1Q25 Earnings Presentation April 23, 2025 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 operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this presentation, the words "anticipates," "believes," ...

Core Insights - Las Vegas Sands (LVS) reported a revenue of $2.86 billion for the quarter ended March 2025, reflecting a decrease of 3.3% year-over-year, with EPS at $0.59 compared to $0.75 in the same quarter last year [1] - The reported revenue fell short of the Zacks Consensus Estimate of $2.88 billion, resulting in a surprise of -0.47%, while the EPS also missed the consensus estimate of $0.60 by -1.67% [1] Financial Performance Metrics - LVS shares have returned -15.7% over the past month, underperforming the Zacks S&P 500 composite, which saw a decline of -6.6% [3] - Key metrics for LVS in Macao include: - Rolling Chip volume at Sands Macao was $59 million, exceeding the average estimate of $43.48 million [4] - RevPAR at Sands Macao was $172, slightly above the average estimate of $169.70 [4] - Rolling Chip win percentage at Sands Macao was 4.2%, surpassing the estimated 3.7% [4] - Net Revenues for Sands Macao were $75 million, below the average estimate of $83.66 million, marking a -1.3% change year-over-year [4] - Net Revenues for The Plaza Macao and Four Seasons Macao were $208 million, exceeding the estimate of $223.05 million, representing a +46.5% change year-over-year [4] - Net Revenues for The Parisian Macao were $227 million, below the estimate of $245.07 million, reflecting a -1.3% change year-over-year [4] - Net Revenues for The Londoner Macao were $529 million, under the estimate of $558.90 million, indicating a -5.9% change year-over-year [4] - Net Revenues for The Venetian Macao were $638 million, below the estimate of $688.20 million, showing a -17.3% change year-over-year [4] - Marina Bay Sands reported revenues of $1.16 billion, slightly above the estimate of $1.14 billion, with a +0.4% change year-over-year [4] - Total revenue for Macao was $1.71 billion, below the estimate of $1.82 billion, reflecting a -5.6% change year-over-year [4] - Food and Beverage revenue for The Venetian Macao was $15 million, below the estimate of $17.53 million, indicating an -11.8% change year-over-year [4]

Financial Performance - Net revenue for Q1 2025 was $2.86 billion, a decrease of 3.3% from $2.96 billion in Q1 2024[6] - Net income for Q1 2025 was $408 million, down 30% from $583 million in the same quarter last year[6] - Consolidated adjusted property EBITDA was $1.14 billion, compared to $1.21 billion in Q1 2024, reflecting a decline of 5.8%[7] - Adjusted Property EBITDA for the same period was $1,140 million, down 5.5% from $1,207 million year-over-year[32] - Net income attributable to LVS for Q1 2025 was $352 million, a decline of 28.7% compared to $494 million in Q1 2024[34] - Adjusted net income attributable to LVS for Q1 2025 was $421 million, down 23.7% from $552 million in Q1 2024[34] Regional Performance - Macao adjusted property EBITDA was $535 million, negatively impacted by a low hold on rolling play, which reduced EBITDA by $10 million[3] - Marina Bay Sands adjusted property EBITDA was $605 million, indicating strong performance in Singapore[3] - The Venetian Macao reported net revenues of $638 million, a decrease of 17.7% from $771 million in the prior year[40] - The Londoner Macao reported net revenues of $529 million for Q1 2025, a decrease of $33 million (5.9%) compared to $562 million in Q1 2024[42] - The Parisian Macao's net revenues were $227 million, down $3 million (1.3%) from $230 million in the previous year[45] - The Plaza Macao and Four Seasons Macao experienced a significant increase in net revenues to $208 million, up $66 million (46.5%) from $142 million in Q1 2024[47] - Marina Bay Sands achieved net revenues of $1,163 million, a slight increase of $5 million (0.4%) compared to $1,158 million in Q1 2024[51] Operational Metrics - The adjusted EBITDA margin for The Venetian Macao was 35.3%, down 5.4 percentage points from 40.7% in the previous year[40] - Rolling Chip volume at The Venetian Macao decreased to $862 million, down 16.7% from $1,035 million in Q1 2024[40] - The average daily room rate (ADR) for The Venetian Macao was $204, a slight increase from $202 in the same quarter last year[40] - The occupancy rate for The Venetian Macao improved to 99.8%, up 2.1 percentage points from 97.7% in Q1 2024[40] - The average daily room rate (ADR) at The Londoner Macao increased by $103 to $291, while the revenue per available room (RevPAR) rose by $104 to $286[42] - The occupancy rate at The Parisian Macao improved to 99.8%, up 4.4 percentage points from 95.4% in the previous year[45] - Rolling Chip volume at The Plaza Macao decreased to $2,132 million, down $368 million (14.7%) from $2,500 million in Q1 2024[47] - The EBITDA margin for Marina Bay Sands increased to 52.0%, up 0.4 percentage points from 51.6% in Q1 2024[51] Cash and Investments - The company repurchased $450 million of common stock during the quarter, with a remaining authorization of $1.10 billion, increased to $2.0 billion[11] - Capital expenditures for Q1 2025 totaled $379 million, with $197 million in Macao and $175 million at Marina Bay Sands[16] - Unrestricted cash balances as of March 31, 2025, were $3.04 billion, with total debt outstanding at $13.71 billion[13] - The company plans to continue investing in growth opportunities in new markets and expanding its capital expenditure programs in Macao and Singapore[5] Retail Performance - The Shoppes at Venetian reported tenant sales per square foot of $1,588, with an occupancy rate of 84.4%[56] - Total gross revenue from Asian retail mall operations was $186 million, with an operating profit margin of 88.2%[56] Other Impacts - The company experienced a hold-adjusted win percentage impact of $17 million on net revenues for Macao operations, compared to $52 million in the prior year[36]

Core Insights - Las Vegas Sands reported a net revenue of $2.86 billion for Q1 2025, a decrease from $2.96 billion in the same quarter of the previous year [5][25] - The company's operating income was $609 million, down from $717 million year-over-year, and net income fell to $408 million from $583 million [5][25] - Consolidated adjusted property EBITDA was $1.14 billion, compared to $1.21 billion in the prior year quarter [6][25] Financial Performance - The company repurchased $450 million of its shares during the quarter, with a remaining authorization of $1.10 billion, which was later increased to $2.0 billion [10][12] - A quarterly dividend of $0.25 per common share was paid, with the next dividend scheduled for May 14, 2025 [11] - Unrestricted cash balances as of March 31, 2025, were $3.04 billion, with total debt outstanding at $13.71 billion [12][13] Market Insights - In Macao, market growth has softened, but the company remains committed to enhancing tourism appeal and supporting development [3][4] - Marina Bay Sands in Singapore showed strong financial performance, with adjusted property EBITDA of $605 million [4][6] - The company is optimistic about growth opportunities in both Macao and Singapore as travel and tourism spending in Asia expands [2][4] Capital Expenditures - Capital expenditures for the first quarter totaled $379 million, with $197 million allocated to Macao and $175 million to Marina Bay Sands [14] Tax and Interest Expenses - The effective income tax rate for Q1 2025 was 13.4%, significantly higher than 2.8% in the prior year, primarily due to a 17% statutory rate on Singapore operations [9] - Interest expense for the quarter was $174 million, down from $182 million in the previous year, with a weighted average borrowing cost of 4.9% [8]

Core Insights - Analysts expect Las Vegas Sands (LVS) to report quarterly earnings of $0.60 per share, reflecting a year-over-year decline of 20% [1] - Revenue projections stand at $2.93 billion, indicating a slight decrease of 0.9% from the same quarter last year [1] - The consensus EPS estimate has been adjusted upward by 2.4% over the past 30 days, suggesting a reassessment of initial projections by analysts [1][2] Revenue Estimates - 'Net Revenues- The Londoner Macao' is estimated at $558.90 million, a decrease of 0.6% from the prior year [4] - 'Net Revenues- The Plaza Macao and Four Seasons Macao' is projected at $223.05 million, showing a significant increase of 57.1% year-over-year [4] - 'Net Revenues- Sands Macao' is forecasted to reach $83.66 million, reflecting a year-over-year increase of 10.1% [4] - 'Net Revenues- The Venetian Macao' is estimated at $688.20 million, indicating a decline of 10.7% from the previous year [5] Key Metrics - The occupancy rate for 'The Parisian Macao' is expected to be 94.2%, down from 95.4% a year ago [5] - The average daily room rate for 'The Londoner Macao' is projected at $236.08, up from $188 in the same quarter last year [6] - 'Non-Rolling Chip drop - The Londoner Macao' is estimated at $1.84 billion, compared to $1.92 billion in the same quarter last year [6] - 'Non-Rolling Chip win percentage - The Londoner Macao' is expected to be 22.3%, an increase from 21.1% in the previous year [7] - 'Rolling Chip volume - The Londoner Macao' is projected at $2.15 billion, compared to $1.88 billion in the same quarter last year [7] - 'Rolling Chip win percentage - The Londoner Macao' is expected to be 3.7%, slightly down from 3.8% a year ago [8] - 'Slot handle - The Londoner Macao' is projected at $1.47 billion, down from $1.62 billion in the same quarter last year [8] - 'Slot hold percentage - The Londoner Macao' is expected to be 4.1%, up from 4% in the previous year [9] Stock Performance - Shares of Las Vegas Sands have decreased by 21.9% over the past month, contrasting with a 5.6% decline in the Zacks S&P 500 composite [11] - LVS holds a Zacks Rank 3 (Hold), indicating expectations to mirror overall market performance in the near future [11]

Core Points - Las Vegas Sands has contributed $100,000 to 100 Black Men Las Vegas to support youth mentorship, scholarship, and community service programs [1] - The funding will enable new initiatives including STEM programs, a public service career pipeline, and real estate training [2] - The contribution also aids in identifying a permanent location for 100 Black Men Las Vegas [3] Youth Programs - The Sands Cares funding supports youth leadership development programs, including the Crossroads mentoring program, which served over 1,500 students in 2024 and resulted in a 20% increase in GPA [4] - The organization aims to provide $100,000 in scholarships in 2025, building on over $80,000 distributed in the previous year [5] - Community service initiatives supported include a monthly Virtual Youth Cooking Class and an annual Thanksgiving dinner distribution event [6] Organizational Background - 100 Black Men Las Vegas, established in 1999, focuses on improving the quality of life and educational opportunities for Black youths and their families [7] - The organization offers various programs addressing mentorship, education, health, economic empowerment, and leadership development [14] - Sands' partnership aligns with its commitment to education and workforce development [8]

Core Viewpoint - Sands China celebrated the 10th anniversary of its Local Small, Medium and Micro Suppliers Support Programme, highlighting its commitment to supporting local SMEs and fostering economic growth in Macao [1][2][5]. Group 1: Programme Overview - The Local Small, Medium and Micro Suppliers Support Programme was established in 2015 in partnership with the Macao Chamber of Commerce to enhance procurement opportunities for local SMEs [2][10]. - The programme targets local small and micro suppliers, "Made in Macao" companies, and young entrepreneurs, aligning with government policies to support local business development [2][10]. Group 2: Open Day Event - The 2025 Sands China Local Supplier Open Day connected 250 local SMEs with Sands China procurement representatives, facilitating discussions on procurement opportunities [1][3]. - Various procurement booths were set up at the event, covering categories such as food and beverage, logistics, technology, and a special booth for DSEDT-certified Macao technology enterprises [4]. Group 3: Company Statements - Grant Chum, CEO of Sands China, emphasized the importance of the programme in supporting local SMEs and adapting strategies to market changes over the past decade [5]. - Hoi Lok Man from the Macao Chamber of Commerce highlighted the role of SMEs as the economic foundation of Macao and the collaborative spirit of local businesses [5]. Group 4: Future Initiatives - Sands China plans to launch a training programme to enhance local SMEs' online marketing capabilities, supporting their digital transformation [8]. - The company is also backing the "2025 Macau Youth Innovation and Entrepreneurship Competition" to empower young entrepreneurs and contribute to economic diversification [8]. Group 5: Procurement Achievements - In 2024, Sands China recorded a gross procurement amount of MOP 15.2 billion, with 84% (MOP 12.8 billion) allocated to Macao enterprises, including over MOP 4.6 billion to local SMEs [9].

Core Insights - Las Vegas Sands has exceeded its 2021-2025 goals in workforce development and community service contributions, while also outperforming its emissions reduction targets [1][2] Workforce Development - By the end of 2024, the company invested $220 million in workforce development initiatives, surpassing its goal of $200 million by 2025 [3] - In 2024 alone, Sands spent nearly $38 million on job skills and career training for its Team Members and local labor pools [3] - The company procured $3 billion in goods and services from local businesses and SMEs, contributing to regional economic health [8] Community Contributions - Sands exceeded its target of 250,000 Team Member volunteer hours by 2025, achieving a total of 255,955 hours from 2021 to 2024 [4] - In 2024, Team Members logged 33,132 volunteer hours for over 70 nonprofit organizations [4] - The company provided $12 million in philanthropic contributions to nonprofit organizations and focused on capacity building through initiatives like the Sands Cares Accelerator [9] Emissions Reduction - Sands' scope 1 and 2 emissions were reduced by 50% in 2024, well below its 2025 target of a 17.5% reduction from the 2018 baseline [5] - The company released its first low-carbon transition plan, setting a new 30% emissions reduction target aligned with the Paris Agreement by 2025 [6] Environmental Initiatives - Sands increased its operational waste diversion rate by 6% over the 2019 baseline, exceeding its 5% target for 2025 [10] - The company prevented, rescued, or diverted 29% of food waste, surpassing its 25% target for 2025 [10] - Potable water use intensity was reduced by 11% from the 2019 baseline, ahead of its 3% reduction target for 2025 [11] Recognition and Future Goals - Sands was included in the 2024 Dow Jones Sustainability World and North America Indices and Newsweek's 2025 America's Most Responsible Companies list, ranking among the top 10% of global ESG scores [13] - The company aims to close gaps around its 2025 goals and set new targets for the 2026-2030 cycle [12]

Las Vegas Sands (LVS) shares ended the last trading session 9.9% higher at $33.73. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 31.5% loss over the past four weeks.Following President Trump's announcement to suspend U.S. tariffs on most countries for 90 days, Las Vegas Sands shares soared, reflecting renewed investor optimism.This casino operator is expected to post quarterly earnings of $0.63 per share in its u ...

Las Vegas Sands (LVS) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stoc ...