Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q4 2021 Earnings Presentation
55 slides from Las Vegas Sands's earnings presentation, Jan 26, 2022
Slide 1: 4Q21 Earnings Call Presentation
4Q21 Earnings Call Presentation January 26, 2022
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
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 Investment grade balance sheet A unique MICE-based business model delivering industry-leading returns Unmatched development and operating track record creates competitive advantage as we
Slide 4: Overview for the Quarter Ended December 31, 2021
Overview for the Quarter Ended December 31, 2021 Visitation to our Macao and Singapore markets remains well below historical levels due to travel restrictions related to COVID-19 Despite the meaningfully reduced visitation, we generated positive adjusted property EBITDA in both Macao and Singapo
Slide 5: Macao Operating Environment
Macao Operating Environment Our gaming and non-gaming operations in Macao continue to be impacted by travel restrictions related to the COVID-19 pandemic; visitation remains well below 2019 levels In Macao in the quarter ended December 31, 2021, market visitation was approximately 21% of the qua
Slide 6: Singapore Operating Environment
Singapore Operating Environment Pandemic-related travel restrictions and social-distancing measures remain in place in Singapore As a result of those measures, our property operated at reduced capacity throughout the quarter Visitation to Marina Bay Sands from visitors outside of Singapore inc
Slide 7: Fourth Quarter 2021 Financial Results
Fourth Quarter 2021 Financial Results Quarter Ended December 31, 2021 vs Quarters Ended December 31, 20201 and 2019 Note: results for the fourth quarter of 2020 suffered a material negative impact as a result of the COVID-19 pandemic; the fourth quarter of 2019 is provided to allow for a comparison
Slide 8: LVS Adjusted Property EBITDA Performance
LVS Adjusted Property EBITDA Performance Select Quarterly Results Note: results for the fourth quarter of 2020 suffered a material negative impact as a result of the COVID-19 pandemic; the fourth quarter of 2019 is provided to allow for a comparison to a quarterly period prior to the impact of the p
Slide 9: Sands China Ltd.
Sands China Ltd. Reduced Visitation Continues to Impact Financial Results Note: results for the fourth quarter of 2020 suffered a material negative impact as a result of the COVID-19 pandemic; the fourth quarter of 2019 is provided to allow for a comparison to a quarterly period prior to the impact
Slide 10: 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 fourth quarter of 2020 suffered a material negative impact as a result of the COVID-19 pandemic; the fourth quarter of 2019 is provided to allow for a comparison to a quarterly period prior to
Slide 11: Sands China Mass Market Table and Slots Update
Sands China Mass Market Table and Slots Update Total Table Win and Slots Win by Quarter Note: results for the fourth quarter of 2020 suffered a material negative impact as a result of the COVID-19 pandemic; the fourth quarter of 2019 is provided to allow for a comparison to a quarterly period prior
Slide 12: 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 $5,523 $5,356 $5,500 $5,251 $4,841 $1,193 $4,955 $1,200 $5,000 $4,864 $4,706 $1,091 $1,069 $4,500 $959 $988 $4,146 $4,169 $
Slide 13: Macao Visitation and Mass Gaming Recovery
Macao Visitation and Mass Gaming Recovery Market-Wide Mass Revenue Recovering Faster Than Market-Wide Visitation Note: results for the fourth quarter of 2020 suffered a material negative impact as a result of the COVID-19 pandemic; the fourth quarter of 2019 is provided to allow for a comparison to
Slide 14: Marina Bay Sands
Marina Bay Sands Adjusted Property EBITDA of $177 Million in 4Q21 ($145 Million on Hold-Normalized Basis) Note: results for the fourth quarter of 2020 suffered a material negative impact as a result of the COVID-19 pandemic; the fourth quarter of 2019 is provided to allow for a comparison to a quart
Slide 15: Definitive Agreement for the Sale of Our Las Vegas Assets
Definitive Agreement for the Sale of Our Las Vegas Assets Transaction Anticipated to Close in 1Q22 Key Transaction Details On March 3, 2021, LVS announced that it had entered into definitive agreements to sell its Las Vegas real estate and operations for an aggregate purchase price of ~$6.25 billi
Slide 16: Las Vegas Operations
Las Vegas Operations1 Adjusted Property EBITDA of $154 Million in 4Q21 Note: results for the fourth quarter of 2020 suffered a material negative impact as a result of the COVID-19 pandemic; the fourth quarter of 2019 is provided to allow for a comparison to a quarterly period prior to the impact of
Slide 17: Investment Grade Balance Sheet
Investment Grade Balance Sheet As of December 31, 2021: Trailing Twelve Months Ended December 31, 2021: Cash Balance1 – $1.87 billion Adjusted Property EBITDA1 – $786 million Liquidity2 – $5.55 billion Cash Used in Operations1 – $243 million Debt – $14.80 billion Net Debt1 – $12.93 billi
Slide 18: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year ($ in US millions) $4,000 $3,496 $3,500 $3,333 $3,000 1,033 1,696 $2,500 $2,000 $1,889 500 $1,900 139 $1,500 $1,400 1,000 $1,000 $814 1,900 750 1,750 1,800 $700 $700 2 $600 2 2 $500 753 800 700 650 700 $62 1 600 $0 2022 2023 2024 2025 2026 2027 2028 2029 2
Slide 19: Capital Expenditures Expectations
Capital Expenditures Expectations ($ US in millions) $2,500 LVS Capex Expectations $2,180 $2,000 $981 $1,425 $1,500 $1,330 $1,225 $140 $400 $1,125 $1,050 $949 $273 $914 $22 $1,000 $284 $100 $825 $10 $83 $700 $211 $300 $700 $411 $600 $396 $382 $400 $240 $225 $500 $100 $239 $220 $450 $450 $425 $425 $4
Slide 20: Ongoing Strategic Expansion and Enhancement of our Integrated Resort Portfolio in Macao and Singapore
Ongoing Strategic Expansion and Enhancement of our Integrated Resort Portfolio in Macao and Singapore Through Future Total 4Q21 Spend Spend Expected Timeframe The Londoner Macao: • Creation of The Londoner Macao ~$1,125M ~$225M ~$1.35B • Phase I opened 1Q21 • Additional amenities introduced througho
Slide 21: 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 ─ Big
Slide 22: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Industry Leading ESG Platform Sands is committed to being a valuable contributor to the local communities in which we operate through collaboration with Team Members, guests, small and medium enterprises, and community organizations Minimizing our envir
Slide 23: Sustainability Awards and Certifications
Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability Highlights: Sands is the only US-based Hospitality and Gaming company to be named to the Dow Jones Sustainability World Index 2021 and North America Index 2021 Sands is one of on
Slide 24: 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 25: Appendices
Appendices Sands
Slide 26: $11.2 Billion of LVS and SCL Bonds Have No Financial Covenants
$11.2 Billion of LVS and SCL Bonds Have No Financial Covenants Investment Grade Long-term Debt Investment Grade Long-term Debt – No Financial Covenants for LVS and SCL Bonds Outstanding Financial Covenants Las Vegas Sands Corp. Senior US$4.0 Billion None Unsecured Notes Sands China Ltd. Senior Unsec
Slide 27: Revolver Commitments and Financial Covenants
Revolver Commitments and Financial Covenants Current Revolver Leverage Covenant Interest Covenant Availability1 Las Vegas Waived Sands Corp. US$1,499 Million - Until January 20232 Unsecured Revolver2 Sands China Ltd. Waived Waived Unsecured Revolver US$1,745 Million Until January 20233 Until January
Slide 28: Sources of EBITDA
Sources of EBITDA EBITDA Contribution by Geography in Fiscal Year Ended December 31, 2019 ($ in US millions) LVS 2019 Adjusted Property EBITDA1 $4,850 Singapore $1,661 34% Macao 66% $3,189 1. Excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operati
Slide 29: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $800 1 $700 $648 1 $621 $600 1 TTM 4Q21 Sales $539 $176 per Sq. Foot² $166 $500 MBS $433 1 $153 $39 $1,614 1 $41 $400 $380 $55 Parisian Macao $117 $37 $54 $648 $112 $50 Londoner Macao $300 $31 $184 $1,462 $42
Slide 30: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 4Q21 Sales per Sq. Ft. GLA1 Occupancy % at (Sq. Ft) Period End TTM 4Q21 TTM 3Q21 TTM 2Q21 TTM 1Q21 TTM 4Q20 The Shoppes at Marina Bay Sands 622,362 98.2% $1,614 $1,480 $1,366 $1,048 $1,053 Shoppes at Venetian 8
Slide 31: 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, 20211 – Gaming Operators Cotai ~ 25,000 Rooms by Gaming Operators Total Macao ~ 28,500 Rooms by Gaming Operators MGM 12,105 Rooms and MGM 12,394 Rooms and China S
Slide 32: 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 33: Marina Bay Sands Expansion
Marina Bay Sands Expansion Sands
Slide 34: 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 35: Marina Bay Sands $3.3 Billion Expansion to Bring New Luxurious Hotel, Entertainment, MICE and Retail Offerings
Marina Bay Sands $3.3 Billion 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: − Approximately 1,000 all-suite
Slide 36: Marina Bay Sands Expansion
Marina Bay Sands Expansion A Development Agreement with the Singapore Tourism Board will allow an expansion of Marina Bay Sands 36
Slide 37: Marina Bay Sands Expansion
Marina Bay Sands Expansion Artistic Impression Design and development 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. 37
Slide 38: Macao Market Background and Infrastructure Slides
Macao Market Background and Infrastructure Slides
Slide 39: Market-Leading ~$15 Billion of Investment
Market-Leading ~$15 Billion of Investment Investing in Macao’s Future as a Leisure & Business Tourism Destination Industry-leading Integrated Resort portfolio • Portfolio of ~12,000 suites and hotel rooms • ~2 million square feet of new luxurious hotel suite inventory introduced in 2020 and 2021
Slide 40: Macao's Long-Term Growth Opportunity
Macao’s Long-Term Growth Opportunity Business & Leisure Tourism Drivers Future growth drivers As a result, Macao’s visitors will More efficient and affordable Come from further away transportation infrastructure Greater number of hotel rooms, Stay longer MICE and non-gaming offerings in Maca
Slide 41: Market Leading Hotel Capacity at SCL
Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at December 31, 2021 Cotai Total Market % of Gaming % of Gaming % of Total Gaming Operator Rooms Operators Rooms Operators Market 16,000 Sands China 12,105 49% 12,394 44% 32% Galaxy Entertainment 3,920 16% 4,420 16% 12% 14,000 M
Slide 42: Supplemental Data
Supplemental Data Sands
Slide 43: Historical Hold-Normalized Adjusted Property EBITDA
Historical Hold-Normalized Adjusted Property EBITDA1 ($ in US millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 2 Macao Operations Reported $858 $765 $755 $811 $67 ($312) ($233) $47 $100 $132 $32 $74 Hold-Normalized $845 $765 $757 $789 $84 ($285) ($240) $70 $75 $113 $28 $89 Marin
Slide 44: Macao Market: Mass Gaming Revenue
Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ in US millions) 1 Mass Win (Tables and Slots) Q1 Q2 Q3 Q4 Total 2018 $4,955 $4,841 $4,864 $5,251 $19,911 Growth ('18 v '17) 19.5% 20.5% 16.7% 11.6% 16.9% 2019 $5,440 $5,356 $5,523 $5,608 $21,927 Growth ('19 v '18) 9.8% 10.6% 13.5%
Slide 45: Macao Market: VIP Gaming
Macao Market: VIP Gaming Macao Market VIP Gaming Revenue ($ in US millions) VIP Win1 Q1 Q2 Q3 Q4 Total 2018 $4,429 $4,208 $4,288 $4,412 $17,337 Growth ('18 v '17) 21.0% 12.7% 4.6% 2.8% 9.8% 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% 2 2020 $1,494 $
Slide 46: 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) Avg. Win per Table per Day: $23,622 $16 $600 $15.2 $552 $500 Avg. Win per Table $12 per Day: $3,064 ~15% of $400 4Q19 ~10% of Level 4Q19 $8 $300 Level
Slide 47: Reconciliation of Non-GAAP Measures and Other Financial Information
Reconciliation of Non-GAAP Measures and Other Financial Information
Slide 48: Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA
Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA1 ($ in US millions) 4Q19 2019 1Q20 2Q20 3Q20 4Q20 2020 1Q21 2Q21 3Q21 4Q21 2021 Net income (loss) $741 $3,160 ($92) ($841) ($664) ($303) ($1,900) ($280) ($280) ($594) ($315) ($1,469) Add (deduct): Income tax expense (benefi
Slide 49: Non-GAAP Measures: Adjusted Net Income (Loss); Hold-Normalized Adjusted Net Income (Loss)
Non-GAAP Measures: Adjusted Net Income (Loss); Hold- Normalized Adjusted Net Income (Loss) ($ in US millions) Three Months Ended December 31, 2021 2020 2019 Net income (loss) attributable to LVS ($123) ($299) $629 Pre-opening expense 4 5 11 Development expense 50 - 11 Loss on disposal or impairment
Slide 50: Non-GAAP Measures: Adjusted Earnings (Loss) per Diluted Share
Non-GAAP Measures: Adjusted Earnings (Loss) per Diluted Share; Hold-Normalized Adjusted Earnings (Loss) per Diluted Share ($ in per share amounts) Three Months Ended December 31, 2021 2020 2019 Per diluted share of common stock: Net income (loss) attributable to LVS ($0.17) ($0.40) $0.82 Pre-opening
Slide 51: Non-GAAP Trailing Twelve Month Supplemental Schedule
Non-GAAP Trailing Twelve Month Supplemental Schedule1 ($ in US millions) 4Q19 4Q20 1Q21 2Q21 3Q21 4Q21 TTM 4Q21 Cash Flows From Operations $1,202 $49 ($188) $83 ($240) $102 ($243) Adjust for: Provision for doubtful accounts (10) (36) (4) (2) (3) 6 (3) Foreign exchange gains (losses) 30 (9) (16) 10 (
Slide 52: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold-Normalized Adj. Property EBITDA1 ($ in US millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 2 Macao Operations Reported $858 $765 $755 $811 $67 ($312) ($233) $47 $100 $132 $32 $74 Hold-Normalized Adjustment (13) - 2 (22) 17 27 (7) 23 (25) (19) (4) 15 Hold-Normaliz
Slide 53: Supplemental Information
Supplemental Information 4Q21 and 4Q20 ($ in US millions) Three Months Ended December 31, 2021 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
Slide 54: Supplemental Information
Supplemental Information YTD 4Q21 and YTD 4Q20 ($ in US millions) Twelve Months Ended December 31, 2021 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
Slide 55: Sands
Sands