Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q3 2024 Earnings Presentation

73 slides from Las Vegas Sands's earnings presentation, Oct 23, 2024

1. Slide 1: 3Q24 Earnings Presentation

   3Q24 Earnings Presentation October 23, 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 future

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: Third Quarter 2024 Financial Highlights

   Third Quarter 2024 Financial Highlights Quarter Ended September 30, 2024 vs September 30, 2023 ($ in US millions, except per share information) LVS Consolidated Third Quarter Financial Results 3Q23 3Q24 Change Net Revenue $2,795 $2,682 ($113) Net Income 449 353 (96) Net Income Attributable to LVS 38

6. Slide 6: Third Quarter 2024 Adjusted Property EBITDA

   Third Quarter 2024 Adjusted Property EBITDA ($ in US millions) Adjusted Property EBITDA 3Q23 3Q24 Change % Change Macao Operations $631 $585 ($46) -7.3% Adjusted Property EBITDA Margin 35.3% 33.0% -230 bps Marina Bay Sands $491 $406 ($85) -17.3% Adjusted Property EBITDA Margin 48.4% 44.2% -420 bps L

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

   Illustrative Impact of Hold in Our Rolling Play1 Macao – Select Quarterly Results ($ in US millions) Macao Operations 3Q23 4Q23 1Q24 2Q24 3Q24 Net Revenue $1,789 $1,863 $1,811 $1,754 $1,771 Expected hold impact1 (25) 68 52 6 4 Had we held as expected in our rolling play, Net Revenue would have been

8. Slide 8: Illustrative Impact of Hold in Our Rolling Play (Marina Bay Sands)

   Illustrative Impact of Hold in Our Rolling Play1 Marina Bay Sands – Select Quarterly Results ($ in US millions) Marina Bay Sands 3Q23 4Q23 1Q24 2Q24 3Q24 Net Revenue $1,015 $1,061 $1,158 $1,016 $919 Expected hold impact1 (44) (91) (99) (83) 101 Had we held as expected in our rolling play, Net Revenu

9. Slide 9: Operating Update: Macao Property Portfolio

   Operating Update: Macao Property Portfolio Quarter Ended September 30, 2024 Macao market overview: Macao portfolio quarterly financial results:  The Macao market generated gaming revenue of ~$6.9 billion for  Adjusted Property EBITDA was $585 million 3Q24, up 13% from 3Q23 − Assuming expected hold

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

    Operating Update: Marina Bay Sands in Singapore Quarter Ended September 30, 2024 Marina Bay Sands property update: Marina Bay Sands quarterly financial results:  $1.75 billion capital investment program to enhance leisure  Adjusted Property EBITDA of $406 million business and tourism will be compl

11. Slide 11: LVS Adjusted Property EBITDA

    LVS Adjusted Property EBITDA Select Quarterly Results LVS Adjusted Property EBITDA ($ in US millions) Assuming Expected Hold in Our Rolling Play1 $1,500 -$31 -$46 -$49 $1,198 $1,207 -$60 +$80 $1,200 $1,122 $1,073 $991 $900 $600 $300 $0 3Q23 4Q23 1Q24 2Q24 3Q24 1. These amounts present the illustrati

12. Slide 12: Sands China

    Sands China 3é Savas

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

    Sands China Ltd. Financial and Operating Performance Capital investment programs at the Londoner Macao and the Venetian Adjusted Property EBITDA Arena are progressing according to plan ($ in US millions)  Londoner Grand Casino and 300 suites opened in late September Assuming Expected Hold $1,200 in

14. Slide 14: Macao Financial Performance

    Macao Financial Performance Quarter ended September 30, 2024 vs quarter ended September 30, 2023 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 3Q23 3Q24 $ % 3Q23 3Q24 $ % 3Q23 3Q24 bps The Venetian Macao $723 $692 ($31) -4.3% $290 $267 ($23) -7.

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: $6,751 Avg. Win per Table per Day: $15,110 $800 $800 $732 $714 $690 $685

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: $9,512 Avg. Win per Unit per Day: $383 $1,600 $200 $1,400 $1,417 $1,415 $1,365 $1,338 $168 $166

17. Slide 17: Macao Concessionaire Adjusted Property EBITDA Share

    Macao Concessionaire Adjusted Property EBITDA Share SCL Has Consistently Generated the Leading Share of Macao Market EBITDA 100% 32.9% 33.5% 30.1% 29.1% 35.0% 34.1% 35.3% 33.7% 35.0% 33.5% 80% 5.5% 5.8% 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% 16.3% 8.5% 8.5% 13.5% 14.

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 $6,139 $6,078 $5,936 $6,000 $5,608 $5,440 $5,523 $1,200 $5,356 $5,350 $5,500 $5,251 $4,955 $4,841 $4,864 $5,000 $4,730 $1,000 $4,706 $4,50

19. Slide 19: Macao Market: Total Visitation

    Macao Market: Total Visitation Macao Quarterly Market Visitation (millions) ~93% of 12.0 3Q19 10.4 10.0 9.9 9.9 10.0 9.2 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 3Q24 Visitation t

20. Slide 20: Macao Visitation Overview

    Macao Visitation Overview (millions) 3Q Visitation 2019 2024 Variance % of 2019 China, excluding Guangdong Province 3.78 3.11 (0.67) 82% Guangdong Province 3.37 3.57 0.20 106% Hong Kong 1.87 1.79 (0.07) 96% All Other Visitation 0.91 0.73 (0.18) 80% Total Macao Visitation 9.92 9.20 (0.72) 93%  Tour

21. Slide 21: Visitation from China to Macao

    Visitation from China to Macao1 Exclusive of Guangdong Province, 3Q24 Visitation Was 82% of 2019 Level 3Q24 Visitation - % 2019 Visitation from China to Macao1 Three Months Ended September 30, Population GDP Per Penetration Province 2019 2024 % of 2019 (MM) Capita (US$) Rate Zhejiang 199,164 231,763

22. Slide 22: Macao Airport Passenger Volume

    Sands China Macao Airport Monthly Passenger Volume in 3Q24 was ~80% of 3Q19 Volume Macao Airport Passenger Volume (000’s) 2019 2023/2024 Passenger Volume in 3Q24 ~80% of 3Q19 % of 2019 1,200 100% 85% 83% 81% 1,000 78% 80% 80% 931 76% 78% 73% 80% 856 853 70% 812 792 64%65% 65%66% 778 778 781 781 767

23. Slide 23: Marina Bay Sands

    Marina Bay Sands 3é Savas

24. Slide 24: Marina Bay Sands: Investing for Future Growth

    Marina Bay Sands Investing for Future Growth MBS Phase II suite renovation and refurbishment program remains on Adjusted Property EBITDA schedule: ($ in US millions) Assuming Expected Hold  531 suites at quarter end 3Q24 in Our Rolling Play1 $1,000  At program completion in 2Q25 MBS will feature 7

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) ~64% growth v 3Q19, ~17% growth v 3Q23 $687 $700 $668 $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 $3

26. Slide 26: Retail Mall Operations

    Retail Mall Operations RE Savas

27. Slide 27: Retail Mall Portfolio in Asia

    Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $766 $778 $780 $768 TTM 3Q24 $800 Sales per Sq. $698 Foot1 $700 $260 $261 MBS $254 $256 $2,919 $600 $245 Parisian Macao $500 $32 $31 $30 $29 $525 $28 $66 $68 $69 $72 Londoner Macao $400 $1,491 $59 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 3Q24 Sales per Sq. Ft. 1 GLA Occupancy % at (Sq. Ft.) Period End TTM 3Q24 TTM 2Q24 TTM 1Q24 TTM 4Q23 TTM 3Q23 The Shoppes at Marina Bay Sands 615,944 99.1% $2,919 $2,945 $3,022 $2,991 $2,998 Shoppes at Venetian

29. Slide 29: Retail Mall Revenue

    Retail Mall Revenue Quarterly Retail Revenue Composition - 1Q18 to 4Q19 and 1Q23 to 3Q24 ($ in US millions) Base Rent, CAM, Other1 Turnover Rent2 SCL Mall Revenue $180 $160 $156 $148 $150 $129 47 $132 $124 38 $123 49 $125 $119 $115 $115 $115 $116 $120 $113 7 15 29 15 8 14 $109 6 3 4 8 11 15 $90 $60

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

    B a l a n c e S h e e t , L i q u i d i t y a n d Ret u r n o f C a p i ta l to S h a re h o l d e r s

31. Slide 31: Strong Balance Sheet and Liquidity

    Strong Balance Sheet and Liquidity As of September 30, 2024: Trailing Twelve Months Ended September 30, 2024:  Cash Balance1 – $4.21 billion  Adjusted Property EBITDA – $4.47 billion  Liquidity2 – $8.67 billion  Cash Flow from Operations – $3.30 billion  Debt – $13.88 billion  Net Debt – $9.67

32. Slide 32: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year ($ in US millions) $4,000 $3,591 $3,500 $3,216 $3,000 1,091 1,791 $2,500 $1,900 $1,900 $2,000 500 $1,450 $1,500 1,000 1,250 $1,000 750 1,625 2 $700 $600 2 $500 $500 1 800 700 650 $98 $0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 % of 1% 23% 26%

33. Slide 33: LVS Return of Capital 2012 - 2020

    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 Sha re Repurchas es - $570 $1,665 $205 - $375 $905 $754 - $4,474 20.0% 1,2 LVS Di vi dends Pa i d 824 1,153 1,610 2,074

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

    LVS Return of Capital (cont’d) 3Q24: $450 Million Shares of LVS Repurchased, $147 Million in Dividends Paid Total Capital Returned to LVS Shareholders 2023 – 3Q24 ($ in US millions) Total 3Q23 4Q23 1Q24 2Q24 3Q24 $ % 1 LVS Share Repurcha ses - $505 $450 $400 $450 $1,805 70.6% 2 LVS Di vi dends Pa i

35. Slide 35: Investment and Capital Expenditures

    I nve s t m e nt a n d C a p i t a l E x p e n d i t u re s

36. Slide 36: 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 36

37. Slide 37: The Londoner Macao

    The Londoner Macao Phase II Works to be Completed by 2Q25  Phase II: ─ Creation of the Londoner Grand featuring 1,500 suites and 905 rooms (300 suites completed September 2024) ─ Renovation of the Pacifica casino (completed Sept. 2024) ─ Creation of new dining, retail and entertainment offerings ─

38. Slide 38: Long-Term Commitment to Macao

    Long-Term Commitment to Macao Capital Investment Commitment in Macao 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 Inves

39. Slide 39: Marina Bay Sands: Recent Capital Investment of $1.75B

    Marina Bay Sands: Recent Capital Investment of $1.75B 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 tou

40. Slide 40: Marina Bay Sands Recent Capital Investment (cont'd)

    Marina Bay Sands Recent Capital Investment (cont’d) Phase I 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 dini

41. Slide 41: Marina Bay Sands Recent Capital Investment (cont'd)

    Marina Bay Sands Recent Capital Investment (cont’d) Introduction of New Suites and Amenities Continues 41

42. Slide 42: Marina Bay Sands IR2 Update

    Marina Bay Sands IR2 Update 3é Savas

43. Slide 43: Marina Bay Sands IR2 Development

    Marina Bay Sands IR2 Development New Ultra-Luxury Resort Destination to Enhance Tourism Appeal of Singapore  Iconic Design: A new property designed by Moshe Safdie, the architect of the original Marina Bay Sands, that will redefine the Singapore skyline  The Skyloop: Multi-story signature rooftop

44. Slide 44: MBS IR2 Development Cost Estimate Summary

    MBS IR2 Development Cost Estimate Summary ($ in US billions) Original Land Premium (paid 2019) $1.0 1 Additional Land Premium 1.0 Total Land Premiums $2.0 25% Design and Development paid through 3Q24 0.2 Additional Development Costs: Hard Construction Costs $3.5 Soft Construction Costs and Other 1.0

45. Slide 45: Estimated Development Timeline

    Estimated Development Timeline Marina Bay Sands IR2 Estimated Date Key Milestone October 2024  Submission of development application to the Urban Redevelopment Authority June 2025  Piling and foundation commencement June 2025 - 20301  Estimated 55 to 60 month construction period January 1, 20311

46. Slide 46: Marina Bay Sands IR2 Development Capital Expenditure Expectations

    Marina Bay Sands IR2 Development Development Capital Expenditure Expectations1,2,3 ($ US in millions) MBS IR2 Capital Expenditure Expectations $2,400 $1,850 $1,800 $1,200 $1,200 $1,150 $1,200 $1,000 $1,000 $550 $600 $350 $400 $200 $200 $0 2024 and Prior 4 2025E 5 2026E 2027E 2028E 2029E 2030E and Be

47. Slide 47: Marina Bay Sands: Contributing to Singapore's Economic Growth

    Marina Bay Sands Contributing to Singapore’s Economic Growth and Enhancing Singapore’s Tourism Appeal Marina Bay Sands Original Integrated Resort  Contributed meaningfully to economic growth and to Singapore’s appeal as an exciting global city  Delivered iconic architecture to Singapore’s CBD area

48. Slide 48: Capital Expenditures Expectations

    Capital Expenditures Expectations Investments to enhance our industry-leading portfolio of Integrated Resorts in Macao and Singapore  Investment in high quality assets drives revenue growth  Scale of assets creates competitive advantage ($ US in millions) LVS Capex Expectations $2,500 $2,350 $2,00

49. Slide 49: 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

50. Slide 50: Environmental, Social and Governance (ESG)

    E nv i ro n m e nt a l , S o c i a l a n d G o ve r n a n c e ( ES G )

51. Slide 51: 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

52. Slide 52: 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

53. Slide 53: 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 LEED Platinum for Building Operations and Dow Jones Sustainability Index, Asia Pacific America Maintena

54. Slide 54: Appendices

    Appendices 3é Savas

55. Slide 55: 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 September 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 Chin

56. Slide 56: Sands China: Market Leading Investment in Macao

    Sands China Market Leading Investment in Macao Investment Expansion and Reinvestment  ~$17 billion  289 suites in the Grand Suites at Four Seasons Macao opened October 2020 (~1 million SF of suite product)  Approximately 30 million square feet of interconnected facilities on Cotai  368 suites in

57. Slide 57: Continued Expansion of Market-Leading Cotai Strip Property Portfolio

    Sands China 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 2021) O Grand Suites at Four Seasons T Conrad Macao 289 Suites (Opened A 659 Ro

58. Slide 58: Macao Market Background and Infrastructure Slides

    M a c a o M a r ke t B a c k g ro u n d a n d I n f ra st r u c t u r e S l i d e s

59. Slide 59: Market-Leading ~$17 Billion of Investment

    Market-Leading ~$17 Billion of Investment  Industry-leading Integrated Resort portfolio ─ Portfolio of ~10,800 rooms including ~3,730 suites1 ─ ~2.0 million square feet of new luxurious hotel suite inventory introduced in 2020 through 2025  Additional entertainment and tourism offerings of The Lon

60. Slide 60: Market Leading Hotel Capacity at SCL

    Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at September 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

61. Slide 61: Supplemental Data

    Supplemental Data 3é Savas

62. Slide 62: 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% 20222 $1,779 $890 $621 $1,157 $4,447 Growth ('22 v '21) -14.2% -62.0% -64.6% -4

63. Slide 63: 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% 20222 $372 $140 $76 $129 $717 Growth ('22 v '21) -54.5% -82.0% -86.1% -61.5% -71.1% 20232 $581

64. Slide 64: 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 Avg. Win per Table per Day: $16,167 $7 $175 $186 $179 $177 $6 $150 $6.0 $5.4 $5.6 $5.5 $5 $125 $130 $128 $4.9 $4 $100 $3 $75 $2 $50 $1 $25 $0

65. Slide 65: Reconciliation of Non-GAAP Financial Measures and Other Financial Information

    Re c o n c i l i at i o n o f N o n - G A A P F i n a n c i a l M e a s u re s a n d O t h e r F i n a n c i a l I n fo r m a t i o n

66. Slide 66: Non-GAAP Reconciliation

    Non-GAAP Reconciliation Net Income to Consolidated Adjusted Property EBITDA ($ in US millions) 3Q23 4Q23 1Q24 2Q24 3Q24 Net income $449 $469 $583 $424 $353 Add (deduct): Income tax expense 122 123 17 72 50 Other (income) expense (4) (9) 6 (11) (11) Interest expense, net of amounts capitalized 200 19

67. Slide 67: Non-GAAP Measures: Adjusted Net Income

    Non-GAAP Measures Adjusted Net Income ($ in US millions) Three Months Ended September 30, 2024 2023 Net income attributable to LVS $275 $380 Pre-opening expense 4 3 Development expense 55 44 Loss on disposal or impairment of assets 11 4 Other income (11) (4) Income tax impact on net income adjustmen

68. Slide 68: Non-GAAP Measures: Adjusted Earnings per Diluted Share

    Non-GAAP Measures Adjusted Earnings per Diluted Share ($ in per share amounts) Three Months Ended September 30, 2024 2023 Per diluted share of common stock: Net income attributable to LVS $0.38 $0.50 Pre-opening expense 0.01 - Development expense 0.08 0.06 Loss on disposal or impairment of assets 0.

69. Slide 69: Non-GAAP Reconciliation: Trailing Twelve Month Supplemental Schedule

    Non-GAAP Reconciliation Trailing Twelve Month Supplemental Schedule ($ in US millions) 3Q23 4Q23 1Q24 2Q24 3Q24 TTM 3Q24 Cash Flows From Operations $839 $1,006 $714 $814 $761 $3,295 Adjust for: Recovery of (provision for) doubtful accounts (3) (2) (11) (4) 5 (12) Foreign exchange gains (losses) 9 8

70. Slide 70: Supplemental Information 3Q24 and 3Q23

    Supplemental Information 3Q24 and 3Q23 ($ in US millions) Three Months Ended September 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

71. Slide 71: Supplemental Information YTD 3Q24 and YTD 3Q23

    Supplemental Information YTD 3Q24 and YTD 3Q23 ($ in US millions) Nine Months Ended September 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

72. Slide 72: 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 3Q24 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

73. Slide 73: HE Sands

    3s HE Sands

Las Vegas Sands — Q3 2024 Earnings Presentation on 6ix