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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

    1Q15 Earnings Call Presentation April 22, 2015

    The Parisian MacaoSands 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 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

  •  The global leader in Integrated Resort development and operation, delivering strong and diversified cash flow and earnings as well as growing recurring dividends

     Best positioned operator to deliver growth in Asia, with the pre-eminent destination 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 Integrated Resort development opportunities

     Committed to maximizing shareholder returns by delivering long-term growth while continuing to increase the return of capital to shareholders through recurring dividend and stock repurchase programs

     The industry’s most experienced leadership team: visionary, disciplined and dedicated to driving long-term shareholder value

    The Investment Case for Las Vegas Sands

    3

    Maximizing Return to Shareholders by: 1. Delivering long-term growth in current markets 2. Using leadership position in convention-based Integrated Resort development and

    operation to pursue global growth opportunities 3. Increasing return of capital to shareholders

  •  Net revenue decreased 24.9% to $3.01 billion

     Consolidated adjusted property EBITDA decreased 29.0% to $1.05 billion

     Macao – Adjusted property EBITDA decreased 43.8% to $527.7 million, as a result of a challenging gaming environment, particularly in the VIP and premium mass segments, which offset strong growth in retail mall income and steady performance in other non-gaming segments

     Marina Bay Sands – Adjusted property EBITDA decreased 4.6% to $415.3 million (but was up 0.2% on a constant-currency basis). Mass win per day set an all-time record when measured in local currency terms.

     Adjusted diluted EPS decreased 32.0% to $0.66 per share

     LVS returned a total of $518.9 million to shareholders during the quarter through its $0.65 per share recurring dividend, an increase of 30%

    First Quarter 2015 Highlights Despite Current Headwinds in Macao – Increasing Returns of Capital to Shareholders

    4 NOTE: All comparisons in this presentation compare the first quarter 2015 against the first quarter 2014 unless otherwise specified.

  • $ in millions, except per share information 1Q14 1Q15 $ Change % Change

    Net Revenue 4,010.4$ 3,011.6$ (998.8)$ -24.9%

    Adjusted Property EBITDA 1,479.7$ 1,050.5$ (429.2)$ -29.0%

    Adjusted Property EBITDA Margin 36.9% 34.9% -200 bps

    Adjusted Diluted EPS 0.97$ 0.66$ (0.31)$ -32.0%

    Dividends per Common Share 0.50$ 0.65$ 0.15$ 30.0%

    Hold-Normalized Adjusted Property EBITDA 1,365.2$ 1,021.6$ (343.6)$ -25.2%

    Hold-Normalized Adj. Property EBITDA Margin 35.7% 34.3% -140 bps

    Hold-Normalized Adjusted Diluted EPS 0.87$ 0.64$ (0.23)$ -26.4%

    First Quarter 2015 Financial Results

    5

  •  Macao – Growth in retail mall continues, VIP and premium mass gaming soft

    — Mass table win decreased 24.2% to $1.01 billion (compared to a 27.1%¹ decrease in the Macao market)

    — Slot and ETG win decreased 26.0% to $136.4 million (compared to a 26.3%¹ decrease in the Macao market)

    — Retail mall revenue increased 25.0% to $87.4 million

    — Rolling win decreased 59.0% to $592.4 million

     Singapore – Growth in mass and retail

    — Mass table and slot win increased 1.1% to $422.6 million ($4.70 million win per day)

    — Retail mall revenue increased 3.4% to $39.8 million

    — Rolling win decreased 22.2% to $343.7 million

    — RevPAR decreased 7.5% to $393, ADR decreased 3.3% to $414 and room revenue decreased 7.7% to $89.6 million

    Macao – Growth in Retail; Challenging Gaming Environment Singapore – Growth in Mass Gaming and Retail

    61. Based on Macao DICJ disclosure.

  • Year Year Year Quarter

    Ended Ended Ended Ended

    $ in millions 12/31/2012 12/31/2013 12/31/2014 3/31/2015 Total

    LVS Dividends Paid1 823$ 1,153$ 1,610$ 519$ 4,105$

    LVS Special Dividend Paid 2,262 - - - 2,262

    LVS Shares Repurchased - 570 1,665 - 2,235

    Subtotal LVS 3,085$ 1,723$ 3,275$ 519$ 8,602$

    SCL Dividends Paid2 357 411 538 308 1,614

    SCL Special Dividend Paid - - 239 - 239

    Subtotal SCL 357$ 411$ 777$ 308$ 1,853$

    Total 3,442$ 2,134$ 4,052$ 827$ 10,455$

    $1.00

    $1.40

    $2.00

    $2.60

    $0.00

    $0.50

    $1.00

    $1.50

    $2.00

    $2.50

    $3.00

    2012 2013 2014 2015

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    LVS Increasing Return of Capital to Shareholders Nearly $10.5 Billion of Capital Returned to Shareholders Over Last 13 Quarters

    LVS Recurring Dividends per Share1  In the fourth quarter of 2014, the LVS Board of Directors increased the LVS recurring dividend by 30.0% to $2.60 per share for the 2015 calendar year ($0.65 per share payable quarterly)

     In the fourth quarter of 2014, the LVS Board of Directors also authorized an additional $2.0 billion stock repurchase program following the completion of the previous $2.0 billion program

     The company remains committed to returning capital to shareholders via:

    — Recurring quarterly dividend program at Las Vegas Sands with a commitment to grow the recurring dividend each year

    — $2.0 billion Las Vegas Sands stock repurchase program ($1.77 billion remaining) to be used to return excess capital to shareholders

    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 $6.2 billion).

    The Company Remains Committed to Returning Capital to Shareholders While Maintaining a Strong Balance Sheet and the Financial Flexibility to Pursue New Development Opportunities

    Total Capital Returned to Shareholders

  • US$ in millions Interim Final Interim Final Interim Final Interim Final Total

    SCL Dividends Paid 1

    600$ 602$ 696$ 685$ 906$ 894$ 1,030$ 5,413$

    SCL Special Dividend Paid - - - - 801 - - 801

    Total 600$ 602$ 696$ 685$ 1,707$ 894$ 1,030$ $6,214 ³

    Year Ended

    12/31/201512/31/2012

    Year Ended Year Ended Year Ended

    12/31/2013 12/31/2014

    $1.16 $1.33

    $1.73 $1.99

    $0.00

    $0.50

    $1.00

    $1.50

    $2.00

    $2.50

    $3.00

    2012 2013 2014 2015²

    8

    SCL Also Increasing Return of Capital to Shareholders Over US$6.2 Billion of Capital Returned to Shareholders Over Last 13 Quarters

    SCL Recurring Dividends per Share (HK$)1

     The SCL Board of Directors recommended increasing the SCL 2015 dividend to HK$1.99 per share, including an interim dividend of HK$0.99 per share paid in February and a final recommended dividend of HK$1.00 per share²

     The company remains committed to returning capital to shareholders via:

    — Recurring bi-annual dividend program at Sands China Ltd. with a commitment to grow the recurring dividend each year

    1. Excludes the special dividend paid in 2014.

    2. The full 2015 dividend of HK$1.99 per share includes the interim dividend of HK$0.99 per share and the proposed final dividend of HK$1.00 per share. The final dividend is subject to the approval of the

    SCL shareholders at the SCL Annual General Meeting on June 17, 2015.

    3. Includes $4.36 billion in dividends paid to the parent company, Las Vegas Sands Cor