Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q4 2015 Earnings Presentation
32 slides from Las Vegas Sands's earnings presentation, Jan 27, 2016
Slide 1: 4Q15 Earnings Call Presentation
The Parisian Macao The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore (Opening 2016) 4Q15 Earnings Call Presentation January 27, 2016 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 co
Slide 3: Fourth Quarter 2015 Financial Highlights
Fourth Quarter 2015 Financial Highlights1 Sequential EBITDA Growth in Macao, Stability at MBS and Strong EBITDA Growth in Las Vegas Net revenue was $2.86 billion Consolidated adjusted property EBITDA was $1.05 billion Solid cost containment in Macao, stability in Singapore and strong RevPAR‐le
Slide 4: Fourth Quarter 2015 Financial Results (Y/Y)
Fourth Quarter 2015 Financial Results (Y/Y) Quarter Ended December 31, 2015 vs Quarter Ended December 31, 20141 $ in millions, except per share information 4Q14 4Q15 $ Change % Change Net Revenue $ 3,416.0 $ 2,861.7 $ (554.3) ‐16.2% Adjusted Property EBITDA $ 1,256.0 $ 1,051.3 $ (204.7) ‐16.3% Adjus
Slide 5: Fourth Quarter 2015 Financial Results (Q/Q)
Fourth Quarter 2015 Financial Results (Q/Q) Quarter Ended December 31, 2015 vs Quarter Ended September 30, 2015 $ in millions, except per share information 3Q15 4Q15 $ Change % Change Net Revenue $ 2,893.7 $ 2,861.7 $ (32.0) ‐1.1% Adjusted Property EBITDA $ 1,052.2 $ 1,051.3 $ (0.9) ‐0.1% Adjusted P
Slide 6: Geographically Diverse Sources of EBITDA For Las Vegas Sands
Geographically Diverse Sources of EBITDA For Las Vegas Sands EBITDA Contribution by Geography in Q4 2015 Actual Hold‐Normalized $1,051M $1,070M United United States States 13% 13% Singapore Macao Singapore 32% Macao 52% 35% 55% 6
Slide 7: LVS Increasing Return of Capital to Shareholders
LVS Increasing Return of Capital to Shareholders $12.5 Billion of Capital Returned to Shareholders Over the Last Four Years LVS Recurring Dividends per Share1 Return of Capital to Shareholders Las Vegas Sands remains committed to returning capital to $3.50 shareholders via its recurring dividend pro
Slide 8: SCL Also Increasing Return of Capital to Shareholders
SCL Also Increasing Return of Capital to Shareholders Over US$7.2 Billion of Capital Returned to Shareholders Over the Last Four Years SCL Recurring Dividends per Share (HK$)1 Return of Capital to Shareholders $3.00 $2.50 Sands China is committed to returning capital to $1.99 shareholders via its
Slide 9: Strong Cash Flow, Balance Sheet and Liquidity
Strong Cash Flow, Balance Sheet and Liquidity Flexibility for Future Growth Opportunities and Return of Capital For the Year Ended December 31, 2015: Trailing Twelve Months Adjusted Property EBITDA – $4.17 billion Trailing Twelve Months LVS Dividends Paid – $2.07 billion Trailing Twelve Months
Slide 10: Macao Operating Performance (Y/Y)
Macao Operating Performance (Y/Y) Quarter Ended December 31, 2015 vs Quarter Ended December 31, 2014 Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin Actual Hold‐Normalized ($MM) ‐19.1% ‐20.0% $800 60% $711.2 $686.2 $700 50% $600 $575.3 $549.1 40% $500 35.3% 34.
Slide 11: Macao Operating Performance (Q/Q)
Macao Operating Performance (Q/Q) Quarter Ended December 31, 2015 vs Quarter Ended September 30, 2015 Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin Actual Hold‐Normalized ($MM) +7.2% +3.9% $800 60% $700 50% $600 $575.3 $549.1 $536.8 $528.3 40% $500 35.3% 34.7
Slide 12: Macao: Diversified and Stable Sources of Departmental Profit
Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China Macao Departmental Profit Contribution by Segment¹ Year Ended December 31, 2014 Year Ended December 31, 2015 Other 3% VIP Other VIP 10% 2% 16% Mall 13% Mall 9% Mass Tables Mass Tables 52% 51% Hotel 13% H
Slide 13: Sands China Mass Market Update
Sands China Mass Market Update SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter Sands China Departmental Profit Margin: 40% - 50% Sands China Departmental Profit Margin: 25% - 40% Avg. Win per Table per Day: $6,160 Avg. Win per Table per Day: $13,723 ($MM) ($MM) $900 $900 $80
Slide 14: Market-Leading ~$13 Billion of Investment in Macao's Future
Market‐Leading ~$13 Billion of Investment in Macao’s Future as a Business & Leisure Tourism Destination1 Family-friendly Entertainment World Class Concerts, Sporting Events Portfolio of Nearly and Other Entertainment Offerings 13,000 Suites and Hotel Rooms1 Over Two Million sq. feet of World Class S
Slide 15: Macao Mass Visitation Drivers
Macao Mass Visitation 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 Spend More On: • Lodging Additional
Slide 16: Expanding Our Critical Mass on the Cotai Strip
Expanding Our Critical Mass on the Cotai Strip The Parisian Macao The Parisian Macao is a $2.7 billion themed, iconic destination Rendering of The Parisian Macao Integrated Resort Construction continues to progress Hotel rooms and suites: 3,000+ Gaming capacity: ~450 table games and 2,500 sl
Slide 17: Expanding Our Critical Mass on the Cotai Strip: St. Regis Tower
Expanding Our Critical Mass on the Cotai Strip The St. Regis Tower at Sands Cotai Central St. Regis Tower at Sands Cotai Central St. Regis branded 5‐star hotel and serviced apartments to complement the existing portfolio of brands on the Cotai Strip Property opened December 17, 2015 Hotel room
Slide 18: Macao Market Annual EBITDA Market Share by Operator
Macao Market Annual EBITDA Market Share by Operator Historical EBITDA Market Share1,2 Sands China Property Operations All Others Macao Leader in Market Share 40% of EBITDA 80% 72% 68% 65% 64% 10% 9% 30% 60% 9% 10% 16% 14% 13% 13% 20% 40% 14% 12% 36% 11% 9% 35% 32% 28% 14% 15% 14% 14% 10% 20% 18% 18%
Slide 19: Marina Bay Sands Operations
Marina Bay Sands Operations1,2 Hold‐Normalized EBITDA Up 11.8% On a Constant Currency Basis Hold‐normalized adjusted property EBITDA increased 11.8% on a constant currency basis. Hold‐normalized adjusted property Adjusted Property EBITDA EBITDA increased 1.1% to $374.8 million with margin expandin
Slide 20: Singapore's Marina Bay Sands: Sources of Departmental Profit
Singapore’s Marina Bay Sands: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands Marina Bay Sands Hold‐Normalized Departmental Profit Contribution by Segment Year Ended December 31, 2014¹ Year Ended December 31, 2015¹ Other Other VIP VIP 4% 5% 12% 12% Mall Mass Tables Mass Tab
Slide 21: Asia Retail Mall Portfolio Continues to Generate Strong Revenue and Operating Profit
Asia Retail Mall Portfolio Continues to Generate Strong Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue ($MM) TTM 4Q15 Sales per Sq. Foot² $569 $586 $575 $600 $560 $551 MBS: $500 $171 $167 $1,361 $171 $163 $169 $400 SCC: $61 $65 $63 $62 $896 $57 $300 Four Seasons: $139 $145 $
Slide 22: Sands China: Retail Mall Revenue Composition
Sands China: Retail Mall Revenue Composition Macao Quarterly Retail Revenue Composition ($MM) $160 $140 $127.8 $117.7 $120 Base Rent Increased $46.9 $94.0 $97.7 $22.5 17.7% Y/Y $100 $87.4 in 4Q15 $5.5 $8.6 $1.6 $80 $60 $88.5 $89.1 $95.2 $40 $80.9 $85.7 $20 $‐ 4Q14 1Q15 2Q15 3Q15 4Q15 Base Rent and O
Slide 23: Las Vegas Operations
Las Vegas Operations Strong RevPAR Performance Drove 24.9% Adjusted Property EBITDA Growth Adjusted Property EBITDA Adjusted property EBITDA increased 24.9% to reach and Adjusted Property EBITDA Margin $97.4 million Actual Hold‐Normalized — On a hold‐normalized basis, adjusted property ($MM) EBITD
Slide 24: Sands Bethlehem Operations
Sands Bethlehem Operations Solid Quarter for Leading Tri‐State Region Property Adjusted Property EBITDA Adjusted property EBITDA decreased 5.2% to $34.3 and Adjusted Property EBITDA Margin million ($MM) Table games drop increased 4.6% to reach $292.9 million, $40 $36.2 40% $34.3 driven by an 8.7
Slide 25: Disciplined Execution of Our Global Growth Strategy
Disciplined Execution of Our Global Growth Strategy As the global leader in MICE‐based Integrated Resort development and operation, Las Vegas Sands is uniquely positioned to bring its unmatched track record and powerful convention‐based business model to the world’s most promising Integrated Resor
Slide 26: 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 and diversified cash flow and earnings as well as recurring dividends Best positioned operator to deliver long‐term growth in Asia, with the pre‐eminent destinat
Slide 27: Appendix
Appendix Sanes LAS VEGAS SANDS CORP.
Slide 28: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold‐Normalized Adj. Property EBITDA1 $ in millions 4Q14 1Q15 2Q15 3Q15 4Q15 Macao Property Operations Reported $ 711.2 $ 527.7 $ 559.8 $ 536.8 $ 575.3 Hold‐Normalized $ 686.2 $ 527.7 $ 526.5 $ 528.3 $ 549.1 Marina Bay Sands 2 Reported $ 518.5 $ 415.3 $ 363.3 $ 389.7 $ 338.2 2 Hold‐Normal
Slide 29: Capital Expenditures Expectations
Capital Expenditures Expectations Future Planned Investments Composed Principally of The Parisian Macao and Maintenance ($MM) LVS Capex Expectations $3,000 $2,500 $2,000 $1,690 $8 $1,529 $1,449 $240 $1,500 $107 $40 $19 $285 $1,179 $49 $968 $898 $190 $1,000 $900 $830 $767 $390 $50 $318 $210 $60 $73 $
Slide 30: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year at December 31, 2015 ($MM) $6,000 $5,094 $5,000 $4,000 2,115 $3,000 $2,262 $2,000 1,757 $1,359 1,074 $1,000 653 $326 211 1,155 1,222 $340 $95 494 $0 181 2016 2017 2018 2019 2020 2021 SCL MBS USRG LVSC % of Total 1% 3% 14% 24% 54% 4% Long Term and Low Cost
Slide 31: Marina Bay Sands: Accounts Receivable and Credit Collections Update
Marina Bay Sands: Accounts Receivable and Credit Collections Update Casino Credit Collections ($MM) $500 $418 $408 $403 $378 $368 $400 $342 $361 $311 $317 $326 $281 $272 $291 $281 $300 $262 $257 $200 $100 $0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Reserve Bala
Slide 32: Sands
Sands LAS VEGAS SANDS CORP,