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

  1. 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

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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 

  14. 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

  15. 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

  16. 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

  17. 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

  18. 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

  19. 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

  20. 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

  21. 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

  22. 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

  23. 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

  24. 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

  25. Slide 25: Appendix

    Appendix Sanes LAS VEGAS SANDS CORP.

  26. 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

  27. 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 $

  28. 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

  29. 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

  30. 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

  31. 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

  32. Slide 32: Sands

    Sands LAS VEGAS SANDS CORP,

Las Vegas Sands — Q1 2016 Earnings Presentation on 6ix