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The Venetian Macao Marina Bay Sands, Singapore
Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo, Las Vegas
4Q15 Earnings Call PresentationJanuary 27, 2016
The Parisian Macao(Opening 2016)Sands Cotai Central, Macao
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 control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our ability to meet certain development deadlines, our subsidiaries’ ability to make distribution payments to us, and other factors detailed in the reports filed by Las Vegas Sands with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward‐looking statements, which speak only as of the date thereof. Las Vegas Sands assumes no obligation to update such information.
Forward Looking Statements
2
Net revenue was $2.86 billion
Consolidated adjusted property EBITDA was $1.05 billion
Solid cost containment in Macao, stability in Singapore and strong RevPAR‐lead EBITDA growth in Las Vegas contributed to another quarter of adjusted property EBITDA in excess of $1 billion
Hold‐normalized consolidated adjusted property EBITDA margin increased 160 bps to an industry‐leading 37.3%
Macao – Adjusted property EBITDA was $575.3 million, the strongest quarter in 2015. Hold‐normalized adjusted property EBITDA was $549.1 million, while hold‐normalized adjusted property EBITDA margin increased 130 bps to a Macao market‐leading 34.7%
Marina Bay Sands – Despite the impact of a stronger US dollar, hold‐normalized adjusted property EBITDA increased 1.1% to $374.8 million1
On a constant currency basis, hold‐normalized adjusted property EBITDA increased 11.8% Y/Y1
Adjusted diluted EPS was $0.62 per share; Hold‐normalized adjusted diluted EPS was $0.64 per share
LVS returned a total of $578.7 million to shareholders during the quarter through:
Recurring dividend of $0.65 per share
Stock repurchase program ($60.0 million repurchased at a weighted average price of $44.55 during the quarter)
Fourth Quarter 2015 Financial Highlights1Sequential EBITDA Growth in Macao, Stability at MBS and Strong EBITDA Growth in Las Vegas
3
NOTE: All comparisons in this presentation compare the fourth quarter 2015 against the fourth quarter 2014 unless otherwise specified.1. MBS’s prior‐year quarterly results were positively impacted by a property tax reassessment of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014.
4Q14 results presented here exclude the property tax reassessment. Including the property tax reassessment, adjusted property EBITDA at MBS decreased 34.8% Y/Y, hold‐normalized adjusted property EBITDA decreased 18.7% Y/Y and hold‐normalized adjusted property EBITDA on a constant‐currency basis decreased 10.1% Y/Y in the fourth quarter of 2015.
$ in millions, except per share information 4Q14 4Q15 $ Change % Change
Net Revenue 3,416.0$ 2,861.7$ (554.3)$ ‐16.2%
Adjusted Property EBITDA 1,256.0$ 1,051.3$ (204.7)$ ‐16.3%
Adjusted Property EBITDA Margin 36.8% 36.7% ‐10 bps
Adjusted Diluted EPS 0.82$ 0.62$ (0.20)$ ‐24.4%
Dividends per Common Share 0.50$ 0.65$ 0.15$ 30.0%
Hold‐Normalized Adjusted Property EBITDA 1,183.2$ 1,069.8$ (113.4)$ ‐9.6%
Hold‐Normalized Adj. Property EBITDA Margin 35.7% 37.3% 160 bps
Hold‐Normalized Adjusted Diluted EPS 0.75$ 0.64$ (0.11)$ ‐14.7%
Fourth Quarter 2015 Financial Results (Y/Y)Quarter Ended December 31, 2015 vs Quarter Ended December 31, 20141
41. LVS’s prior‐year results were positively impacted by a property tax reassessment at MBS of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014. 4Q14 results shown here exclude the property tax reassessment. Including the property tax reassessment, adjusted property EBITDA was $1,346.1 million with adjusted property EBITDA margin of 39.4%.
2. Including the property tax reassessment, hold‐normalized adjusted property EBITDA in the fourth quarter of 2014 was $1,273.3 million with hold‐normalized adjusted property EBITDA margin of 38.4%.
2
Fourth Quarter 2015 Financial Results (Q/Q)Quarter Ended December 31, 2015 vs Quarter Ended September 30, 2015
5
$ in millions, except per share information 3Q15 4Q15 $ Change % Change
Net Revenue 2,893.7$ 2,861.7$ (32.0)$ ‐1.1%
Adjusted Property EBITDA 1,052.2$ 1,051.3$ (0.9)$ ‐0.1%
Adjusted Property EBITDA Margin 36.4% 36.7% 30 bps
Adjusted Diluted EPS 0.66$ 0.62$ (0.04)$ ‐6.1%
Dividends per Common Share 0.65$ 0.65$ ‐$ ‐
Hold‐Normalized Adjusted Property EBITDA 1,087.3$ 1,069.8$ (17.5)$ ‐1.6%
Hold‐Normalized Adj. Property EBITDA Margin 37.4% 37.3% ‐10 bps
Hold‐Normalized Adjusted Diluted EPS 0.71$ 0.64$ (0.07)$ ‐9.9%
Macao52%
Singapore35%
United States13%
Macao55%
Singapore32%
United States13%
Actual
Geographically Diverse Sources of EBITDA For Las Vegas Sands
6
EBITDA Contribution by Geography in Q4 2015
Hold‐Normalized
$1,051M $1,070M
$1.00$1.40
$2.00
$2.60$2.88
$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50
2012 2013 2014 2015 2016
7
LVS Increasing Return of Capital to Shareholders$12.5 Billion of Capital Returned to Shareholders Over the Last Four Years
LVS Recurring Dividends per Share1
Las Vegas Sands remains committed to returning capital to shareholders via its recurring dividend program and share repurchases:
Dividends:
Las Vegas Sands is committed to maintaining its recurring dividend program and to increasing dividends in the future as cash flows grow
In October 2015, the LVS Board of Directors increased the LVS recurring dividend by 10.8% to $2.88 per share for the 2016 calendar year ($0.72 per share payable quarterly)
Repurchases:
Since the inception of the company’s share repurchase program in June 2013, the company has returned $2.44 billion to shareholders through the repurchase of 35.4 million shares
During the fourth quarter of 2015, $60.0 million of common stock was repurchased at a weighted average price of $44.55
$1.56 billion remains under current authorization
1. Excludes dividends paid by Sands China Ltd. and excludes the $2.75 per share special dividend paid in December 2012. 2. Reflects only the public (non-LVS) portion of dividends paid by Sands China Ltd. (total SCL dividends paid since 2011 were $7.26 billion).
Las Vegas Sands Remains Committed to Returning Capital to Shareholders While Maintaining a Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities
Total Capital Returned to Shareholders
Return of Capital to Shareholders
Year Year Year YearEnded Ended Ended Ended
$ in millions 12/31/2012 12/31/2013 12/31/2014 12/31/2015 Total
LVS Dividends Paid1 823$ 1,153$ 1,610$ 2,074$ 5,660$ LVS Special Dividend Paid 2,262 ‐ ‐ ‐ 2,262 LVS Shares Repurchased ‐ 570 1,665 205 2,440
Subtotal LVS 3,085$ 1,723$ 3,275$ 2,279$ 10,362$ SCL Dividends Paid2 357 411 538 619 1,925 SCL Special Dividend Paid ‐ ‐ 239 ‐ 239
Subtotal SCL 357$ 411$ 777$ 619$ 2,164$ Total 3,442$ 2,134$ 4,052$ 2,898$ 12,526$
$1.16 $1.33$1.73
$1.99
$0.99 $0.99
$0.00$0.50$1.00$1.50$2.00$2.50$3.00
2012 2013 2014 2015 Interim2015
Interim2016
8
SCL Also Increasing Return of Capital to ShareholdersOver US$7.2 Billion of Capital Returned to Shareholders Over the Last Four Years
SCL Recurring Dividends per Share (HK$)1
Sands China is committed to returning capital to shareholders via its recurring bi‐annual dividend program. Sands China is committed to maintaining its recurring dividend program and increasing dividends in the future as cash flows grow
In January 2016, the SCL Board of Directors set the 2016 SCL recurring interim dividend at HK$0.99 per share. This dividend is payable on February 26, 2016
For the 2015 year, the SCL Board of Directors increased the SCL dividend to HK$1.99 per share, including an interim dividend of HK$0.99 per share paid in February and a final dividend of HK$1.00 per share paid on July 15, 2015
1. Excludes the special dividend paid in 2014.
Sands China Remains Committed to Returning Capital to Shareholders While Maintaining a Strong Balance Sheet and the Financial Flexibility to Pursue Development Opportunities
SCL Total Capital Returned to Shareholders
Return of Capital to Shareholders
US$ in millions Interim Final Interim Final Interim Final Interim Final Total
SCL Dividends Paid1 600$ 602$ 696$ 685$ 906$ 894$ 1,030$ 1,041$ 6,454$
SCL Special Dividend Paid ‐ ‐ ‐ ‐ 801 ‐ ‐ ‐ 801
Total 600$ 602$ 696$ 685$ 1,707$ 894$ 1,030$ 1,041$ 7,255$
Year Ended12/31/201512/31/2012
Year Ended Year Ended Year Ended12/31/2013 12/31/2014
Figures as of December 31, 2015 Sands China U.S. Corporate(US GAAP in $MM) Ltd. Singapore Operations2 and Other Total
Cash, Cash Equivalents and Restricted Cash $1,291.0 $407.4 $411.6 $77.4 $2,187.4
Debt $3,393.8 $3,171.9 $2,902.3 ‐ $9,468.0
Net Debt $2,102.8 $2,764.5 $2,490.8 ($77.4) $7,280.6
Trailing Twelve Months Adjusted Property EBITDA $2,199.6 $1,506.5 $441.3 $22.8 $4,170.2
Gross Debt to Trailing Twelve Months EBITDA 1.5 x 2.1 x 6.6 x NM 2.3 x
Net Debt to Trailing Twelve Months EBITDA 1.0 x 1.8 x 5.6 x NM 1.7 x
For the Year Ended December 31, 2015:
Trailing Twelve Months Adjusted Property EBITDA – $4.17 billion
Trailing Twelve Months LVS Dividends Paid – $2.07 billion
Trailing Twelve Months SCL Dividends Paid – $619.1 million1
Trailing Twelve Months LVS Stock Repurchases – $205.0 million
Cash Balance – $2.19 billion
Net Debt – $7.28 billion
Net Debt to TTM EBITDA – 1.7x
Strong Cash Flow, Balance Sheet and LiquidityFlexibility for Future Growth Opportunities and Return of Capital
9
1. Reflects only the public (non‐LVS) portion of dividends paid by Sands China Ltd. Total dividends paid by Sands China Ltd. in 2015 were $2.07 billion.2. U.S. Operations includes the cash and debt at the U.S. Restricted Group (plus $60.0 million in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem.3. The net leverage ratio for covenant compliance purposes, which includes the dividends and royalty fees paid by Sands China Ltd. and Marina Bay Sands to the U.S. Operations, was 0.9x.
Strong Balance Sheet and Cash Flow Maximize Financial Flexibility
3
Macao Operating Performance (Y/Y)Quarter Ended December 31, 2015 vs Quarter Ended December 31, 2014
10
($MM)
Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Actual Hold‐Normalized
‐20.0%‐19.1%
$711.2
$575.3
$686.2
$549.1
33.9% 35.3%33.4% 34.7%
0%
10%
20%
30%
40%
50%
60%
$0
$100
$200
$300
$400
$500
$600
$700
$800
4Q14 4Q15 4Q14 4Q15
$536.8$575.3
$528.3$549.1
33.0%35.3%
33.4% 34.7%
0%
10%
20%
30%
40%
50%
60%
$0
$100
$200
$300
$400
$500
$600
$700
$800
3Q15 4Q15 3Q15 4Q15
Macao Operating Performance (Q/Q)Quarter Ended December 31, 2015 vs Quarter Ended September 30, 2015
11
($MM)
Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Actual Hold‐Normalized
+3.9%+7.2%
Mass Tables51%
Slots8%
Hotel15%
Mall13%
Other3% VIP
10%
Mass Tables52%
Slots8%
Hotel13%
Mall9%
Other2%
VIP16%
Year Ended December 31, 2014
Macao: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands and Sands China
12
Mass Tables / Slots and Non‐Gaming Generated 90% of Macao’s Departmental Profit in the Year Ended December 31, 2015 vs. 84% in the Year Ended December 31, 2014
Macao Departmental Profit Contribution by Segment¹
Year Ended December 31, 2015
1. Represents departmental profit by segment (before unallocated expenses) for the respective years ending December 31, 2014 and 2015.
$461$412 $402
$367 $365
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
4Q14 1Q15 2Q15 3Q15 4Q15
$645$601
$574 $563 $532
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
4Q14 1Q15 2Q15 3Q15 4Q15
13
SCL Base Mass Table Win by Quarter
Sands China Mass Market Update
Note: Sands China’s base mass and premium mass table revenues as presented above are based on the geographic position of the tables on the gaming floor. Some high‐end mass play occurs in the basemass geographic area and some lower‐end mass play occurs in the premium mass geographic area of the gaming floor.
Sands China’s Mass Table Offering is the Broadest and Deepest in the Macao Market
($MM)
SCL Premium Mass Table Win by Quarter
Sands China Departmental Profit Margin: 40% - 50% Sands China Departmental Profit Margin: 25% - 40%
($MM)
323Avg.Tables
292 289826Avg.Tables
919 938
Avg. Win per Table per Day: $6,160 Avg. Win per Table per Day: $13,723
892865 305326
Market‐Leading ~$13 Billion of Investment in Macao’s Future as a Business & Leisure Tourism Destination1
Expansion of Mass MarketOfferings Underway with The Parisian
Family-friendly Entertainment World Class Concerts, Sporting Events and Other Entertainment Offerings
Over Two Million sq. feet of World Class Shopping1
Market-Leading Customer Database
Highly Themed Tourism Attractions
Portfolio of Nearly 13,000 Suites and Hotel Rooms1
Over Two Million sq. feet of Conference, Exhibition and Carpeted Meeting Space
The Broadest and Deepest
Mass Tourism Offerings in Macao
Our Diversified Convention‐based Integrated Resort Offerings Appeal to the Broadest Set of Customers and Comprise a Unique Competitive Advantage in the Macao Market 14
1. Incorporates the 2016 targeted opening of the Parisian Macao
Macao Mass Visitation Drivers
Future Growth Drivers
More efficient and affordable transportation infrastructure
Greater number of hotel rooms and non‐gaming offerings in Macao
Additional tourism attractions in Macao and Hengqin Island
Rapidly expanding middle‐class with growing disposable income
15
As a result, Macao’s Mass visitors will:
Come From Farther Away
Stay Longer
Spend More On:• Lodging• Retail• Dining• Entertainment• Gaming
Expanding Our Critical Mass on the Cotai StripThe Parisian Macao
16LVS Operating Assets
Third Party Operating Asset
Third Party Future Development
Construction Progress – January 26, 2016Map of Macao’s Cotai Strip
The Parisian Macao is a $2.7 billion themed, iconic destination Integrated Resort
Construction continues to progress
Hotel rooms and suites: 3,000+
Gaming capacity: ~450 table games and 2,500 slots and ETGs
Additional amenities including a retail mall, 50% scale replica Eiffel Tower, MICE space, diverse food & beverage options and entertainment
The Parisian Macao will be interconnected to our other Cotai Strip properties through mall access and other pedestrian connectivity including a walkover bridge with airport‐style moving sidewalks connecting to Sands Cotai Central
Rendering of The Parisian Macao
LVS Future Development
Expanding Our Critical Mass on the Cotai StripThe St. Regis Tower at Sands Cotai Central
17
St. Regis Main EntranceSt. Regis Suite
St. Regis branded 5‐star hotel and serviced apartments to complement the existing portfolio of brands on the Cotai Strip
Property opened December 17, 2015
Hotel rooms and suites: 400
Serviced Apartments: ~300 (to be completed in the
future)
St. Regis Tower at Sands Cotai Central
18% 18% 18% 18%
14% 15% 14% 14%
14% 12% 11% 9%
16% 14% 13% 13%
10%9%
9% 10%
0%
20%
40%
60%
80%
2012 2013 2014 TTM 3Q15
28%32%
35% 36%
0%
10%
20%
30%
40%
2012 2013 2014 TTM 3Q15
Macao Market Annual EBITDA Market Share by Operator
Sands China Expanded Market Share of Macao EBITDA by 800 bps Since 2012Source: Company Reports1. Reflects reported adjusted property EBITDA for operating properties for the twelve months ended September 30, 2015.2. Galaxy only includes EBITDA from Starworld and Galaxy Macau.
Historical EBITDA Market Share1,2
18
Galaxy MPELSands China 2 SJM Wynn MGM
Sands China Property Operations All Others
Macao Leader in
Market Share of EBITDA
72%68% 65% 64%
$428.4
$338.2$370.9 $374.8
51.1% 48.1% 48.4% 50.0%
20%
30%
40%
50%
60%
70%
80%
$0
$100
$200
$300
$400
$500
$600
4Q14 4Q15 4Q14 4Q15
$3.19 $3.02
$1.63 $1.59
$4.82 $4.61
$0.0
$2.0
$4.0
$6.0
4Q14 4Q15
Non‐Rolling Tables Slot Machines
Marina Bay Sands Operations1,2Hold‐Normalized EBITDA Up 11.8% On a Constant Currency Basis
19
Actual
Hold‐normalized adjusted property EBITDA increased 11.8% on a constant currency basis. Hold‐normalized adjusted property EBITDA increased 1.1% to $374.8 million with margin expanding 160 basis points.
Adjusted property EBITDA decreased 21.0% to $338.2 million due to lower‐than‐normal Rolling win %
Adjusted property EBITDA decreased 12.7% on a constant‐currency basis
Total mass win‐per‐day was a property record in local currency terms and increased 6.0% on a constant‐currency basis. Given the impact of a stronger USD, total mass (Non‐Rolling tables and slots) win‐per‐day decreased 4.4% to $4.61 million.
— Non‐Rolling win decreased 5.2% to $278.0 million
— Slot win decreased 2.9% to $146.0 million
Room revenue decreased 4.1% as RevPAR decreased 8.7% to $379 and ADR decreased 7.1% to $392 (currency impact of approximately 10%)
Retail mall revenue decreased 8.8% to $41.7 million (currency impact of approximately 10%)
MBS financials and key performance indicators were negatively impacted by the stronger USD
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Despite Currency Impact from Strong US Dollar, Solid Financial Performance in Singapore
Non‐Rolling Table and Slot Win Per Day
Hold‐Normalized
1. Due to a strengthened US Dollar in 4Q15 compared to 4Q14, MBS faced a currency impact of approximately 10%2. MBS’s quarterly results were positively impacted by a property tax reassessment of $90.1 million received in the fourth quarter of 2014 relating to the five year period ended December 31, 2014. 4Q14 results presented here exclude the property tax reassessment. Including the property tax reassessment, adjusted property EBITDA at MBS was $518.5 million in 4Q14 and decreased 34.8% Y/Y in the fourth quarter of 2015.
($MM)
Mass Tables39%
Slots20%
Hotel17%
Mall8%
Other4% VIP
12%
Mass Tables37%
Slots20%
Hotel18%
Mall8%
Other5% VIP
12%
Year Ended December 31, 2014¹
Singapore’s Marina Bay Sands: Diversified and Stable Sources of Departmental Profit For Las Vegas Sands
20
Mass Tables / Slots and Non‐Gaming Generated 88% of Marina Bay Sands’ Hold‐Normalized Departmental Profit in the Year Ended December 31, 2015
Marina Bay Sands Hold‐Normalized Departmental Profit Contribution by Segment
Year Ended December 31, 2015¹
1. With no adjustment for hold‐normalization, VIP contribution would have been 18% (vs 12%) in the year ended December 31, 2014 and unchanged at 12% in the year ended December 31, 2015.
$192 $198 $205 $204 $205
$132 $139 $145 $141 $130
$57 $61 $65 $63 $62
$169$171
$171 $167 $163
$551 $569 $586 $575 $560
$0
$100
$200
$300
$400
$500
$600
4Q14 1Q15 2Q15 3Q15 4Q15Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands
Asia Retail Mall Portfolio Continues to Generate Strong Revenue and Operating Profit
21
($MM)
Trailing Twelve Months Retail Mall Revenue
89% 89%88%Operating Profit Margin 88%
1. At December 31, 2015, 324,450 square feet of gross leasable area were occupied out of a total of up to 600,000 square feet of retail mall space that will be featured at completion of all phases of Sands Cotai Central. 2. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12‐months divided by the comparable square footage for the same period. Only tenants that have occupied mall space for a minimum of 12 months are included in the tenant sales per square foot calculation.
$521M $514M$482MOperating Profit $503M
TTM 4Q15 Sales per Sq. Foot²
MBS:$1,361
SCC:$896
Four Seasons:Luxury: $4,732Other: $1,622
Venetian:$1,469
89%
$501M
$80.9 $85.7 $88.5 $89.1 $95.2
$46.9
$5.5 $8.6
$22.5
$127.8
$87.4 $94.0 $97.7
$117.7
$‐
$20
$40
$60
$80
$100
$120
$140
$160
4Q14 1Q15 2Q15 3Q15 4Q15
Base Rent and Other Fees Turnover Rent
Macao Quarterly Retail Revenue Composition
22
Sands China: Retail Mall Revenue Composition
($MM)
Strong Base Rent, Which Grew 17.7% in 4Q15, Provides the Majority of Sands China’s Retail Mall Revenue
$1.6
Base Rent Increased 17.7% Y/Y
in 4Q15
$354$240
$194$233
$548$473
$0$100$200$300$400$500$600$700
4Q14 4Q15Baccarat Non‐Baccarat
Las Vegas OperationsStrong RevPAR Performance Drove 24.9% Adjusted Property EBITDA Growth
23
Composition of Table Games Drop
Adjusted property EBITDA increased 24.9% to reach $97.4 million
— On a hold‐normalized basis, adjusted property EBITDA increased 20.3% to reach $105.4 million
ADR increased 7.7% to $239 with 92.1% occupancy, driving a RevPAR increase of 22.2% to $220
Table games drop decreased 13.8% to $472.5 million
— Non‐baccarat drop increased 20.1% to $233 million
— Baccarat drop declined 32.3%, reflecting slower international play
Slot win increased 20.4% to $54.3 million
Best opportunities for potential future growth:
— Increase in group & FIT room pricing
— Recovery of international gaming segment
— Non‐gaming offerings
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Room Segment Strength Leading Recovery in Las Vegas Market
Actual($MM)
Hold‐Normalized
$78.0
$97.4$87.6
$105.4
21.5%24.3% 23.4%
25.7%
0%
10%
20%
30%
40%
$0
$20
$40
$60
$80
$100
$120
4Q14 4Q15 4Q14 4Q15
Sands Bethlehem OperationsSolid Quarter for Leading Tri‐State Region Property
24
Adjusted property EBITDA decreased 5.2% to $34.3 million
Table games drop increased 4.6% to reach $292.9 million, driven by an 8.7% increase in Baccarat drop
Slot handle increased 5.1% to $1.06 billion
ADR increased 2.0% to $152 with occupancy of 92.8%, driving a RevPAR increase of 11.5% to $146
The Outlets at Sands Bethlehem (130,000 SF) feature 29 stores including Coach, Tommy Hilfiger, DKNY, GUESS, European Body Concepts Day Spa and Joli French Bakery and Cafe
The Sands Bethlehem Event Center (50,000 SF)
— Headline events have included Tiesto, Yes, Willie Nelson, The Beach Boys, Incubus, Bellator MMA, Glenn Frey, Crosby, Stills and Nash, NBC Fight Night, Diana Krall and Bill Maher
($MM)
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Composition of Table Games Drop
$36.2 $34.3
27.1%24.5%
0%5%10%15%20%25%30%35%40%
$0$5
$10$15$20$25$30$35$40
4Q14 4Q15
$136 $148
$144 $145
$280 $293
$0
$100
$200
$300
4Q14 4Q15Baccarat Non‐Baccarat
South Korea
Principal Areas of Future Development Interest for Las Vegas Sands
Japan
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 Resort development opportunities
Development opportunity parameters:
— Targeting minimum of 20% return on total invested capital
— 25% ‐ 35% of total project costs to be funded with equity (project financing to fund 65% ‐ 75% of total project costs)
Disciplined Execution of Our Global Growth Strategy
25
MacaoThe Parisian Macao
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 destination MICE‐based Integrated Resort properties in the world’s largest and fastest growing consumer markets
Uniquely positioned to bring unmatched track record, powerful convention‐based business model and the industry’s strongest balance sheet to the world’s most promising IntegratedResort development opportunities
Committed to maximizing shareholder returns by delivering long‐term growth while continuing the return of capital to shareholders through recurring dividend and stock repurchase programs
The industry’s most experienced leadership team: visionary, disciplined and dedicated todriving long‐term shareholder value
The Investment Case for Las Vegas Sands
26
Maximizing Return to Shareholders by:1. Delivering long‐term growth in current markets 2. Using leadership position in MICE‐based Integrated Resort development and
operation to pursue global growth opportunities3. Continuing to return excess capital to shareholders
Appendix
Historical Hold‐Normalized Adj. Property EBITDA1
28
1. This schedule presents hold‐normalized adjusted property EBITDA based on the following methodology:(a) for Macao operations and Marina Bay Sands: if the quarter’s rolling win percentage is outside of the 2.70%‐3.00% band, then a hold‐adjustment is calculated by applying a rolling win percentage of 2.85% to the rolling volume for the quarter.(b) for Las Vegas operations: starting with 1Q15, if the quarter’s Baccarat win percentage is outside of the 21.0%‐29.0% band, then a hold‐adjustment is calculated by applying a Baccarat win percentage of 25.0%, and if the quarter’s non‐Baccarat win percentage is outside of the 16.0%‐20.0% band, then a hold‐adjustment is calculated by applying a non‐Baccarat win percentage of 18.0%. Our expected Baccarat win percentage in prior quarters was 22.0% to 30.0% (26.0% normalized) and our expected non‐Baccarat win percentage in prior quarters was 14.0% to 18.0% (16.0% normalized).(c) for Sands Bethlehem: no hold‐adjustment is made.(d) for all properties: gaming taxes, commissions paid to third parties on incremental win, bad debt expense, discounts and other incentives are applied to determine the adjusted property EBITDA impact.
2. Marina Bay Sands’ reported adjusted property EBITDA and hold‐normalized adjusted property EBITDA include the $90.1 million property tax reassessment received in the fourth quarter of 2014.3. Reflects consolidated adjusted property EBITDA inclusive of Other Asia (principally CotaiJet operations) segment.
$ in millions 4Q14 1Q15 2Q15 3Q15 4Q15
Macao Property OperationsReported 711.2$ 527.7$ 559.8$ 536.8$ 575.3$ Hold‐Normalized 686.2$ 527.7$ 526.5$ 528.3$ 549.1$
Marina Bay SandsReported 518.5$ 415.3$ 363.3$ 389.7$ 338.2$ Hold‐Normalized 461.0$ 371.3$ 363.3$ 411.3$ 374.8$
Las Vegas OperationsReported 78.0$ 74.1$ 54.2$ 79.8$ 97.4$ Hold‐Normalized 87.6$ 89.2$ 85.3$ 101.8$ 105.4$
Sands BethlehemReported 36.2$ 29.9$ 34.1$ 37.5$ 34.3$ Hold‐Normalized 36.2$ 29.9$ 34.1$ 37.5$ 34.3$
LVS Consolidated3
Reported 1,346.1$ 1,050.5$ 1,016.2$ 1,052.2$ 1,051.3$ Hold‐Normalized 1,273.3$ 1,021.6$ 1,013.9$ 1,087.3$ 1,069.8$
2
2
$472 $447 $445 $396 $500 $500 $500
$150 $100
$830
$192 $75
$210 $390 $767$900
$318
$190
$285 $240
$107 $1,449
$898
$1,179
$1,529$1,690
$968
$600
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2012A 2013A 2014A 2015A 2016E 2017E 2018E
Maintenance Investments in Current Properties¹ Sands Cotai Central The Parisian Macao² St. Regis at SCC Other
Capital Expenditures ExpectationsFuture Planned Investments Composed Principally of The Parisian Macao and Maintenance
Future Capital Expenditures Focused on Growth in Asia
($MM)
1. Reflects investments that will generate future income in our current property portfolio2. The timing of capex is subject to the receipt of timely government approvals.
Sands Cotai CentralSt. Regis at Sands Cotai CentralThe Parisian Macao2
LVS Capex Expectations
Development Timeline Pre‐OpeningPost‐Opening
29
$40
$49
$60
$19
$50
$8
$73
181 494 1,155 1,222211
1,074
1,757
653
2,115
$95$326
$1,359
$2,262
$5,094
$340
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2016 2017 2018 2019 2020 2021
SCL MBS USRG LVSC
Debt Maturity ProfileDebt Maturity by Year at December 31, 2015
Long Term and Low Cost Financing in Place
($MM)
1% 14%% of Total 3% 24% 54%
30
4%
$418
$311 $317$378 $368
$408$342
$403$326 $361
$281 $272 $291 $281 $262 $257
$0
$100
$200
$300
$400
$500
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
Marina Bay Sands: Accounts Receivable and Credit Collections Update
31
($MM)
Reserve Balance Of $361 Million Represents 41.6% of Gross Accounts Receivable
Casino Credit Collections
Quarterly Provision
$40M
Life to Date Provision of $657 Million Represents 8.9% of Rolling Win Since Opening of Property
$38M $39M $37M $39M $36M $36M $33M $30M $30M $24M $20M $24M$32M $40M
$780 $822$896
$1,045 $1,087 $1,059 $1,120$1,016 $1,068 $1,028 $984 $1,001 $1,011 $994
$913$866
19.8%23.4%
26.8% 26.7% 27.8% 30.3% 32.0%37.2% 37.5%
40.9% 41.9% 40.0% 37.6% 38.5% 38.7% 41.6%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
$0
$300
$600
$900
$1,200
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
Gross Casino A/R Balance at End of Period Reserve Against Casino A/R Balance
$33M
