LAS VEGAS SANDS CORP Q1 FY2025 earnings call

• Macao: Londoner is fully open with 2,405 study rooms and suites preparing for Golden Week. Focus on improving revenue and cash flow across the portfolio. SCL leads in gaming, nongame revenue, and EBITDA metrics. - Singapore: Marina Bay Sands had a record quarter driven by gaming investment and high-value tourism. Updated hold expectation on rolling play at MBS to 3.7%. - Share Repurchase and Dividends: Repurchased $450 million of LVS stock, paid $0.25 per share dividend. SCL resumed dividend payment. - New York Development: Concerned about iGaming legalization impact on New York project; in process of securing third-party agreement for Nassau Coliseum site casino license.

Macao: Delivered $535 million of EBITDA for the quarter. SCL continues to lead the market in gaming and nongame revenue and EBITDA. Singapore (Marina Bay Sands): Delivered a record quarter with $605 million of adjusted property EBITDA, a margin of 52%. Mass gaming and slot win reached $778 million, reflecting 73% growth from the first quarter of 2019 and 13% growth from the prior year.

• Macao: Expect EBITDA improvement as revenue grows with Londoner ramp-up. - Singapore: Still early in realizing MBS investments' benefits; hold percentage on rolling play updated to 3.7%. - Share Repurchase: Board increased authorization to $2 billion; active in repurchasing LVS and SCL shares.

• Macao: Competitive market not growing as anticipated; iGaming legalization impact on New York project. - Singapore: Player preference and game mix can cause fluctuations in hold percentages.

Q: Carlo Santarelli asked about balancing share repurchases between LVS and SCL and EBITDA benefits from mass side hold in MBS A: Patrick Dumont said they see value in both LVS and SCL equity and will be active in repurchasing; Robert Goldstein discussed how bet composition drives hold percentage Q: Stephen Grambling inquired about reinvigorating growth at properties and CapEx allocation A: Grant Chum said focus on ramping up Londoner brand, with regular renovations of existing assets Q: Robin Farley asked about Londoner ramp-up impact on market share and non-gaming investments in Macao A: Patrick Dumont and Grant Chum discussed Londoner ramp-up taking time due to inventory access, and Macao's non-gaming investment direction Q: Shaun Kelley asked about Macao market dynamic and OpEx match to revenue A: Robert Goldstein and Grant Chum talked about competitive market and OpEx impact from payroll and revenue decline Q: Brandt Montour asked about Golden Week bookings and The Venetian's performance A: Patrick Dumont declined to comment on current quarter; Grant Chum discussed Venetian's revenue decline and focus on driving customers Q: Joseph Stauff asked about prop bet adoption in Macao and MBS renovations A: Robert Goldstein and Grant Chum spoke about prop bet adoption challenges and Tower 3 renovation status Q: George Choi asked about prop bet adoption in Macao vs Singapore and dividend expectations A: Grant Chum and Patrick Dumont discussed prop bet adoption progress and dividend hopes for SCL and LVS Q: Colin Mansfield asked about repaying parent loan and Singapore visitation impact A: Patrick Dumont explained loan repayment reason and Singapore's tourism focus benefits MBS Q: Steven Wieczynski asked about China-U.S. relations and Singapore visitation impact on MBS A: Robert Goldstein and Patrick Dumont addressed China-U.S. relations concerns and Singapore's tourism investment benefits MBS Q: David Katz asked about Macao competition and promotional plans A: Robert Goldstein and Grant Chum discussed competitive market in Macao and plans to aggressively deploy new assets and use tactical promotions