Las Vegas Sands Corp. · NYSE:LVS
Las Vegas Sands — Investor Day (November 2024)
58 slides from Las Vegas Sands's investor day presentation, Nov 19, 2024
Slide 1: Marina Bay Sands Investor Presentation
Marina Bay Sands Investor Presentation November 19, 2024 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future
Slide 3: Strong Historical Financial Performance – Outstanding Future Growth Opportunity
Marina Bay Sands Strong Historical Financial Performance – Outstanding Future Growth Opportunity ▪ Singapore has become an ideal destination for high-value tourists and high-net-worth individuals ▪ MBS’ ongoing transformation through its $1.75B capital reinvestment program will elevate its luxury ho
Slide 4: Historical Financial Performance and Future Financial Targets
Marina Bay Sands Historical Financial Performance and Future Financial Targets Historical Adj. Property EBITDA Performance Future Targets $3.5 Billion+ $2.5 Billion $2.06 Billion $1.70 Billion 2017-2019 TTM 3Q24 1 Pre-IR2 Post-IR2 Avg. MBS is targeting $2.5B in Adj. Property EBITDA (pre-IR2) and $3.
Slide 5: Asia's Growing Wealth and Singapore's Outstanding Growth Opportunity
Singapore: An Outstanding Market for Growth in Travel & Tourism Spending Asia’s Growing Wealth and Singapore’s Outstanding Growth Opportunity From 2013 to 2023, Asian countries Asia’s share of global GDP is Singapore is home to contributed to 70% of global GDP expected to increase from 27% in approx
Slide 6: Singapore Market Gross Gaming Revenue Growth Driven by Premium Overseas Visitors
Singapore: An Outstanding Market for Growth in Travel & Tourism Spending Singapore Market Gross Gaming Revenue Growth Driven by Premium Overseas Visitors Singapore Gross Gaming Revenue(1) ($ in US millions) Increased 38% v. 2019 $5,731 $5,285 $4,578 $4,515 2018 2019 2023 TTM 3Q24 1. Reflects the sum
Slide 7: MBS Gaining Market Share of Gross Gaming Revenue and EBITDA
Singapore: An Outstanding Market for Growth in Travel & Tourism Spending MBS Gaining Market Share of Gross Gaming Revenue and EBITDA MBS’ GGR Share1 MBS’ EBITDA Share MBS RWS 70% 69% 68% 68% 2018 64% 36% 66% 64% 63% 64% 64% 62% 2019 65% 35% 60% 60% 60% 58% 58% 2023 70% 30% 56% 56% 54% 56% 55% 54% TT
Slide 8: Historical Financial Performance: Mass Gaming
Historical Financial Performance Mass Gaming ▪ Mass gaming has been the primary driver of growth, up 48% 2019 v. TTM 3Q24 ▪ Within the mass segment, the premium mass segment has been the principal driver of growth ▪ The growth has been supported by additional premium suites and gaming capacity Mass
Slide 9: Historical Financial Performance: Rolling Gaming
Historical Financial Performance Rolling Gaming ▪ Rolling Volume is approaching 2019 levels, but at higher hold rate (3.3% normalized in 2019 v. 3.92% actual over the last 12 months) ▪ The completion of the Paiza salons and introduction of Paiza Sky Gaming in Q3 2024, along with additional multi-bay
Slide 10: Innovation in the Baccarat Experience
Historical Financial Performance Innovation in the Baccarat Experience ▪ Baccarat has been the principal driver of growth at MBS and presents the largest future growth opportunity ▪ Sands has a strong history of baccarat innovation that will be enhanced with the deployment of smart tables 1 2 3 New
Slide 11: Retail and F&B Delivering Growth
Historical Financial Performance Retail and F&B Delivering Growth ▪ MBS tenant sales psf are up 42% vs. 2019, supported by growth in luxury fashion and watches ▪ MBS retail sales represent approximately 43% of all tourist retail sales in Singapore1, an increase from approximately 26% in 2019 ▪ F&B a
Slide 12: IR2 Development Cost
Marina Bay Sands IR2 Development Cost1,4 ▪ The estimated IR2 development cost is approximately US$8.0 billion, including land premium and financing costs ($ in US billions) Cost Original Land Premium (paid in 2019) $1.0 Incremental Land Premium (estimated)2 $1.0 Total Land Premiums3 $2.0 25.0% Desig
Slide 13: Appendix
Appendix HE Sands 13
Slide 14: Appendix Overview
Appendix Overview I. Introduction II. An Outstanding Platform for Growth III. Elevating the Customer Experience IV. Investing for Growth in the Decades Ahead with IR2 V. Key Takeaways 14
Slide 15: I. Introduction
|. Introduction 3k Sands 15
Slide 16: Bold Vision, Strong Execution, and Outstanding Future Growth Opportunity
Marina Bay Sands Bold Vision, Strong Execution, and Outstanding Future Growth Opportunity IR2 – Contributing to Outstanding Tourism Elevating the Iconic Development Tourism Appeal in the Contributions Customer Experience 2006-2010 Decades Ahead 2010-2020 2020-2030 2030 and beyond Developed the globa
Slide 17: The Global Benchmark for Integrated Resort Development
Marina Bay Sands The Global Benchmark for Integrated Resort Development ▪ US$5.6B Initial Investment ▪ 1,844 Total Keys ▪ Podium & Sky Gaming ▪ ~616,000 sqft Destination Retail ▪ World-Class Dining, ▪ US$1.75B Reinvestment Program ▪ 775 Suites ▪ 3,000 Slot Machines ▪ ~1.2M sqft Sands Expo center Ent
Slide 18: Contributing to Singapore's Leisure and Business Tourism Appeal
Marina Bay Sands Contributing to Singapore’s Leisure and Business Tourism Appeal Iconic High Quality Global MICE High-Quality Economic Social Architecture Tourism Destination Jobs Impact Impact Delivered iconic Created new and Enhanced Created Contributed Industry-leading architecture that compellin
Slide 19: Key Factors Supporting the Growth Opportunity at MBS
Marina Bay Sands Key Factors Supporting the Growth Opportunity at MBS 1 2 3 4 5 6 7 Ideal Elevated Enhanced Margin Long-Term Strategic Revenue Growth Market Product Capacity Expansion Confidence Initiatives Opportunity Opportunity Leisure & Transformational Substantial Premium Growing, diverse, Oper
Slide 20: II. An Outstanding Platform for Growth
II. An Outstanding Platform for Growth 20
Slide 21: Attractive Market and Industry Fundamentals
Attractive Market and Industry Fundamentals Singapore’s continued evolution as a leading global financial, commercial, and tourism destination ▪ Asia’s Growing importance: Asia has experienced remarkable economic growth and wealth creation over the past two decades. These developments are expected t
Slide 22: Singapore's attractiveness to high-net-worth individuals and global investment capital
Singapore: An Outstanding Market for Growth in Travel & Tourism Spending Singapore’s attractiveness to high-net-worth-individuals and global investment capital Significant Growth Asia’s Top Financial in Family Offices in Center Singapore The number of family offices Singapore ranks 3rd on the list o
Slide 23: Singapore's attractiveness to high-net-worth individuals and global investment capital
Singapore: An Outstanding Market for Growth in Travel & Tourism Spending Singapore’s attractiveness to high-net-worth-individuals and global investment capital 1 2 3 4 5 Economic & Tax Efficiency & Business- High Quality Transparent Political Wealth Friendly Tourism Legal Framework Stability Managem
Slide 24: High-Quality Tourism supported by Signature Events and Experiences
Singapore: An Outstanding Market for Growth in Travel & Tourism Spending High-Quality Tourism supported by Signature Events and Experiences Year-round calendar of Signature Events and A-List concerts to drive visitation and tourism spending ▪ Signature Events: Formula 1 Grand Prix, LIV Golf, New Yea
Slide 25: Singapore's growth as a leading destination for high-value tourists
Singapore: An Outstanding Market for Growth in Travel & Tourism Spending Singapore’s growth as a leading destination for high-value tourists High-Quality Tourism supported by Luxury Travel and Business Ecosystem ▪ Signature Events & Experiences: Year-round calendar of Signature Events (Formula 1 Gra
Slide 26: World-Class Airport Connectivity
Singapore: An Outstanding Platform for Growth in Travel and Tourism Spending World-Class Airport Connectivity ▪ World-Class Airport: Singapore Changi Airport is renowned for being one of the best airports in the world. It serves as a major hub in Southeast Asia, with connections to over 400 cities i
Slide 27: Increasing Length of Stay and Spend Per Visitor
Singapore: An Outstanding Market for Growth in Travel & Tourism Spending Increasing Length of Stay and Spend Per Visitor ▪ Tourism growth has been driven by high quality tourists, with a ~15% decline in arrivals (due to reduced airlift capacity post- pandemic), offset by ~30% higher spend per visito
Slide 28: Singapore: An Outstanding Market for Growth in Travel and Tourism Spending
Singapore: An Outstanding Market for Growth in Travel and Tourism Spending 8,000+ 12 Central Business District High-Quality Hotel Keys across 11 Michelin-Starred signature home to major global and Lifestyle, Dining, 4 / 5 -star Hotels restaurants financial firms Entertainment, and Attractions The Ma
Slide 29: III. Elevating the Customer Experience
III. Elevating the Customer Experience 29
Slide 30: Building on Sands' commitment to 'Design Excellence'
MBS Ongoing Redevelopment Program Building on Sands’ commitment to ‘Design Excellence’ ▪ In 2018, Sands embarked on the ‘Sands Design Excellence’ business strategy with a commitment to design and develop the best luxury hospitality in the world ▪ To deliver on this objective, we have built new capac
Slide 31: Elevating Hospitality, Gaming, Dining, and Lifestyle Experiences
MBS Ongoing Redevelopment Program Elevating Hospitality, Gaming, Dining, and Lifestyle Experiences ▪ MBS has embarked on a US$1.75 billion capital redevelopment program to meaningfully expand the luxury hospitality, gaming, and resort offerings of the property and to target them directly to the prem
Slide 32: Hotel Towers Before Redevelopment
MBS Ongoing Redevelopment Program Reimagining and Elevating the Positioning and Experience of the Hotel Towers Before Redevelopment (Previous Challenges) ▪ Limited differentiation across guestroom products LAVO Spago Ce La Vi ▪ Insufficient suite inventory to meet Banyan Tree Spa Gym + Club 55 [Empt
Slide 33: Hotel Towers Post-Redevelopment Program
MBS Ongoing Redevelopment Program (Cont’d) Reimagining and Elevating the Positioning and Experience of the Hotel Towers Post-Redevelopment Program ▪ Create a more optimal room Redesigned Upgraded F&B / segmentation: Upgraded F&B LAVO Wellness – The rooms are housed under two Chinese Restaurant Paiza
Slide 34: Creating the 'World of Paiza'
MBS Ongoing Redevelopment Program Creating the ‘World of Paiza’ - leading luxury hospitality and lifestyle offerings ▪ MBS has invested to create an integrated ecosystem of products, services, and experiences for the region’s most valuable and discerning visitors under the ‘World of Paiza’, MBS’ VIP
Slide 35: Elevating the hotel experience
MBS Ongoing Redevelopment Program Elevating the hotel experience Sands Collection Suite Paiza Royal Collection Suite Paiza VIP Arrival Paiza Sky Residence 35
Slide 36: Elevating the hotel experience – in-suite features
MBS Ongoing Redevelopment Program Elevating the hotel experience – in-suite features State-of-the-art golf and sports simulator Ultimate Karaoke experience Private spa and holistic wellness Private Dining 36
Slide 37: Introducing new world-class dining offerings
MBS Ongoing Redevelopment Program Introducing new world-class dining offerings Wakuda Waku Ghin KOMA Mott 32 Milos New Signature Chinese (Coming 2025) 37
Slide 38: Building on leading luxury retail portfolio
MBS Ongoing Redevelopment Program Building on leading luxury retail portfolio 38
Slide 39: Unveiling new VIP Lifestyle Experiences
MBS Premium Lifestyle Experiences and Events Unveiling new VIP Lifestyle Experiences Industry-leading private aviation fleet Luxury yacht – available exclusively to premium customers golfcourse Exclusive wine events Partnerships with leading Singapore Golf courses 39
Slide 40: Leveraging Singapore's Signature Events and Experiences
MBS Premium Lifestyle Experiences and Events Leveraging Singapore’s Signature Events and Experiences 40
Slide 41: Continued commitment to draw world-class events and attractions to Singapore
MBS Premium Lifestyle Experiences and Events Continued commitment to draw world-class events and attractions to Singapore First-of-its kind 1,500 mega-scale Drone Show in the Marina Bay Precinct via Ushering in the Year of the Dragon ArtScience Museum: world-class exhibitions the STB x MBS x UOB Tri
Slide 42: IV. Investing for Growth in the Decades Ahead with IR2
IV. Investing for Growth in the Decades Ahead with IR2 42
Slide 43: A New Ultra-Luxury Resort and Entertainment Destination
Marina Bay Sands IR2 A New Ultra-Luxury Resort and Entertainment Destination 43
Slide 44: IR2 Project Highlights
Marina Bay Sands IR2 Project Highlights ▪ Iconic Design: A new property designed by Moshe Safdie, the architect of the original Marina Bay Sands, that will redefine the Singapore skyline ▪ The Skyloop: Multi-story signature rooftop experience with infinity pools, destination F&B and nightlife, and p
Slide 45: IR2 Key Project Objectives and Assets
Marina Bay Sands IR2 Key Project Objectives and Assets Key Project Objectives Enabled by Key Project Assets ▪ Further enhance MBS’ status as an iconic architectural landmark ▪ A new ultra luxury hotel with additional suite capacity and amenities ▪ Provide suite product and customer experiences that
Slide 46: IR2 Site Plan Overview
Marina Bay Sands IR2 IR2 Site Plan Overview 46
Slide 47: IR2 View from Gardens by the Bay
Marina Bay Sands IR2 View from Gardens by the Bay 47
Slide 48: IR2 Podium Pool Deck & Club Lounge
Marina Bay Sands IR2 Podium Pool Deck & Club Lounge 48
Slide 49: IR2 SkyLoop
Marina Bay Sands IR2 SkyLoop 49
Slide 50: IR2 SkyLoop (Night View)
Marina Bay Sands IR2 SkyLoop (Night View) 50
Slide 51: IR2 SkyLoop (Night View)
Marina Bay Sands IR2 SkyLoop (Night View) 51
Slide 52: IR2 Development Timeline
Marina Bay Sands IR2 Development Timeline ▪ Assuming commencement of piling and foundation works in June 2025, IR2 is estimated to open January 1, 2031 ▪ MBS’ development agreement with the Singapore Tourism Board (“STB”) currently requires IR2 construction to be completed by July 8, 2029. Any exten
Slide 53: Illustrative Development Capital Expenditure Expectations
Marina Bay Sands IR2 Illustrative Development Capital Expenditure Expectations1,2,3 ($ US in millions) MBS IR2 Capital Expenditure Expectations $2,400 $1,850 $1,800 $1,200 $1,200 $1,150 $1,200 $1,000 $1,000 $550 $600 $350 $400 $200 $200 $0 2024 and Prior 4 2025E 5 2026E 2027E 2028E 2029E 2030E and B
Slide 54: V. Key Takeaways
V. Key Takeaways HE Sands 54
Slide 55: Long-Term Vision for Marina Bay Sands
Long-Term Vision for Marina Bay Sands Completing the Marina Bay Vision and Masterplan IR1 IR2 Investment US$5.6 billion (initial investment) ~US$6 billion (development investment) US$1.75 billion ongoing redevelopment program Plus: ~$2B (government premiums) Hotel Experience Large-scale luxury urban
Slide 56: An Unrivalled Integrated Resort Development in the ideal location of Singapore
Long-Term Vision for Marina Bay Sands An Unrivalled Integrated Resort Development in the ideal location of Singapore • US$15B total Investment • ~2,400 Total Keys • Podium & Sky Gaming • ~616,000 sqft Destination Retail • ~15,000 seat arena • Two world-class resorts • 1,345 Suites • 3,500 Slot Machi
Slide 57: Investment Highlights for Marina Bay Sands
Investment Highlights for Marina Bay Sands Factors supporting financial objectives ▪ Strong demand from growing Asian wealth – Growing population of affluent travelers in Asia with demand for gaming and luxury consumption experiences ▪ High barriers to entry – Duopoly market and supportive governmen
Slide 58: AG ANOS
AG ANOS Ins Sand