Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q1 2016 Earnings Presentation
32 slides from Las Vegas Sands's earnings presentation, Apr 20, 2016
Slide 1: 1Q16 Earnings Call Presentation
The Parisian Macao The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore (Opening 2016) 1Q16 Earnings Call Presentation April 20, 2016 Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo, Las Vegas
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward‐looking statements that are 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 co
Slide 3: First Quarter 2016 Financial Highlights
First Quarter 2016 Financial Highlights Stability in Macao, Hold‐Normalized Growth at MBS and Strong EBITDA Growth in Las Vegas Net revenue was $2.72 billion Hold‐normalized adjusted property EBITDA was $1.03 billion Stability in Macao, hold‐normalized growth in Singapore and strong RevPAR‐led
Slide 4: First Quarter 2016 Financial Results (Y/Y)
First Quarter 2016 Financial Results (Y/Y) Quarter Ended March 31, 2016 vs Quarter Ended March 31, 2015 $ in millions, except per share information 1Q15 1Q16 $ Change % Change Net Revenue $ 3,011.6 $ 2,716.2 $ (295.4) ‐9.8% Adjusted Property EBITDA $ 1,050.5 $ 917.6 $ (132.9) ‐12.7% Adjusted Propert
Slide 5: Geographically Diverse Sources of EBITDA For Las Vegas Sands
Geographically Diverse Sources of EBITDA For Las Vegas Sands EBITDA Contribution by Geography in Q1 2016 Actual Hold‐Normalized $918M $1,031M United United States States 14% 14% Macao Singapore 49% 30% Macao Singapore 56% 37% 5
Slide 6: LVS Increasing Return of Capital to Shareholders
LVS Increasing Return of Capital to Shareholders $13.4 Billion of Capital Returned to Shareholders Since 2012 LVS Recurring Dividends per Share1 Return of Capital to Shareholders Las Vegas Sands remains committed to returning capital to $3.50 shareholders via its recurring dividend program and share
Slide 7: SCL Also Increasing Return of Capital to Shareholders
SCL Also Increasing Return of Capital to Shareholders Over US$8.2 Billion of Capital Returned to Shareholders Since 2012 SCL Recurring Dividends per Share (HK$)1 Return of Capital to Shareholders $3.00 Sands China is committed to returning capital to $2.50 2 shareholders via its recurring bi‐annua
Slide 8: Strong Cash Flow, Balance Sheet and Liquidity
Strong Cash Flow, Balance Sheet and Liquidity Flexibility for Future Growth Opportunities and Return of Capital At March 31, 2016: Trailing Twelve Months Adjusted Property EBITDA – $4.04 billion Trailing Twelve Months LVS Dividends Paid – $2.12 billion Trailing Twelve Months SCL Dividends Paid
Slide 9: Macao Operating Performance (Y/Y)
Macao Operating Performance (Y/Y) Quarter Ended March 31, 2016 vs Quarter Ended March 31, 2015 Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin Actual Hold‐Normalized ($MM) ‐3.3% ‐5.2% $600 60% $527.7 $527.7 $510.4 $500.5 $500 50% $400 40% $300 32.1% 30% 31.9% 3
Slide 10: Macao: Diversified and Stable Sources of Departmental Profit
Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China Macao Departmental Profit Contribution by Segment¹ TTM 1Q15 TTM 1Q16 Other Other 2% VIP 3% VIP 11% 13% Mall Mall 14% 10% Mass Tables Mass Tables 52% 50% Hotel 14% Hotel 15% Slots 8% Slots 8% Mass Tables
Slide 11: Sands China Mass Market Update
Sands China Mass Market Update Both Base Mass and Premium Mass Grew Q/Q in 1Q16 SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter Sands China Departmental Profit Margin: 40% - 50% Sands China Departmental Profit Margin: 25% - 40% Avg. Win per Table per Day: $6,460 Avg. Win per
Slide 12: Market-Leading ~$13 Billion of Investment in Macao's Future
Market‐Leading ~$13 Billion of Investment in Macao’s Future as a Business & Leisure Tourism Destination1 Family-friendly Entertainment World Class Concerts, Sporting Events Portfolio of Nearly and Other Entertainment Offerings 13,000 Suites and Hotel Rooms1 Over Two Million sq. feet of World Class S
Slide 13: Macao Mass Visitation Future Growth Drivers
Macao Mass Visitation Business & Leisure Tourism Expenditure Drivers Future Growth Drivers As a result, Macao’s Mass visitors will: More efficient and affordable Come From Farther transportation infrastructure Away Greater number of hotel rooms Stay Longer and non‐gaming offerings in Macao
Slide 14: Expanding Our Critical Mass on the Cotai Strip
Expanding Our Critical Mass on the Cotai Strip The Parisian Macao The Parisian Macao is a $2.7 billion themed, iconic destination Rendering of The Parisian Macao Integrated Resort Construction continues to progress Hotel rooms and suites: 3,000+ Gaming capacity: ~450 table games and 2,500 sl
Slide 15: The Parisian Macao – Construction Progress
Expanding Our Critical Mass on the Cotai Strip The Parisian Macao – Construction Progress Public Circulation Main Gaming Floor Retail (Gallerie Vivienne) Meeting Rooms 15
Slide 16: Macao Market Annual EBITDA Market Share by Operator
Macao Market Annual EBITDA Market Share by Operator Historical EBITDA Market Share1,2 Sands China All Others Macao Leader in Market Share 40% of EBITDA 80% 72% 68% 65% 63% 10% 9% 30% 60% 9% 9% 16% 14% 13% 13% 20% 40% 14% 12% 8% 37% 11% 35% 32% 28% 14% 14% 15% 14% 10% 20% 18% 18% 18% 19% 0% 0% 2012 2
Slide 17: Marina Bay Sands Update
Marina Bay Sands Update1 Hold‐Normalized EBITDA Up 10.3% On a Constant Currency Basis Hold‐normalized adjusted property EBITDA increased 10.3% on a constant currency basis. Hold‐normalized adjusted property Adjusted Property EBITDA EBITDA increased 3.1% to $382.8 million with margin expanding 90 a
Slide 18: Singapore's Marina Bay Sands: Diversified and Stable Sources of Departmental Profit
Singapore’s Marina Bay Sands: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands Marina Bay Sands Hold‐Normalized Departmental Profit Contribution by Segment TTM 1Q15¹ TTM 1Q16¹ Other Other 4% 5% VIP VIP 11% 11% Mall Mall Mass Tables 7% Mass Tables 8% 40% 38% Hotel Hotel 17% 1
Slide 19: Asia Retail Mall Portfolio Continues to Generate Strong Revenue
Asia Retail Mall Portfolio Continues to Generate Strong Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue ($MM) Flat Y/Y TTM 1Q16 Sales per Sq. Foot² $569 $586 $575 $569 $600 $560 MBS: $500 $171 $167 $1,334 $171 $163 $163 $400 SCC: $61 $65 $63 $62 $64 $872 $300 Four Seasons: $1
Slide 20: Sands China: Retail Mall Revenue Composition
Sands China: Retail Mall Revenue Composition Macao Quarterly Retail Revenue Composition ($MM) $160 $140 $117.7 $120 $94.0 $97.7 $22.5 $95.3 $100 $87.4 $8.6 $1.1 $5.5 $1.6 $80 $60 $88.5 $89.1 $95.2 $94.2 $40 $85.7 $20 $‐ 1Q15 2Q15 3Q15 4Q15 1Q16 Base Rent and Other Fees Turnover Rent Strong Base Rent
Slide 21: Las Vegas Operations Update
Las Vegas Operations Update Strong RevPAR Performance Drove 17.3% Adjusted Property EBITDA Growth Adjusted property EBITDA increased 17.3% to reach Adjusted Property EBITDA $86.9 million and Adjusted Property EBITDA Margin Actual Hold‐Normalized — On a hold‐normalized basis, adjusted property ($MM
Slide 22: Sands Bethlehem Update
Sands Bethlehem Update Solid Quarter for Leading Tri‐State Region Property Adjusted Property EBITDA Adjusted property EBITDA increased 26.2% to a and Adjusted Property EBITDA Margin property record $37.7 million ($MM) Table games drop increased 6.7% to reach $281.0 $45 40% $37.7 million, driven
Slide 23: Disciplined Execution of Our Global Growth Strategy
Disciplined Execution of Our Global Growth Strategy As the global leader in MICE‐based Integrated Resort development and operation, Las Vegas Sands is uniquely positioned to bring its unmatched track record and powerful convention‐based business model to the world’s most promising Integrated Resor
Slide 24: The Investment Case for Las Vegas Sands
The Investment Case for Las Vegas Sands The global leader in MICE‐based Integrated Resort development and operation, delivering strong and diversified cash flow and earnings as well as recurring dividends Best positioned operator to deliver long‐term growth in Asia, with the pre‐eminent destinat
Slide 25: Appendix
Appendix Sanes LAS VEGAS SANDS CORP.
Slide 26: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold‐Normalized Adj. Property EBITDA1 $ in millions 1Q15 2Q15 3Q15 4Q15 1Q16 Macao Property Operations Reported $ 527.7 $ 559.8 $ 536.8 $ 575.3 $ 510.4 Hold‐Normalized $ 527.7 $ 526.5 $ 528.3 $ 549.1 $ 500.5 Marina Bay Sands 2 Reported $ 415.3 2 $ 363.3 $ 389.7 $ 338.2 $ 274.9 Hold‐Normal
Slide 27: Capital Expenditures Expectations
Capital Expenditures Expectations Future Planned Investments Composed Principally of The Parisian Macao and Maintenance ($MM) LVS Capex Expectations $3,000 $2,500 $2,000 $1,690 $8 $1,529 $1,449 $240 $1,500 $107 $40 $19 $285 $1,179 $49 $968 $898 $190 $1,000 $900 $830 $767 $390 $50 $318 $210 $60 $73 $
Slide 28: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year at March 31, 2016 ($MM) $6,000 $5,503 $5,000 2,115 $4,000 $3,000 $2,298 1,816 $2,000 1,110 $971 $1,000 259 1,572 $328 218 1,154 $340 $73 494 $0 181 2016 2017 2018 2019 2020 2021 SCL MBS US LVSC % of Total 1% 3% 10% 24% 58% 4% Long Term and Low Cost Financi
Slide 29: Marina Bay Sands: Accounts Receivable and Credit Collections Update
Marina Bay Sands: Accounts Receivable and Credit Collections Update Casino Credit Collections ($MM) $500 $418 $408 $403 $378 $368 $400 $342 $361 $311 $317 $326 $281 $272 $291 $281 $300 $262 $257 $206 $200 $100 $0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 Re
Slide 30: Market Leading Hotel Capacity at SCL
Market Leading Hotel Capacity at SCL Sands China Operates 34% of Macao’s Current 4/5‐Star Hotel Inventory Macao Market Gaming Operator Hotel Rooms1 12,000 Hotel % of Gaming % of Total Gaming Operator Rooms Operators Market Sands China ` 9,677 49% 34% 10,000 9,677 Galaxy Entertainment 4,329 22% 15% M
Slide 31: Market Leading Hotel Capacity at SCL (Projected 2017)
Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2017 Macao Market Gaming Operator Hotel Rooms at December 31, 20171 14,000 Hotel % of Gaming % of Total 12,677 Gaming Operator Rooms Operators Market 12,000 Sands China ` 12,677 45% 34% The Parisian Gala
Slide 32: Sands
Sands LAS VEGAS SANDS CORP,