Las Vegas Sands Corp. 4Q12 Financial Results. January 30, 2013

Transcription

1 Las Vegas Sands Corp. 4Q12 Financial Results January 30, 2013

2 Forward Looking Statements This presentation contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of Forwardlooking 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. 2

3 Fourth Quarter 2012 Highlights Strong Quarterly Results and Increased Return of Capital to Shareholders Macao Record adjusted property EBITDA of $622.2 million (+43.3%) driven by strong growth in all segments ($575.4 million, up 32.5%, on a hold-adjusted basis) Sands Cotai Central delivered strong growth in revenue and EBITDA in second full quarter of operations Singapore Adjusted property EBITDA of $302.5 million unfavorably impacted by low rolling win percentage (hold-adjusted adjusted property EBITDA was up 6.9% to $406.4 million) Strong VIP volume at $16.47 billion in roll (+53.0%); Stable mass table and slot businesses; Continued growth in hotel room, MICE and retail segments U.S. Operations Las Vegas remained stable and Sands Bethlehem continued to grow $2.47 billion of capital returned to shareholders during the quarter Paid recurring dividend of $0.25 per share and special dividend of $2.75 per share Board increased recurring dividend by 40% to $0.35 per quarter ($1.40 per year) for calendar 2013 Maximizing Return to Shareholders by: 1. Delivering strong growth in current markets 2. Increasing return of capital to shareholders 3. Pursuing promising growth opportunities around the world NOTE: All comparisons in this presentation compare the fourth quarter 2012 against the fourth quarter 2011 unless otherwise specified 3

4 Macao Outstanding Growth in all Gaming Segments Singapore VIP Strong; Mass Stable; Hotel and Retail Growing Macao Record EBITDA driven by strong growth in all segments Rolling volume increased 37.1% to record $39.33 billion Mass table win increased 52.6% to record $769.6 million Slot and ETG win increased 54.7% to record $162.1 million Strong future growth in Macao to be enhanced by: 2,100 additional Sheraton hotel rooms completed at Sands Cotai Central on January 28, additional gaming tables to be added in 1Q13 Singapore Strong VIP volume at $16.47 billion in roll; Stable mass table and slot businesses; Continued growth in hotel room, MICE and retail segments Rolling volume increased 53.0% to $16.47 billion (second highest quarter in property history) Mass table and slot revenues stable Room revenue increased 10.2% to $84.2 million driven by growth in ADR 4

5 Asian Property Portfolio Dominates EBITDA Generation Composition of 4Q12 Adjusted Property EBITDA Actual Results Hold-Adjusted Results Las Vegas 5% Bethlehem 3% Las Vegas 8% Bethlehem 2% Singapore 30% Macao 62% Singapore 37% Macao 53% $1,003.0 Million $1,093.2 Million 5

6 Returned Over $3 Billion of Cash in 2012 Annual Recurring Dividend Increased by 40% for 2013 Dividends per Share 1 Total dividends of $3.75 per share paid in 2012 $4.00 $3.75 $1.00 recurring dividend per share $3.00 $2.75 $2.75 special dividend per share Total capital returned to shareholders of $3.09 billion in 2012 $2.00 $1.40 Total capital returned of $3.44 billion in 2012 (including dividend payments to public shareholders of Sands China) $1.00 $1.00 $1.40 Board of Directors increased recurring dividend by 40% to $1.40 per share for the 2013 calendar year ($0.35 per share payable quarterly) $ Recurring Dividend Special Dividend The Company remains committed to increasing the return of capital to shareholders 1. Excludes dividends paid by Sands China Ltd. to public shareholders 6

7 Strong Fourth Quarter 2012 Financial Results Record Hold-Adjusted EBITDA of $1.09 Billion $ in millions, except per share information 4Q11 4Q12 $ Change % Change Net Revenue $ 2,544.4 $ 3,077.0 $ % Adjusted Property EBITDA $ $ 1,003.0 $ % Adj. Property EBITDA Margin 37.8% 32.6% (520) bps Adjusted Diluted EPS $ 0.57 $ 0.54 $ (0.03) -5.3% Dividends per Common Share 1 $ - $ 3.00 $ 3.00 N/A Hold-Adjusted Adjusted Property EBITDA $ $ 1,093.2 $ % Hold-Adjusted Adj. Property EBITDA Margin 37.0% 34.7% (230) bps Hold-Adjusted Adj. Diluted EPS $ 0.54 $ 0.63 $ % 1. Consists of a recurring quarterly dividend of $0.25 per share and a special dividend of $2.75 per share 7

8 Strong Cash Flow and Balance Sheet Ample Liquidity for Future Growth Opportunities Cash Balance $ 2.52 billion Trailing Twelve Months EBITDA $3.79 billion Net Debt $7.71 billion Dividends Paid in 2012 $3.09 billion Net Debt to TTM EBITDA 2.0 x Figures as of December 31, 2012 Sands China U.S. Corporate (US GAAP in $MM) Ltd. Singapore Operations 1 and Other Total Cash, Cash Equivalents and Restricted Cash $ 1,952.9 $ $ $ $ 2,519.2 Debt $ 3,217.2 $ 4,095.4 $ 2,917.5 $ - $ 10,230.1 Net Debt $ 1,264.3 $ 3,820.4 $ 2,734.0 $ (107.8) $ 7,710.9 Trailing Twelve Months Adjusted Property EBITDA $ 1,978.9 $ 1,366.2 $ $ 0.7 $ 3,791.1 Gross Debt to Trailing Twelve Months EBITDA 1.6 x 3.0 x 6.6 x NM 2.7 x Net Debt to Trailing Twelve Months EBITDA 0.6 x 2.8 x 6.1 x NM 2.0 x Strong Balance Sheet and Cash Flow Maximize Financial Flexibility 1. U.S. Operations reflects the cash and debt levels at the U.S. Restricted Group (plus $71.0M in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem NOTE: The leverage ratios presented here do not reflect the effective leverage ratios as calculated under our respective credit agreements due to adjustments that are applied under each agreement 8

9 Record Macao Operating Performance Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin ($MM) $700 60% $622.2 $600 $ % $500 $434.2 $ % $400 $ % 33.4% 32.0% 30.8% 30% $200 20% $100 10% $0 4Q11 4Q12 0% Adj. Prop. EBITDA Hold-Adjusted Adj. Prop. EBITDA Adj. Prop. EBITDA Margin Hold-Adjusted Adj. Prop. EBITDA Margin 9

10 Macao Gaming Performance Strong Growth and Increased Efficiency Across Property Portfolio Mass tables Mass table win up 52.6% to record $769.6 million Mass table efficiency up 33.2% to $9,716 win per table per day Slots and ETGs Slot and ETG win up 54.7% to record $162.1 million driven by 118.9% increase in ETG win to $40.1 million VIP gaming Rolling volume up 37.1% to record $39.33 billion VIP table efficiency up 10.8% to $920,000 roll per table per day Strong Operating Momentum Across All Gaming Segments 10

11 Strong Growth in Macao Mass Table Business Growth and Productivity Gains in Macao s Most Important Segment Mass Table Revenue 1 Increased 65.9% Mass Table Win per Table per Day 2 ($MM) $800 $700 $600 $529.2 $577.2 $669.5 $ % 35% 30% $12,000 $10,291 $10,000 $8,000 3Q12 Non-SCL Flagship Property Average 3 $8,699 $8,063 $7,914 $7,294 $9,716 $500 $400 $ % 23.1% 24.3% 26.4% 27.2% 25% 20% $6,000 $300 15% $4,000 $200 10% $2,000 $100 5% $0 0% 4Q11 1Q12 2Q12 3Q12 4Q12 Mass Table Win % of Macao Mass Table Revenue $0 Mass Tables 4Q11 1Q12 2Q12 3Q12 4Q > $1.2 Billion of Annual Departmental Profit at Today s Run-Rate 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 11

12 Profitable Slot Business Continues to Grow Slot Revenue 1 Increased 45.7% Slot and ETG Win per Unit per Day ($MM) $160 $140 $ % 40% $450 $409 $400 3Q12 Non-SCL Flagship Property Average 2 $120 $100 $80 $ % $ % $110.9 $ % 27.8% 32.6% 35% 30% 25% 20% $350 $300 $250 $200 $333 $336 $313 $300 $299 $60 15% $150 $40 10% $100 $20 5% $50 $0 4Q11 1Q12 2Q12 3Q12 4Q12 Slot Win % of Macao Market Slot Revenue 0% $0 Slots & ETGs 4Q11 1Q12 2Q12 3Q12 4Q12 3,422 3,616 5,290 4,634 5,901 ~ $250 Million of Annual Departmental Profit at Today s Run-Rate 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). 2. Consists of: City of Dreams, Galaxy Macau, Grand Lisboa, MGM Grand and Wynn Macau 12

13 Robust Mass Growth Across our Property Portfolio All Cotai Strip Properties and Sands Macao Contributing to Growth ($MM) Mass Table, Slot and ETG Win Per Day Cotai Strip Properties Peninsula Total $12.0 $10.1 $9.0 $8.1 $6.6 $6.0 $4.7 $4.1 $4.7 $3.0 $2.6 $1.9 $2.0 $0.6 $0.8 $0.0 Venetian Macao Sands Cotai Central Plaza Casino (Four Seasons) Total Cotai Strip Sands Macao (Peninsula) Total Macao Ops 4Q11 4Q12 Mass Win Per Day Increased 54.5% to $10.2 Million in 4Q12 Highest in Macao Market 13

14 VIP Business Exhibiting Strong Growth Gaining Market Share and Increasing Table Productivity Rolling Volume Increased by 36.9% Consolidated Rolling Volume per Table per Day ($BN) ($MM) $45 20% $1.40 $40 $35 $30 $25 $20 $ % $32.9 $ % 14.8% $ % $ % 15% 10% $1.24 $1.20 $1.00 $0.80 $0.60 3Q12 Non-SCL Flagship Property Average 1 $0.89 $0.92 $0.83 $0.78 $0.72 $15 $10 5% $0.40 $5 $0.20 $0 4Q11 1Q12 2Q12 3Q12 4Q12 0% $0.00 4Q11 1Q12 2Q12 3Q12 4Q12 Rolling Volume % of Macao Market Rolling Volume Rolling Tables > $500 Million of Annual Departmental Profit at Today s Run-Rate 1. Consists of: City of Dreams, Galaxy Macau, StarWorld, Grand Lisboa, MGM Grand and Wynn Macau 14

15 Sands Cotai Central is Ramping Strong Growth in Gaming Volumes and Visitation at Sands Cotai Central ($MM) $3.00 $2.00 $1.00 Mass Table, Slot and ETG Win Per Day $1.36 $1.56 $2.58 $8,000 $6,000 $4,000 $2,000 Mass Table Win per Table per Day $4,759 $5,887 $6,613 $0.00 2Q12¹ 3Q12 4Q12 $0 2Q12¹ 3Q12 4Q12 Mass Tables VIP Rolling Volume Per Table Per Day ($MM) $1.00 $0.76 $0.75 $0.58 $0.66 $0.50 $0.25 $0.00 2Q12¹ 3Q12 4Q12 VIP Tables (000s) 4,000 3,000 2,000 1,000 0 Total Property Visitation 3,087 2,075 1,357 2Q12¹ 3Q12 4Q12 Walkover Bridge and Additional Hotel Capacity to Drive Future Growth 1. The 2Q12 period reflects 81 days of operations beginning on April 11,

16 Sands Cotai Central Phase IIB is Now Completed 2,100 Additional Sheraton Rooms Opened January 28, 2013 Sands Cotai Central Phase III Phase I Phase IIA Phase IIB Walkover Bridge Picture taken January 30, 2013 Currently Operational Opened on January 28, 2013 Future Phase Walkover Bridge Opened on December 20, 2012 and 2,100 New Rooms Opened On January 28,

17 Expanding Our Asset Base on the Cotai Strip The Parisian Macao Site preparation work began in January 2013 Targeted completion date: Fourth Quarter 2015 Total cost of project: ~$2.7 billion Hotel rooms and suites: 3,000+ Gaming capacity: table games and 2,500 slots and ETGs Additional amenities including retail mall, replica Eiffel Tower, MICE space, diverse food & beverage options and entertainment Rendering of The Parisian Macao Map of Macao s Cotai Strip Galaxy Macau The Venetian Macao (Parcel 1) Four Seasons Hotel Macao and Plaza Casino (Parcel 2) Tropical Garden The Parisian (Parcel 3) C O T A I S T City of Dreams St. Regis Conrad / Holiday Inn Sheraton Sheraton Towers Tropical Garden Sands Cotai Central Macau Int l Airport Lake and Nature Preserve Macau Studio City R I P Macau Dome LVS Operating Assets LVS Planned Development Third Party Operating Asset Third Party Future Development 17

18 Singapore VIP Strength, Mass Stable, Continued Growth in Hotel, MICE and Retail Hold-adjusted EBITDA of $406.4 million (an increase of 6.8% from 4Q11) Gaming VIP volumes strong at $16.47 billion in rolling volume (second highest quarter on record), but low hold of 2.14% Mass table revenue steady ($260 million to $280 million per quarter over the last six quarters) Slot revenue steady ($135 million to $150 million per quarter over the last six quarters) Future growth will come from increased visitation to Singapore Strong hotel performance Hotel room revenue up 10.2% to $84.2 million Strong retail performance Retail mall revenue up 11.6% to $44.7 million Our Focus in Singapore: 1. Increasing visitation to Singapore, which will drive growth at Marina Bay Sands 2. Identifying high value customers throughout the region and bringing them to MBS 18

19 Disciplined Execution of Our Global Growth Strategy Development Opportunity Parameters 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 Geographic Areas of Future Development Interest for Las Vegas Sands Macao The Parisian Macao Sands Cotai Central (Phase III) Japan South Korea Vietnam Singapore MBS Expansion North America South America Europe Madrid 19

20 The Investment Case for Las Vegas Sands 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 We have meaningful additional growth opportunities across our Macao portfolio (including through the 2,100 additional hotel rooms and 200 additional gaming tables that we have added across our Macao portfolio in January 2013) Our track record of execution, strong cash flow and balance sheet, and disciplined and experienced leadership team position us to: Execute our strategy to deliver strong growth in our current markets Increase the return of capital to shareholders Increased recurring dividend by 40% to $0.35 per quarter, or $1.40 per year, for 2013 Pursue promising development opportunities around the world 20

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22 Appendix

23 Historical Hold-Adjusted Adj. Property EBITDA 1 $ in millions 4Q11 1Q12 2Q12 3Q12 4Q12 Macao Property Operations Reported $ $ $ $ $ Hold-Adjusted $ $ $ $ $ Marina Bay Sands Reported $ $ $ $ $ Hold-Adjusted $ $ $ $ $ Las Vegas Operations Reported $ 80.9 $ $ 64.4 $ 98.2 $ 52.8 Hold-Adjusted $ 96.1 $ 98.7 $ 82.6 $ 60.1 $ 87.9 Sands Bethlehem Reported $ 22.5 $ 27.5 $ 26.9 $ 32.1 $ 27.5 Hold-Adjusted $ 22.6 $ 27.3 $ 27.8 $ 29.8 $ 25.6 LVS Consolidated 2 Reported $ $ 1,066.5 $ $ $ 1,003.0 Hold-Adjusted $ $ $ $ $ 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 a rolling win percentage of 2.85% to the rolling table volume in that segment for the quarter (b) for Las Vegas operations and Sands Bethlehem: calculated by applying a non-rolling win percentage of 21.0% and 14.8%, respectively (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 23

24 VIP Gaming is 69% of Total Macao GGR but Mass Tables and Slots Generate ~56% of Gaming Operating Profit ($MM) $40,000 $35,000 $30,000 $25,000 $20, Macao Market Gross Gaming Revenue $38,047 $26,373 4Q12 YoY Growth +10% +3% Composition of Macao Market Gross Gaming Revenue and Est. Gaming Operating Profit 1 100% 80% 60% 69% 44% $15,000 40% $10,000 $5,000 $11, % 20% 31% 56% $0 Gross Gaming Revenue 0% Gross Gaming Revenue Operating Profit Mass Tables and Slots VIP Gaming Mass Tables and Slots VIP Gaming Mass Gaming Generates 31% of the Gaming Revenue, but ~56% of the Gaming Operating Profit Source: Macao DICJ 1. This presentation reflects an assumed operating profit margin of 12.5% on gross VIP revenue and a blended margin of 36% on gross mass revenue (35% on mass table revenue and 45% on slot revenue) 24

25 While Day-Trip Visitation Growth to Macao has Slowed.Overnight Visitation has Continued to Expand Mainland China Day-Trip Visitors to Macao Mainland China Overnight Visitors to Macao Growth -9% +19% +28% 0% Growth -1% +22% +16% +10% (MM) (MM) Source: Macao DSEC Additional Hotel Capacity and Transportation Infrastructure will Enhance Overnight Visitation Growth to Macao in the Future 25

26 China s High-Speed Rail Connecting More of Mainland China to Macao Wuhan Guangzhou High-Speed Rail Wuhan is the capital of Hubei Province and the most populous city in Central China with ~10 million people Wuhan is a major transportation hub and known as the economic hub of Central China HSR reduces travel time to Guangzhou from 11 hours by bus to 3.5 hours by train One of the most successful routes with trains in each direction each day Guangzhou Zhuhai Intercity Rail Rail line connecting Guangzhou to Zhuhai, where the Gongbei border gate to Macao is located Guangzhou is the largest city in Guangdong province and is a key economic and transportation hub Reduces travel time from Guangzhou to Zhuhai from 2+ hours by bus to as short as 60 minutes Zhuhai station opened in Jan 2013 Future link to Macao Light Rail System Source: Union Gaming, LVS 26

27 Growth in Visitation from Deeper Within China is Happening Xinjiang 22M Tibet 6M Qinghai 6M Sichuan 81M 0.4% Yunnan 46M Gansu 26M Ningxia 6M Inner Mongolia 25M 0.4% Chongqing 29M 0.7% Guizhou 35M Shaanxi 38M 0.4% Guangxi 47M 0.8% NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates Shanxi 36M 0.6% Henan 94M 0.3% Hubei 58M 0.8% Hunan 66M 0.9% Beijing 21M 1.7% Hebei 58M 0.3% Shandong 97M 0.2% Anhui 59M 0.4% Jiangxi 45M 0.8% Guangdong 105M 7.6% Macao Fujian 37M 2.2% Zhejiang 54M 1.1% Hong Kong 7M 99.9% Taiwan 23M 4.7% Liaoning 44M 0.6% Jiangshu 79M 0.6% Heilongjiang 38M 0.6% Jilin 28M 0.6% Tianjin 14M 1.0% Shanghai 24M 2.2% Presentation of Data Province Population Penetration Rate Year-Over-Year Visitation Growth Less than -10% -10% - 0% 0% - 10% 10% - 20% Greater than 20% Data Not Available 27

28 Meaningful Infrastructure Improvements Throughout the Pearl River Delta Region Guangzhou Population: 16M GDP Per Capita: US$12,000 Wuhan Guangzhou High-Speed Rail 3.5 hour train ride trains in each direction per day Guangzhou Zhuhai Intercity Rail minute train ride (2+ hours by bus) trains in each direction per day Final link to Gongbei border gate completed in January 2013 Guangzhou Shenzhen Hong Kong Rail 2 hour train ride from Guangzhou to HK 25 trains in each direction per day Shenzhen Population: 10M GDP Per Capita: US$18,000 China Border Gate Expansion Daily capacity going from 150,000 to 350,000 people in 1H13 Will reduce average wait times on China side of border (2+ hours today) Hong Kong Population: 7M GDP Per Capita: US$34,000 Hengqin Island Special economic zone Nearly $20B of overall investment Over 10,000 hotel rooms First phase of Chimelong theme park to open in 2013 and expected to attract 20M visitors annually when fully built Macao Population: 0.6M GDP Per Capita: US$66,000 Source: World Bank, China Daily, Chinatrainguide.com, Analyst reports. Note: population and GDP data from 2011 Hong Kong-Macao-Zhuhai Bridge (2016) Infrastructure Legend Existing Completed in 1Q13 Future 28

29 How Big Can Visitation to Macao Be? 34.9 Million Residents of Mainland China Visited Hong Kong in 2012 Mainland China Visitation to Macao and Hong Kong (MM) 40.0 Macao -5% +20% +22% +5% Hong Kong +6% +26% +24% +24% Hong Kong Received 18M More Visitors from China in 2012 than Macao Macao Hong Kong Robust Transportation Infrastructure, 74,000 Hotel Rooms and Other Amenities Enabled 34.9 Million Mainland Chinese Visitors to Hong Kong in 2012 Source: Macao DSEC; Hong Kong Tourism Board 29

30 Marina Bay Sands Operations Fourth Quarter 2012 Details On a hold-adjusted basis, adjusted property EBITDA was $406.4 million (+6.9%) Adjusted property EBITDA of $302.5 million, a decrease of 29.1%, was unfavorably impacted by: Lower rolling win percentage of 2.14% Increase in property taxes of $24.0 million Rolling volume of $16.47 billion in 4Q12 (second highest in property history) compared to $10.76 billion in 4Q11 Total mass (non-rolling tables and slots) win per day decreased 3.2% to $4.49 million Non-Rolling win decreased 3.3% to $268.6 million Slot win decreased 3.5% to $144.3 million Strong growth in non-gaming amenities Hotel RevPAR increased 10.0% to $362 and room revenue increased 10.2% to $84.2 million Retail mall revenue increased 11.6% to $44.7 million ($MM) $500 $400 $300 $200 $100 $0 ($MM) $5.0 $4.0 $3.0 $2.0 $1.0 $0.0 Adjusted Property EBITDA and Adjusted Property EBITDA Margin $426.9 $ % 4Q11 Adj. Prop. EBITDA Adj. Prop. EBITDA Margin $4.64 $4.49 $1.63 $1.57 $3.02 $2.92 4Q % Non-Rolling Tables $ % 4Q12 Hold-Adjusted Adj. Prop. EBITDA Hold-Adjusted Adj. Prop. EBITDA Margin Non-Rolling Table and Slot Win Per Day 4Q12 $ % Slot Machines 60% 50% 40% 30% 30

31 Singapore Credit Collections Remain Healthy Reserve Balance Has Now Increased to $280 Million Casino Credit Collections Remain Healthy ($MM) $450 $375 $300 $225 $150 $75 $0 $345.2 $418.1 $377.5 $314.3 $311.4 $317.0 $249.9 $271.1 $203.4 $145.5 $40.4 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Reserve Balance Has Increased to $280 Million as Accounts Receivable Balance Has Grown Quarterly Provision ($MM) $1,200 $1,000 $800 $600 $400 $200 $0 $ % $0 $17M $10M $19M $11M $24M $37M $32M $40M $40M $208.3 $ % 9.6% $ % $ % $ % $ % $ % $821.5 $ % $1, % 26.7% 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Gross Casino A/R Balance at End of Period Reserve Against A/R Balance $38M 40.0% 30.0% 20.0% 10.0% 0.0% Reserve Balance of $280M Represents 8% of Rolling Win Since Opening of Property 31

32 Las Vegas Operations Fourth Quarter 2012 Details Adjusted property EBITDA of $52.8 million, a decrease of 34.7% On a hold-adjusted basis, adjusted property EBITDA was $87.9 million (-8.5%) Table games drop decreased 13.7% to $459.4 million, driven by a 23.9% decrease in baccarat drop Slot handle decreased 0.7% to $517.3 million Cash ADR increased 6.2% to $205 Venetian casino remodel complete New entertainment offerings debuted in December 2012 featuring Broadway hit Rock of Ages and a series of performances by country stars Tim McGraw and Faith Hill Best opportunities for future growth: Continued high-end Asian gaming growth Increase in group room sales in 2013 ($MM) $100 ($MM) $600 $400 $200 $0 Adjusted Property EBITDA and Adjusted Property EBITDA Margin Adj. Prop. EBITDA Adj. Prop. EBITDA Margin $532 $201 $331 4Q11 Baccarat Hold-Adjusted Adj. Prop. EBITDA Hold-Adjusted Adj. Prop. EBITDA Margin Composition of Table Games Drop $459 $208 $252 4Q12 Non-Baccarat Las Vegas is Stable... And We Are Investing in Our Properties for the Future $75 $50 $25 $0 $ % 4Q11 $ % $ % 4Q12 $ % 40% 30% 20% 10% 32

33 Sands Bethlehem Operations Fourth Quarter 2012 Details Adjusted property EBITDA increased 22.2% to $27.5 million Table games drop was $230.6 million, an increase of 19.0% Slot handle increased 1.2% to $967.8 million Retail outlet mall (150,000 SF) opened in November stores currently open, with an additional 9 stores to open in the future with brands including Coach, Tommy Hilfiger, DKNY, Under Armour and Guess Event Center (50,000 SF) opened May 16, 2012 Past headline events include The Beach Boys, Incubus, Glenn Frey, Crosby Stills and Nash, Jay Leno, NBC Fight Night, and Diana Krall with average occupancy of 85% ($MM) $30 $25 $20 $15 $10 $5 $0 ($MM) $250 $200 $150 $100 $50 $0 Adjusted Property EBITDA and Adjusted Property EBITDA Margin $ % 4Q11 Adj. Prop. EBITDA $22.6 Adj. Prop. EBITDA Margin $194 $106 $231 $123 $88 $108 4Q11 Baccarat $ % $ % 22.1% 4Q12 Hold-Adjusted Adj. Prop. EBITDA Hold-Adjusted Adj. Prop. EBITDA Margin Composition of Table Games Drop 4Q12 Non-Baccarat 40% 30% 20% 10% Table Games, Slots, Hotel and Event Center All Contributing to Growth 33

34 Capital Expenditures Expectations 1 Future Investments Include SCC, The Parisian Macao and Maintenance ($MM) com $2,000 LVS Capex Expectations $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Development Timeline Sands Cotai Central The Parisian Macao 2 $1,508 $496 $820 $193 $1,449 $107 $830 $1,400 $125 $415 $360 $1,700 $1,100 $140 $1,300 $830 $700 $230 $500 $472 $500 $450 $450 $450 $ A 2012A 2013E 2014E 2015E 2016E 2017E Maintenance Sands Cotai Central The Parisian Macao² Other Developments Pre-Opening Post-Opening Future Capital Expenditures Focused on Growth in Asia 1. Includes capitalized interest 2. $2.7 billion project expected to be funded by approximately $700 million of equity and $2.0 billion in project financing. The timing of capex is subject to government approval. 34

35 Long Dated Maturity Profile Debt Maturity by Year at December 31, 2012 ($MM) $5,000 $4,500 $4,000 $3,500 $4,417 $1,384 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 $942 $1,527 $1,756 $187 $1,591 $640 $98 $1,169 $2,086 $830 $1,533 $923 $829 $151 $201 $ SCL MBS USRG LVSC % of Total <1% 15% 17% 43% 16% 8% <1% Long Term and Low Cost Financing in Place 35

36 European Development Update In December 2012, the government of the region of Madrid passed legislation that outlined the regulatory framework to enable Integrated Resort development in the Madrid region While the development process is still in the early phases, the next steps include: European Union, Local and National Governments to complete review of enabling legislation Madrid Government to conduct a competitive tender process Determination of specific development site Determination of size and scope of first phase of master plan Complete evaluation of financing options Acquisition of land for development Progress Towards a Resolution of the Current Economic Challenges within Europe will be an Important Consideration in the Development Process 36

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