Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q2 2019 Earnings Presentation

73 slides from Las Vegas Sands's earnings presentation, Jul 24, 2019

  1. Slide 1: 2Q19 Earnings Call Presentation

    2Q19 Earnings Call Presentation July 24, 2019

  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 industry-leading returns  Unmatched development and operating track record creates competitive advantage as we pursue the world’s most promising

  4. Slide 4: Second Quarter 2019 Highlights

    Second Quarter 2019 Highlights  Macao Property Portfolio: − Delivered $765 million of Adjusted Property EBITDA − Mass market table win grew 5.2% reaching a 2Q record $1.39 billion  Marina Bay Sands: − Delivered $346 million of Adjusted Property EBITDA ($384 million on a hold-normalized basis)  La

  5. Slide 5: Geographically Diverse Sources of EBITDA

    Geographically Diverse Sources of EBITDA EBITDA Contribution by Geography in 2Q 2019 ($ in US millions) LVS Consolidated Adjusted Property EBITDA1 LVS Consolidated Hold-Normalized Adj. Prop. EBITDA1 $1,266M $1,293M United United States States 12% 13% Singapore 27% Singapore Macao 30% Macao 57% 61% 1

  6. Slide 6: Second Quarter 2019 Financial Results

    Second Quarter 2019 Financial Results Quarter Ended June 30, 2019 vs Quarter Ended June 30, 2018 ($ in US millions, except per share information) 2Q18 2Q19 $ Change % Change Net Revenue $3,303 $3,334 $31 0.9% Net Income $676 (1) $1,108 (2) $432 63.9% Adjusted Net Income Attributable to LVS $588 $555

  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 June 30, 2019: Trailing Twelve Months Ended June 30, 2019:  Cash Balance – $4.03 billion  Cash Flow from Operations – $3.09 billion2  Debt – $12.00 billion1  Cash Flow from Opera

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

    LVS Increasing Return of Capital to Shareholders $24.8 Billion of Capital Returned to Shareholders Since 2012 Total Capital Returned to Shareholders ($ in US millions) Year Ended December 31, 2012 2013 2014 2015 2016 2017 2018 1H19 Total LVS Dividends Paid1 $823 $1,153 $1,610 $2,074 $2,290 $2,310 $2

  9. Slide 9: LVS Increasing Return of Capital to Shareholders (Cont’d)

    LVS Increasing Return of Capital to Shareholders (Cont’d) $24.8 Billion of Capital Returned to Shareholders Since 2012 LVS Recurring Dividends per Share1 $3.00 $3.08 $2.88 $2.92 $2.60 $2.00 $1.40 $1.00 2012 2013 2014 2015 2016 2017 2018 2019 Dividends Repurchases  The LVS Board of Directors announc

  10. Slide 10: Macao Operations EBITDA Performance

    Macao Operations EBITDA Performance Quarter Ended June 30, 2019 vs Quarter Ended June 30, 2018 Macao Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin ($ in US millions) Adjusted Property EBITDA Hold-Normalized Adj. Prop. EBITDA $900 60% $800 50% $700 $750 $765 $744 $730 $600 4

  11. Slide 11: Macao Financial Performance

    Macao Financial Performance Quarter Ended June 30, 2019 vs Quarter Ended June 30, 2018 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 2Q18 2Q19 $ % 2Q18 2Q19 $ % 2Q18 2Q19 bps The Venetian Macao $830 $854 $24 2.9% $331 $336 $5 1.5% 39.9% 39.3% (6

  12. Slide 12: Sands China Mass Market Table Update

    Sands China Mass Market Table Update 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 US millions) ($ in US millions) $1,000 $1,000 Avg. Win per Table per Day: Avg. Win p

  13. Slide 13: Growing Visitation from China to Macao

    Growing Visitation from China to Macao1 Visitation from China Increased 18% to 27.9 Million in the Twelve Months Ended June 30, 2019 Year-Over-Year Visitation Growth from China Visitation from China to Macao1 Twelve Months Ended June 30, Population GDP Per Penetration Province 2018 2019 % Change (MM

  14. Slide 14: 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 ($ US in millions) $5,440 $5,500 $5,374 $1,400 $5,251 $4,955 $4,864 $5,000 $4,841 $1,200 $4,706 $4,589 $4,449 $4,500 $4,419 $1,000 $4,340 $4,146 $4,169 $3,

  15. Slide 15: Sands China Departmental Profit Contribution Is Diversified and Stable

    Sands China Departmental Profit Contribution Is Diversified and Stable Sands China Departmental Profit Contribution1 TTM 2Q18 TTM 2Q19 Other Other 3% 4% VIP VIP 9% 7% Mall Mall 12% 12% Mass Tables Hotel Mass 53% 15% Tables Hotel 56% 15% Slots Slots 7% 7% Mass Tables / Slots and Non-Gaming Generated

  16. Slide 16: Ongoing Strategic Reinvestment in Our Market-Leading Macao Portfolio

    Ongoing Strategic Reinvestment in Our Market-Leading Macao Portfolio Estimated Spend Expected Timeframe The Londoner Macao: • Renovation, expansion and rebranding of SCC to ~$1.35B Commencement in 2019 – phased to minimize The Londoner Macao disruption during peak periods • Phased completion through

  17. Slide 17: Sands China Market-Leading Cotai Strip Property Portfolio

    Sands China Market-Leading Cotai Strip Property Portfolio LVS’ Cotai Strip Properties Leadership in Macao Investment Four Seasons Tower St. Regis Hotel  ~$13 billion today, ~$15 billion by 2021 Suites ~290 Suites 400 Suites  Approximately 30 million square feet of interconnected facilities on Cota

  18. Slide 18: Market Leading Hotel Capacity

    Market Leading Hotel Capacity SCL is the Clear Leader in Macao Hotel Room and Suite Inventory Projected Macao Market 4/5 Star Hotel Rooms at December 31, 20201 – Gaming Operators Cotai – 25,534 Rooms by Gaming Operators Total Macao – 28,967 Rooms by Gaming Operators MGM China 12,736 Rooms and MGM Ch

  19. Slide 19: 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 of EBITDA MGM3 Melco Wynn Galaxy3 SJM 40% 80% 34% 72% 66% 10% 30% 28% 60% 7% 16% 17% 20% 40% 5% 14% 13% 14% 10% 20% 23% 18% 0% 0% 4 20

  20. Slide 20: Marina Bay Sands

    Marina Bay Sands $384 Million of Hold-normalized Adjusted Property EBITDA in 2Q19 Adjusted Property EBITDA and Adjusted Property EBITDA Margin  Adjusted property EBITDA declined 6.0% to $346 million (-3.5% ($ in US millions) on a constant currency basis) Actual Hold-Normalized $600 80%  Hold-norma

  21. Slide 21: Marina Bay Sands Diversified Sources of Departmental Profit

    Marina Bay Sands Diversified Sources of Departmental Profit Marina Bay Sands Hold-Normalized1 Departmental Profit Contribution TTM 2Q182 TTM 2Q192 VIP VIP 18% Other 16% Other Mass Tables 5% 4% Mass Tables 33% 34% Mall Mall 8% 8% Hotel Slots Hotel Slots 16% 21% 17% 20% Diversified Sources of Profit a

  22. Slide 22: Marina Bay Sands $3.3 Billion Expansion

    Marina Bay Sands $3.3 Billion Expansion to Bring New Luxurious Hotel, Entertainment, MICE and Retail Offerings Las Vegas Sands recently announced that it has entered into a development agreement with the Singapore government to expand Marina Bay Sands  Iconic New Luxury Hotel Tower: − Approximately

  23. Slide 23: Our Integrated Resorts Are Designed to Maximize Economic Growth

    Our Integrated Resorts Are Designed to Maximize Economic Growth and the Leisure & Business Tourism Appeal of our Host Markets Contribution to Singapore’s Leisure & Business Tourism Appeal MBS Existing  Contributed to economic growth and to Singapore’s appeal as an exciting global city  Delivered i

  24. Slide 24: Retail Mall Portfolio in Asia Generates Strong Revenue and Operating Profit

    Retail Mall Portfolio in Asia Generates Strong Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue ($ in US millions) $800 TTM 2Q19 Sales $682 $685 $689 per Sq. Foot² $700 $649 $658 $600 $180 $180 MBS $179 $173 $175 $1,945 $500 Parisian Macao $56 $53 $52 $650 $62 $59 $72 SCC $400

  25. Slide 25: Strong Retail Sales in Our Market-Leading Destination Retail Portfolio in Asia

    Strong Retail Sales in Our Market-Leading Destination Retail Portfolio in Asia ($ per Sq. Foot, Unless Otherwise Indicated) 2Q19 GLA 1 2 Sales per Sq. Ft. (Sq. Ft) TTM 2Q19 v TTM 2Q19 TTM 1Q19 TTM 4Q18 TTM 3Q18 TTM 2Q18 TTM 2Q18 The Shoppes at Marina Bay Sands 601,313 $1,945 $1,918 $1,898 $1,840 $1,

  26. Slide 26: Capital Expenditures Expectations

    Capital Expenditures Expectations Future Planned Investments Composed of Income Producing Projects and Maintenance ($ US in millions) $3,000 LVS Capex Expectations $2,575 $2,400 $1,200 $1,800 $1,530 $1,425 $1,420 $180 $150 $1,150 $1,200 $275 $949 $200 $837 $200 $250 $750 $920 $194 $250 $500 $400 $60

  27. Slide 27: Las Vegas Operations Update

    Las Vegas Operations Update Adjusted Property EBITDA of $136 million Adjusted Property EBITDA  Adjusted property EBITDA was $136 million, the third strongest quarterly and Adjusted Property EBITDA Margin result in the history of the property, and an increase of 76.6% ($ in US millions) Actual Hold-

  28. Slide 28: 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

  29. Slide 29: Appendices

    Appendices Sands

  30. Slide 30: Supplemental Data

    Supplemental Data Sands

  31. Slide 31: Historical Hold-Normalized Adjusted Property EBITDA

    Historical Hold-Normalized Adjusted Property EBITDA1 ($ in US millions) 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2 Macao Operations Reported $600 $651 $730 $789 $750 $754 $786 $858 $765 Hold-Normalized $597 $641 $757 $767 $730 $754 $786 $835 $744 3 Marina Bay Sands Reported $492 $442 $457 $541 $

  32. Slide 32: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year1 ($ in US millions) $6,000 $5,074 $5,000 $4,000 $3,700 3,274 $3,000 1,865 $1,900 $2,000 $1,000 1,800 1,800 1,900 $528 $604 $63 $104 $104 490 569 $0 $0 $0 2 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 % of Total 1% 1% 1% 4% 30% 5% 42% 0% 0% 16% SCL MB

  33. Slide 33: Marina Bay Sands MBS Expansion Project Financing Plan

    Marina Bay Sands MBS Expansion Project Financing Plan  Las Vegas Sands is conducting a process to raise a delayed draw term loan under the existing Marina Bay Sands Credit facility − Draws would reimburse actual Expansion development costs incurred − We expect total availability under the facility

  34. Slide 34: Macao Market: Mass Gaming

    Macao Market: Mass Gaming Macao Market Mass Gaming Revenue ($ in US millions) 1 Mass Win (Tables and Slots) 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% 2018 $4,955 $4,841 $4,864 $5,251 $19,911 Gro

  35. Slide 35: Macao Market: VIP Gaming

    Macao Market: VIP Gaming Macao Market VIP Gaming Revenue ($ in US millions) 1 VIP Win 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% 2018 $4,429 $4,208 $4,288 $4,412 $17,337 Growth ('18 v '17) 21.0%

  36. Slide 36: Sands China VIP Table Update

    Sands China VIP Table Update SCL Rolling Volume by Quarter SCL Rolling Win by Quarter ($ in US billions) ($ in US millions, except per table amounts) $25 $1,000 Avg. Win per Table per Avg. Win per Table per Day: $28,127 Day: $23,669 $900 $20 $800 $18.56 $700 $15 $16.36 $600 $645 $500 $560 $10 $400 $

  37. Slide 37: Marina Bay Sands Expansion

    Marina Bay Sands Expansion Sands

  38. Slide 38: Marina Bay Sands Expansion

    Marina Bay Sands Expansion A Development Agreement with The Singapore Tourism Board Will Allow an Expansion of Marina Bay Sands 38

  39. Slide 39: Marina Bay Sands Expansion

    Marina Bay Sands Expansion Artistic Impression Design Work Continues, 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. 39

  40. Slide 40: Visitor Arrivals To Singapore

    Visitor Arrivals To Singapore (000s) 20,000 Opening of Marina Bay Sands and Resorts World 18,000 Sentosa, 2010 18,507 17,425 16,000 16,404 15,568 15,231 14,000 15,087 14,496 12,000 13,171 11,639 10,000 9,683 8,000 6,000 4,000 2,000 - 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 - Visitation To

  41. Slide 41: Strong Growth in Chinese Inbound Tourism to Singapore

    Strong Growth in Chinese Inbound Tourism to Singapore Singapore Inbound Tourism Arrivals from Largest Source Markets 2014-2018 CAGR +4.0% +3.6% +0.2% +0.7% +0.4% +11.2% 0.0% +18.7% (in thousands) 4,000 China has been the fastest-growing market for visitation to Singapore, with a CAGR of 19% over the

  42. Slide 42: Retail Spending by Visitors to Singapore Has Increased 83%

    Retail Spending by Visitors to Singapore Has Increased 83% Since the Introduction of the Two Integrated Resorts Singapore Shopping Tourism Receipts ($ in Singapore millions) $7,000 $6,000 $6,170 $5,950 $5,000 $4,489 $4,588 $4,553 $4,000 $3,971 $4,120 $3,928 $3,000 $3,377 $2,000 $1,000 $- 2009 2010 2

  43. Slide 43: Changi Airport

    Changi Airport Conveniently connecting the world to Singapore Overview  Singapore’s Changi Airport processed 65.6 million passenger movements in 2018, ranking it 19th Globally and 8th in Asia by that measurement  Qualitative measures place it significantly higher – ranked World’s Best Airport in 2

  44. Slide 44: Changi Airport

    Changi Airport Significant development to sustain growth in passenger capacity Recent Airport Expansion  Terminal 4 opened October 2017 and hosts nine airlines including Cathay Pacific, Korean Air, Air Asia and Vietnam Airlines  This has allowed these carriers to expand their operations as well as

  45. Slide 45: Changi Airport - Cities in China Served by Direct Flights to Singapore

    Changi Airport - 31 Cities in China are Served by Direct Flights to Singapore Thirteen airlines fly direct services between Singapore Changi and cities in China  Singapore Airlines  Sichuan Airlines  SilkAir  Hebei Airlines  China Eastern  Spring Airlines  Air China  China West Airlines  Ch

  46. Slide 46: Marina Bay Sands Changes in Casino Regulations

    Marina Bay Sands Changes in Casino Regulations Casino Exclusivity  The Singapore government has announced a renewal of the exclusivity period for the casinos within the two Integrated Resorts to the end of 2030 Singapore Casino Entry Levy Increase  The entry levy increased on April 4, 2019 by 50%

  47. Slide 47: Marina Bay Sands Changes in Casino Tax Rates

    Marina Bay Sands Changes in Casino Tax Rates Effective March 1, 2022  On March 1, 2022, a tiered casino tax system will go into effect. These tax rates will be in effect until at least February 2032 Casino Tax Rate Structure1 Mass Gaming Mass Gaming Tax Tax Rates Rates: Before March 1, 2022 After M

  48. Slide 48: Macao Market Background and Infrastructure Slides

    Macao Market Background and Infrastructure Slides

  49. Slide 49: 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 Conference, Wo

  50. Slide 50: 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 Away transportation infrastructure  Stay Longer  Greater number of hotel rooms and non-gaming offerings in M

  51. Slide 51: Mass Gaming Generates Approximately 85% of Gaming Operating Profit in Macao

    Mass Gaming Generates Approximately 85% of Gaming Operating Profit in Macao Composition of Macao Market Gross Gaming Revenue1 and Est. Gaming Operating Profit2 Quarter Ended June 30, 2019 TTM Ended June 30, 2019 ($ in US millions) ($ in US millions) $9,006M $2,513M $37,153M $9,994M 100% 100% 14% 16%

  52. Slide 52: 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 135 1 million in 2016. Chinese tourism expenditures are expected to increase from $261 billion in 2016 to $672 billion by 2025 Transportation infrastructure a

  53. Slide 53: China Is The World’s Largest and Fastest Growing Outbound Tourism Market

    China Is The World’s Largest and Fastest 1 Growing Outbound Tourism Market Outbound Travel Tourism Spending ($ in US 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

  54. Slide 54: China Is The World’s Largest and Fastest Growing Outbound Tourism Market (cont.d)

    China Is The World’s Largest and Fastest 1 Growing Outbound Tourism Market (cont.d) Number of Outbound Travel Trips from China (Trips in millions) 300 250 260 200 150 135 100 50 0 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E In the Next 7 Years Outbound Travel From China is Projected t

  55. Slide 55: Strong Growth in Chinese Outbound Tourism

    1 Strong Growth in Chinese Outbound Tourism Chinese Outbound Tourism to Select Markets 2010-2018 CAGR +17% +16% +13% +13% +7% +17% +14% +12% +25% +33% +8% +11% (in millions) 60.0 51.1 50.0 40.0 30.0 25.3 22.7 20.0 13.2 10.5 10.0 8.4 3.4 4.8 2.4 2.9 1.6 2.7 2.8 1.9 0.4 1.4 0.5 1.6 0.9 1.1 0.8 1.2 1.4

  56. Slide 56: Chinese Middle Class Consumption Growth

    1 Chinese Middle Class Consumption Growth Chinese Middle Class Consumption in 2030 is Projected to Reach $10 trillion Global Middle Class Consumption in 2030 ($ in US trillions) $15.0 $10.0 $10.0 $5.0 $4.0 $2.3 $2.5 $1.1 $1.2 $1.2 $1.3 $1.4 $0.0 France Brazil Mexico Germany Russia Japan Indonesia US

  57. Slide 57: 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

  58. Slide 58: Infrastructure: Meaningful Improvements Throughout The Greater Bay Area

    Infrastructure: Meaningful Improvements 2 Throughout The Greater Bay Area Guangzhou Wuhan – Guangzhou High-Speed Rail Population: 16M • Four hour train ride GDP Per Capita: US$20,000 Guangzhou – Shenzhen – Hong Kong Rail • Two hour train ride from Guangzhou to Hong Kong Guangzhou – Zhuhai Intercity

  59. Slide 59: The Hong Kong-Macao-Zhuhai Bridge

    2 The Hong Kong-Macao-Zhuhai Bridge: $20 Billion Bridge Is Vital Transportation Infrastructure Component Increasing Connectivity in Greater Bay Area  Transportation to Macao from the Hong Kong International Airport, one of the largest and most important transportation hubs in the region, no longer

  60. Slide 60: 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 Cotai Total Market New Capacity % of Gaming % of Gaming % of Total Gaming Operator Rooms Operators Rooms Operators Market 16,000 Sands China 12,736 50% 13,025 45% 34% Galaxy Entertainment 3,920 15

  61. Slide 61: Both Day-trip and Overnight Visitation to Macao Are Increasing

    4 Both Day-trip and Overnight Visitation to Macao Are Increasing Day-trip Visitors to Macao from China Overnight Visitors to Macao from China (in millions) (in millions) 14.0 14.0 13.3 12.0 12.0 11.9 11.9 11.5 11.2 10.0 10.3 10.0 10.3 10.2 9.7 9.7 9.2 8.8 8.8 8.9 8.0 8.0 8.1 7.6 7.3 6.9 6.8 6.0 6.0

  62. Slide 62: 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

  63. Slide 63: 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-

  64. Slide 64: Reconciliation of Non-GAAP Measures and Other Financial Information

    Reconciliation of Non-GAAP Measures and Other Financial Information

  65. Slide 65: Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA

    Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA ($ in US millions) 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19 Net income (loss) $1,616 $676 $699 ($40) $2,951 $744 $1,108 Add (deduct): Income tax expense (benefit) (571) (1) 81 83 782 (1) 375 85 236 Loss on modification or early r

  66. Slide 66: Non-GAAP Measures: Adjusted Net Income; Adjusted Earnings Per Diluted Share

    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 US millions, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net income att

  67. Slide 67: Non-GAAP Trailing Twelve Month Supplemental Schedule

    Non-GAAP Trailing Twelve Month Supplemental Schedule ($ in US millions) 2Q18 3Q18 4Q18 1Q19 2Q19 TTM 2Q19 Cash Flows From Operations $1,107 $896 $1,301 $820 $76 $3,093 Adjust for: Provision for doubtful accounts (7) (5) (9) (4) (7) (25) Foreign exchange gains (losses) 48 1 (11) (22) 24 (8) Other non

  68. Slide 68: Historical Hold-Normalized Adj. Property EBITDA

    Historical Hold-Normalized Adj. Property EBITDA1 ($ in US millions) 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2 Macao Operations Reported $600 $651 $730 $789 $750 $754 $786 $858 $765 Hold-Normalized Adjustment (3) (10) 27 (22) (20) 0 0 (23) (21) Hold-Normalized $597 $641 $757 $767 $730 $754 $786

  69. Slide 69: Supplemental Information 2Q19 and 2Q18

    Supplemental Information 2Q19 and 2Q18 ($ in US millions) Three Months Ended June 30, 2019 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 A

  70. Slide 70: Supplemental Information YTD 2Q19 and YTD 2Q18

    Supplemental Information YTD 2Q19 and YTD 2Q18 ($ in US millions) Six Months Ended June 30, 2019 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 Lan

  71. Slide 71: Marina Bay Sands Constant Currency Reconciliations

    Marina Bay Sands Constant Currency Reconciliations ($ in US millions) 2Q18 2Q19 Change Adjusted Property EBITDA $368 $346 -6.0% 1 Constant Currency Adjustment 0 9 Non-GAAP Adjusted Property EBITDA, Adjusted for Constant Currency $368 $355 -3.5% Hold-normalized Adjusted Property EBITDA $382 $384 0.5%

  72. Slide 72: Marina Bay Sands Constant Currency Reconciliations (cont’d)

    Marina Bay Sands Constant Currency Reconciliations (cont’d) ($ in US millions) 2Q18 2Q19 Change Non-Rolling Table and Slot Win per Day $4.85 $4.69 -3.3% 1 Constant Currency Adjustment 0 0.13 Non-GAAP Non-Rolling Table and Slot Win per Day, Adjusted for Constant Currency $4.85 $4.82 -0.6% 1. The adju

  73. Slide 73: Sands

    Sands

Las Vegas Sands — Q2 2019 Earnings Presentation on 6ix