Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q1 2022 Earnings Presentation
53 slides from Las Vegas Sands's earnings presentation, Apr 27, 2022
Slide 1: 1Q22 Earnings Call Presentation
1Q22 Earnings Call Presentation April 27, 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 Global leader in Integrated Resort development and operation Strong balance sheet and liquidity Unique MICE-based business model delivering industry-leading returns Unmatched development and operating track record creates a competitive advantage as we
Slide 4: Overview for the Quarter Ended March 31, 2022
Overview for the Quarter Ended March 31, 2022 Visitation to our Macao and Singapore markets remained well below historical levels due to travel restrictions related to Covid-19 Despite the continuation of meaningfully reduced visitation to Singapore, we generated positive adjusted property EBITD
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 March 31, 2022, market-wide visitation was approximately 18% of the q
Slide 6: Singapore Operating Environment
Singapore Operating Environment Pandemic-related travel restrictions remained in place in Singapore which resulted in meaningfully reduced visitation to the property Visitation to Singapore in the first two months of 2022 was down 96% versus the same period in 2019 Singapore has recently imple
Slide 7: First Quarter 2022 Financial Results
First Quarter 2022 Financial Results Quarter Ended March 31, 2022 vs Quarters Ended March 31, 20211, 20201 and 2019 Note: results for the first quarter of 2022 as well as the first quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter o
Slide 8: LVS Adjusted Property EBITDA Performance
LVS Adjusted Property EBITDA Performance Select Quarterly Results Note: results for the first quarter of 2022 as well as the first quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provided to allow for a comparison to a
Slide 9: Sands China Ltd.
Sands China Ltd. Reduced Visitation Continues to Impact Financial Results Note: results for the first quarter of 2022 as well as the first quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provided to allow for a comparis
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 first quarter of 2022 as well as the first quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provided to allow for
Slide 11: Sands China Mass Market Table and Slots Update
Sands China Mass Market Table and Slots Update Total Mass Table Win and Slots Win by Quarter Note: results for the first quarter of 2022 as well as the first quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provided to a
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 $1,035 $4,500 $959 $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 first quarter of 2022 as well as the first quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2
Slide 14: Marina Bay Sands
Marina Bay Sands Adjusted Property EBITDA of $121 Million in 1Q22 Note: results for the first quarter of 2022 as well as the first quarters of 2020 and 2021 suffered a material negative impact as a result of the Covid-19 pandemic; the first quarter of 2019 is provided to allow for a comparison to a
Slide 15: Completion of the sale of Las Vegas operations and assets
Completion of the sale of Las Vegas operations and assets The sale of our Las Vegas operations and assets, for an aggregate purchase price of approximately $6.25 billion, was completed on February 23, 20221 LVS received approximately $5.05 billion in cash proceeds, before transaction costs, work
Slide 16: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity As of March 31, 2022: Trailing Twelve Months Ended March 31, 2022: Cash Balance – $6.45 billion Adjusted Property EBITDA – $652 million Liquidity1 – $9.92 billion Cash Used in Operations – $555 million Debt – $14.95 billion Net Debt – $8.50 billion ($ i
Slide 17: 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 $1,012 $1,000 1,900 750 1,750 1,800 $700 $700 2 $600 2 2 $500 950 800 700 650 700 $46 1 600 $0 2022 2023 2024 2025 2026 2027 2028 2029
Slide 18: Capital Expenditures Expectations
Capital Expenditures Expectations ($ US in millions) LVS Capex Expectations $2,500 $2,180 $2,000 $981 $1,425 $1,500 $1,330 $1,225 $140 $400 $1,125 $1,050 $273 $284 $914 $1,000 $100 $825 $22 $700 $211 $83 $10 $300 $600 $700 $411 $400 $240 $382 $500 $225 $100 $239 $220 $450 $425 $425 $425 $425 $425 $2
Slide 19: Ongoing Strategic Expansion and Enhancement of our Integrated Resort Portfolio
Ongoing Strategic Expansion and Enhancement of our Integrated Resort Portfolio in Macao and Singapore Through Future Total 1Q22 Spend Spend Expected Timeframe The Londoner Macao: • Creation of The Londoner Macao ~$1,175M ~$175M ~$1.35B • Phase I opened 1Q21 • Additional amenities introduced througho
Slide 20: 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 21: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Industry Leading ESG Platform Sands is committed to providing leadership in ESG through collaboration with Team Members, guests, small and medium enterprises, and community organizations where we operate Minimizing our environmental impact, practicing g
Slide 22: Sustainability Awards and Certifications
Sustainability Awards and Certifications Recognized by Independent Third Parties as a Global Leader in Sustainability Highlights: Named to the Dow Jones Sustainability Indices (DJSI) on DJSI World for the second consecutive year and DJSI North America for the fourth consecutive year in 2021 Sand
Slide 23: 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 24: Appendices
Appendices RE Sands
Slide 25: $11.2 Billion of LVS and SCL Bonds Have No Financial Covenants
$11.2 Billion of LVS and SCL Bonds Have No Financial Covenants Long-term Debt 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 Unsecured US$7.2 Billion None Notes Mar
Slide 26: 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$1,539 Million Until January 20233 Until January
Slide 27: Sources of EBITDA
Sources of EBITDA EBITDA Contribution by Geography in Fiscal Year Ended December 31, 2019 ($ in US millions) LVS 2019 Adjusted Property EBITDA1 $4,850 Singapore $1,661 34% Macao 66% $3,189 1. Excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operat
Slide 28: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Trailing Twelve Months Retail Mall Revenue ($ in US millions) $800 TTM 1Q22 Sales $700 $648 1 $641 1 1 per Sq. Foot² $621 $600 1 $539 MBS $176 $178 $1,748 $166 $500 $4331 $153 Parisian Macao $39 $37 $41 $586 $400 $55 $55 Londoner Macao $117 $54 $37 $1,475 $50 Four Seaso
Slide 29: Retail Mall Portfolio in Asia
Retail Mall Portfolio in Asia Tenant Sales ($ per Sq. Foot, Unless Otherwise Indicated) 2 1Q22 Sales per Sq. Ft. 1 GLA Occupancy % at (Sq. Ft) Period End TTM 1Q22 TTM 4Q21 TTM 3Q21 TTM 2Q21 TTM 1Q21 The Shoppes at Marina Bay Sands 622,242 98.9% $1,748 $1,614 $1,480 $1,366 $1,048 Shoppes at Venetian
Slide 30: 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 31: 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 32: Marina Bay Sands Expansion
Marina Bay Sands Expansion RE Sands
Slide 33: 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 34: 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 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 35: Marina Bay Sands Expansion
Marina Bay Sands Expansion A Development Agreement with the Singapore Tourism Board will allow an expansion of Marina Bay Sands 35
Slide 36: 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. 36
Slide 37: Macao Market Background and Infrastructure Slides
Macao Market Background and Infrastructure Slides
Slide 38: Market-Leading ~$15 Billion of Investment
Market-Leading ~$15 Billion of Investment Investing in Macao’s Future as a Leisure & Business Tourism Destination Industry-leading Integrated Resort portfolio • Portfolio of ~12,000 suites and hotel rooms • ~2 million square feet of new luxurious hotel suite inventory introduced in 2020 and 2021
Slide 39: Macao's Long-Term Growth Opportunity
Macao’s Long-Term Growth Opportunity Business & Leisure Tourism Drivers Future growth drivers As a result, Macao’s visitors will More efficient and affordable Come from further away transportation infrastructure Greater number of hotel rooms, Stay longer MICE and non-gaming offerings in Maca
Slide 40: Market Leading Hotel Capacity at SCL
Market Leading Hotel Capacity at SCL Macao Market 4/5 Star Hotel Rooms at December 31, 2021 Cotai Total Market % of Gaming % of Gaming % of Total Gaming Operator Rooms Operators Rooms Operators Market 16,000 Sands China 12,105 49% 12,394 44% 32% Galaxy Entertainment 3,920 16% 4,420 16% 12% 14,000 M
Slide 41: Supplemental Data
Supplemental Data RE Sands
Slide 42: Historical Hold-Normalized Adjusted Property EBITDA
Historical Hold-Normalized Adjusted Property EBITDA1 ($ in US millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2 Macao Operations Reported $858 $765 $755 $811 $67 ($312) ($233) $47 $100 $132 $32 $74 ($11) Hold-Normalized $845 $765 $757 $789 $84 ($285) ($240) $70 $75 $113 $2
Slide 43: Macao Market: Mass Gaming Revenue
Macao Market: Mass Gaming Revenue Macao Market Mass Gaming Revenue ($ in US millions) 1 Mass Win (Tables and Slots) Q1 Q2 Q3 Q4 Total 2019 $5,440 $5,356 $5,523 $5,608 $21,927 Growth ('19 v '18) 9.8% 10.6% 13.5% 6.8% 10.1% 2020 $2,180 $212 $363 $2,049 $4,804 Growth ('20 v '19) -59.9% -96.0% -93.4% -6
Slide 44: Macao Market: VIP Gaming
Macao Market: VIP Gaming Macao Market VIP Gaming Revenue ($ in US millions) VIP Win1 Q1 Q2 Q3 Q4 Total 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% 2020 $1,494 $172 $245 $662 $2,573 Growth ('20 v '19) -61.6% -95.3% -92.3% -79.9% -81.6% 20212 $817 $77
Slide 45: Sands China VIP Table Update
Sands China VIP Table Update SCL Rolling Volume by Quarter SCL Rolling Win by Quarter ($ in US billions) ($ in US millions, except per table amounts) Avg. Win per Table per Day: $27,904 $20 $700 $19.1 $663 $600 $16 Avg. Win per Table per Day: $4,873 $500 $12 $400 $8 $300 $6.5 $200 $194 $176 $4 $3.8
Slide 46: Reconciliation of Non-GAAP Measures and Other Financial Information
Reconciliation of Non-GAAP Measures and Other Financial Information
Slide 47: Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA
Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA1 ($ in US millions) 1Q19 1Q20 1Q21 2Q21 3Q21 4Q21 2021 1Q22 Net income (loss) $700 ($92) ($280) ($280) ($594) ($315) ($1,469) ($478) Add (deduct): Income tax expense (benefit) 74 22 14 (6) (27) 14 (5) 2 Loss on modification
Slide 48: Non-GAAP Measures: Adjusted Net Income (Loss)
Non-GAAP Measures: Adjusted Net Income (Loss); Hold- Normalized Adjusted Net Income (Loss) ($ in US millions) Three Months Ended March 31, 2022 2021 2020 2019 Net income (loss) attributable to LVS $2,530 ($278) ($1) $582 Nonrecurring legal settlement - - - 96 Pre-opening expense 4 5 5 4 Development
Slide 49: Non-GAAP Measures: Adjusted Earnings (Loss) per Diluted Share
Non-GAAP Measures: Adjusted Earnings (Loss) per Diluted Share; Hold-Normalized Adjusted Earnings (Loss) per Diluted Share ($ in per share amounts) Three Months Ended March 31, 2022 2021 2020 2019 Per diluted share of common stock: Net income (loss) attributable to LVS $3.31 ($0.36) $0.00 $0.75 Nonre
Slide 50: Non-GAAP Trailing Twelve Month Supplemental Schedule
Non-GAAP Trailing Twelve Month Supplemental Schedule1 ($ in US millions) 1Q19 1Q20 1Q21 2Q21 3Q21 4Q21 1Q22 TTM 1Q22 Cash Flows From Operations $770 ($388) ($188) $83 ($240) $102 ($500) ($555) Adjust for: Provision for doubtful accounts (4) (14) (4) (2) (3) 6 (4) (3) Foreign exchange gains (losses)
Slide 51: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold-Normalized Adj. Property EBITDA1 ($ in US millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2 Macao Operations Reported $858 $765 $755 $811 $67 ($312) ($233) $47 $100 $132 $32 $74 ($11) Hold-Normalized Adjustment (13) - 2 (22) 17 27 (7) 23 (25) (19) (4) 15 (7
Slide 52: Supplemental Information
Supplemental Information 1Q22 and 1Q21 ($ in US millions) Three Months Ended March 31, 2022 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 of
Slide 53: Re Sands
3s Re Sands