Las Vegas Sands Corp. · NYSE:LVS

Las Vegas Sands — Q4 2019 Earnings Presentation

77 slides from Las Vegas Sands's earnings presentation, Jan 29, 2020

  1. Slide 1: 4Q19 Earnings Call Presentation

    4Q19 Earnings Call Presentation January 29, 2020

  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: Fourth Quarter 2019 Highlights

    Fourth Quarter 2019 Highlights  Macao Property Portfolio: − Mass market win grew 3.3% reaching a 4Q record $1.63 billion − Delivered $811 million of Adjusted Property EBITDA ($781 million on a hold-normalized basis) − The above results were delivered despite a decrease in visitation to the market o

  5. Slide 5: Geographically Diverse Sources of EBITDA

    Geographically Diverse Sources of EBITDA EBITDA Contribution by Geography in 4Q 2019 ($ in US millions) LVS Consolidated Adjusted Property EBITDA1 LVS Consolidated Hold-Normalized Adj. Prop. EBITDA1 $1,388M $1,309M Las Vegas Las Vegas 9% 9% Singapore 31% Singapore 33% Macao Macao 58% 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 December 31, 2019 ($ in US millions) LVS Consolidated Adjusted Property EBITDA1 $5,389M United States 10% Singapore 31% Macao 59% 1. The Macao region includes adjusted property EBITDA from The V

  7. Slide 7: Fourth Quarter 2019 Financial Results

    Fourth Quarter 2019 Financial Results Quarter Ended December 31, 2019 vs Quarter Ended December 31, 2018 ($ in US millions, except per share information) 4Q18 4Q19 $ Change % Change Net Revenue $3,475 $3,509 $34 1.0% Net Income (Loss) ($40) (1) $783 $823 n/m Adjusted Net Income Attributable to LVS $

  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 December 31, 2019: Trailing Twelve Months Ended December 31, 2019:  Cash Balance – $4.24 billion  Cash Flow from Operations – $3.04 billion2

  9. Slide 9: LVS Return of Capital to Shareholders

    LVS Return of Capital to Shareholders $26.3 Billion of Capital Returned to Shareholders Since 2012 Total Capital Returned to Shareholders ($ in US millions) Year Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Total 1 LVS Dividends Paid $823 $1,153 $1,610 $2,074 $2,290 $2,310 $2,352 $2,36

  10. Slide 10: LVS Increasing Return of Capital to Shareholders

    LVS Increasing Return of Capital to Shareholders $26.3 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 Directors annou

  11. Slide 11: Macao Operations EBITDA Performance

    Macao Operations EBITDA Performance Quarter Ended December 31, 2019 vs Quarter Ended December 31, 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 $811 50% $786 $786 $781 $70

  12. Slide 12: Macao Financial Performance

    Macao Financial Performance Quarter Ended December 31, 2019 vs Quarter Ended December 31, 2018 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 4Q18 4Q19 $ % 4Q18 4Q19 $ % 4Q18 4Q19 bps T he Venetian Macao $919 $908 ($11) -1.2% $355 $368 $13 3.7% 3

  13. Slide 13: Macao Financial Performance

    Macao Financial Performance Year Ended December 31, 2019 vs Year Ended December 31, 2018 ($ in US millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth FY18 FY19 $ % FY18 FY19 $ % FY18 FY19 bps The Venetian Macao $3,474 $3,510 $36 1.0% $1,378 $1,407 $29 2.1% 39.

  14. Slide 14: 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

  15. Slide 15: Sands China Mass Market Table and Slots Delivered 3.3% Growth

    Sands China Mass Market Table and Slots Delivered 3.3% Growth SCL Mass Table(1) Win by Quarter SCL Slots(2) Win by Quarter Avg. Win per Table per Day: $11,214 Avg. Win per Unit per Day: $295 ($ in US millions) ($ in US millions) $1,800 $200 $1,600 $180 $1,400 $1,519 $160 $1,418 $1,436 $1,464 $162 $1

  16. Slide 16: Growing Visitation from China to Macao

    Growing Visitation from China to Macao1 Visitation from China Increased 11% to 27.9 Million in the Twelve Months Ended December 2019 Year-Over-Year Visitation Growth from China Visitation from China to Macao1 Twelve Months Ended December 31, Population GDP Per Penetration Province 2018 2019 % Change

  17. Slide 17: Visitation from China to Macao

    Visitation from China to Macao1 Visitation from China Decreased 8% to 6.5 Million in the Three Months Ended December 2019 Year-Over-Year Visitation Growth from China Visitation from China to Macao1 Three Months Ended December 31, Population GDP Per Penetration Province 2018 2019 % Change (MM) Capita

  18. Slide 18: 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

  19. Slide 19: 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) $6,000 $1,400 $5,618 $5,440 $5,523 $5,500 $5,356 $5,251 $1,200 $4,955 $5,000 $4,864 $4,841 $4,706 $1,000 $4,589 $4,500 $4,449 $4,419 $4,169 Rec

  20. Slide 20: Sands China Departmental Profit Contribution Is Diversified and Stable

    Sands China Departmental Profit Contribution Is Diversified and Stable Sands China Departmental Profit Contribution1 TTM 4Q18 TTM 4Q19 VIP VIP 9% Other 7% Other 2% 4% Mall 12% Mall 12% Mass Tables Hotel Mass 54% 14% Hotel Tables 15% 58% Slots Slots 7% 6% Mass Tables / Slots and Non-Gaming Generated

  21. Slide 21: 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

  22. Slide 22: 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

  23. Slide 23: 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 ~ 25,000 Rooms by Gaming Operators Total Macao ~ 28,500 Rooms by Gaming Operators MGM 12,112 Rooms and MGM 12,401 R

  24. Slide 24: 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% 15% 20% 40% 14% 5% 15% 14% 10% 20% 18% 23% 0% 0% 4 20

  25. Slide 25: Marina Bay Sands

    Marina Bay Sands $457 Million of Adjusted Property EBITDA in 4Q19 Adjusted Property EBITDA and Adjusted Property EBITDA Margin  Adjusted property EBITDA increased 26.2% to $457 million ($ in US millions) Actual Hold-Normalized  Hold-normalized adjusted property EBITDA increased 6.8% to $600 80% $4

  26. Slide 26: 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 4Q182 TTM 4Q192 VIP VIP 17% 18% Mass Other Mass Tables Other Tables 5% 33% 5% 32% Mall Mall 8% 8% Hotel Slots Slots 21% Hotel 20% 16% 17% Diversified Sources of Profit a

  27. Slide 27: 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

  28. Slide 28: 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

  29. Slide 29: 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 4Q19 Sales $712 per Sq. Foot² $682 $685 $689 $696 $700 $185 MBS $600 $179 $180 $180 $182 $2,062 Parisian Macao $500 $52 $52 $53 $785 $56 $53 SCC $72 $72

  30. Slide 30: 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 4Q19 Sales per Sq. Ft. GLA1 Occupancy % (Sq. Ft) at Period End TTM 4Q19 TTM 3Q19 TTM 2Q19 TTM 1Q19 TTM 4Q18 The Shoppes at Marina Bay Sands 593,714 96.4% $2,062 $2,028 $1,945

  31. Slide 31: 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 $2,180 $1,725 $1,800 $1,550 $981 $1,375 $1,300 $175 $150 $900 $1,200 $949 $425 $837 $273 $375 $25 $800 $194 $211 $450 $396 $350 $

  32. Slide 32: Las Vegas Operations Update

    Las Vegas Operations Update Adjusted Property EBITDA of $120 million Adjusted Property EBITDA  Adjusted property EBITDA was $120 million an increase of 20.0% and Adjusted Property EBITDA Margin ($ in US millions)  Hold-normalized adjusted property EBITDA Actual Hold-Normalized +20.0% -4.0% − Decre

  33. Slide 33: 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

  34. Slide 34: Appendices

    Appendices Sands

  35. Slide 35: Supplemental Data

    Supplemental Data Sands

  36. Slide 36: Historical Hold-Normalized Adjusted Property EBITDA

    Historical Hold-Normalized Adjusted Property EBITDA1 ($ in US millions) 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 2 Macao Operations Reported $730 $789 $750 $754 $786 $858 $765 $755 $811 Hold-Normalized $757 $767 $730 $754 $786 $835 $744 $755 $781 3 Marina Bay Sands Reported $457 $541 $368 $419 $

  37. Slide 37: Debt Maturity Profile

    Debt Maturity Profile Debt Maturity by Year ($ in US millions) $3,500 $3,321 $3,000 500 $2,670 $2,500 1,021 1,000 $2,000 $1,862 $1,889 $1,900 $1,500 $1,000 1,750 1,900 1,800 1,800 1,670 $750 $500 750 $62 $61 $62 $0 $0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 % of Total 1% 1% 1% 14% 15% 26%

  38. Slide 38: 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%

  39. Slide 39: 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: $28,384 Day: $23,622 $900 $20 $22.08 $800 $700 $692 $15 $600 $15.18 $500 $552 $10 $400 $

  40. Slide 40: Marina Bay Sands Expansion

    Marina Bay Sands Expansion Sands

  41. Slide 41: Marina Bay Sands Expansion

    Marina Bay Sands Expansion A Development Agreement with The Singapore Tourism Board Will Allow an Expansion of Marina Bay Sands 41

  42. Slide 42: 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. 42

  43. Slide 43: Visitor Arrivals To Singapore

    Visitor Arrivals To Singapore (000s) 20,000 Opening of Marina Bay Sands and Resorts World 18,000 Sentosa, 2010 $18,508 $17,425 16,000 $16,403 $15,568 $15,231 $15,095 14,000 $14,496 $13,171 12,000 $11,642 10,000 $9,683 8,000 6,000 4,000 2,000 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 - Visi

  44. Slide 44: 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

  45. Slide 45: Retail Spending by Visitors to Singapore Has Increased 60%

    Retail Spending by Visitors to Singapore Has Increased 60% Since the Introduction of the Two Integrated Resorts Singapore Shopping Tourism Receipts ($ in Singapore millions) $7,000 $6,000 $6,172 $5,958 $5,385 $5,000 $4,489 $4,588 $4,553 $4,000 $4,116 $3,971 $3,913 $3,377 $3,000 $2,000 $1,000 $0 2009

  46. Slide 46: 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

  47. Slide 47: 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

  48. Slide 48: Changi Airport - Cities in China are Served by Direct Flights to Singapore

    Changi Airport - 38 Cities in China are Served by Direct Flights to Singapore Eighteen airlines fly direct services between Singapore Changi and cities in China  Air China  Juneyao Airlines  Cathay Pacific  Scoot  China Eastern  Shenzhen Airlines  China Southern  Sichuan Airlines  China Wes

  49. Slide 49: 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%

  50. Slide 50: 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

  51. Slide 51: Macao Market Background and Infrastructure Slides

    Macao Market Background and Infrastructure Slides

  52. Slide 52: 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 ~12,400 suites and hotel rooms − Addition of ~2 million sq. feet of new luxurious hotel suite inventory in 2020  The Entert

  53. Slide 53: 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

  54. Slide 54: In the Macao Market, Mass Gaming Generates ~86% of the Operating Profit

    In the Macao Market in Total… Mass Gaming Generates ~86% of the Operating Profit Produced in the Gaming Segment ($ in US millions) Total Gross Gaming Revenue1 in the Macao Market Total Estimated Operating Profit2 from Gaming in the Macao Market Quarter Ended December 31, 2019: $8,849M Quarter Ended

  55. Slide 55: 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

  56. Slide 56: 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

  57. Slide 57: 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

  58. Slide 58: 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

  59. Slide 59: 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

  60. Slide 60: 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

  61. Slide 61: Infrastructure: Meaningful Improvements Throughout The Greater Bay Area

    Infrastructure: Meaningful Improvements 2 Throughout The Greater Bay Area Guangzhou Wuhan – Guangzhou High-Speed Rail Population: 16.0M • Four hour train ride GDP Per Capita: US$22,000 Guangzhou – Shenzhen – Hong Kong Rail • Two hour train ride from Guangzhou to Hong Kong Guangzhou – Zhuhai Intercit

  62. Slide 62: The Hong Kong-Zhuhai-Macao Bridge

    2 The Hong Kong-Zhuhai-Macao 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

  63. Slide 63: Key Recent Developments in Macao, Zhuhai and Hengqin Island

    2 Infrastructure: Key Recent Developments in Macao, Zhuhai and Hengqin Island  Macao Light Rapid Transit (LRT) Zhuhai Station − The 9.3km Taipa line opened December 20, Gongbei Port 2019 serving Taipa and the Cotai Strip Qingmao Checkpoint − 11 stops include the Cotai West Station adjacent to The V

  64. Slide 64: Planned Rail and Air Projects Will Augment Visitation to Macao

    3 Planned Rail and Air Projects Will Augment Visitation to Macao and The Greater Bay Area HKZM Bridge: >5M Annual Arrivals Macao Guangzhou-Zhuhai Inner City Hengqin Island Rail Extension (2023) Current Planned Macao Airport: 9.6M Passengers in 2019 Zhuhai Jinwan Airport: 12M Annual Passengers (27.5M

  65. Slide 65: 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 12,112 49% 12,401 44% 33% Galaxy Entertainment 3,920 16

  66. Slide 66: Day-trip Visitation to Macao Is Increasing Year-Over-Year

    4 Day-trip Visitation to Macao Is Increasing Year-Over-Year Day-trip Visitors to Macao from China Overnight Visitors to Macao from China (in millions) (in millions) 16.0 14.0 13.3 13.2 14.0 14.7 12.0 11.9 12.0 11.9 10.0 11.5 10.3 11.2 9.7 10.0 10.3 9.2 10.2 8.9 9.7 8.0 8.1 8.8 8.8 8.0 7.3 6.0 6.3 6.

  67. Slide 67: 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

  68. Slide 68: Hengqin Island Expands Critical Mass of Tourism Offerings

    Hengqin Island Expands Critical Mass of 5 Tourism Offerings for Visitors to the Region  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-planned island with greater than US$20 billion

  69. Slide 69: Reconciliation of Non-GAAP Measures and Other Financial Information

    Reconciliation of Non-GAAP Measures and Other Financial Information

  70. Slide 70: 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 4Q19 2019 Net income (loss) $1,616 $676 $699 ($40) $2,951 $744 $1,108 $669 $783 $3,304 Add (deduct): Income tax expense (benefit) (571) (1) 81 83 782 (1) 375 85 236

  71. Slide 71: 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 Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Net

  72. Slide 72: Non-GAAP Trailing Twelve Month Supplemental Schedule

    Non-GAAP Trailing Twelve Month Supplemental Schedule ($ in US millions) 4Q18 1Q19 2Q19 3Q19 4Q19 TTM 4Q19 Cash Flows From Operations $1,301 $820 $76 $900 $1,242 $3,038 Adjust for: Provision for doubtful accounts (9) (4) (7) (4) (15) (30) Foreign exchange gains (losses) (11) (22) 24 (11) 30 21 Other

  73. Slide 73: Historical Hold-Normalized Adj. Property EBITDA

    Historical Hold-Normalized Adj. Property EBITDA1 ($ in US millions) 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 2 Macao Operations Reported $730 $789 $750 $754 $786 $858 $765 $755 $811 Hold-Normalized Adjustment 27 (22) (20) 0 0 (23) (21) 0 (30) Hold-Normalized $757 $767 $730 $754 $786 $835 $744 $7

  74. Slide 74: Supplemental Information 4Q19 and 4Q18

    Supplemental Information 4Q19 and 4Q18 ($ in US millions) Three Months Ended December 31, 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

  75. Slide 75: Supplemental Information YTD 4Q19 and YTD 4Q18

    Supplemental Information YTD 4Q19 and YTD 4Q18 ($ in US millions) Twelve Months Ended December 31, 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

  76. Slide 76: Historical Las Vegas Hold-Normalized Adj. Property EBITDA

    Historical Las Vegas Hold-Normalized Adj. Property EBITDA1,2 ($ in US millions) 1Q19 2Q19 3Q19 4Q19 2019 Las Vegas Operations Reported $138 $136 $93 $120 $487 Hold-Normalized Adjustment (7) 10 13 0 16 Hold-Normalized $131 $146 $106 $120 $503 1. This schedule presents hold-normalized adjusted propert

  77. Slide 77: Sands

    Sands

Las Vegas Sands — Q4 2019 Earnings Presentation on 6ix