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Las Vegas Sands Corp. 3Q12 Financial Results
November 1, 2012
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 ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. 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 Corp. assumes no obligation to update such information.
Forward Looking Statements
2
Macao – Record EBITDA driven by strong growth in all segments
— Strong growth in gaming volumes and hotel revenue at Sands Cotai Central
Singapore – Stable VIP and mass table businesses over last four quarters; Strength in hotel room, MICE and retail segments
U.S. Operations – Las Vegas is stable and Sands Bethlehem continued growth
Board increases dividend by 40% to $0.35 per quarter, or $1.40 per year, for 2013 and declares $0.25 per share dividend for the fourth quarter of 2012
Third Quarter 2012 Highlights Solid Quarterly Results, Strong Cash Flow Generation and Increased Dividend
3
Maximizing Return to Shareholders by: 1. Delivering strong growth and investing in high return projects in current markets 2. Increasing return of capital to shareholders 3. Pursuing promising growth opportunities around the world
Macao – Record EBITDA driven by strong growth in all segments
— Rolling volume increased 45.5% to record $36.04 billion
— Mass table win increased 36.4% to record $658.4 million
— Slot and ETG win increased 29.4% to record $127.7 million
Singapore – Stable VIP and mass table businesses over last four quarters; Strength in hotel room, MICE and retail segments
— VIP volumes and mass table revenues stable
— Slot revenue decreased 7.9% to $135.5 million
— Room revenue increased 12.4% to record $84.0 million driven by growth in Occupancy (99.8%), ADR and RevPAR
Macao – Growth in all Gaming Segments Singapore – Stable VIP and Mass Table Businesses
4 NOTE: All comparisons on this slide present the third quarter 2012 against the third quarter 2011 unless otherwise specified
Macao55%
Singapore30%
Las Vegas11%
Macao51%Singapore
39%
Las Vegas
7%
Composition of 3Q12 Adjusted Property EBITDA
Asian Properties Dominate EBITDA Generation
5
Bethlehem 4%
Bethlehem 3%
Actual Results Hold-Adjusted Results
$876.9 Million $950.7 Million
$3,310
$3,749
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
At 9/30/11 At 9/30/12
6
Strong Growth in LTM EBTIDA Dividend Increased by 40% in 2013 to $1.40 per Year
Last Twelve Months Adjusted Property EBITDA
($MM)
Annual Dividend Increased by 40%
$1.00
$1.40
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
2012 2013
$ in millions, except per share information 3Q11 3Q12 $ Change % Change
Net Revenue 2,409.4$ 2,709.5$ 300.1$ 12.5%
Adjusted Property EBITDA 924.1$ 876.9$ (47.2)$ -5.1%
Adj. Property EBITDA Margin 38.4% 32.4% (600) bps
Adjusted Diluted EPS 0.55$ 0.46$ (0.09)$ -16.4%
Dividend per Common Share -$ 0.25$ 0.25$ N/A
Hold-Adjusted Adjusted Property EBITDA 959.8$ 950.7$ (9.2)$ -0.9%
Hold-Adjusted Adj. Property EBITDA Margin 39.0% 34.0% (500) bps
Hold-Adjusted Adj. Diluted EPS 0.59$ 0.53$ (0.06)$ -10.2%
Solid Third Quarter 2012 Financial Results
7
D&A, Minority Interests and Increase in Shares O/S Reduced Hold-Adjusted Adj. Diluted EPS Principally by Non-Operating Items
8
Impact on Hold-Adjusted Adj. Diluted EPS
Hold-Adjusted Adj. Diluted EPS
3Q11 Hold-Adjusted Adj. Diluted EPS 0.59$
Depreciation and Amortization (0.03)
Net Income Attributable to Noncontrolling Interests (0.02)
Increase in Diluted Shares Outstanding (0.01)
EBITDA Impact (0.01)
Interest Expense, Income Tax and Other Items 0.01
Total Impact on EPS (0.06) (0.06)
3Q12 Hold-Adjusted Adj. Diluted EPS 0.53$
Macao – Strong EBITDA Growth Singapore – Lower Contribution from VIP Business
9 1. Hold-adjusted adjusted property EBITDA
$ in millions
Impact on Hold-Adjusted Adj.
Property EBITDA
Hold-Adjusted Adj. Property EBITDA
3Q11 Hold-Adjusted Adj. Property EBITDA 959.8$
Macao OperationsContribution from Sands Cotai Central 53.7 Macao Organic Growth 19.8
Singapore OperationsDecreased Rolling Volume (38.3) Increased Bad Debt Provision (15.3) Decreased Slot Win (9.5) All Other Items (3.5)
Las Vegas Operations (16.0)
Sands Bethlehem Operations 4.7
Other Asia (4.6) Total Impact on EBITDA (9.1) (9.1)
3Q12 Hold-Adjusted Adj. Property EBITDA 950.7$
Figures as of September 30, 2012 Sands China U.S. Corporate(US GAAP in $MM) Ltd. Singapore Operations1 and Other Total
Cash, Cash Equivalents and Restricted Cash 1,557.7$ 673.1$ 940.0$ 582.5$ 3,753.3$
Debt 3,216.8$ 3,753.9$ 2,525.3$ -$ 9,496.0$
Net Debt 1,659.1$ 3,080.8$ 1,585.3$ (582.5)$ 5,742.7$
Trailing Twelve Months Adjusted Property EBITDA 1,789.2$ 1,490.6$ 468.3$ 0.6$ 3,748.7$
Gross Debt to Trailing Twelve Months EBITDA 1.8 x 2.5 x 5.4 x NM 2.5 x
Net Debt to Trailing Twelve Months EBITDA 0.9 x 2.1 x 3.4 x NM 1.5 x
Board increased dividend by 40% to $0.35 per quarter, or $1.40 per year, for 2013 and declares $0.25 per share dividend for the fourth quarter of 2012
— Expected to return more than $1.15 billion to shareholders in 2013
Cash Balance – $ 3.75 billion
Trailing Twelve Months EBITDA – $3.75 billion
Net Debt – $5.74 billion
Strong Cash Flow and Balance Sheet Enable Board to Increase Dividend by 40% in 2013
10 1. U.S. Operations reflects the cash and debt levels at the U.S. Restricted Group (plus $74.2M in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem NOTE: The leverage ratios presented here may not reflect the effective leverage ratios as calculated under our respective credit agreements due to adjustments that may be applied under each agreement
Strong Balance Sheet and Cash Flow Maximize Financial Flexibility
Mass tables
— Mass table win up 36.4% to record $658.4 million
— Mass table efficiency up 26.1% to $8,699 win per table per day
Slots and ETGs
— Slot and ETG win up 29.4% to record $127.7 million driven by 105.6% increase in ETG win to $35.2 million
VIP gaming
— Rolling volume up 45.5% to record $36.04 billion
— VIP table efficiency up 6.8% to $780,000 roll per table per day
Macao Gaming Performance Strong Growth and Increased Efficiency
11 Strong Operating Momentum Across All Gaming Segments
$451.6 $462.7
$529.2
$577.2
$669.5
23.2%21.6%
23.1%24.3%
26.4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
$0
$100
$200
$300
$400
$500
$600
$700
3Q11 4Q11 1Q12 2Q12 3Q12
Mass Table Win % of Total Mass Table Revenue
$6,900$7,294
$8,063 $7,686
$8,699
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
3Q11 4Q11 1Q12 2Q12 3Q12
Mass Table Revenue1 Increased 48.3%
Mass Table Win per Table per Day2
12
($MM)
760 Mass Tables 751 727 825 823
$1 Billion of Annual Departmental Profit Today - - Upside from Mass Market Growth in the Future Source: Macao DICJ 1. LVS’s mass table revenue reflects the Macao DICJ’s presentation methodology, which includes live dealer ETG configurations within the mass table segment and Paiza cash revenue within the VIP segment. For financial reporting, LVS presents a non-rolling table segment (which includes Paiza cash and excludes all ETGs) and a slot segment (which includes all ETGs). 2. Excludes revenue from all ETGs 3. Consists of: City of Dreams, Galaxy Macau, Grand Lisboa, MGM Grand and Wynn Macau
2Q12 Non-SCL Flagship Property Average3
$9,786
Strong Growth and Increasing Productivity in Our Macao Mass Table Segment
$0.58$0.66
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
2Q12 3Q12
$1.36$1.56
$0.00
$0.30
$0.60
$0.90
$1.20
$1.50
$1.80
2Q12 3Q12
Strong Sequential Growth in Gaming Volumes at Sands Cotai Central
13
VIP Rolling Volume Per Table Per Day
($MM)
($MM)
Mass Table, Slot and ETG Win Per Day
Phase III Phase I Phase IIA Phase IIB
Picture taken October 19, 2012
Walkover Bridge to be Completed in 1Q13
Scheduled to Open in 1Q13
Currently Operational
Future Phase
Walkover Bridge
Sands Cotai Central
Gaming
— VIP volumes stable ($11 billion to $13 billion per quarter over the past year)
— Mass table revenue steady ($260 million to $280 million per quarter over the last five quarters)
— Slot revenue decreased 7.9%
— Future gaming growth will come from increased visitation to Singapore
Strong hotel performance – Hotel room revenue up 12.4% to record $84.0 million
Strong retail performance – Retail mall revenue up 7.6% to $39.7 million
Singapore – Stable VIP and Mass Table Businesses;
Strong Hotel, MICE and Retail
14 Our Focus: Increasing Visitation to Singapore – Will Drive Growth at Marina Bay Sands
South Korea
Areas of Focus for Las Vegas Sands
Japan
Singapore MBS Expansion
Vietnam
Europe – Madrid
Minimum of 20% return on total invested capital
25% - 35% of total project costs to be funded with equity -- project financing (65% - 75% of total project costs) in place before construction begins
Disciplined Execution of Our Global Growth Strategy Development Opportunity Parameters
15
North America
Macao The Parisian Macao
Sands Cotai Central (Phase III)
South America
We are expanding our market-leading asset base in Macao, the world’s largest and most profitable gaming market
— We are delivering strong growth in every segment in Macao, and have meaningful additional growth opportunities across our Macao portfolio
Our track record, strong cash flow and balance sheet, and leadership team position us to:
— Execute our strategy to deliver strong organic growth in our current markets and make additional investments to enhance growth in those markets
— Increase the return of capital to shareholders through a recurring quarterly dividend
— Increased dividend by 40% to $0.35 per quarter, or $1.40 per year, for 2013
— Pursue promising development opportunities around the world
The Investment Case for LVS
16
Appendix
$ in millions 3Q11 4Q11 1Q12 2Q12 3Q12
Macao Property OperationsReported 388.3$ 434.2$ 456.4$ 429.0$ 487.9$ Hold-Adjusted 414.4$ 434.2$ 455.6$ 446.6$ 487.9$
Marina Bay SandsReported 413.9$ 426.9$ 472.5$ 330.4$ 260.8$ Hold-Adjusted 432.2$ 382.9$ 419.4$ 387.7$ 365.6$
Las Vegas OperationsReported 94.3$ 80.9$ 115.8$ 64.4$ 98.2$ Hold-Adjusted 85.1$ 82.0$ 98.6$ 76.9$ 69.1$
Sands BethlehemReported 25.2$ 22.5$ 27.5$ 26.9$ 32.1$ Hold-Adjusted 25.5$ 22.4$ 26.8$ 27.3$ 30.2$
LVS Consolidated2
Reported 924.1$ 960.6$ 1,066.5$ 844.7$ 876.9$ Hold-Adjusted 959.8$ 917.6$ 994.7$ 932.6$ 950.7$
Historical Hold-Adjusted Adj. Property EBITDA1
19
1. This schedule presents hold-adjusted adjusted property EBITDA based on the following methodology: (a) for Macao operations and Marina Bay Sands: if the quarter’s junket and/or premium direct rolling win percentage is outside of the 2.70%-3.00% band, then a hold-adjustment is calculated by applying the respective segment’s trailing twelve months win percentage to the rolling table volume in that segment for the quarter (b) for Las Vegas operations and Sands Bethlehem: calculated by applying the trailing twelve months win percentage to each quarter’s table games drop (c) for all properties: gaming taxes on incremental win are applied to determine the EBITDA impact
2. Reflects consolidated adjusted property EBITDA inclusive of Other Asia segment
$388.3
$487.9
$414.4
$487.9
33.3%
30.3%
34.3%
30.3%
10%
20%
30%
40%
50%
$0
$100
$200
$300
$400
$500
$600
3Q11 3Q12
Record Macao Operating Performance
20
($MM)
Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Adj. Prop. EBITDA
Adj. Prop. EBITDA Margin
Hold-Adjusted Adj. Prop. EBITDA
Hold-Adjusted Adj. Prop. EBITDA Margin
$3.8
$0.6
$4.4
$1.9
$6.3
$4.5
$1.6
$0.5
$6.6
$1.9
$8.5
$0.0
$3.0
$6.0
$9.0
Venetian Macao Sands CotaiCentral
Plaza Casino(Four Seasons)
Total Cotai Strip Sands Macao(Peninsula)
Total Macao Ops
3Q11 3Q12
Mass Table, Slot and ETG Win Per Day
($MM)
Robust Mass Growth at Our Cotai Strip Properties
21 Mass Win Per Day Increased 34.9% to $8.5 Million in 3Q12 – Highest in Macao Market
Cotai Strip Properties Peninsula Total
$94.0$98.3
$103.2$110.9 $109.4
26.6% 25.9%25.0%
27.0% 27.8%
0%
5%
10%
15%
20%
25%
30%
35%
$0
$20
$40
$60
$80
$100
$120
3Q11 4Q11 1Q12 2Q12 3Q12
Slot Win % of Total market Slot Revenue
Profitable Slot Business Expanding Meaningful Upside Opportunity Remains
22
Macao Operations Slot Revenue1 Increased 16.4%
($MM)
$160 Million of Annual Departmental Profit Today - - Upside from Slot Growth in the Future
Source: Macao DICJ 1. LVS’s slot revenue reflects the Macao DICJ’s presentation methodology, which includes live dealer ETG configurations within the mass table segment. For financial reporting, LVS presents a non-rolling table segment (which includes Paiza cash and excludes all ETGs) and a slot segment (which includes all ETGs).
$24.8
$28.7
$32.9$33.4
$36.0
11.4%
13.3%12.6%
14.8%
17.0%
0%
5%
10%
15%
20%
$0
$5
$10
$15
$20
$25
$30
$35
$40
3Q11 4Q11 1Q12 2Q12 3Q12
Rolling Volume % of Total Market Rolling Volume
VIP Business Exhibiting Strong Growth and Market Share Gain
23
Macao Operations Rolling Volume Increased by 45.5%
$500M of Annual Departmental Profit Today - - Upside from Increased Table Efficiency in the Future
($BN)
1. Estimated based on preliminary market data
1
$1.36
$1.56
$0.00
$0.30
$0.60
$0.90
$1.20
$1.50
$1.80
2Q12 3Q12
$0.58
$0.66
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
2Q12 3Q12
Integrated resort of ~13.7 million SF (upon completion of all phases), which cements our unrivaled scale on the Cotai Strip
Phase I opened on April 11, 2012 and features:
− Mass gaming floor with ~170 gaming tables and ~950 slot machines, including ~250 ETG seats
− Paiza Club VIP gaming area with ~150 tables
− 636 Conrad-branded hotel rooms and 1,224 Holiday Inn-branded hotel rooms
− Portion of over 1.2 million SF of retail, entertainment, dining facilities and MICE space
Phase IIA opened on September 20, 2012 and features:
− Additional mass gaming floor with ~150 gaming tables and ~1,400 slots and ETGs
− ~1,800 Sheraton-branded hotel rooms
− Additional retail and dining amenities
Walkover Bridge to be completed in 1Q13
Phase IIB will open in 1Q13 and feature ~2,100 Sheraton-branded hotel rooms
Phase III is expected to include a fourth luxury St. Regis-branded hotel and mixed-use tower
Phase III
Sands Cotai Central Has Meaningfully Expanded Our Cotai Strip Gaming, Hotel and Retail Offerings
Phase I Phase IIA Phase IIB
24
VIP Rolling Volume Per Table Per Day
Mass Table, Slot and ETG Win Per Day
($MM) ($MM)
Overview
Completed to Date
Future Phases
As of October 19, 2012
Expanding Our Asset Base on the Cotai Strip The Parisian Macao
25 LVS Operating Assets
LVS Future Development
Third Party Operating Asset
The Parisian (Parcel 3)
Lake and Nature
Preserve
Tropical Garden
Tropical Garden
Sands Cotai
Central
The Venetian
Macao (Parcel 1)
Four Seasons Hotel Macao
and Plaza Casino
(Parcel 2)
Macau Dome
Macau Int’l
Airport
City of Dreams
Third Party Future Development
Galaxy Macau
Macau Studio City
St. Regis Conrad /
Holiday Inn
Sheraton Sheraton Towers
Site Plan of The Parisian Macao
Map of Macao’s Cotai Strip
Targeted completion date: First quarter 2016
Total cost of project: ~$2.7 billion
Hotel rooms and suites: 3,000+
Gaming capacity: ~450 table games and 2,500 slots and ETGs
Additional amenities including retail mall, replica Eiffel Tower, MICE space, diverse food & beverage options and entertainment
C
OT
A
I
S
T
R
I
P
EIFFEL TOWER
HOTEL GAMING
RETAIL MICE F&B
Twelve Months Ended September 30, Population Penetration
2011 2012 % Change (MM) Rate (LTM)Beijing 285,143 325,603 + 14% 20 2%
Tianjin 88,360 130,069 + 47% 13 1%
Shanghai 444,105 492,153 + 11% 23 2%
Zhejiang 549,061 607,609 + 11% 54 1%
Fujian 841,720 876,697 + 4% 37 2%
Chongqing 147,794 200,689 + 36% 29 1%
Hunan 470,515 596,046 + 27% 66 1%
Guangdong 7,800,220 8,142,497 + 4% 104 8%
Growth in Visitation from Deeper Within China is Happening…
Source: Macao DSEC
Mainland China Visitation to Macao
26
… But Overall Penetration Levels Outside of Guangdong Province Remain Very Low
29%
55%
71%
45%
0%
20%
40%
60%
80%
100%
Gross Gaming Revenue Operating Profit
Mass Tables and Slots VIP Gaming
$10,940
$26,152
$37,092
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
Gross Gaming Revenue
Mass Tables and Slots VIP Gaming
LTM 9/30/12 Macao Market Gross Gaming Revenue
VIP Gaming is 71% of Total Macao GGR… …but Mass Tables and Slots Generate ~55% of Gaming Operating Profit
($MM)
Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit1
Source: Macao DICJ 1. This presentation reflects an assumed operating profit margin of 12.5% on gross VIP revenue and a blended margin of 37% on gross mass revenue (35% on mass table revenue and 45% on slot revenue)
Mass Gaming Generates 29% of the Gaming Revenue, but ~55% of the Gaming Operating Profit
27
3Q12 YoY Growth
+7%
-1%
+27%
$2.95 $2.96
$1.60 $1.47
$4.55 $4.43
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
3Q11 3Q12
Non-Rolling Tables Slot Machines
Adj. Prop. EBITDA
Adj. Prop. EBITDA Margin
Hold-Adjusted Adj. Prop. EBITDA
Hold-Adjusted Adj. Prop. EBITDA Margin
Marina Bay Sands Operations Third Quarter 2012 Details
28
Non-Rolling Table and Slot Win Per Day
Adjusted property EBITDA of $260.8 million, a decrease of 37.0%, was unfavorably impacted by:
— Lower rolling volumes and rolling win percentage
— Provision for casino accounts receivable was $39.6 million compared to year-ago’s $24.3 million
On a hold-adjusted basis, adjusted property EBITDA was $365.6 million (-15.4%)
Total mass (non-rolling tables and slots) win per day decreased 2.6% to $4.43 million
— Non-Rolling win increased 0.2% to $271.9 million
— Slot win decreased 7.9% to $135.5 million
Rolling volume of $11.79 billion (with hold of 1.79%) in 3Q12 compared to $16.72 billion in 3Q11 (at 2.69% hold)
Strong growth in non-gaming amenities
— Hotel RevPAR increased 12.1% to $360 and room revenue increased 12.4% to $84.0 million
— Mall revenue increased 7.6% to $39.7 million
($MM)
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
At Today’s Run-Rate, Marina Bay Sands is a $1.4 Billion - $1.5 Billion EBITDA Business
$413.9
$260.8
$432.2$365.6
52.2%
41.7%
53.2%
49.2%
30%
40%
50%
60%
$0
$100
$200
$300
$400
$500
3Q11 3Q12
0.33
0.23
0.32 0.29
0.41
0.35
0.47
0.35
0.54
0.44
0.0
0.1
0.2
0.3
0.4
0.5
0.6
Q1 Q2 Q3 Q42010 2011 2012
2.69
2.84
3.04 3.07 3.12
3.24
3.49
3.36
3.57 3.50
2.0
2.2
2.4
2.6
2.8
3.0
3.2
3.4
3.6
3.8
Q1 Q2 Q3 Q42010 2011 2012
2010 - 2011 2011 - 2012
Mainland China Visitation to Singapore
Total Visitation to Singapore
Increasing Visitation to Singapore from Mainland China and Around the Region
(MM)
+16% +14% +15% +9%
(MM)
Source: Singapore Tourism Board 29
2010 - 2011 +14%
+25% +49% +49% +21% +31% 2011 - 2012 +8% +29%
$70.2$208.3
$285.0$361.2
$509.6 $561.1$655.7
$780.1$821.5 $895.5
0.0%8.4% 9.6%
12.9%11.3%
14.6%18.2%
19.8%23.4%
26.8%
0.0%
10.0%
20.0%
30.0%
$0
$200
$400
$600
$800
$1,000
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12Gross Casino A/R Balance at End of Period Reserve Against A/R Balance
$40.4
$145.5$203.4
$249.9 $271.1
$345.2 $314.3
$418.1
$311.4 $317.0
$0
$75
$150
$225
$300
$375
$450
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
Singapore – Credit Collections Remain Healthy and Reserve Balance Has Increased
30
($MM)
Reserve Balance has Increased as Accounts Receivable Balance has Grown
($MM)
Casino Credit Collections Remain Healthy
$0 Quarterly Provision
$17M $24M $37M $32M $40M $40M $11M $19M $10M
Reserve Balance of $240M Represents 8% of Rolling Win Since Opening of Property
$322 $382
$214$199
$536 $581
$0
$200
$400
$600
3Q11 3Q12Baccarat Non-Baccarat
Adj. Prop. EBITDA
Adj. Prop. EBITDA Margin
Hold-Adjusted Adj. Prop. EBITDA
Hold-Adjusted Adj. Prop. EBITDA Margin
Las Vegas Operations Third Quarter 2012 Details
31
Composition of Table Games Drop
Adjusted property EBITDA of $98.2 million, an increase of 4.1%
— On a hold-adjusted basis, adjusted property EBITDA was $69.1 million (-18.8%)
Table games drop, led by strong baccarat play (up 18.6%), increased 8.5% to $581.5 million
Slot handle increased 1.7% to $498.4 million
Cash ADR increased 3.7% to $195
— Ongoing room refurbishment program resulted in ~12,000 fewer available room nights (-2%) in 3Q12 compared to 3Q11
Venetian casino remodel nearly complete
New entertainment offerings to debut in December 2012 include Broadway hit Rock of Ages and a series of performances by country superstars Tim McGraw and Faith Hill
Best opportunities for future growth:
— Continued high-end Asian gaming growth
— Increase in group room sales in 2013
($MM)
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Las Vegas is Stable. . . And We Are Investing in Our Properties for the Future
$94.3 $98.2$85.1
$69.127.1% 26.9%
25.2%
20.7%
10%
20%
30%
40%
$0
$25
$50
$75
$100
$125
3Q11 3Q12
$84 $113
$105$122
$189$235
$0
$50
$100
$150
$200
$250
3Q11 3Q12Baccarat Non-Baccarat
Adj. Prop. EBITDA
Adj. Prop. EBITDA Margin
Hold-Adjusted Adj. Prop. EBITDA
Hold-Adjusted Adj. Prop. EBITDA Margin
Sands Bethlehem Operations Third Quarter 2012 Details
32
Adjusted property EBITDA increased 27.6% to a record $32.1 million
Table games drop was a record $234.9 million, an increase of 24.3%
Slot handle increased 2.7% to $1.02 billion
Retail outlet mall (150,000 SF) opened in November 2011
— 21 stores currently open, with an additional 9 stores to open in the future with brands including Coach, Tommy Hilfiger, DKNY, Under Armour and Guess
Event Center (50,000 SF) opened May 16, 2012
— Past headline events include The Beach Boys, Incubus, Glenn Frey, Crosby Stills and Nash, Jay Leno, NBC Fight Night, and Diana Krall with average occupancy of 85%
($MM)
($MM)
Adjusted Property EBITDA and Adjusted Property EBITDA Margin
Table Games, Slots, Hotel and Event Center All Contributing to Growth
Composition of Table Games Drop
$25.2
$32.1
$25.5$30.2
23.6%26.3%
23.8% 25.2%
10%
20%
30%
40%
$0
$10
$20
$30
$40
3Q11 3Q12
$350 $500 $450 $450$400
$800
$350 $200
$600 $1,200
$900
$3,571 $3,658
$2,027 $1,918
$1,381$1,600 $1,450
$1,850
$1,350
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2007 2008 2009 2010 2011 2012E 2013E 2014E 2015+E
Maintenance Other Developments Sands Cotai Central The Parisian Macao²
Capital Expenditures Expectations1
Future Investments Include SCC, The Parisian Macao and Maintenance com
Future Capital Expenditures Focused on Growth in Asia
($MM)
1. Excludes capitalized interest 2. $2.7 billion project expected to be funded by approximately $800 million of equity and $1.9 billion in project financing. The timing of capex is subject to government approval.
Palazzo Las Vegas Four Seasons Macao Sands Bethlehem Marina Bay Sands Sands Cotai Central The Parisian Macao2
LVS Capex Expectations
Development Timeline Pre-Opening Post-Opening
33
$923
$2,086$616
$906
$1,160 $925$769
$187
$1,384
$9 $98
$1,121
$1,731
$4,381
$1,218$938
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
2012¹ 2013 2014 2015 2016 2017 2018+
SCL MBS USRG LVSC
Long Dated Maturity Profile Debt Maturity by Year at September 30, 2012
Long Term and Low Cost Financing in Place
($MM)
<1% 1% 12% 46% % of Total 18% 13% 10%
34 1. Reflects the debt maturities for the remainder of the 2012 calendar year
In September 2012, the Company selected Madrid as its preferred location for an Integrated Resort development to serve the European market
While the development process is still in the early phases, the next steps include:
Madrid and Spanish Governments to pass a package of legislative changes to enable Integrated Resort-style gaming. Important provisions include the establishment of: gaming and other tax rates, special zoning, and applicable labor rules and smoking regulations
Determine specific development site
Define development master plan and determine size and scope of first phase of project
Complete evaluation of financing options
Madrid Government to conduct competitive tender process
Acquisition of land for development
European Development Update
35
1
2
3
4
5
6
Progress Towards a Resolution of the Current Economic Challenges within Europe will be an Important Consideration in the Development Process