2d84f29e77a0d4b3f61fade3e1d66c4efb3edba8dca927081c3ab4c2508a4e62

**Gross Gaming Revenue Increase (%)**

**Mall Gross Leasable Area (sq ft)**

**Base Rent per Square Foot ($)**

**Tenant Sales per Square Foot ($)**

**Non-Rolling Chip Win (%)**

**Rolling Chip Win (%)**

**Slot Hold (%)**

**Occupancy Rate (%)**

**Average Daily Room Rate ($)**

**Revenue per Available Room ($)**

46e56d3d1a6ea91a5ebe97089161b6bbd73c1c44ce5d61e8327dc311c82668c2

e4fb0a86ef889d38e700c89088ae95e6d38d55d3e534026b93fcf410da1052d8

| Metric / Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Gross Gaming Revenue Increase (%)** | N/A | **94.9%** **[0001300514-23-000040_lvs-20230331.htm:22]** **[0001300514-23-000040_lvs-20230331.htm:6]** | **205.1%** **[0001300514-23-000084_lvs-20230630.htm:6]** | **779.7%** **[0001300514-23-000094_lvs-20230930.htm:27]** | N/A | **65.5%** **[0001300514-24-000070_lvs-20240331.htm:25]** **[0001300514-24-000070_lvs-20240331.htm:6]** | **24%** **[LVS_3394140_1]** | **13%** **[LVS_3403395_1]** |
| **Total Visitation to Singapore (millions)** | N/A | **2.9** **[0001300514-23-000040_lvs-20230331.htm:22]** **[0001300514-23-000040_lvs-20230331.htm:6]** | **6.3** **[0001300514-23-000084_lvs-20230630.htm:26]** **[0001300514-23-000084_lvs-20230630.htm:6]** | **10.1** **[0001300514-23-000094_lvs-20230930.htm:27]** **[0001300514-23-000094_lvs-20230930.htm:6]** | N/A | **4.4** **[0001300514-24-000070_lvs-20240331.htm:6]** | **8.2** **[0001300514-24-000123_lvs-20240630.htm:28]** **[0001300514-24-000123_lvs-20240630.htm:6]** | **12.6** **[0001300514-24-000136_lvs-20240930.htm:31]** |
| **Mall Gross Leasable Area (sq ft)** | **2,591,073** **[0001300514-23-000005_lvs_ex991x12312022.htm:15]** | N/A | N/A | N/A | **2,591,949** **[0001300514-24-000047_lvs_ex991x12312023a1.htm:14]** | N/A | N/A | N/A |
| **Base Rent per Square Foot ($)** | **274** **[0001300514-23-000021_lvs-20221231.htm:86]** | **265** **[0001300514-23-000040_lvs-20230331.htm:28]** | **271** **[0001300514-23-000084_lvs-20230630.htm:32]** | **277** **[0001300514-23-000094_lvs-20230930.htm:33]** | **283** **[0001300514-24-000048_lvs-20231231.htm:84]** | **283** **[0001300514-24-000070_lvs-20240331.htm:30]** | **284** **[0001300514-24-000123_lvs-20240630.htm:33]** | **289** **[0001300514-24-000136_lvs-20240930.htm:36]** |
| **Tenant Sales per Square Foot ($)** | **932** **[0001300514-23-000021_lvs-20221231.htm:86]** | **1,128** **[0001300514-23-000040_lvs-20230331.htm:28]** | **1,430** **[0001300514-23-000084_lvs-20230630.htm:32]** | **1,743** **[0001300514-23-000094_lvs-20230930.htm:33]** | **1,906** **[0001300514-24-000047_lvs_ex991x12312023a1.htm:14]** | **1,859** **[0001300514-24-000070_lvs-20240331.htm:30]** | **1,737** **[0001300514-24-000123_lvs-20240630.htm:33]** | **1,615** **[0001300514-24-000136_lvs-20240930.htm:36]** |
| **Non-Rolling Chip Win (%)** | **27.0%** **[0001300514-23-000005_lvs_ex991x12312022.htm:12]** | **23.6%** **[0001300514-23-000040_lvs-20230331.htm:26]** | **23.8%** **[0001300514-23-000079_lvs_ex991x06302023.htm:12]** | **24.3%** **[0001300514-23-000090_lvs_ex991x09302023.htm:12]** | **24.9%** **[0001300514-24-000008_lvs_ex991x12312023.htm:10]** | **25.3%** **[0001300514-24-000064_lvs_ex991x03312024.htm:8]** | **24.5%** **[0001300514-24-000116_lvs_ex991x06302024.htm:8]** | **24.7%** **[0001300514-24-000132_lvs_ex991x09302024.htm:10]** |
| **Rolling Chip Win (%)** | **5.56%** **[0001300514-23-000005_lvs_ex991x12312022.htm:12]** | **5.03%** **[0001300514-23-000034_lvs_ex991x03312023.htm:10]** | **3.73%** **[0001300514-23-000079_lvs_ex991x06302023.htm:12]** | **6.00%** **[0001300514-23-000090_lvs_ex991x09302023.htm:12]** | **3.27%** **[0001300514-24-000008_lvs_ex991x12312023.htm:10]** | **6.71%** **[0001300514-24-000064_lvs_ex991x03312024.htm:8]** | **4.86%** **[0001300514-24-000116_lvs_ex991x06302024.htm:8]** | **3.64%** **[0001300514-24-000132_lvs_ex991x09302024.htm:10]** |
| **Slot Hold (%)** | **4.2%** **[0001300514-23-000005_lvs_ex991x12312022.htm:12]** | **4.4%** **[0001300514-23-000034_lvs_ex991x03312023.htm:10]** | **4.3%** **[0001300514-23-000079_lvs_ex991x06302023.htm:12]** | **4.3%** **[0001300514-23-000090_lvs_ex991x09302023.htm:12]** | **4.1%** **[0001300514-24-000047_lvs_ex991x12312023a1.htm:11]** | **3.9%** **[0001300514-24-000064_lvs_ex991x03312024.htm:8]** | **3.5%** **[0001300514-24-000116_lvs_ex991x06302024.htm:8]** | **3.9%** **[0001300514-24-000132_lvs_ex991x09302024.htm:10]** |
| **Occupancy Rate (%)** | **50.2%** **[0001300514-23-000005_lvs_ex991x12312022.htm:12]** | **91.0%** **[0001300514-23-000034_lvs_ex991x03312023.htm:12]** | N/A | **98.0%** **[0001300514-23-000094_lvs-20230930.htm:32]** | **98.9%** **[0001300514-24-000047_lvs_ex991x12312023a1.htm:13]** | **98.5%** **[0001300514-24-000064_lvs_ex991x03312024.htm:10]** | **99.0%** **[0001300514-24-000116_lvs_ex991x06302024.htm:10]** | **98.8%** **[0001300514-24-000132_lvs_ex991x09302024.htm:10]** |
| **Average Daily Room Rate ($)** | **145** **[0001300514-23-000005_lvs_ex991x12312022.htm:12]** | **207** **[0001300514-23-000040_lvs-20230331.htm:27]** | **209** **[0001300514-23-000084_lvs-20230630.htm:31]** | **212** **[0001300514-23-000094_lvs-20230930.htm:32]** | **202** **[0001300514-24-000008_lvs_ex991x12312023.htm:10]** | **202** **[0001300514-24-000070_lvs-20240331.htm:29]** | **198** **[0001300514-24-000123_lvs-20240630.htm:32]** | **204** **[0001300514-24-000132_lvs_ex991x09302024.htm:10]** |
| **Revenue per Available Room ($)** | **73** **[0001300514-23-000005_lvs_ex991x12312022.htm:12]** | **177** **[0001300514-23-000034_lvs_ex991x03312023.htm:10]** | **198** **[0001300514-23-000084_lvs-20230630.htm:31]** | **207** **[0001300514-23-000094_lvs-20230930.htm:32]** | **200** **[0001300514-24-000008_lvs_ex991x12312023.htm:10]** | **198** **[0001300514-24-000064_lvs_ex991x03312024.htm:8]** | **191** **[0001300514-24-000116_lvs_ex991x06302024.htm:8]** | **202** **[0001300514-24-000132_lvs_ex991x09302024.htm:10]** |

5ff575efad1281663e4a49d510f015df214755af0112c6926372325e2415f944

Las Vegas Sands Corp. (LVS) is a leading developer and operator of world-class Integrated Resorts, primarily located in Macao and Singapore. The company specializes in providing a blend of gaming and non-gaming amenities, including casino operations, luxury hotel accommodations, fine dining, retail shopping, and convention services **[0001300514-24-000048_lvs-20231231.htm:185]** **[0001300514-24-000048_lvs-20231231.htm:8]**. LVS's properties are renowned for their diverse attractions, which include entertainment and MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities, significantly enhancing customer experience and driving visitation **[0001300514-24-000048_lvs-20231231.htm:8]**.

1. **Casino Operations** - Operates extensive gaming facilities across its properties in Macao and Singapore, offering a wide range of gaming options to visitors.
2. **Hotel Rooms** - Provides luxury accommodations in its Integrated Resorts, catering to both leisure and business travelers.
3. **Food and Beverage Services** - Offers a variety of dining options, from casual eateries to fine dining restaurants, enhancing the overall guest experience.
4. **Mall Operations** - Manages retail spaces within its resorts, featuring high-end shopping experiences with a range of international brands.
5. **Convention, Retail, and Other Services** - Delivers comprehensive MICE facilities and other services that support large-scale events and exhibitions, contributing to the resorts' appeal and customer engagement.

3b4859d45689abcc2c8162cae743fe8462a59b3acd8871b87106cff9c76b4c6a

| Name               | Position                                               | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                                           |
|--------------------|--------------------------------------------------------|------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Robert G. Goldstein| Chairman and Chief Executive Officer                   | January 26, 2021 | Robert G. Goldstein has been with Las Vegas Sands Corp. since 1995, holding various senior executive positions. He became Chairman and CEO on January 26, 2021. Previously, he was President and COO from January 2015, and President of Global Gaming Operations from January 2011 to December 2014  **[0001193125-24-080593_d736481ddef14a.htm:17]** **[0001193125-24-081586_d736481ddefr14a.htm:17]** **[0001193125-23-086554_d410845ddef14a.htm:17]** .                                                      |
| Patrick Dumont     | President and Chief Operating Officer                  | January 26, 2021 | Patrick Dumont has been President and COO since January 26, 2021. He was previously Executive Vice President and CFO from March 2016. Dumont joined LVS over 13 years ago, serving as Principal Financial Officer in February 2016 and Senior Vice President, Finance and Strategy from September 2013 to February 2016  **[0001300514-24-000048_lvs-20231231.htm:9]** **[0001193125-24-080593_d736481ddef14a.htm:17]** .                                      |
| Randy Hyzak        | Executive Vice President and Chief Financial Officer   | January 26, 2021 | Randy Hyzak has been EVP and CFO since January 26, 2021. Before this, he was Senior Vice President and Chief Accounting Officer from March 2016. Prior to LVS, he was Vice President and Chief Accounting Officer at Freescale Semiconductor, Inc. from February 2009 to March 2016, and worked at Ernst & Young LLP from 1994 to early 2005  **[0001193125-24-081586_d736481ddefr14a.htm:30]** **[0001193125-24-080593_d736481ddef14a.htm:30]** **[0001193125-23-086554_d410845ddef14a.htm:29]** .                  |
| D. Zachary Hudson  | Executive Vice President, Global General Counsel, and Secretary | September 2019   | D. Zachary Hudson has been EVP, Global General Counsel, and Secretary since September 2019. Before joining LVS, he was EVP, General Counsel, and Corporate Secretary for Afiniti from April 2016 to September 2019. He also worked at Bancroft PLLC from November 2011 to April 2016, and served as a law clerk to U.S. Supreme Court Chief Justice John Roberts  **[0001193125-24-081586_d736481ddefr14a.htm:30]** **[0001193125-24-080593_d736481ddef14a.htm:30]** **[0001193125-23-086554_d410845ddef14a.htm:29]** . |

8f794d354e1a824414c5d0f30e1faf62b03cad97e2491b1936e895eb24756f16

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Casino               | **2,627**  **[0001300514-23-000021_lvs-20221231.htm:187]**  | **1,541**  **[0001300514-23-000040_lvs-20230331.htm:18]**  | **1,862**  **[0001300514-23-000084_lvs-20230630.htm:23]**  | **2,008**  **[0001300514-23-000094_lvs-20230930.htm:23]**  | N/A | **2,228**  **[0001300514-24-000064_lvs_ex991x03312024.htm:5]**  | **2,035**  **[0001300514-24-000123_lvs-20240630.htm:24]**  | **1,936**  **[0001300514-24-000136_lvs-20240930.htm:26]**  |
| Rooms                | **469**  **[0001300514-23-000021_lvs-20221231.htm:187]**  | **243**  **[0001300514-23-000040_lvs-20230331.htm:18]**  | **296**  **[0001300514-23-000084_lvs-20230630.htm:23]**  | **342**  **[0001300514-23-000094_lvs-20230930.htm:23]**  | N/A | **330**  **[0001300514-24-000064_lvs_ex991x03312024.htm:5]**  | **313**  **[0001300514-24-000123_lvs-20240630.htm:24]**  | **314**  **[0001300514-24-000136_lvs-20240930.htm:26]**  |
| Food and Beverage    | **301**  **[0001300514-23-000021_lvs-20221231.htm:187]**  | **124**  **[0001300514-23-000040_lvs-20230331.htm:18]**  | **143**  **[0001300514-23-000084_lvs-20230630.htm:23]**  | **156**  **[0001300514-23-000094_lvs-20230930.htm:23]**  | N/A | **150**  **[0001300514-24-000064_lvs_ex991x03312024.htm:5]**  | **148**  **[0001300514-24-000123_lvs-20240630.htm:24]**  | **152**  **[0001300514-24-000136_lvs-20240930.htm:26]**  |
| Mall                 | **580**  **[0001300514-23-000021_lvs-20221231.htm:187]**  | **162**  **[0001300514-23-000040_lvs-20230331.htm:18]**  | **172**  **[0001300514-23-000084_lvs-20230630.htm:23]**  | **201**  **[0001300514-23-000094_lvs-20230930.htm:23]**  | N/A | **174**  **[0001300514-24-000064_lvs_ex991x03312024.htm:5]**  | **174**  **[0001300514-24-000123_lvs-20240630.htm:24]**  | **189**  **[0001300514-24-000136_lvs-20240930.htm:26]**  |
| Convention, Retail, and Other | **133**  **[0001300514-23-000021_lvs-20221231.htm:187]**  | **50**  **[0001300514-23-000040_lvs-20230331.htm:18]**  | **69**  **[0001300514-23-000084_lvs-20230630.htm:23]**  | **88**  **[0001300514-23-000094_lvs-20230930.htm:23]**  | N/A | **77**  **[0001300514-24-000064_lvs_ex991x03312024.htm:5]**  | **91**  **[0001300514-24-000123_lvs-20240630.htm:24]**  | **91**  **[0001300514-24-000136_lvs-20240930.htm:26]**  |

469fe5b0fac1cd54ff1bb50644eb0ba72da56c893cfa1f570efba473f10b5738

85ca7f6b4f3f65e8d152680d9534ba715e1e5823c323fbdfd5cc1288e131ec11

04643bcf49b0fb871ad36049142807379a1e456cceb3ce77e7062953c57cfac9

1. Given that a global competitor has recently been granted a license in the Middle East and presented favorable investment returns, how is Las Vegas Sands evaluating the potential risks and opportunities in that region, and what factors could lead you to decide against investing there?
2. With the new leadership in Macao emphasizing diversification and investment in non-gaming sectors, how is Las Vegas Sands adapting its strategy to align with the government's directives, and what impact might this have on your gaming-focused operations?
3. The contra gaming revenues as a percentage of gross gaming revenues in Macao decreased by nearly 200 basis points in the third quarter; can you explain how your cost discipline and pricing strategies contributed to this decline, and how sustainable these measures are without affecting market share?
4. At Marina Bay Sands, the reported ADR reached $900 amid significant room renovations; to what extent is this high ADR driven by enhanced product quality versus temporary room compression, and how do you anticipate ADR levels will change as more rooms return to service?
5. Regarding the IR2 development in Singapore, which includes plans to expand casino capacity, what specific regulatory approvals are still pending, and how are you addressing potential risks related to changes in the duopoly market status or gaming tax rates that could affect the project's long-term returns?

b098d06e1b2566fb64c1f0dcccfa3055e1b8e5588d384eb8d69989943d197ef5

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2025
- **Guidance**:
  - **Macao EBITDA and Margins**: Macao EBITDA was **$585 million**; expected margin improvements with new products  **[LVS_3403395_2]** .
  - **Singapore (Marina Bay Sands) EBITDA and Margins**: EBITDA was **$406 million**; expected margin of **47.5%**  **[LVS_3403395_2]** .
  - **Capital Investment and Renovation Programs**: Completion of Marina Bay Sands investment by Q2 2025; Londoner Grand by Lunar New Year 2025  **[LVS_3403395_2]** **[LVS_3403395_1]** .
  - **Return of Capital to Shareholders**: Stock repurchase of **$450 million**; increased dividend to **$1 per share** for 2025  **[LVS_3403395_2]** .
  - **Market Expectations**: Macao market gross gaming revenues expected to exceed **$30 million** in 2025  **[LVS_3403395_1]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q4 2024 and 2025
- **Guidance**:
  - **Macau Market**: Confidence in growth with gross gaming revenue exceeding **$30 billion** next year  **[LVS_3394140_1]** .
  - **EBITDA and Margins**: Macau margin adjusted to **32.1%**; Singapore margin expected at **48%**  **[LVS_3394140_2]** .
  - **Renovation and Expansion Projects**: Londoner Grand completion by end of 2024; Marina Bay Sands investment by Q2 2025  **[LVS_3394140_2]** .
  - **Capital Return Program**: Stock repurchase of **$400 million**; continuation of capital return program  **[LVS_3394140_2]** .
  - **Future Investments**: Exploration of opportunities in New York, Texas, and Thailand  **[LVS_3394140_4]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: N/A
- **Guidance**:
  - **Macao Market Growth**: Confidence in market growth to $30 billion and beyond  **[LVS_3379934_1]** .
  - **Investment Strategy**: Focus on high-quality assets in Macao  **[LVS_3379934_1]** .
  - **Singapore Operations**: Record quarter for Marina Bay Sands; further growth expected  **[LVS_3379934_1]** .
  - **Capital Allocation and Leverage**: Maintain gross leverage between 2 and 3 times  **[LVS_3379934_23]** .
  - **Shareholder Returns**: Stock repurchase of **$450 million**; increased dividend to **$1 per share** for 2025  **[LVS_3403395_2]** .
  - **Non-Gaming Investments**: Continued investment in non-gaming categories in Macao  **[LVS_3370692_14]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: Calendar Year 2024
- **Guidance**:
  - **Macao Market Growth**: Market could grow to $30 billion, $35 billion, or $40 billion  **[LVS_3370692_1]** .
  - **Marina Bay Sands (MBS) in Singapore**: Future EBITDA starting at **$2 billion**; $1.75 billion renovation  **[LVS_3370692_1]** .
  - **Investment in New York**: Projected building cost in the **$6 billion range**  **[LVS_3370692_1]** .
  - **Macao EBITDA and Margins**: Adjusted property EBITDA was $654 million; margins at 35.9%  **[LVS_3370692_2]** .
  - **Marina Bay Sands EBITDA and Margins**: Adjusted property EBITDA was $544 million; margin at 48.8%  **[LVS_3370692_2]** .
  - **Retail Portfolio**: Contribution approaching **$700 million**  **[LVS_3370692_10]** .
  - **Dividend Resumption at Sands China**: Plans to resume dividends  **[LVS_3370692_16]** .
  - **Singapore Phase II Development**: Discussions with government; completion by mid-2025  **[LVS_3370692_7]** .
  - **Macao Market Recovery**: Visitation recovered to almost 90% of 2019 levels  **[LVS_3370692_3]** .
  - **Non-Gaming Investments**: Continued investment in 2024  **[LVS_3370692_14]** .

ac6c3f75cfef897a194a7309c9422a87a220cec14b702d6c65ed8bc282e19d60

- Casinos located within Macao  **[0001300514-24-000048_lvs-20231231.htm:46]** 
- Casinos located elsewhere in Asia, including South Korea, Malaysia, Philippines, Australia, Cambodia  **[0001300514-24-000048_lvs-20231231.htm:46]** 
- Casinos located in Las Vegas  **[0001300514-24-000048_lvs-20231231.htm:46]** 
- Online gaming and cruise ships that offer gaming  **[0001300514-24-000048_lvs-20231231.htm:46]** 
- New developments in Malaysia, Australia, and South Korea  **[0001300514-24-000048_lvs-20231231.htm:46]** 
- Potential future competitors in Japan, Taiwan, Thailand, and Vietnam if they legalize casino gaming  **[0001300514-24-000048_lvs-20231231.htm:46]** 

063493ab65c15948c317a5cbd0a226ad2917308a86a8741b91be6ba4aed3f88d

441e6e6e57c0fd2a3e69ee5c72c13e1a0d4c49f017a0e8bae63abdb8e3bed264

d18dced46e6d9ac1f381145033e061ee9428b574f995f8d322f138aa0dabec2e

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

**Annual guidance for FY 2025:**
- **Macao Market Gross Gaming Revenue**: > $30 million  **[LVS_3403395_1]**  (lowered from > $30 billion  **[LVS_3394140_1]** )  
- **Macao EBITDA**: $585 million  **[LVS_3403395_2]**  (no prior guidance)  
- **Singapore margin**: 47.5%  **[LVS_3403395_2]**  (lowered from 48%  **[LVS_3394140_2]** )  
- **Singapore EBITDA**: $406 million  **[LVS_3403395_2]**  (no prior guidance)  
- **Stock repurchase**: $450 million  **[LVS_3403395_2]**  (raised from $400 million  **[LVS_3394140_2]** )  
- **Dividend**: $1 per share  **[LVS_3403395_2]**  (no prior guidance)  

000bd7f3fe977efedf8b99052ba31db5cb63a5c9b9c8515c30cd827ffd027f87

| Program Details          | Program 1          | Program 2          | Program 3          |
|--------------------------|--------------------|--------------------|--------------------|
| Approval Date            | November 2016  **[0001300514-24-000136_lvs-20240930.htm:67]**   | June 2018  **[0001300514-24-000136_lvs-20240930.htm:67]**       | October 2023  **[0001300514-24-000136_lvs-20240930.htm:67]**    |
| End Date/Duration        | November 2, 2018  **[0001300514-24-000136_lvs-20240930.htm:67]**  | November 2020  **[0001300514-24-000136_lvs-20240930.htm:67]**  | November 3, 2025  **[0001300514-24-000136_lvs-20240930.htm:67]**  |
| Total Additional Amount  | $1.56 billion  **[0001300514-24-000136_lvs-20240930.htm:67]**   | $2.50 billion  **[0001300514-24-000136_lvs-20240930.htm:67]**   | $2.0 billion  **[0001300514-24-000136_lvs-20240930.htm:67]**    |
| Remaining Authorization  | N/A                | N/A                | **$2.0 billion**  **[0001300514-24-000136_lvs-20240930.htm:67]**  |
| Details                  | Initial program  **[0001300514-24-000136_lvs-20240930.htm:67]**  | Extension and increase  **[0001300514-24-000136_lvs-20240930.htm:67]**  | Extension and increase  **[0001300514-24-000136_lvs-20240930.htm:67]**  |

cb6b6939561ab3982b99570305b3127da92bf44c76e5941119ed95fcbc01c76f

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2013       | Present  | Current auditor   |  **[0001300514-24-000048_lvs-20231231.htm:115]**  |

89a42f689fe871e7310b20712af164617c1f8ad313ef3af417a8a4743400e30f

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

4ed37bd53047170a27164cf64da1d8810d513691ff1981537d0a33e7254395ba

043c243d7071dfdf45806a9b13a48c58d2a29a49a78b8db1c1d2c5da4201b2d1

- LVS anticipates exceptional growth at Marina Bay Sands (MBS) due to significant investments that are yielding strong returns across gaming and non-gaming segments, positioning MBS for continued future growth.  **[LVS_3413568_4]** **[LVS_3413568_10]**
- The Londoner in Macau is expected to deliver high returns by attracting all market segments, with new premium mass capacity and room inventory coming online, enhancing its competitive position and driving future profitability.  **[LVS_3413568_17]** **[LVS_3413568_12]**
- LVS is demonstrating strong confidence in Macau's future growth by continuing to invest heavily in the market and increasing its equity stake in Sands China, aligning shareholder interests and anticipating market growth.  **[LVS_3413568_5]** **[LVS_3413568_3]**

7414f2e8a2f5ced6b97143ff5194c4035eda6ebbe497617b242610fc97803c59

- **Decline in Retail Sales and Turnover Rent at the Four Seasons Mall in Macau**: There has been a noticeable drop in retail sales at the Four Seasons mall, leading to lower turnover rent. Grant Chum stated that retail sales were down against the prior year due to a **softening macro environment**, impacting non-gaming revenues.  **[LVS_3413568_13]**
- **Softening Base Mass Gaming Revenue at the Venetian Macau**: Mass gaming volumes at the Venetian Macau have slowed, with base mass particularly affected during the quarter. Patrick Dumont noted that base mass was impacted, especially in the second half of the quarter, which may raise concerns about the recovery amid macroeconomic uncertainties in China.  **[LVS_3413568_11]**
- **Potential Negative Impact of iGaming Legalization in Key Markets**: The possibility of iGaming being legalized in New York could **dilute the value of land-based gaming operations**. Robert Goldstein acknowledged concerns that the introduction of iGaming and sports betting might negatively affect returns on investment in land-based casinos in markets like New York.  **[LVS_3413568_6]**

54538d01f1bb5c2ad710ea798a0014d3c519295423177208fac798f09f2758cc

1. **Macau Recovery Outlook**  
   **Q:** Will the Chinese consumer return to pre-COVID levels in Macau?  
   **A:** Management believes the Macau market remains strong, with expectations of continued growth. They note a **$30 billion GGR market** and are investing heavily in Macau, confident that both base mass and premium mass segments will recover. Although hard to predict exact timing, they are optimistic about the Chinese consumer returning to pre-COVID levels, citing ongoing investments and the resilience of the market.  **[LVS_3413568_5]** 

2. **Capital Allocation Strategy**  
   **Q:** Will you allocate more capital to Sands China shares?  
   **A:** The company sees significant value in Sands China's future and plans to acquire more SCL shares over time. They believe in SCL's growth potential and are committed to executing against their asset base, demonstrating confidence by being active in the market to own more of SCL.  **[LVS_3413568_3]** 

3. **Marina Bay Sands Growth**  
   **Q:** What's driving growth at Marina Bay Sands?  
   **A:** Strong market conditions and recent capital investments have led to exceptional growth at Marina Bay Sands. **Non-rolling win and slot win reached $3 billion**, driven by high-quality tourism and new assets coming to fruition. Management believes they are at the beginning of a huge growth surge, benefiting from a strong economy and strategic investments in high-value amenities  **[LVS_3413568_4]** **[LVS_3413568_15]** .

4. **Londoner Ramp-Up and Margins**  
   **Q:** How will the Londoner ramp-up affect margins?  
   **A:** The Londoner's reduced room inventory was a margin drag in Q4, but as rooms come back online—**1,000 keys now available** and full **2,400 expected by May**—management expects significant improvement. The property's large-scale inventory will enhance competitive positioning and drive cash flow growth, leveraging the investment to generate strong returns over time  **[LVS_3413568_7]** **[LVS_3413568_12]** .

5. **Thailand Market Opportunity**  
   **Q:** How does Thailand compare to Singapore's market?  
   **A:** Thailand represents a distinct and attractive opportunity, separate from Singapore. With its own strong tourism base and desirable attributes, management sees potential for large-scale resorts without cannibalizing Singapore's market. They believe both markets can thrive due to Asia's large population and demand for high-quality destinations.  **[LVS_3413568_10]** 

6. **New York License and iGaming Impact**  
   **Q:** How will potential iGaming legalization in New York affect casino returns?  
   **A:** Management acknowledges that iGaming legalization poses a threat to land-based casino returns, potentially diluting the value of physical properties. They express concerns about the inevitability of iGaming in states with land-based casinos and are cautious about how this could impact the return profile of a potential New York casino  **[LVS_3413568_6]** **[LVS_3413568_8]** .

7. **Competitive Promotions in Macau**  
   **Q:** Are competitors increasing promotions ahead of the Londoner opening?  
   **A:** Management notes that Macau has always been highly competitive and promotional. They remain focused on their strategy of investing in high-quality products and service levels rather than engaging in aggressive promotions. They aim to leverage their assets to drive visitation and maintain profitability, despite any competitive promotional activity.  **[LVS_3413568_18]** 

8. **Impact of New Baccarat Bets**  
   **Q:** Will new Baccarat bets improve hold rates?  
   **A:** The new Baccarat bets introduced in Macau are popular and could positively impact hold rates over time. These bets are akin to parlay wagers in sports betting, offering higher house advantages. Management is hopeful that customer adoption will increase, benefiting operators focused on Baccarat, though it's still early days to assess the full impact.  **[LVS_3413568_16]** 

b714127a001577d57f9d15a030fecb4867a3fb359f6b2f6c7c6a85a9b7c6f091

LVS reports strong Q4 2024 momentum at Marina Bay Sands: non-rolling & slot win hit $3B, driving robust returns. Meanwhile, Four Seasons Mall retail sales dipped, and Venetian mass softened. Still, management remains bullish on a $30B Macau GGR and Londoner’s ramp-up.

1f308095b934065dae998b615d5ec6b7725ba3cd9235c2e550176613be785410

**Annual guidance for FY 2025:**  
- **Macau Market GGR**: $30 billion  **[LVS_3413568_1]**  (raised from $30 million  **[LVS_3403395_1]** )  
- **Capital Return Program (Annual Dividend)**: $1 per share  **[LVS_3413568_2]**  (no change from prior guidance  **[LVS_3403395_2]** )  
- **Londoner Grand Renovation**: Completion by May 2025  **[LVS_3413568_1]** **[LVS_3413568_2]**  (no prior guidance)  
- **Singapore (MBS)**: $1.75 billion investment program  **[LVS_3413568_1]** **[LVS_3413568_2]**  (no prior guidance)  
- **Room Inventory**: 20% more rooms on Cotai by May 2025 and 47% more rooms at the Londoner  **[LVS_3413568_2]**  (no prior guidance)  

31dd37f3affda27319e3e563c1d6ce64edbf17e67180db0d05b6fa66b1957f14

408b71a8d0bd60debeaad50c8be3d39e73f21786c2b4d7e0b9803d1435b5f9b0

- **Disruptions from ongoing renovations in Macao are negatively impacting margins and EBITDA, and will continue to affect results throughout 2024.**  **[LVS_3379934_3]** ,  **[LVS_3379934_18]**
- **Intense promotional activities by competitors in the Macao market may pressure margins, but LVS is not engaging aggressively in promotions, potentially risking market share.**  **[LVS_3379934_10]** ,  **[LVS_3379934_18]**
- **Capacity constraints at Marina Bay Sands in Singapore, due to limited room availability and gaming space, may limit future growth before the expansion is completed.**  **[LVS_3379934_14]**

84c1490f143be3f0863abadcbc158c2ef2a9803645fe84a9edf60419b1224a34

| Year | Amount Due (in millions) | Debt Type                     | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|------------------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2025     | 2,425 **[0001300514-24-000136_lvs-20240930.htm:9]**                | 2.900% and 5.125% Senior Notes    | 2.900, 5.125 **[0001300514-24-000136_lvs-20240930.htm:9]**  | 17.3% = (2,425 / 14,012) * 100 **[0001300514-24-000136_lvs-20240930.htm:9]**                                            |
| 2026     | 1,478 **[0001300514-24-000136_lvs-20240930.htm:9]**                | 3.500% and 3.800% Senior Notes    | 3.500, 3.800 **[0001300514-24-000136_lvs-20240930.htm:9]**  | 10.5% = (1,478 / 14,012) * 100 **[0001300514-24-000136_lvs-20240930.htm:9]**                                            |
| 2027     | 2,600 **[0001300514-24-000136_lvs-20240930.htm:9]**                | 5.900%, 2.300%, and 5.400% Notes  | 5.900, 2.300, 5.400 **[0001300514-24-000136_lvs-20240930.htm:9]** | 18.6% = (2,600 / 14,012) * 100 **[0001300514-24-000136_lvs-20240930.htm:9]**                                            |
| 2028     | 750 **[0001300514-24-000136_lvs-20240930.htm:57]**                  | 5.400% Senior Notes               | 5.400 **[0001300514-24-000136_lvs-20240930.htm:57]**         | 5.4% = (750 / 14,012) * 100 **[0001300514-24-000136_lvs-20240930.htm:57]**                                               |
| 2029     | 1,950 **[0001300514-24-000136_lvs-20240930.htm:9]**                | 6.000%, 3.900%, and 2.850% Notes  | 6.000, 3.900, 2.850 **[0001300514-24-000136_lvs-20240930.htm:9]** | 13.9% = (1,950 / 14,012) * 100 **[0001300514-24-000136_lvs-20240930.htm:9]**                                            |
| 2030     | 694 **[0001300514-24-000136_lvs-20240930.htm:9]**                  | 4.375% Senior Notes               | 4.375 **[0001300514-24-000136_lvs-20240930.htm:9]**         | 5.0% = (694 / 14,012) * 100 **[0001300514-24-000136_lvs-20240930.htm:9]**                                               |
| 2031     | 596 **[0001300514-24-000136_lvs-20240930.htm:9]**                  | 3.250% Senior Notes               | 3.250 **[0001300514-24-000136_lvs-20240930.htm:9]**         | 4.3% = (596 / 14,012) * 100 **[0001300514-24-000136_lvs-20240930.htm:9]**                                               |
| 2034     | 1,750 **[0001300514-24-000136_lvs-20240930.htm:9]**                | 6.200% Senior Notes               | 6.200 **[0001300514-24-000136_lvs-20240930.htm:9]**         | 12.5% = (1,750 / 14,012) * 100 **[0001300514-24-000136_lvs-20240930.htm:9]**                                            |

19d1c7ef55f41e5cff0b3133a6d02686e8c9f54c2c87e02fc7d8987da1e8237b

7aa0303bd1928d2c043e65700809cd7eb33a160556005a5fbf55721d873fd425

1. **Macau Margins**  
   **Q:** Can margins in Macau return to 2019 levels?  
   **A:** Management believes margins can reach pre-pandemic levels as renovations complete, particularly at the Londoner Grand. Despite competitive pressures, they expect improved margins with the return of full capacity. They highlighted that the Londoner is currently operating at partial capacity, and when fully operational, it will enhance profitability.  **[LVS_3394140_5]** 

2. **Macau Visitation Trends**  
   **Q:** What's causing the slowdown in Macau visitation recovery?  
   **A:** Visitation recovery in Macau has slowed, particularly from regions outside Guangdong. Management isn't certain why but notes it's impacting base mass gaming. However, premium segments remain strong, with the **highest spend per visitor arrival** since the recovery began.  **[LVS_3394140_11]** **[LVS_3394140_15]** 

3. **Londoner Renovations Impact**  
   **Q:** How are Londoner renovations affecting performance?  
   **A:** The closure of parts of the Londoner for renovations is impacting margins and volumes. They are carrying costs for shuttered casino space and **1,500 rooms**, affecting EBITDA and margins. Disruption will increase in Q3 with more rooms offline, but once completed, they expect strong contributions from the Londoner.  **[LVS_3394140_9]** **[LVS_3394140_16]** **[LVS_3394140_19]** 

4. **Capital Allocation and Share Repurchases**  
   **Q:** Will you be more aggressive with capital allocation?  
   **A:** The company sees meaningful value in share repurchases and plans to continue them. As their current authorization is used up, they'll discuss increasing it with the board. They are focused on being shareholder-friendly while maintaining an investment-grade balance sheet to support future growth opportunities.  **[LVS_3394140_6]** **[LVS_3394140_8]** **[LVS_3394140_17]** 

5. **Singapore Visitor Trends**  
   **Q:** Is there a slowdown from Mainland Chinese visitors in Singapore?  
   **A:** Management hasn't seen a slowdown from Mainland Chinese visitors at Marina Bay Sands. Their customer base is diverse across the region, including China, Vietnam, Japan, Korea, Indonesia, and Malaysia, and business remains solid despite seasonality and construction disruptions.  **[LVS_3394140_3]** 

6. **Development Opportunities**  
   **Q:** Any updates on development opportunities like Thailand or New York?  
   **A:** The company is actively exploring new development opportunities in jurisdictions like **Thailand**, **New York**, and **Texas**. They find Thailand particularly interesting due to its strong tourism market and are interested in expanding there if opportunities arise.  **[LVS_3394140_4]** 

7. **High VIP Hold in Singapore**  
   **Q:** Is the high VIP hold in Singapore becoming structural?  
   **A:** Management acknowledges that the VIP hold has been higher due to changes in game mix and additional wagers. They are considering adjusting their normalized hold percentage to reflect these changes but will do so when the statistics warrant it.  **[LVS_3394140_10]** 

8. **Tariff Impact on Chinese Economy**  
   **Q:** Thoughts on tariff impacts on the Chinese economy next year?  
   **A:** Management refrained from speculating on potential tariff impacts, noting that they don't know what's going to happen nor the impact it might have. They emphasized the importance of the missing visitors but didn't comment further on politics.  **[LVS_3394140_7]** 

9. **Group Visitation in Macau**  
   **Q:** Is Macau pricing out group visitors?  
   **A:** Management notes a broader supply chain issue and changes in consumer habits affecting group visitation, not just in Macau but in key markets globally. They also mention policy announcements aimed at boosting visitation over time, including expanding the individual visa scheme to additional cities with **60 million population**.  **[LVS_3394140_20]** 

10. **China's ARR Cut Impact**  
    **Q:** Will China's ARR cut boost consumer spending soon?  
    **A:** Management cannot predict the timing or impact of economic policies but notes positive signs such as the **highest premium mass volumes ever**. They remain hopeful for further economic growth benefiting their business.  **[LVS_3394140_14]** 

40ec4e28cb6beb1ff4c2dbb747e2d5d41017485c62d1f5558ff288d002e7857f

- Ongoing construction disruptions in Macao, particularly at the Londoner property, are reducing room availability and impacting EBITDA and margins, with full recovery not expected until mid-2025.  **[LVS_3403395_3]** **[LVS_3403395_11]**
- The base mass market segment in Macao has not recovered to pre-pandemic levels, which is essential for LVS to return to higher margins and revenue growth. This lack of recovery continues to impact financial performance.  **[LVS_3403395_15]** **[LVS_3403395_7]**
- Uncertainty around the potential impact of online gambling legalization in markets like New York is causing LVS to reevaluate capital investment decisions, potentially affecting future growth opportunities.  **[LVS_3403395_19]** **[LVS_3403395_20]**

6eaade8192ba416155f7ff092ea28ca4b15e6cc3a18ff37ed7801f35f66bee05

- **Record-breaking EBITDA performance in Singapore, with Marina Bay Sands achieving an all-time high of **$597 million** in EBITDA for the quarter**.  **[LVS_3379934_2]**
- **Aggressive capital return to shareholders, including repurchasing **$450 million** of LVS stock during the quarter and increasing ownership in Sands China to approximately **71%****.  **[LVS_3379934_6]** **[LVS_3379934_21]**
- **Continued investment in market-leading assets in Macao and Singapore, with confidence in future growth and potential expansion into new markets like Thailand**.  **[LVS_3379934_18]** **[LVS_3379934_16]** **[LVS_3379934_12]**

322698c01e72612fe1e6d2a6a57031670bbab0a502527c4b7c46b397da45ccd3

1. **Capital Allocation and Share Repurchases**  
   **Q:** Is the current pace of share buybacks adequate for the year?  
   **A:** Management believes the current pace is appropriate and plans to continue aggressive share repurchases, seeing significant value in their stock. They favor buybacks over dividends, aiming to shrink the share count and will remain opportunistic in the market.  **[LVS_3379934_6]** 

2. **Singapore's Strong Performance and Growth Outlook**  
   **Q:** Can Singapore sustain the $500 million quarterly run rate?  
   **A:** Management is confident that Marina Bay Sands can maintain and exceed a **$500 million** quarterly EBITDA, citing strong market dynamics, continuous events, and upcoming hotel suite expansions. They see immense growth potential as renovations complete and new suites are added.  **[LVS_3379934_12]** 

3. **Path to Mid-High 30s Margins in Macao**  
   **Q:** What will it take to return to mid-high 30s margins in Macao?  
   **A:** As renovations conclude and visitation increases, management expects margins to normalize to the **upper 30s percent**. The completion of the Londoner and the return of the Cotai Arena will enhance revenue and margins. Currently, disruptions and lower visitation are impacting margins short term.  **[LVS_3379934_11]** 

4. **Impact of Renovations on Revenue and EBITDA**  
   **Q:** How are renovations affecting revenue and EBITDA?  
   **A:** Renovations at the Londoner and Cotai Arena are causing significant but temporary disruptions, particularly impacting entertainment revenue. The worst effects are expected over the summer, but completion will lead to stronger assets and improved financial performance.  **[LVS_3379934_8]** 

5. **Base Mass Recovery in Macao**  
   **Q:** Why is base mass recovery lagging in Macao?  
   **A:** While premium mass has recovered more quickly, base mass is still missing some patronage. Management believes base mass will improve as the economy strengthens and more events and attractions draw visitors. They are well-positioned to capture this growth due to their scale.  **[LVS_3379934_15]** 

6. **Reinvestment Strategy Amidst Competition**  
   **Q:** Will you adjust reinvestment strategy due to market competition?  
   **A:** Management will maintain their current reinvestment strategy, focusing on product quality and service rather than engaging in aggressive promotional activities. They aim to compete sustainably based on their superior assets and offerings.  **[LVS_3379934_18]** 

7. **Increasing Ownership in Sands China (1928.HK)**  
   **Q:** Will you increase your stake in Sands China beyond 71%?  
   **A:** They seek to own more of Sands China, seeing significant value. While exchange rules limit ownership to **75%**, waivers are possible. They plan to be aggressive in increasing their stake.  **[LVS_3379934_21]** 

8. **Interest in Thailand Market**  
   **Q:** Are you interested in pursuing opportunities in Thailand?  
   **A:** Management is very interested in Thailand, considering it an exciting market with potential to develop ahead of Japan. They are exploring opportunities and conducting due diligence.  **[LVS_3379934_16]** 

9. **Debt Maturities and Refinancing Plans**  
   **Q:** How will you address upcoming debt maturities?  
   **A:** The company plans to address LVS maturities and Sands China’s 2025 bonds shortly, with intentions to reduce debt levels. They will manage capital structure prudently while investing in growth opportunities.  **[LVS_3379934_19]** 

10. **Financial Policy and Investment Grade Ratings**  
    **Q:** How do development plans affect your investment grade rating?  
    **A:** Maintaining investment grade is crucial for accessing liquid debt markets and favorable capital costs. They target gross leverage of **2–3x** and believe they can fund developments while upholding their financial policy.  **[LVS_3379934_23]** 

11. **Tax Rate and One-Time Tax Benefit**  
    **Q:** Was there a tax benefit in Q1, and will tax rates normalize?  
    **A:** A one-time **$57 million** tax benefit related to a Macao reserve was recognized in Q1. Going forward, tax rates are expected to return to normal levels consistent with prior years.  **[LVS_3379934_17]** 

12. **Macao Mass Market Share Decline**  
    **Q:** What caused the decline in Macao mass market share?  
    **A:** Disruptions from renovations led to reduced revenue and market share. While promotional competition exists, management focuses on long-term performance and expects share to recover as assets come online.  **[LVS_3379934_20]** 

ff10173b532bb1168357789ef236063e45a42092fc80263c3002dfd779bc5bd4

- **Increased disruptions from ongoing renovations will negatively impact revenue and margins in upcoming quarters, with more rooms offline and full casino closures expected in Q3.**  **[LVS_3394140_16]** ,  **[LVS_3394140_5]**
- **The struggling Chinese economy and uncertainty about the effectiveness of stimulus measures pose risks to LVS's Macau operations, which rely heavily on Chinese customers.**  **[LVS_3394140_7]** ,  **[LVS_3394140_14]**
- **Declining group visitation to Macau due to broader supply chain issues and changes in consumer habits could negatively impact LVS's mass market business model.**  **[LVS_3394140_20]**

33cb012bceb0d1f9a790513ba8faa32f70eb639d1d0815853387032f5df12586

- **Strong Performance and Growth Potential at Marina Bay Sands**, with an **Average Daily Rate (ADR) of $900** reflecting the high quality of newly renovated rooms, and expectations for ADR to grow further as the **IR2 expansion**, including a new arena and additional amenities, opens by the middle of next year  **[LVS_3403395_12]** . The company is confident that the **IR2 will drive significant tourism and revenue growth**, capitalizing on the duopoly market and stable regulatory environment with high barriers to entry  **[LVS_3403395_14]** , anticipating **IR1 to reach $2.5 billion in EBITDA** and IR2 to add over **$1 billion in EBITDA**  **[LVS_3403395_6]** .
- **Macao Operations Showing Resilience and Growth**, with **double-digit growth in gaming revenue** despite economic challenges in China, driven by the premium mass segment  **[LVS_3403395_7]** . Executives anticipate further improvement as base mass recovers, which will significantly enhance earnings, aiming for the **Londoner and Venetian each to generate over $1 billion in EBITDA**  **[LVS_3403395_22]** . The company is efficiently managing margins and costs  **[LVS_3403395_3]** , positioning itself to benefit from any economic stimulus in China  **[LVS_3403395_8]** .
- **Effective Capital Allocation Strategy**, including share buybacks of Sands China Ltd. (SCL) stock, with hopes for SCL to resume dividends in the upcoming year  **[LVS_3403395_18]** , enhancing return of capital to shareholders. The company plans to finance growth projects like **IR2** with cost-efficient debt, maintaining investment-grade ratings, and balancing investment in high-growth opportunities with capital returns to investors  **[LVS_3403395_18]** .

8c48dc874872186dce52b098013ca8ea73af513b5aec88a05928f78210d2e159

- **Strong EBITDA growth in key markets with continued upward trajectory:** Macao delivered **$654 million of EBITDA** for the quarter, and the company looks forward to continued growth in both gaming and non-gaming revenue.  **[LVS_3370692_1]**  Marina Bay Sands delivered **$544 million in adjusted property EBITDA**, the largest quarterly EBITDA in its history, despite ongoing renovations.  **[LVS_3370692_1]**
- **Aggressive shareholder returns through share repurchases and dividends:** The company repurchased **$1 billion of shares** in the past quarter and plans to continue returning capital to shareholders through share repurchases and dividends, leveraging its strong free cash flow generation.  **[LVS_3370692_4]**
- **Strategic growth opportunities in new markets:** Las Vegas Sands is actively pursuing development of integrated resorts in **Texas**, specifically in Dallas, viewing it as an unbelievable market opportunity.  **[LVS_3370692_15]**  Additionally, the company is bidding for a license in **New York**, with strong local support for a project estimated at **$6 billion**, representing a massive opportunity for future growth.  **[LVS_3370692_1]**

2713f7c1d42208e73277056b9f66492f63708a19384babf3a9a9b3e93eff8a57

- **Uncertainty regarding expansion into New York:** The company expressed uncertainty about securing a casino license in New York, stating they have "no great insight if that will happen" and cannot "give any guidance beyond that".  **[LVS_3370692_12]**  This uncertainty could impact future growth prospects in the U.S. market.
- **Potential delays in Singapore expansion plans:** The company's planned expansion in Singapore faces ongoing negotiations and approvals, acknowledging there are "a lot of moving parts here" and they are "hoping in the next quarter or two that we'll get everything done".  **[LVS_3370692_7]**  Delays could impact anticipated revenue growth from this project.
- **Slower recovery in Macao's base mass market:** While the premium mass segment grew by **13%** sequentially, the base mass segment only increased by **8%**, indicating an uneven recovery and potential challenges in fully restoring the mass market segment.  **[LVS_3370692_3]**

e633d17a596a17e950f8140582cbd9092474b4e3f1a170d67c8d5607b97938ea

1. **Singapore Expansion and Returns**  
   **Q:** Any updates on Marina Bay Sands IR2 scope and returns?  
   **A:** The scope has expanded to include a **full-fledged casino**, not just a hotel supporting IR1, significantly enhancing the project's potential.  **[LVS_3403395_5]**  We are confident about the returns, expecting IR1 to reach **$2.5 billion** in EBITDA and believe the new building can add over **$1 billion** on top of that.  **[LVS_3403395_5]**  The market is growing, with gaming revenue projected to be around **$6.5 billion** in 2024 and potentially reaching **$11 billion** by quarter-end.  **[LVS_3403395_5]** 

2. **Macau's Premium Mass Resilience**  
   **Q:** Is China's luxury spend slowdown affecting Macau's premium mass segment?  
   **A:** Despite pressures on luxury spending in China, Macau's gaming market remains resilient, showing **double-digit growth** in the quarter.  **[LVS_3403395_7]**  Unlike retail, which has struggled, our premium mass segment continues to perform well.  **[LVS_3403395_7]**  We are seeing strong growth and are encouraged by the market's performance.  **[LVS_3403395_7]** 

3. **Base Mass Recovery and Stimulus Impact**  
   **Q:** Will Chinese stimulus speed up Macau's base mass recovery?  
   **A:** It's too early to predict the impact of recent Chinese stimulus measures on base mass recovery.  **[LVS_3403395_8]**  However, any economic tailwinds should benefit segments like base mass and retail over time.  **[LVS_3403395_8]**  We are optimistic but cautious, monitoring how these measures unfold.  **[LVS_3403395_8]** 

4. **Marina Bay Sands Disruptions Ending**  
   **Q:** When will renovations at Marina Bay Sands conclude?  
   **A:** Major disruptions should subside by **mid-2025**, with both Londoner and Singapore operating without significant construction.  **[LVS_3403395_5]**  By the end of this quarter, we aim to add **another 150 rooms**, and by the middle of next year, we expect to stop discussing disruptions.  **[LVS_3403395_5]** 

5. **Macau EBITDA Growth Prospects**  
   **Q:** What are EBITDA expectations post-Londoner and Venetian completions?  
   **A:** We anticipate both the Londoner and Venetian to be dominant players in the market, each targeting over **$1 billion** in EBITDA.  **[LVS_3403395_21]**  The real upside will come as base mass visitation recovers, potentially returning us to over **$3 billion** in EBITDA in Macau.  **[LVS_3403395_21]** 

6. **Sands China Capital Allocation**  
   **Q:** Plans for capital allocation at Sands China?  
   **A:** We are hopeful that Sands China will resume paying dividends in the upcoming year.  **[LVS_3403395_18]**  Repaying the intercompany note to the parent company is also a possibility, providing capital allocation flexibility for share repurchases.  **[LVS_3403395_18]**  We believe there's significant value in Sands China's equity.  **[LVS_3403395_18]** 

7. **Online Gambling Impact on Investments**  
   **Q:** How does online gambling affect your view on new investments?  
   **A:** The growth of online gambling makes us cautious about capital-intensive projects in markets where it's legalized.  **[LVS_3403395_19]**  We need to understand the potential impact on land-based revenues before proceeding with investments like New York.  **[LVS_3403395_19]** 

8. **Macau Visitation Trends**  
   **Q:** How did Macau visitation evolve this quarter?  
   **A:** Visitation improved to about **93%** of 2019 levels in the third quarter, with August exceeding 2019 levels.  **[LVS_3403395_10]**  However, increased visitation didn't fully translate into spending in base mass and retail segments.  **[LVS_3403395_10]**  The strength continues to be driven by the premium segments.  **[LVS_3403395_10]** 

9. **Macau Arena Renovations**  
   **Q:** What's the status and impact of Macau arena renovations?  
   **A:** The Venetian arena will relaunch towards the end of November into December.  **[LVS_3403395_13]**  We have events lined up and anticipate that programming both the Venetian and Londoner arenas will drive traffic and spend.  **[LVS_3403395_13]** 

0e09e5251e6c5f7b651393319e2acdb104a16f4101538e9217a28168379c41c4

1. **Singapore Growth and Investments**  
   **Q:** What's the outlook for Singapore's growth and investments?  
   **A:** Management is very bullish on Singapore, seeing it as a **$2 billion EBITDA** asset today that can grow **10–20% over the next 3–4 years**.  **[LVS_3370692_5]**  They are completing a **$750 million** renovation in Tower 3 by Chinese New Year next year.  **[LVS_3370692_6]**  They are in close discussions with the government on developing a new building, which could potentially make Singapore a **$3 billion EBITDA** market by the end of the decade.  **[LVS_3370692_5]** **[LVS_3370692_6]** 

2. **Macao Mass Market Recovery**  
   **Q:** How is the mass market recovery progressing in Macao?  
   **A:** The fourth quarter saw **13% sequential growth in premium mass** and **8% growth in base mass**.  **[LVS_3370692_3]**  Visitation recovered to almost **90% of 2019 levels**.  **[LVS_3370692_3]**  Transportation infrastructure is improving, with ferry passengers recovering to **93% of pre-COVID levels** despite only **52% of sailing capacity**.  **[LVS_3370692_3]** 

3. **Promotional Environment and Margins in Macao**  
   **Q:** Are premium mass market margins in Macao sustainable?  
   **A:** The competitive landscape is intense, but management believes that product quality wins.  **[LVS_3370692_8]**  Margins are improving, with an underlying margin growth of **100 basis points** sequentially.  **[LVS_3370692_8]**  They expect margins to exceed 2019 levels as revenues continue to grow.  **[LVS_3370692_8]** 

4. **Share Repurchase Activity**  
   **Q:** Will share buybacks continue at current levels?  
   **A:** The company executed **$1 billion** of buybacks in the past quarter.  **[LVS_3370692_4]**  While they see long-term value in share repurchases and plan to be aggressive when they can, they may not buy the same amount every quarter.  **[LVS_3370692_4]** 

5. **Expansion Opportunities in Texas and New York**  
   **Q:** What is the status of potential expansions in Texas and New York?  
   **A:** Management is actively pursuing integrated resort development in Texas, particularly in Dallas, seeing it as an "unbelievable market".  **[LVS_3370692_15]**  Regarding New York, they are hopeful that a decision will happen this year following the governor's comments, and they have worked hard on a compelling bid.  **[LVS_3370692_12]** 

6. **Retail Portfolio Performance**  
   **Q:** How is the retail portfolio performing?  
   **A:** The retail segment is showing stellar numbers, with Marina Bay Sands achieving almost **$3,000 per square foot** in sales and the Four Seasons in Macao reaching **$9,200 per square foot**.  **[LVS_3370692_10]**  The retail contributed **$677 million** and management feels very bullish about future prospects.  **[LVS_3370692_10]** 

7. **Singapore Hold and Game Play**  
   **Q:** Is elevated gaming hold in Singapore sustainable?  
   **A:** The recent high hold percentages are attributed to normal volatility and are expected to revert to the mean over time.  **[LVS_3370692_11]**  There is no change in game play or betting patterns that would sustain elevated hold levels.  **[LVS_3370692_11]** 

8. **Disruption from Macao Renovations**  
   **Q:** How will Londoner renovations impact operations?  
   **A:** Renovations of the Sheraton Hotel have commenced and will continue through 2024, completing in Q1 2025.  **[LVS_3370692_5]**  There may be some disruption, especially in the second half of the year, but management is experienced in managing such processes.  **[LVS_3370692_5]**  They believe the end result will be worth the temporary impact.  **[LVS_3370692_5]** 

9. **Dividends and Capital Allocation at Sands China**  
   **Q:** When will Sands China resume dividend payments?  
   **A:** The primary focus is on investing for long-term growth in Macao.  **[LVS_3370692_16]**  Management plans to decrease leverage and once achieved, they will look to begin dividends again at Sands China, which has been a strong dividend payer in prior years.  **[LVS_3370692_16]** 

568c095c7eb8b32ee52499c3abb35b45bbd307e9bd00f3c5ff75e9f31b6dcf8e

- **Management expects significant EBITDA growth and margin expansion as major renovations in Macau complete, particularly with the opening of the Londoner Grand and full operations at The Venetian, targeting over $3 billion in annualized EBITDA, the highest in the company's history without Las Vegas.**  **[LVS_3394140_5]**
- **Strong performance in Singapore despite ongoing construction disruptions, with Marina Bay Sands posting record volumes in premium mass and slots; management anticipates even greater growth when renovations are complete, positioning the property to generate unprecedented EBITDA levels.**  **[LVS_3394140_13]** **[LVS_3394140_18]**
- **Active capital return program, with management confident in the company's undervalued stock; they repurchased $400 million of stock during the quarter and plan to continue repurchasing shares, signaling strong confidence in future growth prospects.**  **[LVS_3394140_17]** **[LVS_3394140_6]**

49cce881ca3b89d509168daca453a78cde3df7809c9762eaa968cd7ff0b7bc9a

Las Vegas Sands Corp (LVS)

Financials