Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q3 2019 Earnings Presentation

72 slides from Las Vegas Sands's earnings presentation, Oct 23, 2019

  1. Slide 1: 3Q19 Earnings Call Presentation

    3Q19 Earnings Call Presentation October 23, 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: Third Quarter 2019 Highlights

    Third Quarter 2019 Highlights  Macao Property Portfolio: − Mass market win grew 9.3% reaching a 3Q record $1.60 billion − Delivered $755 million of Adjusted Property EBITDA  Marina Bay Sands: − Delivered $435 million of Adjusted Property EBITDA ($387 million on a hold-normalized basis)  Las Vegas

  5. Slide 5: Geographically Diverse Sources of EBITDA

    Geographically Diverse Sources of EBITDA EBITDA Contribution by Geography in 3Q 2019 ($ in US millions) LVS Consolidated Adjusted Property EBITDA1 LVS Consolidated Hold-Normalized Adj. Prop. EBITDA1 $1,283M $1,248M Las Vegas Las Vegas 7% 9% Singapore Singapore 31% 34% Macao Macao 59% 60% 1. The Maca

  6. Slide 6: Geographically Diverse Sources of EBITDA

    Geographically Diverse Sources of EBITDA EBITDA Contribution by Geography in Trailing Twelve Months Ended September 30, 2019 ($ in US millions) LVS Consolidated Adjusted Property EBITDA1 $5,273M United States 10% Singapore 30% Macao 60% 1. The Macao region includes adjusted property EBITDA from The

  7. Slide 7: Third Quarter 2019 Financial Results

    Third Quarter 2019 Financial Results Quarter Ended September 30, 2019 vs Quarter Ended September 30, 2018 ($ in US millions, except per share information) 3Q18 3Q19 $ Change % Change Net Revenue $3,372 $3,250 ($122) -3.6% Net Income $699 (1) $669 (2) ($30) -4.3% Adjusted Net Income Attributable to L

  8. Slide 8: Strong Cash Flow, Balance Sheet and Liquidity

    Strong Cash Flow, Balance Sheet and Liquidity Investment Grade Balance Sheet Provides Flexibility for Future Growth Opportunities and Return of Capital As of September 30, 2019: Trailing Twelve Months Ended September 30, 2019:  Cash Balance – $3.83 billion  Cash Flow from Operations – $3.10 billio

  9. Slide 9: LVS Increasing Return of Capital to Shareholders

    LVS Increasing Return of Capital to Shareholders $25.5 Billion of Capital Returned to Shareholders Since 2012 Total Capital Returned to Shareholders ($ in US millions) Year Ended December 31, YTD 2012 2013 2014 2015 2016 2017 2018 2019 Total LVS Dividends Paid1 $823 $1,153 $1,610 $2,074 $2,290 $2,31

  10. Slide 10: LVS Increasing Return of Capital to Shareholders (Cont’d)

    LVS Increasing Return of Capital to Shareholders (Cont’d) $25.5 Billion of Capital Returned to Shareholders Since 2012 LVS Recurring Dividends per Share1 $3.08 $3.16 $2.88 $2.92 $3.00 $2.60 $2.00 $1.40 $1.00 2012 2013 2014 2015 2016 2017 2018 2019 2020 Dividends Repurchases  The LVS Board of Direct

  11. Slide 11: Macao Operations EBITDA Performance

    Macao Operations EBITDA Performance Quarter Ended September 30, 2019 vs Quarter Ended September 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 $754 $755 $754 $

  12. Slide 12: Macao Financial Performance

    Macao Financial Performance Quarter Ended September 30, 2019 vs Quarter Ended September 30, 2018 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 3Q18 3Q19 $ % 3Q18 3Q19 $ % 3Q18 3Q19 bps The Venetian Macao $857 $851 ($6) -0.7% $344 $342 ($2) -0.6%

  13. Slide 13: 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 Avg. Win per Table per Day: $1,000 Avg. Win p

  14. Slide 14: Sands China Mass Market Table and Slots Delivered 9.3% Growth

    Sands China Mass Market Table and Slots Delivered 9.3% Growth SCL Slots(1) Win by Quarter SCL Mass Table(2) Win by Quarter Avg. Win per Unit per Day: $288 Avg. Win per Table per Day: $11,101 ($ in US millions) ($ in US millions) $200 $1,800 $180 $1,600 $160 $1,519 $162 $160 $1,400 $1,436 $155 $154 $

  15. Slide 15: Growing Visitation from China to Macao

    Growing Visitation from China to Macao1 Visitation from China Increased 17% to 28.5 Million in the Twelve Months Ended September 2019 Year-Over-Year Visitation Growth from China Visitation from China to Macao1 Twelve Months Ended September 30, Population GDP Per Penetration Province 2018 2019 % Chan

  16. Slide 16: Macao Market: Increasing Mass Gaming Revenue

    Macao Market: Increasing Mass Gaming Revenue 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

  17. Slide 17: Macao Market: Continued Growth in High Margin Mass Gaming Segment

    Macao Market: Continued Growth in High Margin Mass Gaming Segment Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win-per-Visit1 ($ US in millions) $5,399 $5,440 $5,500 $5,356 $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,

  18. Slide 18: Sands China Departmental Profit Contribution Is Diversified and Stable

    Sands China Departmental Profit Contribution Is Diversified and Stable Sands China Departmental Profit Contribution1 TTM 3Q18 TTM 3Q19 VIP MICE and VIP MICE and 8% Other 7% Other 2% 4% Mall Mall 12% 12% Mass Tables Hotel Mass Hotel 54% 15% Tables 15% 57% Slots Slots 7% 7% Mass Tables / Slots and Non

  19. Slide 19: 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

  20. Slide 20: Sands China

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

  21. Slide 21: 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 ~ 25,500 Rooms by Gaming Operators Total Macao ~ 29,000 Rooms by Gaming Operators MGM China 12,736 Rooms and MGM Ch

  22. Slide 22: 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% 72% 34% 66% 10% 60% 8% 30% 28% 16% 16% 20% 40% 14% 5% 14% 14% 10% 20% 23% 18% 0% 0% 4 20

  23. Slide 23: Marina Bay Sands

    Marina Bay Sands $435 Million of Adjusted Property EBITDA in 3Q19 Adjusted Property EBITDA and Adjusted Property EBITDA Margin  Adjusted property EBITDA increased 3.8% to $435 million ($ in US millions) Actual Hold-Normalized $600 80%  Hold-normalized adjusted property EBITDA decreased 4.0% to $50

  24. Slide 24: 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 3Q182 TTM 3Q192 VIP VIP MICE and 17% MICE and 17% Other Mass Mass Other 4% Tables Tables 5% 33% 33% Mall 8% Mall 8% Hotel Slots Slots Hotel 16% 20% 22% 17% Diversified S

  25. Slide 25: 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 has entered into a development agreement with the Singapore government to expand Marina Bay Sands  Iconic New Luxury Hotel Tower: − Approximately 1,000 all-suite rooms desi

  26. Slide 26: 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

  27. Slide 27: 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 3Q19 Sales $689 $696 per Sq. Foot² $682 $685 $700 $658 MBS $600 $179 $180 $180 $182 $175 $2,028 Parisian Macao $500 $52 $52 $688 $56 $53 $59 SCC $69 $71

  28. Slide 28: 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) 2 3Q19 Sales per Sq. Ft. GLA1 Occupancy % (Sq. Ft) at Period End TTM 3Q19 TTM 2Q19 TTM 1Q19 TTM 4Q18 TTM 3Q18 The Shoppes at Marina Bay Sands 593,735 96.7% $2,028 $1,945 $1,918

  29. Slide 29: Capital Expenditures Expectations

    Capital Expenditures Expectations Future Planned Investments Composed of Income Producing Projects and Maintenance ($ US in millions) $3,000 LVS Capex Expectations $2,400 $2,225 $1,725 $1,800 $1,600 $1,000 $300 $1,250 $1,300 $1,200 $150 $900 $949 $275 $300 $837 $300 $100 $800 $194 $200 $350 $450 $60

  30. Slide 30: Las Vegas Operations Update

    Las Vegas Operations Update Adjusted Property EBITDA of $93 million Adjusted Property EBITDA  Adjusted property EBITDA was $93 million an increase of 22.4% and Adjusted Property EBITDA Margin  Hold-normalized adjusted property EBITDA ($ in US millions) Actual Hold-Normalized − Increased 9.3% to $1

  31. Slide 31: 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

  32. Slide 32: Appendices

    Appendices Sands

  33. Slide 33: Supplemental Data

    Supplemental Data Sands

  34. Slide 34: Historical Hold-Normalized Adjusted Property EBITDA

    Historical Hold-Normalized Adjusted Property EBITDA1 ($ in US millions) 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 2 Macao Operations Reported $651 $730 $789 $750 $754 $786 $858 $765 $755 Hold-Normalized $641 $757 $767 $730 $754 $786 $835 $744 $755 3 Marina Bay Sands Reported $442 $457 $541 $368 $

  35. Slide 35: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year1 ($ in US millions) $3,000 $2,796 $2,630 $2,500 996 $2,000 $1,860 $1,886 $1,900 1,630 $1,500 $1,000 1,900 1,800 1,750 1,800 $750 $500 1,000 750 $16 $67 $66 $63 $0 $0 2 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 % of Total 0% 1% 1% 1% 15% 15% 23

  36. Slide 36: Macao Market: VIP Gaming

    Macao Market: VIP Gaming Macao Market VIP Gaming Revenue ($ in US millions) VIP Win1 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%

  37. Slide 37: 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) $1,000 Avg. Win per Table per Avg. Win per Table per $25 Day: $29,515 Day: $19,011 $900 $20 $20.97 $800 $700 $687 $15 $600 $14.58 $500 $10 $400 $439 $

  38. Slide 38: Marina Bay Sands Expansion

    Marina Bay Sands Expansion Sands

  39. Slide 39: Marina Bay Sands Expansion

    Marina Bay Sands Expansion A Development Agreement with The Singapore Tourism Board Will Allow an Expansion of Marina Bay Sands 39

  40. Slide 40: 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. 40

  41. Slide 41: 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

  42. Slide 42: 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

  43. Slide 43: 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

  44. Slide 44: 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

  45. Slide 45: 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

  46. Slide 46: Changi Airport - Cities in China are 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

  47. Slide 47: Marina Bay Sands

    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%

  48. Slide 48: Marina Bay Sands

    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

  49. Slide 49: Macao Market Background and Infrastructure Slides

    Macao Market Background and Infrastructure Slides

  50. Slide 50: 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 ~13,000 suites and hotel rooms − Addition of ~2 million sq. feet of new luxurious hotel suite inventory in 2020  The Entert

  51. Slide 51: 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

  52. Slide 52: Mass Gaming Generates Over 85% of Gaming Operating Profit in Macao

    Mass Gaming Generates Over 85% of Gaming Operating Profit in Macao Composition of Macao Market Gross Gaming Revenue1 and Est. Gaming Operating Profit2 Quarter Ended September 30, 2019 TTM Ended September 30, 2019 ($ in US millions) ($ in US millions) $8,775M $2,497M $36,766M $10,110M 100% 100% 14% 1

  53. Slide 53: 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

  54. Slide 54: 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

  55. Slide 55: 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

  56. Slide 56: 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

  57. Slide 57: 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

  58. Slide 58: 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

  59. Slide 59: 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

  60. Slide 60: 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

  61. Slide 61: Market Leading Hotel Capacity at SCL

    Market Leading Hotel Capacity at SCL 3 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

  62. Slide 62: 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 11.2 10.0 10.3 10.0 10.2 10.3 10.2 9.7 9.7 9.8 9.2 8.8 8.8 8.9 8.0 8.4 8.0 8.1 7.3 6.

  63. Slide 63: 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

  64. Slide 64: Hengqin Island Expands Critical Mass of Tourism Offerings for Visitors to the Region

    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-

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

    Reconciliation of Non-GAAP Measures and Other Financial Information

  66. Slide 66: 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 3Q19 TTM 3Q19 Net income (loss) $1,616 $676 $699 ($40) $2,951 $744 $1,108 $669 $2,481 Add (deduct): Income tax expense (benefit) (571) (1) 81 83 782 (1) 375 85 236 82 1,

  67. Slide 67: 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net

  68. Slide 68: Non-GAAP Trailing Twelve Month Supplemental Schedule

    Non-GAAP Trailing Twelve Month Supplemental Schedule ($ in US millions) 3Q18 4Q18 1Q19 2Q19 3Q19 TTM 3Q19 Cash Flows From Operations $896 $1,301 $820 $76 $900 $3,097 Adjust for: Provision for doubtful accounts (5) (9) (4) (7) (4) (24) Foreign exchange gains (losses) 1 (11) (22) 24 (11) (20) Other no

  69. Slide 69: Historical Hold-Normalized Adj. Property EBITDA

    Historical Hold-Normalized Adj. Property EBITDA1 ($ in US millions) 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 2 Macao Operations Reported $651 $730 $789 $750 $754 $786 $858 $765 $755 Hold-Normalized Adjustment (10) 27 (22) (20) 0 0 (23) (21) 0 Hold-Normalized $641 $757 $767 $730 $754 $786 $835 $7

  70. Slide 70: Supplemental Information 3Q19 and 3Q18

    Supplemental Information 3Q19 and 3Q18 ($ in US millions) Three Months Ended September 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

  71. Slide 71: Supplemental Information YTD 3Q19 and YTD 3Q18

    Supplemental Information YTD 3Q19 and YTD 3Q18 ($ in US millions) Nine Months Ended September 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

  72. Slide 72: Sands

    Sands

Las Vegas Sands — Q3 2019 Earnings Presentation on 6ix