Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q2 2024 Earnings Presentation

74 slides from Las Vegas Sands's earnings presentation, Jul 24, 2024

  1. Slide 1: 2Q24 Earnings Presentation

    2Q24 Earnings Presentation July 24, 2024

  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. These forward- looking statements include the discussions of our business strategies and expectations concerning futur

  3. Slide 3: The Investment Case for Las Vegas Sands

    The Investment Case for Las Vegas Sands  Global leader in Integrated Resort development and operation delivering industry-leading returns  Largest scale operator in leading markets with industry-leading revenues and margins  Investing in promising growth opportunities  Disciplined, experienced l

  4. Slide 4: Strategic Priorities and Market Update

    Strategic Priorities and Market Update Strategic Priorities:  Continue to execute ongoing capital investment programs in both Macao and Singapore − Adding suite capacity in both markets to attract more high-value business  Continue to execute program to return excess capital to shareholders throug

  5. Slide 5: Second Quarter 2024 Financial Results

    Second Quarter 2024 Financial Results Quarter Ended June 30, 2024 vs June 30, 2023 ($ in US millions, except per share information) LVS Consolidated Second Quarter Financial Results 2Q23 2Q24 Change Net Revenue $2,542 $2,761 $219 Net Income 368 424 56 Net Income Attributable to LVS 312 353 41 Dilute

  6. Slide 6: Second Quarter 2024 Overview (cont’d)

    Second Quarter 2024 Overview (cont’d) ($ in US millions) Adjusted Property EBITDA 2Q23 2Q24 Change % Change Macao Operations $541 $561 $20 3.7% Adjusted Property EBITDA Margin 33.2% 32.0% -120 bps Marina Bay Sands $432 $512 $80 18.5% Adjusted Property EBITDA Margin 46.7% 50.4% 370 bps LVS Total $973

  7. Slide 7: Illustrative Impact of Hold in Our Rolling Play

    Illustrative Impact of Hold in Our Rolling Play1 Macao – Select Quarterly Results ($ in US millions) Macao Operations 2Q23 3Q23 4Q23 1Q24 2Q24 Net Revenue $1,628 $1,789 $1,863 $1,811 $1,754 Expected hold impact1 (19) (25) 68 52 6 Had we held as expected in our rolling play, Net Revenue would have be

  8. Slide 8: Illustrative Impact of Hold in Our Rolling Play

    Illustrative Impact of Hold in Our Rolling Play1 Marina Bay Sands – Select Quarterly Results ($ in US millions) Marina Bay Sands 2Q23 3Q23 4Q23 1Q24 2Q24 Net Revenue $925 $1,015 $1,061 $1,158 $1,016 Expected hold impact1 (24) (44) (91) (99) (83) Had we held as expected in our rolling play, Net Reven

  9. Slide 9: Detail Operating Update: Macao Property Portfolio

    Detail Operating Update: Macao Property Portfolio Quarter Ended June 30, 2024  Macao market overview: − The Macao market generated gaming revenue of ~$7.0 billion for 2Q24, up 24% from 2Q23 • Mass gaming revenue reached ~$6.1 billion, up 29% from 2Q23 − Visitation from China excluding Guangdong pro

  10. Slide 10: Detail Operating Update: Marina Bay Sands in Singapore

    Detail Operating Update: Marina Bay Sands in Singapore Quarter Ended June 30, 2024  Ongoing $1.75 billion capital investment program will enhance the tourism appeal of Marina Bay Sands and help drive high-value tourism growth − 390 suites introduced through June 30, 2024, with 385 additional suites

  11. Slide 11: LVS Adjusted Property EBITDA

    LVS Adjusted Property EBITDA Select Quarterly Results LVS Adjusted Property EBITDA ($ in US millions) $1,500 Assuming Expected Hold in Our Rolling -$31mm -$46mm Play1 -$49mm $1,198 $1,207 -$60mm $1,200 $1,122 -$30mm $1,073 $973 $900 $600 $300 $0 2Q23 3Q23 4Q23 1Q24 2Q24 1. These amounts present the

  12. Slide 12: Sands China

    Sands China HESares

  13. Slide 13: Sands China Ltd. Financial and Operating Performance

    Sands China Ltd. Financial and Operating Performance Adjusted Property EBITDA For the quarter ended June 30, 2024: ($ in US millions)  Adjusted Property EBITDA: $561 million with a margin of 32.0% $1,200 Assuming Expected Hold in Our Rolling Play1 ─ Assuming expected hold in our rolling play1, Adju

  14. Slide 14: Macao Financial Performance

    Macao Financial Performance Quarter ended June 30, 2024 vs quarter ended June 30, 2023 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 2Q23 2Q24 $ % 2Q23 2Q24 $ % 2Q23 2Q24 bps T he Venetian Macao $653 $686 $33 5.1% $252 $262 $10 4.0% 38.6% 38.2%

  15. Slide 15: Sands China Mass Market Table Update

    Sands China Mass Market Table Update Base Mass and Premium Mass Table Win SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter ($ in US millions) ($ in US millions) $1,000 $1,000 Avg. Win per Table per Day: $7,383 Avg. Win per Table per Day: $14,516 $800 $800 $732 $714 $681 $690

  16. Slide 16: Sands China Mass Market Table and Slots Update

    Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win SCL Mass Table1 Win by Quarter SCL Slots2 Win by Quarter ($ in US millions) ($ in US millions) Avg. Win per Table per Day: $9,753 Avg. Win per Unit per Day: $406 $1,600 $200 $1,400 $1,417 $1,415 $1,365 $168 $166 $163 $

  17. Slide 17: Macao Concessionaire Adj. Property EBITDA Share

    Macao Concessionaire Adj. Property EBITDA Share SCL Has Consistently Generated the Dominant Share of Macao Market EBITDA 100% 32.9% 33.5% 34.1% 33.7% 33.5% 30.1% 35.0% 35.3% 35.0% 80% 5.5% 5.6% 5.4% 6.4% 0.4% 3.5% 4.1% 4.6% 60% 5.7% 8.1% 8.9% 16.2% 14.0% 15.9% 8.5% 8.5% 13.5% 14.5% 14.1% 15.5% 16.0%

  18. Slide 18: Macao Market: Mass Gaming

    Macao Market: Mass Gaming Mass GGR Tables & Slots Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit1 ($ US in millions) $6,500 $1,400 $6,171 $6,109 $5,936 $6,000 $5,608 $5,440 $5,523 $1,200 $5,500 $5,356 $5,350 $5,251 $4,841 $4,955 $4,864 $5,000 $4,730 $1,000 $4,706 $4,500 $4,14

  19. Slide 19: Macao Market: Total Visitation

    Macao Market: Total Visitation Macao Quarterly Market Visitation (millions) ~79% of 12.0 2Q19 10.4 10.0 9.9 9.9 10.0 9.2 9.0 8.9 8.8 8.3 8.5 8.3 8.3 8.3 7.9 7.8 8.0 7.7 6.7 6.0 4.9 4.0 2.0 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Visitation to Macao i

  20. Slide 20: Macao Visitation Overview

    Macao Visitation Overview 2Q Visitation (millions) 2019 2024 Variance % of 2019 China, excluding Guangdong Province 4.01 2.44 (1.57) 61% Guangdong Province 2.85 2.80 (0.05) 98% Hong Kong 1.90 1.79 (0.11) 94% All Other Visitation 1.16 0.81 (0.35) 70% Total Macao Visitation 9.92 7.84 (2.08) 79%  Tour

  21. Slide 21: Visitation from China to Macao

    Visitation from China to Macao1 Exclusive of Guangdong Province, 2Q24 Visitation Was 61% of 2019 Level 2Q24 Visitation - % of 2019 Visitation from China to Macao1 Three Months Ended June 30, Population GDP Per Penetration Province 2019 2024 % of 2019 (MM) Capita (US$) Rate Shanghai 180,597 188,421 1

  22. Slide 22: Macao Airport Monthly Volume Reached 81% of 2Q19 Level

    Sands China Macao Airport Monthly Volume Reached 81% of 2Q19 Level in 2Q24 Macao Airport Passenger Volume 2019 2023/2024 (000’s) (000’s) % of 2019 1,000 931 Passenger Volume 100% 900 856 853 in 2Q24 ~81% of 83% 80%80% 812 792 2Q19 78% 800 778 778 781 781 767 76% 78% 80% 730 752 70% 700 64% 65% 65% 6

  23. Slide 23: Marina Bay Sands

    Marina Bay Sands HESares

  24. Slide 24: Marina Bay Sands: Delivering Strong Financial Performance

    Marina Bay Sands Delivering Strong Financial Performance While Investing for Future Growth  Ongoing Phase II of the MBS suite renovation and refurbishment Adjusted Property EBITDA program will increase suite capacity from 390 to 775 by 2Q25 ($ in US millions) Assuming Expected Hold in $1,000  Adju

  25. Slide 25: Marina Bay Sands Mass Gaming Revenue

    Marina Bay Sands Mass Gaming Revenue (Tables & Slots) MBS Mass Gaming Revenue (Tables & Slots) ($ US in millions) ~41% growth v 2Q19, ~4% growth v 2Q23 $687 $700 $650 $604 $600 $580 $569 $584 $549 $550 $500 $477 $449 $432 $441 $437 $450 $428 $430 $427 $424 $420 $427 $428 $402 $408 $400 $390 $350 $30

  26. Slide 26: Retail Mall Operations

    Retail Mall Operations HESares

  27. Slide 27: Retail Mall Portfolio in Asia

    Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $778 $780 TTM 2Q24 Sales $800 $766 per Sq. Foot1 $698 $700 $616 $254 $260 $261 MBS $600 $2,945 $245 $31 Parisian Macao $500 $232 $32 $30 $592 $28 $66 $68 $69 Londoner Macao $400 $59 $1,575 $26 $51 Four Season

  28. Slide 28: Retail Mall Portfolio in Asia: Tenant Sales

    Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 2Q24 Sales per Sq. Ft. GLA1 Occupancy % at (Sq. Ft.) Period End TTM 2Q24 TTM 1Q24 TTM 4Q23 TTM 3Q23 TTM 2Q23 The Shoppes at Marina Bay Sands 615,944 99.9% $2,945 $3,022 $2,991 $2,998 $2,912 Shoppes at Venetian

  29. Slide 29: Retail Mall Revenue

    Retail Mall Revenue Quarterly Retail Revenue Composition - 1Q18 to 4Q19 and 1Q23 to 2Q24 ($ in US millions) Base Rent, CAM, Other1 Turnover Rent2 SCL Mall Revenue $180 $160 $156 $160 $148 $140 $129 47 $132 $124 38 $123 49 $119 $115 $115 $115 $116 $120 $113 14 7 15 29 8 4 $109 6 3 15 8 $100 11 $80 $6

  30. Slide 30: Balance Sheet, Liquidity and Return of Capital to Shareholders

    Balance Sheet, Liquidity and Return of Capital to Shareholders

  31. Slide 31: Strong Balance Sheet and Liquidity

    Strong Balance Sheet and Liquidity As of June 30, 2024: Trailing Twelve Months Ended June 30, 2024:  Cash Balance1 – $4.71 billion  Adjusted Property EBITDA – $4.60 billion  Liquidity2 – $9.14 billion  Cash Flow from Operations – $3.37 billion  Debt – $13.72 billion  Net Debt – $9.01 billion (

  32. Slide 32: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year ($ in US millions) $4,000 $3,489 $3,500 $3,153 $3,000 1,028 1,689 $2,500 $2,000 $1,900 $1,900 500 $1,450 $1,500 1,000 1,250 $1,000 750 1,900 $700 1,625 $600 2 $500 $500 $1071 800 700 650 700 600 500 $0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

  33. Slide 33: LVS Return of Capital

    LVS Return of Capital 2012 - 2020 Total Capital Returned to LVS Shareholders 2012 - 2020 ($ in US millions) Total 2012 - 2020 3 2012 2013 2014 2015 2016 2017 2018 2019 2020 $ % LVS Share Repurchases - $570 $1,665 $205 - $375 $905 $754 - $4,474 20.0% 1,2 LVS Dividends Paid 824 1,153 1,610 2,074 2,290

  34. Slide 34: LVS Return of Capital (cont’d)

    LVS Return of Capital (cont’d) 2Q24: $400 Million Shares of LVS Repurchased, $148 Million in Dividends Paid Total Capital Returned to LVS Shareholders 2023 – 2Q24 Capital Return Update for 2Q24 ($ in US millio ns) Repurchases: Total  $400 million of LVS share repurchases 3Q23 4Q23 1Q24 2Q24 $ % (8.

  35. Slide 35: Investment and Capital Expenditures

    Investment and Capital Expenditures

  36. Slide 36: Sands China: Recent Capital Investment

    Sands China: Recent Capital Investment Investments in Increased Capacity and Elevated Customer Experience  Completed Investments: − The Londoner Macao Phase I: ~$1.35 billion − Grand Suites at Four Seasons Macao: ~$450 million − Londoner Court: ~$400 million  The Londoner Macao Phase II: ~$1.2 bil

  37. Slide 37: Sands China: Recent Capital Investment

    Sands China: Recent Capital Investment Investments in Increased Capacity and Elevated Customer Experience Grand Suites at Four Seasons Macao The Londoner Macao 37

  38. Slide 38: The Londoner Macao

    The Londoner Macao Phase I Complete, Phase II Commenced in 4Q23  Phase II: ─ Renovation and repositioning of the Sheraton hotel towers (3,968 keys) to Londoner Grand (2,405 rooms and suites) ─ Renovation of the Pacifica casino ─ Creation of new dining, retail and entertainment offerings ─ Introduct

  39. Slide 39: Long-Term Commitment to Macao

    Long-Term Commitment to Macao Capital Investment Commitment Through 2032 In conjunction with the award of our concession to operate in Macao through 2032, Sands committed to spend at least $4.5 billion of investment in Macao through 2032, 93% of which will be for non-gaming projects  Capital Expend

  40. Slide 40: Marina Bay Sands: Recent Capital Investment

    Marina Bay Sands: Recent Capital Investment Elevation of hotel towers, premium gaming areas, public spaces, lifestyle experiences  Renovation and Refurbishment Program to elevate and enhance room and suite product and conduct refurbishments to increase Singapore’s business and leisure tourism appea

  41. Slide 41: Marina Bay Sands Renovation Phases

    Marina Bay Sands Phase I Substantially Completed, Phase II To Be Completed in Phases Through 2025  MBS Renovation Phase II: ─ Hotel Tower 3 – introduction of redesigned rooms and suites (completed by 2Q25) ─ Lobby and VIP arrival renovation ─ Skypark amenities ─ Additional F&B/dining options ─ Spa

  42. Slide 42: Marina Bay Sands Renovation Program

    Marina Bay Sands Renovation Program Introduction of New Suites and Amenities Continues Marina Bay Sands has now substantially completed the introduction of 1,300 redesigned rooms for Phase I, including 390 new suites, as well as additional dining, entertainment and retail offerings 42

  43. Slide 43: Capital Expenditures Expectations

    Capital Expenditures Expectations ($ US in millions) LVS Capex Expectations $2,000 $1,525 $1,500 $1,330 $33 $600 $1,150 $1,017 $175 $1,000 $891 $835 $825 $825 $88 $419 $651 $175 $175 $650 $475 $196 $700 $500 $172 $325 $325 $157 $462 $426 $328 $298 $325 $325 $325 $225 $0 2020A 2021A 2022A 2023A 2024E

  44. Slide 44: 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

  45. Slide 45: Environmental, Social and Governance (ESG)

    Environmental, Social and Governance (ESG)

  46. Slide 46: Environmental, Social and Governance (ESG)

    Environmental, Social and Governance (ESG) Industry Leading ESG Platform  LVS is committed to providing leadership in ESG through collaboration with Team Members, guests, small and medium enterprises, and community organizations where we operate  Minimizing our environmental impact, practicing goo

  47. Slide 47: Sustainability Awards and Certifications

    Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability Highlights:  In 2023, Sands was named to the Dow Jones Sustainability Indices (DJSI) on DJSI World for the fourth consecutive year and DJSI North America for the sixth consecutive y

  48. Slide 48: Sustainability Awards and Certifications (cont’d)

    Sustainability Awards and Certifications (cont’d) Recognized by Independent Third Parties as a Global Leader in Sustainability Las Vegas Sands Singapore Macao Dow Jones Sustainability Index, North America LEED Platinum for Building Operations and Maintenance Dow Jones Sustainability Index, Asia Paci

  49. Slide 49: Appendices

    Appendices HESares

  50. Slide 50: Market Leading Hotel Capacity

    Market Leading Hotel Capacity SCL is the Leader in Macao Hotel Room and Suite Inventory Macao Market 4/5 Star Hotel Rooms at June 30, 20241,2 – Gaming Operators Cotai ~ 25,000 Rooms by Gaming Operators Total Macao ~ 29,000 Rooms by Gaming Operators MGM 10,540 Rooms and MGM 10,829 Rooms and China Sui

  51. Slide 51: Sands China Market Leadership

    Sands China Market Leadership Leadership in Macao Investment Expansion and Reinvestment  ~$16 billion through December 31, 2023  289 suites in the Grand Suites at Four Seasons Macao  Approximately 30 million square feet of interconnected opened October 2020 (~1 million SF of suite product) facili

  52. Slide 52: Sands China Market Leadership

    Sands China Market Leadership Continued Expansion of Market-Leading Cotai Strip Property Portfolio New Luxury Suites Suite Conversion The Venetian St. Regis Hotel Macao 400 Suites 2,905 Suites Londoner Court 368 Suites C (Opened September O 2021) Grand Suites at Four Seasons T Conrad Macao 289 Suite

  53. Slide 53: Marina Bay Sands Expansion

    Marina Bay Sands Expansion HESares

  54. Slide 54: Marina Bay Sands, Singapore

    Marina Bay Sands, Singapore Contributing to Economic Growth and Enhancing the Tourism Appeal of Singapore Marina Bay Sands Existing Integrated Resort  Contributed to economic growth and to Singapore’s appeal as an exciting global city  Delivered iconic architecture to Singapore’s CBD area  MBS is

  55. Slide 55: Marina Bay Sands Expansion

    Marina Bay Sands Expansion Luxurious New Hotel, Entertainment, MICE and Retail Offerings Las Vegas Sands entered into a development agreement with the Singapore government in April 2019 to expand Marina Bay Sands  Iconic New Luxury Hotel Tower: − All-suite room product designed to set a new standar

  56. Slide 56: Marina Bay Sands Expansion

    Marina Bay Sands Expansion A Development Agreement with the Singapore Tourism Board will allow an expansion of Marina Bay Sands 56

  57. Slide 57: Marina Bay Sands Expansion

    Marina Bay Sands Expansion Artistic Impression Design, development and programming work remain ongoing, with a focus on increasing the leisure and business tourism appeal of Singapore and Marina Bay Sands Note: Image above denotes preliminary artistic impression which is subject to change. 57

  58. Slide 58: Macao Market Background and Infrastructure Slides

    Macao Market Background and Infrastructure Slides

  59. Slide 59: Market-Leading ~$16 Billion of Investment at 12/31/23

    Market-Leading ~$16 Billion of Investment at 12/31/23 Investing in Macao’s Future as a Leisure & Business Tourism Destination  Industry-leading Integrated Resort portfolio ─ Portfolio of ~10,8001 rooms and suites ─ ~2.0 million square feet of new luxurious hotel suite inventory introduced in 2020 a

  60. Slide 60: Macao’s Long-Term Growth Opportunity

    Macao’s Long-Term Growth Opportunity Business & Leisure Tourism Drivers Future growth drivers As a result, Macao’s visitors will  More efficient and affordable  Come from further away transportation infrastructure  Greater number of hotel rooms, luxury suite offerings, MICE and non-  Stay longer

  61. Slide 61: Market Leading Hotel Capacity at SCL

    Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at June 30, 2024 Cotai Total Market % of % of % of Total Concessionaire Rooms Concessionaires Rooms Concessionaires Market 16,000 Sands China 1 10,540 42% 10,829 38% 28% 2 Galaxy Entertainment 5,064 20% 5,564 19% 14% 14,000 M elc

  62. Slide 62: Supplemental Data

    Supplemental Data HESares

  63. Slide 63: Macao Market: Mass Gaming Revenue

    Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ in US millions) Mass Win (Tables and Slots)1 Q1 Q2 Q3 Q4 Total 2019 $5,440 $5,356 $5,523 $5,608 $21,927 Growth ('19 v '18) 9.8% 10.6% 13.5% 6.8% 10.1% 2022 2 $1,779 $890 $621 $1,157 $4,447 Growth ('22 v '21) -14.2% -62.0% -64.6% -

  64. Slide 64: Macao Market: VIP Gaming Revenue

    Macao Market: VIP Gaming Revenue Macao Market VIP Gaming Revenue ($ in US millions) VIP Win1 Q1 Q2 Q3 Q4 Total 2019 $3,892 $3,640 $3,173 $3,301 $14,006 Growth ('19 v '18) -12.1% -13.5% -26.0% -25.2% -19.2% 2022 2 $372 $140 $76 $129 $717 Growth ('22 v '21) -54.5% -82.0% -86.1% -61.5% -71.1% 2023 2 $5

  65. Slide 65: Sands China VIP Table Metrics

    Sands China VIP Table Metrics SCL Rolling Volume by Quarter SCL Rolling Win by Quarter ($ in US billions) ($ in US millions, except per table amounts) $8 $200 $7 $175 $182 $186 Avg. Win per Table per Day: $16,957 $179 $6 $150 $6.0 $5.4 $5.6 $5 $125 $130 $128 $4.9 $4.9 $4 $100 $3 $75 $2 $50 $1 $25 $0

  66. Slide 66: Reconciliation of Non-GAAP Measures and Other Financial Information

    Reconciliation of Non-GAAP Measures and Other Financial Information

  67. Slide 67: Non-GAAP Reconciliation

    Non-GAAP Reconciliation Net Income to Consolidated Adjusted Property EBITDA ($ in US millions) 2Q23 3Q23 4Q23 1Q24 2Q24 Net income $368 $449 $469 $583 $424 Add (deduct): Income tax expense 49 122 123 17 72 Other (income) expense (14) (4) (9) 6 (11) Interest expense, net of amounts capitalized 210 20

  68. Slide 68: Non-GAAP Measures

    Non-GAAP Measures Adjusted Net Income ($ in US millions) Three Months Ended June 30, 2024 2023 Net income attributable to LVS $353 $312 Pre-opening expense 3 8 Development expense 61 54 Loss on disposal or impairment of assets 16 4 Other income (11) (14) Income tax impact on net income adjustments1

  69. Slide 69: Non-GAAP Measures

    Non-GAAP Measures Adjusted Earnings per Diluted Share ($ in per share amounts) Three Months Ended June 30, 2024 2023 Per diluted share of common stock: Net income attributable to LVS $0.48 $0.41 Pre-opening expense - 0.01 Development expense 0.08 0.07 Loss on disposal or impairment of assets 0.02 0.

  70. Slide 70: Non-GAAP Reconciliation

    Non-GAAP Reconciliation Trailing Twelve Month Supplemental Schedule ($ in US millions) 2Q23 3Q23 4Q23 1Q24 2Q24 TTM 2Q24 Cash Flows From Operations $941 $839 $1,006 $714 $814 $3,373 Adjust for: Provision for credit losses (5) (3) (2) (11) (4) (20) Foreign exchange gains (losses) 13 9 8 (5) 11 23 Oth

  71. Slide 71: Supplemental Information

    Supplemental Information 2Q24 and 2Q23 ($ in US millions) Three Months Ended June 30, 2024 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Land of A

  72. Slide 72: Supplemental Information

    Supplemental Information YTD 2Q24 and YTD 2Q23 ($ in US millions) Six Months Ended June 30, 2024 Amortization Loss Pre-Opening Depreciation of Leasehold on Disposal or and Adjusted Operating and Interests Impairment Development Royalty Stock-Based Corporate Property Income (Loss) Amortization in Lan

  73. Slide 73: Impact of Hold-Adjustment

    Impact of Hold-Adjustment ($ in US millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 1 Macao Operations Net Revenues $2,334 $2,147 $2,112 $2,241 $814 $47 $171 $675 $777 $855 $616 $649 $551 $374 $258 $444 $1,279 $1,628 $1,789 $1,86

  74. Slide 74: n< Sands

    n< Sands We S

Las Vegas Sands — Q2 2024 Earnings Presentation on 6ix