Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum 2018
77 slides from Las Vegas Sands's conference presentation, March 2018
Slide 1: J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum
The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore The Parisian Macao J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum March 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 that are 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 con
Slide 3: The Investment Case for Las Vegas Sands
The Investment Case for Las Vegas Sands The global leader in MICE‐based Integrated Resort development and operation, delivering strong growth in cash flow and earnings Best positioned operator to deliver long‐term growth in Asia, with the pre‐eminent destination MICE‐based Integrated Resort prop
Slide 4: Fourth Quarter 2017 Financial Highlights
Fourth Quarter 2017 Financial Highlights Quarter Ended December 31, 2017 vs Quarter Ended December 31, 2016 Net revenue increased 11.7% to $3.44 billion Net income increased 124.1% to $1.36 billion1 Adjusted property EBITDA increased 19.7% to $1.34 billion Hold‐normalized adjusted property E
Slide 5: Fourth Quarter 2017 Financial Results (Y/Y)
Fourth Quarter 2017 Financial Results (Y/Y) Quarter Ended December 31, 2017 vs Quarter Ended December 31, 2016 ($ in millions, except per share information) 4Q16 4Q17 $ Change % Change Net Revenue $ 3,075 $ 3,436 $ 361 11.7% Net Income1 $ 607 $ 1,360 $ 753 124.1% Adjusted Property EBITDA $ 1,115 $ 1
Slide 6: Fourth Quarter 2017 Financial Results: U.S. Tax Reform Impact
Fourth Quarter 2017 Financial Results U.S. Tax Reform Impact on LVS Impact on 4Q17 Financial Results Benefit of $526 million ($0.66 per share) in reported 4Q17 results The benefit recognized is a one‐time, non‐cash benefit The benefit occurred because the Company will utilize previously gene
Slide 7: Fourth Quarter 2017 Financial Results (Cont.d)
Fourth Quarter 2017 Financial Results (Cont.d) U.S. Tax Reform Impact on LVS Primary considerations of U.S. Tax Reform on future U.S. cash income tax Corporate rate reduction from 35% to 21% Accelerated utilization of certain tax attributes Immediate expensing of depreciable assets other tha
Slide 8: Change in Estimated Useful Lives of Certain Fixed Assets
Fourth Quarter and Year‐End 2017 Financial Results Change in the Estimated Useful Lives of Certain Fixed Assets1 Impact on Reported Financial Results of the Change in Estimated Useful Lives of Certain Fixed Assets ($ in millions, except per share amounts) 4Q17 2017 Decrease in Depreciation and Amort
Slide 9: Geographically Diverse Sources of EBITDA
Geographically Diverse Sources of EBITDA EBITDA Contribution by Geography in 4Q 2017 ($ in millions) Consolidated Adjusted Property EBITDA1 Consolidated Hold‐Normalized Adj. Prop. EBITDA1 $1,335M $1,294M United United States States 11% 11% Singapore Singapore 30% 34% Macao 55% Macao 59% 1. The Macao
Slide 10: LVS Increasing Return of Capital to Shareholders
LVS Increasing Return of Capital to Shareholders Over $18.7 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 11: SCL Return of Capital to Shareholders
SCL Return of Capital to Shareholders US$11.4 Billion of Capital Returned to Shareholders Since 2012 SCL Recurring Dividends per Share (HK$)1 Sands China remains committed to returning capital to shareholders via its recurring bi‐annual dividend program $1.99 $1.99 $1.99 $1.73 $1.33 Sands China
Slide 12: 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, 2017: Trailing twelve months ended December 31, 2017: Cash Balance – $2.43 billion Cash Flow from Operations – $4.54 billion Debt – $9.74 billion1 Adjusted Prope
Slide 13: Macao Operations EBITDA Performance
Macao Operations EBITDA Performance Quarter Ended December 31, 2017 vs Quarter Ended December 31, 2016 Macao Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin ($ in millions) Adjusted Property EBITDA Hold‐Normalized Adj. Prop. EBITDA $800 $758 60% $731 $700 50% $610 $600 $583 4
Slide 14: Sands China Mass Market Table Update
Sands China Mass Market Table Update Mass Market Table Win Grew 26.9% in 4Q17 vs. 4Q16 SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter Sands China Departmental Profit Margin: 35% - 45% Sands China Departmental Profit Margin: 25% - 40% ($ in millions) Avg. Win per Table per D
Slide 15: Sands China's Market-Leading Cotai Strip Property Portfolio
Sands China’s Market‐Leading Cotai Strip Property Portfolio LVS’ Cotai Strip Properties Cotai Strip Property Portfolio Four properties linked through mall access and pedestrian connectivity ~13,000 rooms and luxury suites as of 4Q17 ~1.8 million square feet of gross leasable retail The Macao
Slide 16: The Parisian Macao
The Parisian Macao A Key Component of our Cotai Strip Offering Generated $89 million of adjusted property EBITDA in the fourth quarter of 2017 Hold‐Normalized adjusted property EBITDA grew 29.5% compared to 4Q16 to $101 million Strong visitation to the Parisian has contributed to increased tra
Slide 17: Market Leading Hotel Capacity at SCL
Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2020 Anticipated Macao Market Gaming Operator Hotel Rooms at December 31, 20201 16,000 Hotel % of Gaming % of Total Gaming Operator Rooms Operators Market 14,000 13,412 Sands China ` 13,412 46% 35% Galax
Slide 18: Macao Market: Increased Overnight Visitation and Win-per-Visit
Macao Market: Increased Overnight Visitation and Win‐per‐Visit are Contributing to Growth in Mass Gaming Win Mainland Chinese Mass (Tables & Slots) Overnight Visits Win‐per‐Visit1 (in millions) ($) 3.5 3.28 600 $536 3.0 2.82 $494 500 2.5 400 2.0 300 1.5 200 1.0 100 0.5 0.0 0 4Q16 4Q17 4Q16 4Q17 More
Slide 19: Mainland Chinese Visitation to Macao Showing Robust Growth
Mainland Chinese Visitation to Macao Showing Robust Growth Growth in Visitation Increased 13% in 2017 Ex‐Guangdong Province Year‐Over‐Year Visitation Growth Mainland Chinese Visitation to Macao Twelve Months Ended December 31, Population GDP Per Penetration Province 2016 2017 % Change (MM) Capita (U
Slide 20: Macao Market: Continued Strong Growth in Mass Gaming Segment
Macao Market: Continued Strong Growth in Macao’s High Margin Mass Gaming Segment Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win‐per‐Visit1 ($ in millions) $5,000 $1,000 $4,707 $4,589 $4,449$4,419 $4,340 $4,147 $4,169 $3,919 $3,989 $4,017 $4,000 $3,872 $800 $3,682 $3,816 $3,497$3,584$3,
Slide 21: Macao Market: Mass Gaming
Macao Market: Mass Gaming Mass Gaming Growth Accelerated in 4Q17 Macao Market Mass Gaming Revenue ($ 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 $17,041 Growth 14.9% 14.5% 9.3% 18.0% 14.2% The Growth in th
Slide 22: Diversified and Stable Sources of Departmental Profit
Diversified and Stable Sources of Departmental Profit Sands China Departmental Profit Contribution1 TTM 4Q16 TTM 4Q17 Other Other 4% 4% VIP VIP 9% 10% Mall Mall 13% 14% Mass Tables Mass Tables 50% 52% Hotel Hotel 14% 15% Slots Slots 8% 7% Mass Tables / Slots and Non‐Gaming Generated 91% of Sands Chi
Slide 23: Sands China VIP Table Update
Sands China VIP Table Update VIP Table Volume Up 4.1% in 4Q17 vs. 4Q16 VIP Investment Programs SCL Rolling Volume by Quarter Increasing in 2018 and 2019 ($ in billions) $25 Adding additional amenities $20 Refurbishing existing rooms $16.93 $17.63 throughout our property portfolio $15 Long Term
Slide 24: Macao Market: VIP Gaming
Macao Market: VIP Gaming VIP Gaming Recovery Continued Throughout 4Q17 Macao Market VIP Gaming Revenue ($ 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 $15,787 Growth 11.1% 30.7% 35.9% 22.1% 24.5% Growth in the Macao Market’s VI
Slide 25: Reinvesting in Our Market-Leading Macao Property Portfolio
Reinvesting in Our Market‐Leading Macao Property Portfolio Expected Timeframe Sands Cotai Central: Renovation, expansion and Commencement in late 2018 – phased to minimize rebranding to The Londoner Macao disruption during peak periods – completion of all components in 2020 St. Regis Macao Tower
Slide 26: Capital Expenditures Expectations
Capital Expenditures Expectations Future Planned Investments Composed of Income Producing Projects and Maintenance ($ 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 27: Macao Market Annual Adjusted Property EBITDA Market Share by Operator
Macao Market Annual 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 S
Slide 28: Marina Bay Sands Update
Marina Bay Sands Update Adjusted Property EBITDA Increased 24.6% to $456 million Adjusted property EBITDA increased 24.6% to $456 Adjusted Property EBITDA million. and Adjusted Property EBITDA Margin ($ in millions) Hold‐Normalized Hold‐normalized adjusted property EBITDA Actual increased 6.0% t
Slide 29: 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 4Q161 TTM 4Q171 Other 5% VIP 8% VIP Mall 17% Other Mass Tables 8% Mass Tables 4% 35% 40% Mall Hotel 8% 18% Hotel 16% Slots Slots 20% 21% Increasing P
Slide 30: 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 Offers clear demonstration of a development’s exceptional economic power and direct contributions to tourism, employment and GDP
Slide 31: Asia Retail Mall Portfolio Continues to Generate Strong Revenue
Asia Retail Mall Portfolio Continues to Generate Strong Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue ($ in millions) TTM 4Q17 Sales $700 $647 per Sq. Foot² $628 $641 $610 $588 $600 MBS: $164 $167 $165 $1,590 $165 $500 $166 Parisian Macao: $57 $68 $66 $574 $23 $40 $400 SCC:
Slide 32: Asian Retail Tenant Sales
Asian Retail Tenant Sales Trailing Twelve Months’ Sales per Square Foot1 ($ per Sq. Foot) TTM 4Q17 v TTM 4Q17 TTM 3Q17 TTM 2Q17 TTM 1Q17 TTM 4Q16 TTM 4Q16 The Shoppes at Marina Bay Sands $ 1,590 $ 1,506 $ 1,482 $ 1,431 $ 1,383 15.0% Shoppes at Venetian $ 1,389 $ 1,357 $ 1,340 $ 1,330 $ 1,326 4.8% Sh
Slide 33: Sands China: Retail Mall Revenue Composition
Sands China: Retail Mall Revenue Composition Macao Quarterly Retail Revenue Composition ($ in millions) $160 $140 $123 $127 $118 $118 $117 $120 $11 $1 $4 $5 $17 $100 $80 $60 $112 $117 1 $114 $112 $110 $40 $20 $‐ 4Q16 1Q17 2Q17 3Q17 4Q17 Base Rent and Other Fees Turnover Rent Turnover Rent Grew 54.5%
Slide 34: Las Vegas Operations Update
Las Vegas Operations Update Adjusted Property EBITDA Grew 2.7% Adjusted property EBITDA increased 2.7% to $114 Adjusted Property EBITDA million and Adjusted Property EBITDA Margin ($ in millions) — No hold normalization was required in 4Q17, nor Actual Hold‐Normalized in the prior year period $140
Slide 35: Sands Bethlehem Update
Sands Bethlehem Update Leading Tri‐State Region Property Adjusted property EBITDA increased 21.4% to $34 Adjusted Property EBITDA million and Adjusted Property EBITDA Margin ($ in millions) Table games drop increased 5.2% to $285 million $50 50% Slot handle increased 1.4% to $1.17 billion $40
Slide 36: 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 Development opportunity parameters: — Targeting minimum of 20% return
Slide 37: Sands ECO 360°
Sands ECO 360° Sanes LAS VEGAS SANDS CORP.
Slide 38: Sands ECO 360°: Industry Leading Global Sustainability Program
Sands ECO 360° Industry Leading Global Sustainability Program The Sands ECO 360° Global Sustainability Program Reflects our Vision to Lead our Industry in Sustainable Development and Integrated Resort Operations 38
Slide 39: Sands ECO 360° Key Initiatives
Sands ECO 3600 Key Initiatives: Clean the World: Over 100,000 hygiene kits with repurposed amenities from 1 hotel rooms to help improve the health and well‐being of populations in need Meeting Green: Through Sands ECO3600 Green Meetings program, our event 2 attendees in Las Vegas took 1,829 actions,
Slide 40: 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): Waste (SDG12 Responsible Emissions (SDG7 Affordable Water (SDG6 Clean Water Consumption and Clean Energy) and Sanitation) Product
Slide 41: Awards and Certifications
Awards and Certifications LVS’ Commitment to Green Initiatives has Garnered Recognition Globally Macao Green Hotel Gold Award, 2011 & 2014 (The Venetian Macao) Macao Green Hotel Silver Award, 2012 & Gold Award, 2015 (Sands Macao) Macao Green Hotel Gold Award, 2013 & 2016 (Sands Cotai Central)
Slide 42: Sands – Global Leadership in Entertainment
Sands – Global Leadership in Entertainment
Slide 43: 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 15,000 334 Four Other Theaters 5,350 155 Largest Pillar‐less 5,850 34 Ballroom in Asia Theaters 2,183 264 Sands Offers More En
Slide 44: Sands – Global Leadership in Entertainment: 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… 44 All images abov
Slide 45: Sands – Global Leadership in Entertainment: 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 45 All images above were photographed at the Cotai Strip in Macao or The
Slide 46: 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 47: 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 48: 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 48 All images above were photographed at
Slide 49: Recent Performances and Events
Sands – Global Leadership in Entertainment Recent Performances and Events Jackie Cheung Alan Tam Cirque: Adrenaline Show Lo Sandy Lam Thriller Live Blue Man Group Chicago: The Musical 49 All images above were photographed at the Cotai Strip in Macao or The Marina Bay Sands in Singapore.
Slide 50: Appendix
Appendix Sanes LAS VEGAS SANDS CORP.
Slide 51: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold‐Normalized Adj. Property EBITDA1 ($ in millions) 4Q16 1Q17 2Q17 3Q17 4Q17 Macao Operations2 Reported $ 610 $ 624 $ 600 $ 652 $ 731 Hold‐Normalized $ 583 $ 592 $ 597 $ 642 $ 758 Marina Bay Sands Reported $ 366 $ 365 $ 492 $ 442 $ 456 Hold‐Normalized $ 366 $ 388 $ 386 $ 410 $ 388 Las V
Slide 52: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year ($ in millions) $3,000 $2,500 $2,381 $2,276 $2,030 $2,000 $1,457 $1,500 $1,279 1,857 2,254 $1,000 1,135 1,435 $500 $296 502 224 $22 $0 2018 2019 2020 2021 2022 2023 2024 SCL MBS US % of Total 3% 13% 25% 15% 23% 0% 21% Long Term and Low Cost Financing in Pl
Slide 53: Market-Leading ~$14 Billion of Investment in Macao's Future
Market‐Leading ~$14 Billion of Investment in Macao’s Future as a Business & Leisure Tourism Destination Portfolio of Nearly Family-friendly Entertainment World Class Concerts, Sporting Events and Other 13,000 Suites and Hotel Rooms Entertainment Offerings Targeting Chinese Consumers Addition of ~650
Slide 54: Macao Mass Visitation Future Growth Drivers
Macao Mass Visitation Business & Leisure Tourism Expenditure Drivers Future Growth Drivers As a result, Macao’s Mass visitors will: More efficient and affordable Come From Farther transportation infrastructure Away Greater number of hotel rooms Stay Longer and non‐gaming offerings in Macao
Slide 55: Supplemental Information 4Q17 and 4Q16
Supplemental Information 4Q17 and 4Q16 ($ in millions) Three Months Ended December 31, 2017 Amortization (Gain) 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 L
Slide 56: Supplemental Information YTD 4Q17 and YTD 4Q16
Supplemental Information YTD 4Q17 and YTD 4Q16 ($ in millions) Twleve Months Ended December 31, 2017 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
Slide 57: Macao Market Background and Infrastructure Slides
Macao Market Background and Infrastructure Slides
Slide 58: 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 Revenue and Est. Gaming Operating Profit¹ Quarter Ended December 31, 2017 Year Ended December 31, 2017 ($ in millions) ($ in millions) $8,999M $2,312M $32,827M $8,395M 100% 100% 19% 19% 80% 80
Slide 59: 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 200 million Chinese are expected to travel outside of China by 2020, up from 1 135 million in 2016. Chinese tourism expenditures are expected to increase from $261 billion in 2016 to $672 billion by 2025 Transportation in
Slide 60: China Is The World's Largest and Fastest Growing Outbound Tourism Market
1 China Is The World’s Largest and Fastest Growing Outbound Tourism Market Outbound Travel Tourism Spending ($ 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 61: 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 62: 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% +17% +21% +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 1.4 1.9 1.1 0.4 0.5 0.9 0.8
Slide 63: 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 64: 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 65: 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 • 4 hour train ride • 55‐65 trains in each direction per day Guangzhou – Zhuhai Intercity Rail Guangzhou – Shenzhen – Hong Kong Rail
Slide 66: The Hong Kong-Macao-Zhuhai Bridge
2 The Hong Kong‐Macao‐Zhuhai 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 cut travel time be
Slide 67: 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 Anticipated Macao Market Gaming Operator Hotel Rooms at December 31, 20201 16,000 Hotel % of Gaming % of Total Gaming Operator Rooms Operators Market 14,000 13,412 Sands China ` 13,412 46% 35% Gal
Slide 68: Overnight Visitation Now Exceeds Day-trip Visitation to Macao
Overnight Visitation Now Exceeds “Day‐trip” 4 Visitation to Macao 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 8.0 7.3 6.9 6.3 5.8 6.0 6.0 5
Slide 69: 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 70: 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 71: Non-GAAP Measures Reconciliations
Non‐GAAP Measures Reconciliations
Slide 72: Reconciliation of Net Income to Consolidated Adjusted Property EBITDA
Reconciliation of Net Income to Consolidated Adjusted Property EBITDA and Hold‐Normalized Adjusted Property EBITDA ($ in millions) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 Net income $ 1,360 $ 607 $ 3,261 $ 2,016 Add (deduct): Income tax (benefit) expense
Slide 73: 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 Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 Net income attributable to La
Slide 74: Non-GAAP Trailing Twelve Month Supplemental Schedule
Non‐GAAP Trailing Twelve Month Supplemental Schedule ($ in millions) 4Q16 1Q17 2Q17 3Q17 4Q17 TTM 4Q17 Cash Flows From Operations $ 1,213 $ 963 $ 1,146 $ 1,113 $ 1,321 $ 4,543 Adjust for: Provision for doubtful accounts (34) (32) (22) (23) (19) (96) Foreign exchange (gains) losses 41 (18) (5) (15) (
Slide 75: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold‐Normalized Adj. Property EBITDA1 ($ in millions) 4Q16 1Q17 2Q17 3Q17 4Q17 2 Macao Operations Reported $ 610 $ 624 $ 600 $ 652 $ 731 Hold‐Normalized Adjustment (27) (32) (3) (10) 27 Hold‐Normalized $ 583 $ 592 $ 597 $ 642 $ 758 Marina Bay Sands Reported $ 366 $ 365 $ 492 $ 442 $ 456 H
Slide 76: The Parisian Macao: Reconciliation of Adjusted Property EBITDA
The Parisian Macao: Reconciliation of Adjusted Property EBITDA to Hold‐Normalized Adjusted Property EBITDA1 ($ in millions) 4Q16 1Q17 2Q17 3Q17 4Q17 As Reported $ 95 $ 82 $ 106 $ 135 $ 89 Hold‐Normalized Casino Revenues (37) 8 (25) (6) 18 Hold‐Normalized Casino Expenses 20 (6) 12 (3) (6) Hold‐Normal
Slide 77: Sands
Sands LAS VEGAS SANDS CORP,