,564M $2,462M $34,583M $8,832M 100% 100% 18% 19% 80% 80% 48%
Slide 46: 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 260 million tourists are expected to travel outside of China by 2025, up from 1 135 million in 2016. Chinese tourism expenditures are expected to increase from $261 billion in 2016 to $672 billion by 2025 Transportation i
Slide 47: China Is The World's Largest and Fastest Growing Outbound Tourism Market
1 China Is The World’s Largest and Fastest Growing Outbound Tourism Market Outbound Travel Tourism Spending ($ 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 48: China 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 49: Strong Growth in Chinese Outbound Tourism
1 Strong Growth in Chinese Outbound Tourism Chinese Outbound Tourism to Select Markets 2010‐2017 CAGR +18% +17% +12% +12% +15% +22% +8% +12% +27% +37% +8% +10% (in millions) 50.0 44.4 40.0 30.0 22.2 22.7 20.0 13.2 10.0 10.0 7.4 4.2 2.5 3.2 3.2 2.8 1.3 1.5 2.0 1.1 1.2 1.6 1.9 1.4 1.1 0.4 0.5 0.9 0.8
Slide 50: 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 51: 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 52: Infrastructure: Improvements Throughout the Pearl River Delta Region
Infrastructure: Meaningful Improvements 2 Throughout the Pearl River Delta Region Guangzhou Population: 16M 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 53: The Hong Kong-Macao-Zhuhai Bridge
2 The Hong Kong‐Macao‐Zhuhai Bridge $20 Billion Bridge Linking the Pearl River Delta Prior to project completion, no roads directly connect Zhuhai and Macao with Hong Kong. Automobile traffic must currently detour via the Humen Bridge ‐ a 200km journey of approximately four hours The bridge will
Slide 54: Market Leading Hotel Capacity at SCL
3 Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2020 Projected Macao Market Gaming Operator Hotel Rooms at December 31, 20201 New Development Cotai Total Market 16,000 % of Gaming % of Gaming % of Total Gaming Operator Rooms Operators Rooms Operator
Slide 55: Overnight Visitation to Macao Is Growing Faster Than Day-trip Visitation
Overnight Visitation to Macao Is Growing 4 Faster Than and Now Exceeds “Day‐trip” Visitation Mainland China Day‐Trip Visitors to Macao Mainland China Overnight Visitors to Macao (in millions) (in millions) 14.0 14.0 11.9 12.0 11.5 12.0 11.2 10.2 10.3 10.3 10.0 9.7 10.0 9.7 9.2 8.8 8.8 8.9 8.1 8.0 8.
Slide 56: The Greater Bay Area
5 The Greater Bay Area Promoting the Economic and Social Integration of the Pearl River Delta The Greater Bay Area (“GBA”) initiative was officially presented during the 12th National Peoples Congress in March 2017 The GBA initiative promotes the development of the Pearl River Delta region via e
Slide 57: Hengqin Island Expands Critical Mass of Tourism Offerings
Hengqin Island Expands Critical Mass of 5 Tourism Offerings for Visitors to the Region Map of Hengqin Island New Area Important Facts Island adjacent to Macao (3X the size of Macao) that has been identified as a strategic zone for cooperation among Guangdong Province, Hong Kong and Macao Master‐
Slide 58: Non-GAAP Measures Reconciliations
Non‐GAAP Measures Reconciliations
Slide 59: Reconciliation of Net Income to Consolidated Adjusted Property EBITDA
Reconciliation of Net Income to Consolidated Adjusted Property EBITDA ($ in millions) 2016 2017 1Q17 2Q17 3Q17 4Q17 1Q18 Net income $ 2,025 $ 3,263 $ 579 $ 639 $ 684 $ 1,361 $ 1,616 Add (deduct): Income tax (benefit) expense 239 (209) 69 78 73 (429) (571) Loss on modification or early retirement of
Slide 60: Non-GAAP Measures: Adjusted Net Income and Adjusted EPS
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 March 31, 2018 2017 Net income attributable to Las Vegas Sands Corp. $ 1,456 $ 481 Pre-opening
Slide 61: Non-GAAP Trailing Twelve Month Supplemental Schedule
Non‐GAAP Trailing Twelve Month Supplemental Schedule ($ in millions) 1Q17 2Q17 3Q17 4Q17 1Q18 TTM 1Q18 Cash Flows From Operations $ 963 $ 1,146 $ 1,113 $ 1,321 $ 1,397 $ 4,977 Adjust for: (Provision for) recovery of doubtful accounts (32) (22) (23) (19) 16 (48) Foreign exchange losses (18) (5) (15)
Slide 62: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold‐Normalized Adj. Property EBITDA1 ($ in millions) 1Q17 2Q17 3Q17 4Q17 1Q18 2 Macao Operations Reported $ 626 $ 600 $ 651 $ 730 $ 789 Hold‐Normalized Adjustment (32) (3) (10) 27 (22) Hold‐Normalized $ 594 $ 597 $ 641 $ 757 $ 767 Marina Bay Sands Reported $ 364 $ 492 $ 442 $ 457 $ 541 H
Slide 63: Sands
Sands LAS VEGAS SANDS CORP,