Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q4 2018 Earnings Presentation

64 slides from Las Vegas Sands's earnings presentation, Jan 23, 2019

  1. Slide 1: 4Q18 Earnings Call Presentation

    The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore The Parisian Macao 4Q18 Earnings Call Presentation January 23, 2019 Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo, Las Vegas

  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. Forward‐looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, whi

  3. 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  Proven track record of delivering secular long‐term growth in Asia  Unmatched development and operatin

  4. Slide 4: Fourth Quarter 2018 Financial Highlights

    Fourth Quarter 2018 Financial Highlights Quarter Ended December 31, 2018 vs Quarter Ended December 31, 2017 ($ in millions, except per share information) Actual Hold‐Normalized Quarter Ended December 31, Quarter Ended December 31, 2017 2018 Variance 2017 2018 Variance Net Revenue $3,391 $3,475 +2.5%

  5. Slide 5: 2018 Financial Highlights

    2018 Financial Highlights Year Ended December 31, 2018 vs Year Ended December 31, 2017 ($ in millions, except per share information) Actual Year Ended December 31, 2017 2018 Variance Net Revenue $12,728 $13,729 +7.9% (1) Net Income 3,263 2,951 ‐9.6% Adjusted Net Income Attributable to LVS 2,411 2,61

  6. Slide 6: Fourth Quarter 2018 Financial Results

    Fourth Quarter 2018 Financial Results Quarter Ended December 31, 2018 vs Quarter Ended December 31, 2017 ($ in millions, except per share information) 4Q17 4Q18 $ Change % Change Net Revenue $3,391 $3,475 $84 2.5% Net Income (Loss) $1,361 ($40) (1) ($1,401) ‐102.9% Adjusted Net Income Attributable t

  7. Slide 7: 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 December 31, 2018: Trailing twelve months ended December 31, 2018:  Cash Balance – $4.66 billion  Cash Flow from Operations – $4.70 billion  Debt – $11.97 billion1  Adjusted Prop

  8. Slide 8: LVS Increasing Return of Capital to Shareholders

    LVS Increasing Return of Capital to Shareholders $22.6 Billion of Capital Returned to Shareholders Since 2012 Las Vegas Sands remains committed to returning capital LVS Recurring Dividends per Share1 to shareholders via its recurring dividend program and share repurchases:  Dividends: $2.88 $2.92 $

  9. Slide 9: U.S. Tax Reform Impact on LVS

    U.S. Tax Reform Impact on LVS FOURTH QUARTER OF 2017: FOURTH QUARTER OF 2018:  Enactment of Tax Cuts and Jobs Act (“the Act”);  Proposed regulations issued clarifying the Act Nonrecurring, non‐cash benefit of $526 million  Nonrecurring, non‐cash expense of $727 million  Due to utilization of pre

  10. Slide 10: Macao Operations EBITDA Performance

    Macao Operations EBITDA Performance Quarter Ended December 31, 2018 vs Quarter Ended December 31, 2017 Macao Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin ($ in millions) Adjusted Property EBITDA Hold‐Normalized Adj. Prop. EBITDA $900 60% $786 $786 $800 $757 $730 50% $700 $

  11. Slide 11: Macao Operations EBITDA Performance

    Macao Operations EBITDA Performance Year Ended December 31, 2018 vs Year Ended December 31, 2017 Macao Operations Adjusted Property EBITDA Adjusted Property EBITDA ($ in millions) $3,200 $3,079 60% $2,800 $2,607 50% $2,400 40% $2,000 34.3% 35.4% $1,600 30% $1,200 20% $800 10% $400 $0 0% 2017 2018 No

  12. Slide 12: Macao Financial Performance

    Macao Financial Performance Quarter Ended December 31, 2018 vs Quarter Ended December 31, 2017 ($ in millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 4Q17 4Q18 $ % 4Q17 4Q18 $ % 4Q17 4Q18 bps The Venetian Macao $822 $919 $97 11.8% $324 $355 $31 9.6% 39.4% 3

  13. Slide 13: Macao Financial Performance by Property

    Macao Financial Performance by Property Year Ended December 31, 2018 vs Year Ended December 31, 2017 ($ in millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 2017 2018 $ % 2017 2018 $ % 2017 2018 bps The Venetian Macao $2,924 $3,474 $550 18.8% $1,133 $1,378 $

  14. Slide 14: Sands China Mass Market Table Update

    Sands China Mass Market Table Update Mass Market Table Win Grew 7.0% Reaching Quarterly Record $1.42 Billion USD SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter Sands China Departmental Profit Margin: 35% - 45% Sands China Departmental Profit Margin: 25% - 40% ($ in millions

  15. Slide 15: Growing Visitation from China to Macao

    Growing Visitation from China to Macao1 Non‐Guangdong Province Visitation Grew 14% for the Year Ended December 31, 2018 Year‐Over‐Year Visitation Growth from China Visitation from China to Macao1 Year Ended December 31, Population GDP Per Penetration Province 2017 2018 % Change (MM) Capita (US$) Rat

  16. Slide 16: Macao Market: Expanding Overnight Visitation Driving Growth

    Macao Market: Expanding Overnight Visitation Driving Growth Overnight Visits1 Mass (Tables & Slots) From China Win‐per‐Visit2 (in millions) ($) 700 4.0 3.5 600 3.5 3.3 $536 $523 3.0 500 2.5 400 2.0 300 1.5 200 1.0 0.5 100 0.0 0 4Q17 4Q18 4Q17 4Q18 More Hotel Inventory Driving Strong Increase in Day

  17. Slide 17: Macao Market: Continued Strong Growth in High Margin Mass Gaming Segment

    Macao Market: Continued Strong Growth in High Margin Mass Gaming Segment Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win‐per‐Visit1 ($ in millions) Quarterly Record $5,500 $5,224 $1,000 $4,955 $4,864 $5,000 $4,841 $4,449 $4,706 $4,589 $4,419 $4,500 $4,340 $4,146 $4,169 $800 $3,989 $4,01

  18. Slide 18: Macao Mass Market

    Macao Mass Market Macao Market Mass Gaming Revenue ($ in millions) Mass Win (Tables and Slots)1 Q1 Q2 Q3 Q4 Total 2016 $3,609 $3,508 $3,816 $3,989 $14,922 2017 $4,146 $4,017 $4,169 $4,706 $17,038 Growth ('17 v '16) 14.9% 14.5% 9.3% 18.0% 14.2% 2 2018 $4,955 $4,841 $4,864 $5,224 $19,884 2 Growth ('18

  19. Slide 19: Sands China VIP Table Update

    Sands China VIP Table Update ($ in millions, except per table amounts) VIP Investment SCL Rolling Win by Quarter Continues in 2019 Avg. Win per Table per Day $28,384 $800 $25,395  Adding additional amenities $692 across our entire property $700 portfolio $600 $514  Refurbishing and improving our $

  20. Slide 20: Macao Market: VIP Gaming

    Macao Market: VIP Gaming Macao Market VIP Gaming Revenue ($ in millions) VIP Win1 Q1 Q2 Q3 Q4 Total 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 $4,429 $4,208 $4,288 $4,574 $17,499 2 Growth ('18 v '17) 21.0%

  21. Slide 21: A Focus on Reinvestment in Our Market-Leading Assets

    A Focus on Reinvestment in Our Market‐Leading Assets Ongoing Strategic Reinvestment across our Market‐leading Macao Portfolio Estimated Spend Expected Timeframe The Londoner:  Renovation, expansion and rebranding of SCC to The ~$1.35B Commencement in 2019 – phased to minimize Londoner Macao disrupt

  22. Slide 22: 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, ~$15 billion by 2021  Nearly 30 million square feet of interconnected facilities on Cotai 2 Hotel Inventory:  ~12,100 rooms and luxury suites as of 4Q18  >

  23. Slide 23: Sands China Departmental Profit Contribution Diversified and Stable

    Sands China Departmental Profit Contribution Diversified and Stable Sands China Departmental Profit Contribution1 Year Ended December 31, 2017 Year Ended December 31, 2018 Other Other 4% 4% VIP VIP 9% 9% Mall Mall 12% 13% Mass Tables 52% Mass Tables 54% Hotel Hotel 15% 15% Slots Slots 7% 6% Mass Tab

  24. Slide 24: Capital Expenditures Expectations

    Capital Expenditures Expectations Future Planned Investments Composed of Income Producing Projects and Maintenance ($ in millions) $2,400 LVS Capex Expectations $1,800 $1,529 $1,398 $1,375 $1,425 $285 $150 $1,179 $1,200 $275 $200 $1,000 $898 $190 $949 $200 $925 $837 $767 $210 $390 $250 $575 $500 $19

  25. Slide 25: 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 Cotai Total Market New Properties % of Gaming % of Gaming % of Total 16,000 Gaming Operator Rooms Operators Rooms Operators M

  26. Slide 26: 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% of EBITDA 80% 72% 66% 10% 7% 30% 60% 16% 17% 20% 40% 14% 5% 34% 13% 28% 14% 10% 20% 24% 18% 0% 0% 2012 TTM 3Q18 2012 TTM 3Q18 3 3

  27. Slide 27: Marina Bay Sands

    Marina Bay Sands $362 Million of Adjusted Property EBITDA in Q4  Adjusted property EBITDA decreased 20.8% to $362 Adjusted Property EBITDA million due principally to softer rolling volume and and Adjusted Property EBITDA Margin lower rolling hold compared to 4Q17 ($ in millions) Actual Hold‐Normali

  28. Slide 28: Marina Bay Sands Diversified Sources of Departmental Profit

    Marina Bay Sands Diversified Sources of Departmental Profit Marina Bay Sands Hold‐Normalized Departmental Profit Contribution Year Ended December 31, 20171 Year Ended December 31, 20181 VIP VIP 17% Other Other 14% 5% 4% Mass Tables 35% Mall Mass Tables 8% 34% Mall 8% Hotel Hotel 17% Slots Slots 16%

  29. Slide 29: 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 4Q18 Sales $682 per Sq. Foot² $700 $647 $646 $649 $658 $600 MBS: $179 $167 $171 $173 $175 $1,898 $500 Parisian Macao: $56 $649 $66 $64 $62 $59 $400 $69 SCC: $63

  30. Slide 30: Rising Retail Tenant Sales Across Asia Portfolio

    Rising Retail Tenant Sales Across Asia Portfolio Trailing Twelve Months’ Sales per Square Foot1 ($ per Sq. Foot, Unless Otherwise Indicated) Sales per Sq. Ft. 2 4Q18 GLA TTM 4Q18 v (Sq. Ft) TTM 4Q18 TTM 3Q18 TTM 2Q18 TTM 1Q18 TTM 4Q17 TTM 4Q17 The Shoppes at Marina Bay Sands 606,362 $1,898 $1,840 $1

  31. Slide 31: Sands China: Retail Mall Revenue Composition

    Sands China: Retail Mall Revenue Composition Macao Quarterly Retail Revenue Composition ($ in millions) $160 $147 $140 $127 $124 $119 $38 $120 $18 $113 $8 $14 $3 $100 $80 $60 $109 $110 $111 $110 $109 $40 $20 $‐ 4Q17 1Q18 2Q18 3Q18 4Q18 Base Rent and Other Fees Turnover Rent Turnover Rent Grew 111.1%

  32. Slide 32: Las Vegas Operations Update

    Las Vegas Operations Update Hold‐normalized Adjusted Property EBITDA of $125 million  Adjusted property EBITDA decreased 12.3% to $100 million Adjusted Property EBITDA and Adjusted Property EBITDA Margin  Hold‐normalized adjusted property EBITDA ($ in millions) Actual Hold‐Normalized — Increased 9

  33. Slide 33: Sands Bethlehem Update

    Sands Bethlehem Update Leading Tri‐State Region Property Adjusted Property EBITDA  Adjusted property EBITDA decreased 29.4% to $24 and Adjusted Property EBITDA Margin million ($ in millions) — Table games hold was 17.0% in 4Q18 versus 19.4% in $50 50% 4Q17 negatively impacting financial results  T

  34. Slide 34: Geographically Diverse Sources of EBITDA

    Geographically Diverse Sources of EBITDA EBITDA Contribution by Geography in 4Q 2018 ($ in millions) LVS Consolidated Adjusted Property EBITDA1 LVS Consolidated Hold‐Normalized Adj. Prop. EBITDA1 $1,272M $1,297M United United States States 10% 11% Singapore Singapore 28% 28% Macao Macao 62% 61% 1. T

  35. Slide 35: 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 The Most Compelling and Prove

  36. Slide 36: 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

  37. Slide 37: Appendix

    Appendix Sanes LAS VEGAS SANDS CORP.

  38. Slide 38: Historical Hold-Normalized Adj. Property EBITDA

    Historical Hold‐Normalized Adj. Property EBITDA1 ($ in millions) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Macao Operations2 Reported $626 $600 $651 $730 $789 $750 $754 $786 Hold‐Normalized $594 $597 $641 $757 $767 $730 $754 $786 Marina Bay Sands Reported $364 $492 $442 $457 $541 $368 $419 $362 Hold‐N

  39. Slide 39: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year1 ($ in millions) $6,000 $5,074 $5,000 $4,000 $3,682 3,274 $3,000 1,847 $1,900 $2,000 $1,000 1,900 1,800 $599 1,800 $520 $111 $100 $99 564 $0 $0 485 $0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 SCL MBS US % of Total 1% 1% 1% 4% 30% 5% 42% 0% 0% 16%

  40. Slide 40: Macao Market Background and Infrastructure Slides

    Macao Market Background and Infrastructure Slides

  41. Slide 41: 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 The Venetian Macao The Parisian Macao Sands Cotai Central Four Seasons Macao Sands Macao Portfolio of ~Two Million sq. feet of World-Class En

  42. 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

  43. Slide 43: 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 December 31, 2018 TTM Ended December 31, 2018 ($ in millions) ($ in millions) $9,798M $2,547M $37,383M $9,703M 100% 100% 18% 18% 80% 80

  44. Slide 44: Five Trends Supporting Growth in the Macao Market in the Future

    Five Trends Supporting 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 infrastructure a

  45. Slide 45: 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

  46. Slide 46: 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) Number of Outbound Travel Trips 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 7 Years Outbound Travel From China is Projected t

  47. Slide 47: 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

  48. Slide 48: 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

  49. Slide 49: 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

  50. Slide 50: Infrastructure: Meaningful 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 • Four hour train ride Guangzhou – Zhuhai Intercity Rail Guangzhou – Shenzhen – Hong Kong Rail • 60 ‐ 80 minute train ride (2+ hours

  51. Slide 51: The Hong Kong-Macao-Zhuhai Bridge

    2 The Hong Kong‐Macao‐Zhuhai Bridge $20 Billion Bridge Linking the Pearl River Delta  The bridge opened for traffic on October 24, 2018  Prior to project completion, no roads directly connected Zhuhai and Macao with Hong Kong. Automobile traffic was required to travel via the Humen Bridge ‐ a 200k

  52. Slide 52: 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 Cotai Total Market New Properties % of Gaming % of Gaming % of Total 16,000 Gaming Operator Rooms Operators Rooms Operators

  53. Slide 53: Overnight Visitation to Macao Is Growing Faster Than and Now Exceeds Day-trip Visitation

    Overnight Visitation to Macao Is Growing 4 Faster Than and Now Exceeds “Day‐trip” Visitation Day‐Trip Visitors to Macao from China Overnight Visitors to Macao from China (in millions) (in millions) 14.0 13.3 11.9 12.0 10.3 10.0 9.7 9.2 8.9 8.1 8.0 7.3 6.3 6.0 5.2 4.0 3.5 3.3 2.0 0.0 2009 2010 2011 2

  54. Slide 54: The Greater Bay Area Initiative

    5 The Greater Bay Area Initiative Promoting the Economic Growth 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 econom

  55. Slide 55: Hengqin Island Expands Critical Mass of Tourism Offerings for Visitors to the Region

    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‐

  56. Slide 56: Non-GAAP Measures Reconciliations

    Non‐GAAP Measures Reconciliations

  57. Slide 57: Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA

    Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA ($ in millions) 1Q17 2Q17 3Q17 4Q17 2017 1Q18 2Q18 3Q18 4Q18 2018 Net income (loss) $579 $639 $684 $1,361 $3,263 $1,616 $676 $699 ($40) $2,951 Add (deduct): Income tax expense (benefit) 69 78 73 (429) (1) (209) (571) (1) 81

  58. Slide 58: Non-GAAP Measures: Adjusted Net Income (Loss); Hold-Normalized Adjusted Net Income

    Non‐GAAP Measures: Adjusted Net Income (Loss); Hold‐Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold‐Normalized Adjusted Earnings Per Diluted Share ($ in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2018 2017 2018 2017 Net income (loss) attr

  59. Slide 59: Non-GAAP Trailing Twelve Month Supplemental Schedule

    Non‐GAAP Trailing Twelve Month Supplemental Schedule ($ in millions) 4Q17 1Q18 2Q18 3Q18 4Q18 TTM 4Q18 Cash Flows From Operations $1,321 $1,397 $1,107 $896 $1,301 $4,701 Adjust for: (Provision for) recovery of doubtful accounts (19) 16 (7) (5) (9) (5) Foreign exchange gains (losses) (15) (12) 48 1 (

  60. Slide 60: Historical Hold-Normalized Adj. Property EBITDA

    Historical Hold‐Normalized Adj. Property EBITDA1 ($ in millions) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Macao Operations2 Reported $626 $600 $651 $730 $789 $750 $754 $786 Hold‐Normalized Adjustment (32) (3) (10) 27 (22) (20) 0 0 Hold‐Normalized $594 $597 $641 $757 $767 $730 $754 $786 Marina Bay San

  61. Slide 61: Supplemental Information

    Supplemental Information Sanes LAS VEGAS SANDS CORP.

  62. Slide 62: Supplemental Information 4Q18 and 4Q17

    Supplemental Information 4Q18 and 4Q17 ($ in millions) Three Months Ended December 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

  63. Slide 63: Supplemental Information YTD 4Q18 and YTD 4Q17

    Supplemental Information YTD 4Q18 and YTD 4Q17 ($ in millions) Twelve Months Ended December 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

  64. Slide 64: Las Vegas Sands Corp.

    Sands LAS VEGAS SANDS CORP,

Las Vegas Sands — Q4 2018 Earnings Presentation on 6ix