Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q4 2018 Earnings Presentation
28 slides from Las Vegas Sands's earnings presentation, Jan 23, 2019
Slide 1: 4Q18 Earnings Call Supplemental Materials
The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore The Parisian Macao 4Q18 Earnings Call Supplemental Materials January 23, 2019 Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo, Las Vegas
Slide 2: Non-GAAP Financial Measures
Non‐GAAP Financial Measures Within this presentation, the company may make reference to certain non‐GAAP financial measures including “consolidated adjusted property EBITDA,” which have directly comparable financial measures presented in accordance with accounting principles generally accepted in th
Slide 3: Index: 4Q18 Supplementary Materials
Index: 4Q18 Supplementary Materials I. Sands ECO360 II. Sands – Global Leadership in Entertainment III. Adoption of The Financial Accounting Standard Board’s Accounting Standard Codification 606 on Revenue from Contracts with Customers 3
Slide 4: I. Sands ECO360
I. Sands ECO360 Sanes LAS VEGAS SANDS CORP.
Slide 5: Sands ECO360 Industry Leading Global Sustainability Program
Sands ECO360 Industry Leading Global Sustainability Program High‐performing buildings, energy Programs to reduce, recycle, efficiency innovations and divert and donate waste renewable energy solutions Advanced technologies Sustainable food options and optimized routes for and education, restaurant o
Slide 6: 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) and our emissions reduction goals are approved by science‐based targets: Emissions Water Waste Double the global rate of Subst
Slide 7: Sands ECO360 Key Initiatives
Sands ECO360 Key Initiatives: GHG Emissions Goal Exceeded: During 2018, our property teams worked relentlessly 1 reducing our energy consumption and related GHG emissions, which allowed us to reach our 2020 GHG Emissions goal two years in advance. LEED Gold Certification: The ArtScience Museum at Ma
Slide 8: Sustainability Awards & Certifications
Sustainability Awards & Certifications Recognition on a Local and Global Level Las Vegas Sands United States Macao Singapore Dow Jones Sustainability Indices Trip Advisor: Green Leader Gold Macao Green Hotel Awards LEED Gold for Building Operations (2015, 2016, 2018) Certification Platinum – The Ven
Slide 9: II. Sands – Global Leadership in Entertainment
II. Sands – Global Leadership in Entertainment
Slide 10: Sands – Global Leadership in Entertainment
Sands – Global Leadership in Entertainment More Events, Venues and Seats than any Other Operator in the Region Events Entity Venue Seating Capacity Since Opening Cotai Arena 15,000 371 Four Other Theaters 5,351 183 Largest Pillar‐less 6,373 38 Ballroom in Asia Theater 2,183 276 Sands Offers More Ent
Slide 11: Western Performers
Sands – Global Leadership in Entertainment Western Performers The Rolling Stones Katy Perry Céline 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… These photographs
Slide 12: 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 These photographs depict performers who have performed or intend to perf
Slide 13: Sporting Events and Exhibitions
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 14: 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 15: Entertainment That Engages the Entire Family
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 15 These photographs depict performers wh
Slide 16: Recent Performances and Events
Sands – Global Leadership in Entertainment Recent Performances and Events Mariah Carey Kinky Boots Mama Mia The Secret Jane Zhang These photographs depict performers who have performed or intend to perform at Las Vegas Sands’ properties in Macao and Singapore. 16
Slide 17: III. Adoption of ASC 606 on Revenue from Contracts with Customers
III. Adoption of The Financial Accounting Standard Board’s Accounting Standard Codification 606 on Revenue from Contracts with Customers
Slide 18: 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 19: 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 20: 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 21: LVSC Consolidated Results (Updated with New Revenue Recognition Guidance)
LVSC Consolidated Results (Updated with New Revenue Recognition Guidance) ($ in millions) 2017 2016 1Q17 2Q17 3Q17 4Q17 Revenues: Casino $ 9,086 $ 7,886 $ 2,157 $ 2,243 $ 2,270 $ 2,416 Rooms 1,586 1,499 398 367 405 416 Food and beverage 828 747 212 195 192 229 Mall 651 591 157 159 160 175 Convention
Slide 22: 2017 Property Results (Updated with New Revenue Recognition Guidance)
2017 Property Results (Updated with New Revenue Recognition Guidance) ($ in millions, except Slot WPUPD, ADR Venetian Sands Cotai The Parisian The Plaza Marina Bay Venetian/ Sands and RevPAR) Macao Central Macao Macao Sands Macao Sands Palazzo Bethlehem Revenues: Casino $ 2,362 $ 1,433 $ 1,120 $ 391
Slide 23: 2016 Property Results (Updated with New Revenue Recognition Guidance)
2016 Property Results (Updated with New Revenue Recognition Guidance) ($ in millions, except Slot WPUPD, ADR Venetian Sands Cotai The Parisian The Plaza Marina Bay Venetian/ Sands and RevPAR) Macao Central Macao Macao Sands Macao Sands Palazzo Bethlehem Revenues: Casino $ 2,286 $ 1,471 $ 315 $ 392 $
Slide 24: 1Q17 Property Results (Updated with New Revenue Recognition Guidance)
1Q17 Property Results (Updated with New Revenue Recognition Guidance) ($ in millions, except Slot WPUPD, ADR Venetian Sands Cotai The Parisian The Plaza Marina Bay Venetian/ Sands and RevPAR) Macao Central Macao Macao Sands Macao Sands Palazzo Bethlehem Revenues: Casino $ 596 $ 344 $ 243 $ 92 $ 164
Slide 25: 2Q17 Property Results (Updated with New Revenue Recognition Guidance)
2Q17 Property Results (Updated with New Revenue Recognition Guidance) ($ in millions, except Slot WPUPD, ADR Venetian Sands Cotai The Parisian The Plaza Marina Bay Venetian/ Sands and RevPAR) Macao Central Macao Macao Sands Macao Sands Palazzo Bethlehem Revenues: Casino $ 538 $ 331 $ 285 $ 88 $ 144
Slide 26: 3Q17 Property Results (Updated with New Revenue Recognition Guidance)
3Q17 Property Results (Updated with New Revenue Recognition Guidance) ($ in millions, except Slot WPUPD, ADR Venetian Sands Cotai The Parisian The Plaza Marina Bay Venetian/ Sands and RevPAR) Macao Central Macao Macao Sands Macao Sands Palazzo Bethlehem Revenues: Casino $ 564 $ 341 $ 341 $ 93 $ 130
Slide 27: 4Q17 Property Results (Updated with New Revenue Recognition Guidance)
4Q17 Property Results (Updated with New Revenue Recognition Guidance) ($ in millions, except Slot WPUPD, ADR Venetian Sands Cotai The Parisian The Plaza Marina Bay Venetian/ Sands and RevPAR) Macao Central Macao Macao Sands Macao Sands Palazzo Bethlehem Revenues: Casino $ 664 $ 417 $ 251 $ 118 $ 136
Slide 28: 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 Net income $ 2,025 $ 3,263 $ 579 $ 639 $ 684 $ 1,361 Add (deduct): Income tax (benefit) expense 239 (209) 69 78 73 (429) Loss on modification or early retirement of debt 5 5 5 - - - Ot