las vegas sands corp. 4q11 financial results · 4q11 financial results february 1, 2012. this...

Las Vegas Sands Corp.4Q11 Financial Results

February 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

Strong financial results overall with record adjusted property EBITDA for the quarter and year

Strong adjusted EPS growth

— Adjusted EPS of $0.57 (+35.7%) for 4Q11 and $2.02 (+106.1%) for the full year 2011

Meaningful organic growth in both Macao and Singapore

— Macao: record consolidated adjusted property EBITDA of $434.2 million (+27.2%)

— Marina Bay Sands: record adjusted property EBITDA of $426.9 million (+39.6%)

Strength of balance sheet, cash flows and earnings allows us to:

— Declare an annual dividend of $1.00 per common share (payable quarterly)

— Retain ample liquidity to pursue growth opportunities in our current markets and in new markets around the world

Fourth Quarter 2011 Highlights1

31. All comparisons present the fourth quarter 2011 against the fourth quarter 2010 unless otherwise specified

Record Net Revenue, EBITDA and EPS Provide Strong Momentum As We Prepare to Open Sands Cotai Central In Approximately 8 Weeks

$ in millions 4Q10 4Q11 $ Change % Change

Net Revenue 2,015.0$ 2,544.4$ 529.4$ 26.3%

Adjusted Property EBITDA 738.9$ 960.6$ 221.7$ 30.0%

Adj. Property EBITDA Margin 36.7% 37.8% 110 bps

Adjusted Diluted EPS 0.42$ 0.57$ 0.15$ 35.7%

Delivered record net revenue of $2.54 billion (+26.3%)

Delivered record adjusted property EBITDA of $960.6 million (+30.0%)

Adjusted property EBITDA margin increased 110 basis points to industry leading 37.8%

Fourth Quarter 2011 Financial Results

4

Bethlehem

Macao

Strong mass table and slot growth (record non‐rolling drop of $1.10 billion at The Venetian Macao in 4Q11)

VIP initiatives meaningfully growing rolling volume (record rolling volume of $28.68 billion in 4Q11)

Increases in retail mall (+41.4%) and hotel (+14.0%) revenue reflect strength of integrated resort business model

Singapore

Steady operating performance to be enhanced by additions to retail mall (February 2012) and the opening of Events Center (May 2012)

Las Vegas

Mass win per day increased 37.8% to $4.64 million per day

Rolling volume up 32.2% to $10.76 billion

Continued growth in high margin hotel and retail mall segments

Strong table games drop (+14.9%) driven by high‐end baccarat play

Strong cash hotel revenue (+15.7%)

Property renovations underway

5

Fourth Quarter 2011 Overview by Market

Macao46%

Singapore41%

Las Vegas11%

Macao45%

Singapore45%

Las Vegas8%

$738.9

$960.6

36.7%

37.8%

30%

32%

34%

36%

38%

40%

$0

$200

$400

$600

$800

$1,000

4Q10 4Q11

Adj. Prop. EBITDA Adj. Prop. EBITDA Margin

Composition of 4Q11 EBITDABethlehem 2%($MM)

Composition of 4Q10 EBITDA

Adjusted Property EBITDA and Adjusted Property EBITDA Margin

Las Vegas Sands Corp.Consolidated Adjusted Property EBITDA and Margin

6

Bethlehem 2%

$341.2$434.2

31.8%33.4%

25%

30%

35%

$0$75

$150$225$300$375$450

4Q10 4Q11

Adj. Prop. EBITDA Adj. Prop. EBITDA Margin

$0.9

$0.6 $0.7

$1.0

$0.6 $0.5

$1.1

$0.6

$0.9

$0.0

$0.3

$0.6

$0.9

$1.2

Venetian Macao Sands Macao Plaza Casino4Q10 3Q11 4Q11

Macao OperationsFourth Quarter 2011 Summary

7


Record quarterly adjusted property EBITDA for Macao property operations of $434.2 million (+27.2%)

Consolidated gaming volumes reflected strong growth in each segment

— Consolidated rolling volume increased 20.0% to record $28.68 billion

— Consolidated non‐rolling drop increased 9.2% to $1.89 billion (The Venetian Macao quarterly record of $1.10 billion)

— Consolidated slot handle increased 57.2% to record $1.93 billion

Initial investments to expand offerings in the VIP segment are clearly evident in 4Q11 results

— Increased table productivity at The Venetian Macao and Plaza Casino as measured by rolling volume per table per day

— Expect to realize additional benefits from our initiatives in the VIP segment in the quarters ahead

High margin retail mall revenue at The Venetian Macao and Four Seasons Macao increased 41.2% to $65.8 million

($MM)

Rolling Volume Per Table Per Day

($MM)

Strong Momentum As We Prepare to Open Sands Cotai Central In Approx. 8 Weeks

Land area of over 1.6 million SF adjacent to a tropical garden of 480,000 square feet

Integrated resort of ~13.7 million SF (upon completion of all Phases), which will significantly expand our footprint on the Cotai Strip

Phase I will open in approx. 8 weeks and will feature:

Mass gaming floor with ~200 gaming tables

Paiza Club encompassing ~40 private gaming rooms and up to 140 gaming tables

600 Conrad‐branded hotel rooms and 1,200 Holiday Inn‐branded hotel rooms

Portion of over 1.2 million SF of retail, entertainment, dining facilities and MICE space

Phase IIA will open in Q3 2012 and will feature:

Additional mass gaming floor with ~200 gaming tables

2,000 Sheraton‐branded hotel rooms

Additional amenities

Phase IIB will open in Q1 2013 and will feature:

2,000 Sheraton Towers‐branded hotel rooms

Phase III is expected to include a fourth luxury St. Regis‐branded hotel and mixed‐use tower

Phase III

Sands Cotai CentralCotai Strip, Macao

Phase I Phase IIA Phase IIB

January 27, 2012

8

Sands Cotai CentralJanuary 27, 2012

9

Bridge Connection to The Shoppes at Four Seasons

$2.32 $3.02

$1.05

$1.63$3.37

$4.64

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

4Q10 4Q11

Non‐Rolling Tables Slot Machines

$305.8

$426.9

54.6%52.9%

40%

45%

50%

55%

60%

$0$75

$150$225$300$375$450

4Q10 4Q11Adj. Prop. EBITDA Adj. Prop. EBITDA Margin

Marina Bay Sands OperationsFourth Quarter 2011 Summary

10

Non‐Rolling Table and Slot Win Per Day

Record quarterly adjusted property EBITDA of $426.9 million, up 39.6%

Gaming volumes reflected strong growth

— Rolling volume increased 32.2% to $10.76 billion

— Non‐Rolling drop increased 21.6% to $1.15 billion

— Slot handle increased 49.5% to $2.74 billion

Total mass (non‐rolling tables and slots) win per day during the quarter increased 37.8% to reach $4.64 million

Non‐gaming amenities demonstrated strong growth during the quarter

— Hotel ADR increased 29.1% to $333 and occupancy increased to 98.8%

— Mall revenue increased 56.0% to $40.1 million

— F&B revenue increased 41.1% to $54.2 million

($MM)

($MM)


Strong Quarter Across All Segments of the Property

Bayfront MRT station has direct feed into hotel, retail and MICE

Will enhance access to the property for guests and staff

Bayfront MRT Metro Stop – Access to MBS Station Opened on January 14, 2012

MRT Station Exit

11

Casino

Mall

MICEHotel

MRT Station and Additional Tourism Enhancements (Deep‐Water Cruise Terminal and Gardens by the Bay) to Increase Visitation to Marina Bay Area

$232$331

$231$201

$463$532

$0

$200

$400

$600

4Q10 4Q11Baccarat Non‐Baccarat

$80.6 $80.9

25.9%23.8%

10%

20%

30%

40%

$0

$20

$40

$60

$80

$100


Las Vegas OperationsFourth Quarter 2011 Summary

12

Composition of Table Games Drop

Adjusted property EBITDA increased 0.4% to $80.9 million

Table games drop, led by strong baccarat play, increased 14.9% to $532.4 million

Slot win decreased 0.8% due to lower slot handle, offset by higher slot hold percentage

Cash hotel revenue increased 15.7% to $99.6 million

— 91% of occupied rooms during the quarter were sold to cash‐paying customers, compared to 82% in the fourth quarter of 2010

— ADR increased 1.6% to $195, compared to $192 in the same quarter last year

F&B revenue increased 9.7% reflecting increased banquet‐driven business

Property renovations, including major renovation work in The Venetian casino, are currently underway

($MM)

($MM)


Las Vegas is Recovering . . . And We Are Investing in Our Properties for the Future

$26$88

$76

$106$102

$194

$0

$50

$100

$150

$200

4Q10 4Q11Baccarat Non‐Baccarat

$19.5$22.5

23.4%21.4%

10%

20%

30%

40%

$0

$5

$10

$15

$20

$25


Sands Bethlehem OperationsFourth Quarter 2011 Summary

13

Composition of Table Games Drop

Adjusted property EBITDA increased 15.4% to $22.5 million

Table games drop was a record $193.8 million, an increase of 90.6%

Slot handle increased 13.7% to $956.1 million

$2.1 million of room revenue generated from the hotel, which opened in May 2011

Phase I of the 150,000 SF retail outlet opened in November 2011 with 8 stores

— 5 additional stores opening in February 2012

— Phase II will open in early summer with additional stores

50,000 SF events center will open May 16, 2012

($MM)

($MM)


Table Games, Slots and Hotel All Contributing to Growth With Additional Enhancements Ahead

$ in millions 2010 2011 $ Change % Change

Net Revenue 6,853.2$ 9,410.7$ 2,557.5$ 37.3%

Adjusted Property EBITDA 2,228.6$ 3,532.2$ 1,303.6$ 58.5%

Adj. Property EBITDA Margin 32.5% 37.5% 500 bps

Adjusted Diluted EPS 0.98$ 2.02$ 1.04$ 106.1%

Delivered record net revenue of $9.41 billion (+37.3%)

Delivered record adjusted property EBITDA of $3.53 billion (+58.5%)

Adjusted property EBITDA margin increased 500 basis points to industry leading 37.5%

Adjusted diluted EPS increased 106.1% to record $2.02

Full Year 2011 Financial Results

14

Cash, Cash Equivalents and Restricted Cash 3,910$

Debt 10,033

Net Debt 6,123$

TTM EBITDA 3,532$

Gross Debt to TTM EBITDA 2.8 x

Net Debt to TTM EBITDA 1.7 x

On February 1, 2012 our Board of Directors declared an annual dividend, payable quarterly, of $1.00 per common share

— Return of over $700 million of cash to shareholders

Financial Strength

15

12/31/11

Our strong balance sheet and cash flow position the company to simultaneously:1. Pursue promising growth opportunities around the world2. Invest in high return projects for continued organic growth3. Return capital to shareholders

($MM)

las vegas sands corp. 4q11 financial results · 4q11 financial results february 1, 2012. this...

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