Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q1 2023 Earnings Presentation
56 slides from Las Vegas Sands's earnings presentation, Apr 19, 2023
Slide 1: 1Q23 Earnings Call Presentation
1Q23 Earnings Call Presentation April 19, 2023
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 future
Slide 3: The Investment Case for Las Vegas Sands
The Investment Case for Las Vegas Sands Global leader in Integrated Resort development and operation Strong balance sheet and liquidity Unique MICE-based business model delivering industry-leading returns Unmatched development and operating track record creates competitive advantage as we pu
Slide 4: Operating Environment at Marina Bay Sands in Singapore
Operating Environment at Marina Bay Sands in Singapore The recovery at Marina Bay Sands (MBS) in Singapore continued to progress: − 1Q23 adjusted property EBITDA reached $394 million (93% of 1Q19 level) − $412 million on a hold-normalized basis (95% of 1Q19 level) − Mass win reached an all time pr
Slide 5: Operating Environment in Macao
Operating Environment in Macao In Macao, the relaxation of many travel restrictions in China in early January enabled the recovery of travel and tourism spending to begin Sands China property portfolio reported: − 1Q23 adjusted property EBITDA of $398 million (46% of 1Q19 level) − $385 million o
Slide 6: First Quarter 2023 Financial Results
First Quarter 2023 Financial Results Quarter Ended March 31, 20231 vs Quarters Ended March 31, 20221 and 2019 Note: results for the first quarter of 2023 as well as the first quarter of 2022 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provid
Slide 7: LVS Adjusted Property EBITDA Performance
LVS Adjusted Property EBITDA Performance Select Quarterly Results Note: results for the first quarter of 2023 as well as the first quarters of 2020, 2021 and 2022 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provided to allow for a comparison
Slide 8: Sands China Ltd.
Sands China Ltd. Higher Visitation Drives Recovery in all Segments and Adjusted Property EBITDA Note: results for the first quarter of 2023 as well as the first quarter of 2022 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provided to allow fo
Slide 9: Sands China Mass Market Table Update
Sands China Mass Market Table Update Base Mass and Premium Mass Table Win by Quarter Note: results for the first quarter of 2023 as well as the first quarters of 2020, 2021 and 2022 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provided to all
Slide 10: Sands China Mass Market Table and Slots Update
Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win by Quarter Note: results for the first quarter of 2023 as well as the first quarters of 2020, 2021 and 2022 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provide
Slide 11: Macao Market: Mass Gaming Segment
Macao Market: Mass Gaming Segment Mass GGR Tables & Slots Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit1 ($ US in millions) $6,000 $1,400 $5,608 $5,440 $5,356 $5,523 ~67% of $5,500 $4,841 $5,251 $1,193 1Q19 Level $4,955 $1,200 $5,000 $4,864 $4,706 $1,091 $1,069 $1,035 $4,500
Slide 12: Macao Market: Total Visitation
Macao Market: Total Visitation Macao Quarterly Market Visitation (millions) 12.0 10.4 10.0 9.9 9.9 10.0 9.2 9.0 8.8 8.5 8.3 ~48% of 8.3 7.9 1Q19 8.0 7.7 Level 6.0 5.0 4.0 3.2 1.9 2.2 2.0 1.9 1.7 1.8 2.0 1.6 1.3 0.8 0.9 0.0 0.0 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q2
Slide 13: Macao Visitation and Transportation Recovery Overview
Macao Visitation and Transportation Recovery Overview Visitation to Macao from Mainland China, for the YTD February 2023 period, was 39% of the level recorded in 2019 Mainland China visitors from outside Guangdong province reached approximately 27% of the 2019 level for those same two months V
Slide 14: Visitation from China to Macao – YTD February Reached 39% of 2019 Level
Visitation from China to Macao1 – YTD February Reached 39% of 2019 Level Exclusive of Guangdong Province YTD February Reached 27% of 2019 Level YTD Feb Visitation Growth from China Visitation from China to Macao1 YTD February Population GDP Per Penetration Province 2019 2023 % of 2019 (MM) Capita (U
Slide 15: Macau Airport Monthly Volume Reached 39% in March 2023
Sands China Macau Airport Monthly Volume Reached 39% in March 2023 Macau Airport Passenger Volume 2019 2023 (000’s) (000’s) % of 2019 1,000 931 80% 900 856 853 812 792 778 778 781 781 767 800 730 752 60% 700 600 39% 500 40% 31% 400 27% 304 300 244 209 20% 200 100 0 0% Jan-19 Feb-19 Mar-19 Apr-19 May
Slide 16: Marina Bay Sands
Marina Bay Sands 1Q23 Mass Revenue Sets New Property Record Note: results for the first quarter of 2023 as well as the first quarter of 2022 suffered a negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provided to allow for a comparison to a quarterly period prior to
Slide 17: Marina Bay Sands
Marina Bay Sands Strong Recovery in Mass Gaming Revenue (Tables & Slots) MBS Mass Gaming Revenue (Tables & Slots) ($ US in millions) All-time Property Record Mass $549 $550 Revenue (~122% of 1Q19 Level) $500 $477 $449 $441 $437 $450 $432 $427 $427 $428 $428 $430 $424 $420 $402 $408 $390 $400 $350 $3
Slide 18: Changi Airport Monthly Passenger Volume Continued to Increase
Marina Bay Sands Changi Airport Monthly Passenger Volume Continued to Increase Changi Passenger Volume1,2 2019 2022 – YTD 2023 (Millions) (Millions) % of 2019 8.0 77% 78% 80% 72% 69% 7.0 65% 6.4 63% 5.8 5.9 5.9 5.7 56% 56% 6.0 5.7 5.6 5.6 5.5 5.6 60% 5.4 5.1 50% 5.0 46% 4.6 4.4 4.0 4.0 4.0 35% 3.7 4
Slide 19: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity As of March 31, 2023: Trailing Twelve Months Ended March 31, 2023: Cash Balance1 – $6.53 billion Adjusted Property EBITDA – $1.41 billion Liquidity2 – $9.01 billion Cash Used in Operations – $3 million Debt – $15.97 billion Net Debt – $9.43 billion ($ i
Slide 20: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year ($ in US millions) $4,000 $3,528 $3,500 $3,352 $3,000 1,052 1,728 $2,500 1 $1,993 $2,000 $1,891 500 $1,900 $1,500 $1,400 1,000 $1,000 1,946 1,900 750 1,750 1,800 $700 $700 2 $600 $500 800 700 650 700 600 $0 2023 2024 2025 2026 2027 2028 2029 2030 2031 % of
Slide 21: Capital Expenditures Expectations
Capital Expenditures Expectations ($ US in millions) LVS Capex Expectations $2,000 $1,775 $1,500 $1,350 $1,330 $25 $140 $8 $1,000 $1,025 $1,000 $284 $914 $900 $900 $625 $22 $865 $66 $10 $25 $375 $83 $651 $15 $225 $140 $411 $2 $550 $200 $300 $350 $300 $500 $382 $181 $300 $4 $231 $151 $200 $50 $183 $4
Slide 22: Investments for Expansion and Growth in Our Integrated Resort Portfolio
Investments for Expansion and Growth in Our Integrated Resort Portfolio in Macao and Singapore Spend Through Future March 31, 2023 Notes: Spend The Londoner Macao: • Creation of The Londoner Macao ~$1.30B • Phase I debuted 1Q21 ~$50M • All amenities introduced by summer 2023 New Luxurious Hotel Towe
Slide 23: Long-Term Commitment to Macao
Long-Term Commitment to Macao Sands China Has Committed Up to $4.5 Billion of Total Capital and Operating Investment in Macao through 2032 ~$3.8 billion of investment through 2032 (~92% non-gaming), with an incremental ~$700 million commitment at a Macao market level GGR of ~$22.5 billion 10-Year
Slide 24: The Londoner Macao
The Londoner Macao Phased Opening Largely Complete Amenities Open: ─ Londoner Court (luxury residential style all-suite hotel) ─ The Londoner Hotel ─ Crystal Palace Atrium ─ New dining, gaming and London- themed attractions ─ Suites by David Beckham ─ Shakespeare’s Hall Atrium in south towers ─ Bi
Slide 25: Marina Bay Sands Towers One & Two Renovation
Marina Bay Sands Towers One & Two Renovation Introduction of New Suite and Room Product Continues Marina Bay Sands has introduced luxurious new suite product and related offerings and amenities throughout the resort, and will continue to do so throughout 2023 25
Slide 26: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Industry Leading ESG Platform LVS is committed to providing leadership in ESG through collaboration with Team Members, guests, small and medium enterprises, and community organizations where we operate Minimizing our environmental impact, practicing goo
Slide 27: Sustainability Awards and Certifications
Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability Singapore Macao LEED Platinum for Building Operations and Dow Jones Sustainability Index, Asia Pacific Maintenance (2021, 2022) Sands Expo and Convention Center at Marina Dow Jones S
Slide 28: Disciplined Execution of Our Global Growth Strategy
Disciplined Execution of Our Global Growth Strategy Focused on the Most Promising Global Development Opportunities Uniquely positioned to bring our unmatched track record and powerful convention-based business model to the world’s most promising Integrated Resort development opportunities Balanc
Slide 29: Appendices
Appendices HESares
Slide 30: Sources of EBITDA
Sources of EBITDA EBITDA Contribution by Geography in Fiscal Year Ended December 31, 2019 ($ in US millions) LVS 2019 Adjusted Property EBITDA1 $4,850 $1,661 $3,189 MBS Adjusted Singapore SCL Adjusted Property 34% Property EBITDA1 Margin: Macao EBITDA1 66% 53.6% Margin: 36.1% LVS Adjusted Property E
Slide 31: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $800 TTM 1Q23 Sales $700 1 1 per Sq. Foot² $641 $642 1 1 $595 1 $592 $600 $579 $178 $194 MBS $500 $2,809 $208 $230 $226 $37 $34 $400 $55 $52 Parisian Macao $29 $48 $25 $25 $435 $47 $47 Londoner Macao $300 $17
Slide 32: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 1Q23 Sales per Sq. Ft. GLA1 Occupancy % at (Sq. Ft) Period End TTM 1Q23 TTM 4Q22 TTM 3Q22 TTM 2Q22 TTM 1Q22 The Shoppes at Marina Bay Sands 622,653 99.7% $2,809 $2,596 $2,359 $2,051 $1,748 Shoppes at Venetian 8
Slide 33: 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 December 31, 20221 – Gaming Operators Cotai ~ 25,000 Rooms by Gaming Operators Total Macao ~ 28,000 Rooms by Gaming Operators MGM China 12,103 Rooms and MGM China 12,392 Rooms
Slide 34: Sands China Market Leadership
Sands China Market Leadership Continued Expansion of Market-Leading Cotai Strip Property Portfolio LVS’ Cotai Strip Properties Leadership in Macao Investment Grand Suites at Four Seasons Macao ~$15 billion 289 Suites (Opened Approximately 30 million square feet of interconnected facilities on Co
Slide 35: Marina Bay Sands Expansion
Marina Bay Sands Expansion HESares
Slide 36: Marina Bay Sands, Singapore
Marina Bay Sands, Singapore Contribute to Economic Growth and Enhance Leisure & Business Tourism Appeal of Singapore 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 iconic arc
Slide 37: Marina Bay Sands Expansion to Bring New Luxurious Hotel, Entertainment, MICE and Retail Offerings
Marina Bay Sands Expansion to Bring New Luxurious 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 ne
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
Slide 39: Marina Bay Sands Expansion
Marina Bay Sands Expansion Artistic Impression Design, development and programming work are progressing, 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
Slide 40: Macao Market Background and Infrastructure Slides
Macao Market Background and Infrastructure Slides
Slide 41: Market-Leading ~$15 Billion of Investment
Market-Leading ~$15 Billion of Investment Investing in Macao’s Future as a Leisure & Business Tourism Destination Industry-leading Integrated Resort portfolio ─ Portfolio of ~12,000 suites and hotel rooms ─ ~2 million square feet of new luxurious hotel suite inventory introduced in 2020 and 2021
Slide 42: Macao's Long-Term Growth Opportunity
Macao’s Long-Term Growth Opportunity Business & Leisure Tourism Drivers Future growth drivers As a result, Macao’s visitors will More efficient and affordable Come from further away transportation infrastructure Greater number of hotel rooms, luxury suite offerings, MICE and non- Stay longer
Slide 43: Market Leading Hotel Capacity at SCL
Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at December 31, 2022 Cotai Total Market % of Gaming % of Gaming % of Total Gaming Operator Rooms Operators Rooms Operators Market 16,000 Sands China 12,103 49% 12,392 44% 32% Galaxy Entertainment 3,914 16% 4,414 16% 12% 14,000 Me
Slide 44: Supplemental Data
Supplemental Data HESares
Slide 45: Historical Hold-Normalized Adjusted Property EBITDA
Historical Hold-Normalized Adjusted Property EBITDA1 ($ in US millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2 Macao Operations Reported $858 $765 $755 $811 $67 ($312) ($233) $47 $100 $132 $32 $74 ($11) ($110) ($152) ($51) $398 Hold-Normalized $845 $76
Slide 46: Macao Market: Mass Gaming Revenue
Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ in US millions) 1 Mass Win (Tables and Slots) 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% 2 2020 $2,180 $212 $363 $2,049 $4,804 Growth ('20 v '19) -59.9% -96.0% -93.4%
Slide 47: Macao Market: VIP Gaming
Macao Market: VIP Gaming Macao Market VIP Gaming Revenue ($ 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% 2020 2 $1,494 $172 $245 $662 $2,573 Growth ('20 v '19) -61.6% -95.3% -92.3% -79.9% -81.6% 2021 2 $817
Slide 48: Sands China VIP Table Update
Sands China VIP Table Update SCL Rolling Volume by Quarter SCL Rolling Win by Quarter ($ in US billions) ($ in US millions, except per table amounts) $20 $700 Avg. Win per Table $19.1 $663 per Day: $27,904 $600 $16 Avg. Win per Table per Day: $11,040 $500 $12 $400 ~21% of 1Q19 $300 $8 Level $200 $4
Slide 49: Reconciliation of Non-GAAP Measures and Other Financial Information
Reconciliation of Non-GAAP Measures and Other Financial Information
Slide 50: Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA
Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA1 ($ in US millions) 1Q19 1Q20 1Q21 1Q22 2Q22 3Q22 4Q22 2022 1Q23 Net income (loss) $700 ($92) ($280) ($478) ($414) ($380) ($269) ($1,541) $145 Add (deduct): Income tax expense (benefit) 74 22 14 2 110 60 (18) 154 50 Other (
Slide 51: Non-GAAP Measures: Adjusted Net Income (Loss); Hold-Normalized Adjusted Net Income (Loss)
Non-GAAP Measures: Adjusted Net Income (Loss); Hold- Normalized Adjusted Net Income (Loss) ($ in US millions) Three Months Ended March 31, 2023 2022 2019 Net income (loss) attributable to LVS $147 $2,530 $582 Nonrecurring legal settlement - - 96 Pre-opening expense 2 4 4 Development expense 42 60 5
Slide 52: Non-GAAP Measures: Adjusted Earnings (Loss) per Diluted Share
Non-GAAP Measures: Adjusted Earnings (Loss) per Diluted Share; Hold-Normalized Adjusted Earnings (Loss) per Diluted Share ($ in per share amounts) Three Months Ended March 31, 2023 2022 2019 Per diluted share of common stock: Net income (loss) attributable to LVS $0.19 $3.31 $0.75 Nonrecurring legal
Slide 53: Non-GAAP Trailing Twelve Month Supplemental Schedule
Non-GAAP Trailing Twelve Month Supplemental Schedule1 ($ in US millions) 1Q19 1Q20 1Q21 2Q22 3Q22 4Q22 1Q23 TTM 1Q23 Cash Flows From Operations $770 ($388) ($188) ($190) ($150) ($104) $441 ($3) Adjust for: (Provision for) recovery of credit losses (4) (14) (4) (2) (8) (1) 6 (5) Foreign exchange gain
Slide 54: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold-Normalized Adj. Property EBITDA1 ($ in US millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2 Macao Operations Reported $858 $765 $755 $811 $67 ($312) ($233) $47 $100 $132 $32 $74 ($11) ($110) ($152) ($51) $398 Hold-Normalized Adjustment (
Slide 55: Supplemental Information
Supplemental Information 1Q23 and 1Q22 ($ in US millions) Three Months Ended March 31, 2023 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
Slide 56: ink Sands
ink Sands IWS