Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Q1 2019 Earnings Presentation
71 slides from Las Vegas Sands's earnings presentation, Apr 17, 2019
Slide 1: 1Q19 Earnings Call Presentation
1Q19 Earnings Call Presentation April 17, 2019
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: Marina Bay Sands Hold Normalization Update
Marina Bay Sands Hold Normalization Update In 2012, Marina Bay Sands began normalizing rolling win using an assumed win percentage of 2.85% when the Company’s actual rolling win percentage fell outside a range of 2.70% ‐ 3.00% Normalization calculation was based on actual historical trends at th
Slide 4: Historical Hold-Normalization Comparison Marina Bay Sands Adj. Property EBITDA
Historical Hold‐Normalization Comparison Marina Bay Sands Adj. Property EBITDA ($ in millions) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Prior Methodology: Hold‐Normalized at 2.85%1 $387 $386 $410 $389 $430 $368 $386 $362 Current Methodology: Hold‐Normalized at 3.15%2 $408 $406 $442 $407 $447 $382 $40
Slide 5: First Quarter 2019 Highlights
First Quarter 2019 Highlights Macao Property Portfolio: Delivered $858 million of EBITDA, an increase of 8.7% Mass market table win grew 13.0% reaching a quarterly record $1.52 billion Marina Bay Sands: Delivered $423 million of EBITDA Mass win per day reached quarterly record $4.99 mill
Slide 6: First Quarter 2019 Financial Results
First Quarter 2019 Financial Results Quarter Ended March 31, 2019 vs Quarter Ended March 31, 2018 ($ in millions, except per share information) 1Q18 1Q19 $ Change % Change Net Revenue $3,579 $3,646 $67 1.9% Net Income $1,616 (1) $744 (2) ($872) ‐54.0% Adjusted Net Income Attributable to LVS $821 $70
Slide 7: Strong Cash Flow, Balance Sheet and Liquidity
Strong Cash Flow, Balance Sheet and Liquidity Flexibility for Future Growth Opportunities and Return of Capital As of March 31, 2019: Trailing twelve months ended March 31, 2019: Cash Balance – $4.15 billion Cash Flow from Operations – $4.12 billion Debt – $11.98 billion1 Adjusted Property E
Slide 8: LVS Increasing Return of Capital to Shareholders
LVS Increasing Return of Capital to Shareholders $23.7 Billion of Capital Returned to Shareholders Since 2012 Las Vegas Sands remains committed to returning capital LVS Recurring Dividends per Share1 to shareholders Dividends: $2.88 $2.92 $3.00 $3.08 The LVS Board of Directors announced the incr
Slide 9: Macao Operations EBITDA Performance
Macao Operations EBITDA Performance Quarter Ended March 31, 2019 vs Quarter Ended March 31, 2018 Macao Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin ($ in millions) Adjusted Property EBITDA Hold‐Normalized Adj. Prop. EBITDA $900 $858 $835 60% $789 $800 $767 50% $700 $600 40
Slide 10: Macao Financial Performance
Macao Financial Performance Quarter Ended March 31, 2019 vs Quarter Ended March 31, 2018 ($ in millions) Net Revenue Adj. Property EBITDA Adj. Property EBITDA Margin Growth Growth Growth 1Q18 1Q19 $ % 1Q18 1Q19 $ % 1Q18 1Q19 bps The Venetian Macao $868 $897 $29 3.3% $348 $361 $13 3.7% 40.1% 40.2% 10
Slide 11: Sands China Mass Market Table Update
Sands China Mass Market Table Update Mass Market Table Win Grew 13.0% Reaching Quarterly Record $1.52 Billion SCL Base Mass Table Win by Quarter SCL Premium Mass Table Win by Quarter Sands China Departmental Profit Margin: 35% - 45% Sands China Departmental Profit Margin: 25% - 40% ($ in millions) A
Slide 12: Growing Visitation from China to Macao
Growing Visitation from China to Macao1 Visitation from China Increased 15% to 26.1 Million Year‐Over‐Year Visitation Growth from China Visitation from China to Macao1 Twelve Months Ended February 28, Population GDP Per Penetration Province 2018 2019 % Change (MM) Capita (US$) Rate Guangdong 9,363,0
Slide 13: Macao Market: Continued Strong Growth in High Margin Mass Gaming Segment
Macao Market: Continued Strong Growth in High Margin Mass Gaming Segment Macao Market Mass Gaming Revenue (Tables & Slots) & Mass Win‐per‐Visit1 ($ in millions) Quarterly Record $5,401 $5,500 $5,251 $1,400 $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,
Slide 14: Ongoing Strategic Reinvestment in Our Market-Leading Macao Portfolio
Ongoing Strategic Reinvestment in Our Market‐Leading Macao Portfolio Estimated Spend Expected Timeframe The Londoner: Renovation, expansion and rebranding of SCC to ~$1.35B Commencement in 2019 – phased to minimize The Londoner Macao disruption during peak periods Phased completion throughout 20
Slide 15: Sands China Market-Leading Cotai Strip Property Portfolio
Sands China Market‐Leading Cotai Strip Property Portfolio LVS’ Cotai Strip Properties Leadership in Macao Investment: 1 ~$13 billion today, ~$15 billion by 2021 Nearly 30 million square feet of interconnected facilities on Cotai 2 Hotel Inventory: ~12,100 rooms and luxury suites as of 1Q19 >
Slide 16: Capital Expenditures Expectations
Capital Expenditures Expectations Future Planned Investments Composed of Income Producing Projects and Maintenance ($ in millions) LVS Capex Expectations $3,000 $2,575 $2,400 $1,200 $1,800 $1,530 $1,425 $1,420 $180 $1,150 $1,200 $275 $150 $949 $200 $837 $200 $250 $750 $920 $194 $250 $500 $400 $600 $
Slide 17: Market Leading Hotel Capacity at SCL
Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2020 Projected Macao Market Gaming Operator Hotel Rooms at December 31, 20201 Cotai Total Market New Capacity % of Gaming % of Gaming % of Total 16,000 Gaming Operator Rooms Operators Rooms Operators Mar
Slide 18: 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 40% of EBITDA 80% 72% 66% 10% 30% 7% 60% 16% 17% 20% 40% 14% 5% 34% 28% 13% 14% 10% 20% 24% 18% 0% 0% 2012 2018 2012 2018 3 3 Sands Ch
Slide 19: Marina Bay Sands
Marina Bay Sands $423 Million of Adjusted Property EBITDA in 1Q19 Adjusted Property EBITDA Mass (non‐Rolling tables and slots) win‐per‐day and Adjusted Property EBITDA Margin increased 4.8% to property record $4.99 million ($ in millions) Actual Hold‐Normalized — Non‐Rolling table win increased 10
Slide 20: 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 1Q182 TTM 1Q192 VIP VIP 20% Other 15% Mass Tables 5% Other 32% Mass Tables 4% Mall 34% 8% Mall 8% Hotel Slots 17% Slots Hotel 21% 21% 15% Diversified Sources of Profit a
Slide 21: Marquee Nightclub – Marina Bay Sands
Marquee Nightclub – Marina Bay Sands Grand Opening: April 12, 2019 Tiesto Afrojack Janice Vidal 21 Source: Instagram/@marqueesingapore, marqueesingapore.com.
Slide 22: Marina Bay Sands $3.3 Billion Expansion Brings New Luxurious Hotel, Entertainment, MICE and Retail
Marina Bay Sands $3.3 Billion Expansion Brings New Luxurious Hotel, Entertainment, MICE and Retail Offerings Las Vegas Sands recently announced that it has entered into a development agreement with the Singapore government to expand Marina Bay Sands Iconic New Luxury Hotel Tower: ‐ Approximately 1
Slide 23: Marina Bay Sands Changes in Casino Regulations
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
Slide 24: Marina Bay Sands Changes in Casino Tax Rates Effective March 1, 2022
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 Structure Mass Gaming Tax Rates: Before March 1, 2022 After March 1, 2022 All GGR: Fi
Slide 25: Marina Bay Sands Expansion
Marina Bay Sands Expansion MBS Expansion site (land leased until August 2066) A Development Agreement with The Singapore Tourism Board will allow an expansion of Marina Bay Sands 25
Slide 26: Marina Bay Sands Expansion
Marina Bay Sands Expansion Artistic Impression Design work continues, with a focus on increasing the leisure and business tourism appeal of Singapore and Marina Bay Sands 26 Note: image above denotes artistic impression which is subject to change.
Slide 27: Our Integrated Resorts Are Designed to Maximize Economic Growth and Leisure and Business Tourism
Our Integrated Resorts Are Designed to Maximize Economic Growth and Leisure and Business Tourism Appeal for Our Host Markets Contribution to Singapore’s Leisure & Business Tourism Appeal Contributed to economic growth and to Singapore’s appeal as an exciting global city Delivered iconic architec
Slide 28: Visitor Arrivals To Singapore
Visitor Arrivals To Singapore Total Visitor Arrivals to Singapore Opening of Marina Bay Sands (000s) and Resorts World Sentosa 2010 20,000 18,507 18,000 17,425 16,404 16,000 15,568 15,231 15,087 14,496 14,000 13,171 11,639 12,000 9,683 10,000 8,000 6,000 4,000 2,000 0 2009 2010 2011 2012 2013 2014 2
Slide 29: Strong Growth in Inbound Tourism To Singapore
Strong Growth in 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 Singapore visitation, with a CAGR of 19% over the last four
Slide 30: Retail Spending by Visitors to Singapore has Increased 83% since the Introduction of the two Integrated Resorts
Retail Spending by Visitors to Singapore has Increased 83% since the Introduction of the two Integrated Resorts Singapore Shopping Tourism Receipts (Singapore $ in millions) $7,000 $6,170 $5,950 $6,000 $5,000 $4,588 $4,489 $4,553 $4,120 $3,971 $3,928 $4,000 $3,377 $3,000 $2,000 $1,000 $0 2009 2010 2
Slide 31: Changi Airport
Changi Airport Conveniently Connecting the World to Singapore Overview: Singapore’s Changi Airport processed 65.6 million passenger movements in 2018, ranking it 19th Globally and 8th in Asia by that measurement Qualitative measures place it significantly higher – ranked World’s Best Airport in
Slide 32: Changi Airport
Changi Airport Significant Development to Sustain Growth in Passenger Capacity Recent Airport Expansion: Terminal 4 opened October 2017 and hosts nine airlines including Cathay Pacific, Korean Air, Air Asia and Vietnam Airlines This has allowed these carriers to expand their operations as well a
Slide 33: Changi Airport - Cities in China with Direct Flights to Singapore
Changi Airport ‐ 31 Cities in China with Direct Flights to Singapore Thirteen airlines fly direct services between Singapore Changi and cities in China: Singapore Airlines Sichuan Airlines SilkAir Hebei Airlines China Eastern Spring Airlines Air China China West Airlines China Sout
Slide 34: Retail Mall Portfolio in Asia Generating Strong Revenue and Operating Profit
Retail Mall Portfolio in Asia Generating Strong Revenue and Operating Profit Trailing Twelve Months Retail Mall Revenue ($ in millions) TTM 1Q19 Sales per Sq. Foot² $800 $682 $685 $700 $646 $649 $658 MBS: $1,918 $600 $179 $180 $171 $173 $175 Parisian Macao: $640 $500 $56 $53 SCC: $64 $62 $59 $69 $71
Slide 35: Strong Retail Sales in Our Market-Leading Destination Retail Portfolio in Asia
Strong Retail Sales in Our Market‐Leading Destination Retail Portfolio in Asia ($ per Sq. Foot, Unless Otherwise Indicated) 1 Sales per Sq. Ft. 1Q19 GLA2 TTM 1Q19 v (Sq. Ft) TTM 1Q19 TTM 4Q18 TTM 3Q18 TTM 2Q18 TTM 1Q18 TTM 1Q18 The Shoppes at Marina Bay Sands 601,226 $1,918 $1,898 $1,840 $1,773 $1,7
Slide 36: Las Vegas Operations Update
Las Vegas Operations Update Hold‐normalized Adjusted Property EBITDA of $131 million Adjusted property EBITDA was $138 million, the second Adjusted Property EBITDA strongest quarterly result in the history of the property and Adjusted Property EBITDA Margin ($ in millions) Hold‐normalized adjust
Slide 37: 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 38: Appendix
Appendix Sanes LAS VEGAS SANDS CORP.
Slide 39: 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 Proven history of delivering growth in Asia Unmatched development and operating track record creates competitive adv
Slide 40: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold‐Normalized Adj. Property EBITDA1 ($ in millions) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 Macao Operations2 Reported $626 $600 $651 $730 $789 $750 $754 $786 $858 Hold‐Normalized $594 $597 $641 $757 $767 $730 $754 $786 $835 Marina Bay Sands3 Reported $364 $492 $442 $457 $541 $368
Slide 41: Macao Mass Market
Macao Mass Market Macao Market Mass Gaming Revenue ($ in millions) Mass Win (Tables and Slots)1 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 $5,251 $19,911 Growth ('18 v '
Slide 42: Macao Market: VIP Gaming
Macao Market: VIP Gaming Macao Market VIP Gaming Revenue ($ in 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 $17,337 Growth ('18 v '17) 21.0% 12.
Slide 43: Sands China VIP Table Update
Sands China VIP Table Update SCL Taking Market Share of Revenue in VIP Segment ($ billions) ($ in millions, except per table amounts) SCL Rolling Volume by Quarter SCL Rolling Win by Quarter Avg. Win per Table per Day $25 $1,000 $31,849 $27,904 ‐0.3% $900 $20 $18.82 $19.05 $800 $700 $665 $663 $15 $6
Slide 44: Sands China Departmental Profit Contribution Diversified and Stable
Sands China Departmental Profit Contribution Diversified and Stable Sands China Departmental Profit Contribution1 TTM 1Q18 TTM 1Q19 Other Other 4% 3% VIP VIP Mall 8% 9% Mall 12% 12% Mass Tables 53% Mass Tables 56% Hotel Hotel 15% 15% Slots Slots 7% 6% Mass Tables / Slots and Non‐Gaming Generated 92%
Slide 45: Sands Bethlehem Update
Sands Bethlehem Update Leading Tri‐State Region Property Adjusted Property EBITDA Adjusted property EBITDA increased 13.8% to $33 and Adjusted Property EBITDA Margin million ($ in millions) Table games drop decreased 2.5% to $274 million $50 50% Slot handle increased 1.9% to $1.19 billion $40
Slide 46: Geographically Diverse Sources of EBITDA
Geographically Diverse Sources of EBITDA EBITDA Contribution by Geography in 1Q 2019 ($ in millions) LVS Consolidated Adjusted Property EBITDA1 LVS Consolidated Hold‐Normalized Adj. Prop. EBITDA1 $1,452M $1,422M United United States States 12% 11% Singapore Singapore 30% 29% Macao Macao 59% 59% 1. T
Slide 47: Debt Maturity Profile
Debt Maturity Profile Debt Maturity by Year1 ($ in millions) $6,000 $5,074 $5,000 $4,000 $3,696 3,274 $3,000 1,861 $1,900 $2,000 $1,000 1,900 $524 1,800 $603 1,800 $86 $100 $99 568 $0 $0 489 $0 2 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 SCL MBS US % of Total 1% 1% 1% 4% 30% 5% 42% 0% 0% 16%
Slide 48: Macao Market Background and Infrastructure Slides
Macao Market Background and Infrastructure Slides
Slide 49: Market-Leading ~$15 Billion of Investment
Market‐Leading ~$15 Billion of Investment Investing in Macao’s Future as a Leisure & Business Tourism Destination Industry-Leading Integrated Resort Portfolio The Venetian Macao The Parisian Macao Sands Cotai Central Four Seasons Macao Sands Macao Portfolio of ~Two Million sq. feet of World-Class En
Slide 50: Macao Visitation Opportunity
Macao Visitation Opportunity Business & Leisure Tourism Expenditure Drivers Future Growth Drivers As a result, Macao’s Mass visitors will: More efficient and affordable Come From Farther transportation infrastructure Away Greater number of hotel rooms Stay Longer and non‐gaming offerings in
Slide 51: Mass Gaming Generates Well Over 80% of Gaming Operating Profit in Macao
Mass Gaming Generates Well Over 80% of Gaming Operating Profit in Macao Composition of Macao Market Gross Gaming Revenue1 and Est. Gaming Operating Profit2 Quarter Ended March 31, 2019 TTM Ended March 31, 2019 ($ in millions) ($ in millions) $9,340M $2,554M $37,204M $9,827M 100% 100% 15% 17% 80% 42%
Slide 52: 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 1 135 million in 2016. Chinese tourism expenditures are expected to increase from $261 billion in 2016 to $672 billion by 2025 Transportation infrastructure a
Slide 53: China Is The World's Largest and Fastest Growing Outbound Tourism Market
1 China Is The World’s Largest and Fastest Growing Outbound Tourism Market Outbound Travel Tourism Spending ($ in 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 is
Slide 54: China Is The World's Largest and Fastest Growing Outbound Tourism Market (cont.d)
1 China Is The World’s Largest and Fastest Growing Outbound Tourism Market (cont.d) Number of Outbound Travel Trips from China (Trips in millions) 300 260 250 200 150 135 100 50 0 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E In the Next 7 Years Outbound Travel From China is Projected t
Slide 55: 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 4.8 2.9 2.7 2.8 3.4 1.6 2.4 1.6 1.9 0.4 1.4 0.5 0.9 1.1 0.8 1.2 1.4
Slide 56: Chinese Middle Class Consumption Growth
1 Chinese Middle Class Consumption Growth Chinese Middle Class Consumption in 2030 is Projected to Reach $10.0 trillion Global Middle Class Consumption in 2030 (US$ in Trillions) ($ in trillions) $15 $10.0 $10 $5 $4.0 $2.3 $2.5 $1.1 $1.2 $1.2 $1.3 $1.4 $‐ France Brazil Mexico Germany Russia Japan In
Slide 57: 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
Slide 58: Infrastructure: Meaningful Improvements Throughout The Greater Bay Area
Infrastructure: Meaningful Improvements 2 Throughout The Greater Bay Area Guangzhou Population: 16M Wuhan – Guangzhou High‐Speed Rail GDP Per Capita: US$20,000 • Four hour train ride Guangzhou – Zhuhai Intercity Rail Guangzhou – Shenzhen – Hong Kong Rail • 60 ‐ 80 minute train ride (2+ hours by bus)
Slide 59: The Hong Kong-Macao-Zhuhai Bridge
The Hong Kong‐Macao‐Zhuhai Bridge 2 $20 Billion Bridge Is Vital Transportation Infrastructure Component Increasing Connectivity in Greater Bay Area Transportation to Macao from the Hong Kong International Airport, one of the largest and most important transportation hubs in the region, no longer r
Slide 60: Market Leading Hotel Capacity at SCL
3 Market Leading Hotel Capacity at SCL Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2020 Projected Macao Market Gaming Operator Hotel Rooms at December 31, 20201 Cotai Total Market New Capacity % of Gaming % of Gaming % of Total 16,000 Gaming Operator Rooms Operators Rooms Operators M
Slide 61: Both Day-trip and Overnight Visitation to Macao Are Increasing
Both Day‐trip and Overnight Visitation 4 to Macao Are Increasing Day‐Trip Visitors to Macao from China Overnight Visitors to Macao from China (in millions) (in millions) 14.0 14.0 13.3 11.9 11.9 12.0 11.5 12.0 11.2 10.2 10.3 10.3 10.0 9.7 10.0 9.7 9.2 8.8 8.8 8.9 8.1 8.0 8.0 7.3 6.9 6.3 5.8 6.0 6.0
Slide 62: The Greater Bay Area Initiative
5 The Greater Bay Area Initiative Promoting the Economic Growth of The Pearl River Delta The Greater Bay Area (“GBA”) initiative was officially presented during the 12th National Peoples Congress in March 2017 The GBA initiative promotes the development of the Pearl River Delta region via econom
Slide 63: Hengqin Island Expands Critical Mass of Tourism Offerings for Visitors to the Region
Hengqin Island Expands Critical Mass of 5 Tourism Offerings for Visitors to the Region Map of Hengqin Island New Area Important Facts Island adjacent to Macao (3X the size of Macao) that has been identified as a strategic zone for cooperation among Guangdong Province, Hong Kong and Macao Master‐
Slide 64: Non-GAAP Measures Reconciliations
Non‐GAAP Measures Reconciliations
Slide 65: Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA
Reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA ($ in millions) 1Q17 2Q17 3Q17 4Q17 2017 1Q18 2Q18 3Q18 4Q18 2018 1Q19 Net income (loss) $579 $639 $684 $1,361 $3,263 $1,616 $676 $699 ($40) $2,951 $744 Add (deduct): Income tax expense (benefit) 69 78 73 (429) (1) (209) (5
Slide 66: Non-GAAP Measures: Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted EPS
Non‐GAAP Measures: Adjusted Net Income; Hold‐Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold‐Normalized Adjusted Earnings Per Diluted Share ($ in millions) Three Months Ended March 31, 2019 2018 Net income attributable to LVS $582 $1,456 Nonrecurring legal settlement 96
Slide 67: Non-GAAP Trailing Twelve Month Supplemental Schedule
Non‐GAAP Trailing Twelve Month Supplemental Schedule ($ in millions) 1Q18 2Q18 3Q18 4Q18 1Q19 TTM 1Q19 Cash Flows From Operations $1,397 $1,107 $896 $1,301 $820 $4,124 Adjust for: (Provision for) recovery of doubtful accounts 16 (7) (5) (9) (4) (25) Foreign exchange gains (losses) (12) 48 1 (11) (22
Slide 68: Historical Hold-Normalized Adj. Property EBITDA
Historical Hold‐Normalized Adj. Property EBITDA1 ($ in millions) 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 Macao Operations2 Reported $626 $600 $651 $730 $789 $750 $754 $786 $858 Hold‐Normalized Adjustment (32) (3) (10) 27 (22) (20) 0 0 (23) Hold‐Normalized $594 $597 $641 $757 $767 $730 $754 $786
Slide 69: Supplemental Information
Supplemental Information Sanes LAS VEGAS SANDS CORP.
Slide 70: Supplemental Information 1Q19 and 1Q18
Supplemental Information 1Q19 and 1Q18 ($ in millions) Three Months Ended March 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 of Ass
Slide 71: Sands
Sands LAS VEGAS SANDS CORP,