DOCSLIB.ORG

UNO Template

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

04 December 2013 Asia Pacific/Australia Equity Research Casinos & Gaming (Casino & Gaming (AU)) Crown (CWN.AX / CWN AU) Rating (from Outperform) UNDERPERFORM* DOWNGRADE RATING Price (04 Dec 13, A$) 16.65 Target price (A$) 16.40¹ Market cap. (A$mn) 12,127.76 Pause in the rally Yr avg. mthly trading (A$mn) 433 Last month's trading (A$mn) 448 Projected return: ■ We believe Crown will UNDERPERFORM in the short-term as Macau Capital gain (%) -1.5 gaming stocks have become expensive. We lower our rating from Dividend yield (net %) 2.2 Outperform. We upgrade our FY14 NPAT 8% on a strong MPEL 3Q. Our Total return (%) 0.72 DCF-based target price remains unchanged as the uplift in our MPEL 52-week price range 17.2 - 10.1 * Stock ratings are relative to the relevant country benchmark. valuation was offset by weakness in the domestic casinos as reported at ¹Target price is for 12 months. CWN’s AGM. CWN reported that main floor gaming across its Australia casinos was in-line with the prior year for the 17 weeks ending October 27. It Research Analysts was implied from the AGM language that VIP was running below the pcp. Larry Gandler 61 3 9280 1855 ■ For calendar 2014 we factor 6% gaming revenue growth for MPEL – a [email protected] somewhat slower pace than the 22% for 2013E. Our US$32.50 MPEL DCF Kenny Lau, CFA equates to 12.1x 2014E EBITDA. Currently, MPEL is trading at 13.1x 2014E 852 2101 7914 EBITDA. Also, the margin expansion phase may be slowing as mass market [email protected] table hold rates rose from the low-20s to the low-30s by 2013E. Mass Benjamin Levin 61 3 9280 1766 players are losing 32% of their money at City of Dreams! Among mainstream [email protected] gaming products, only lotteries have a higher percentage of player loss. Isis Wong 852 2101 7109 ■ Domestic business fully-valued in a weak trading environment. CWN's [email protected] implied domestic multiple, after adjusting out MPEL, has recently hit 10.2x FY14E EBITDA and has trailed back to about 9.5x. By comparison, EGP is trading on 7.0x and SKC 9.0x. The valuation expansion that occurred as investors sought yield seems complete in light of the Sep quarter discretionary spend (WA discretionary spend was flat; VIC EGM revenue was down 1.4% vs pcp.) Total return forecast in perspective Financial and valuation metrics 50% Year 06/13A 06/14E 06/15E 06/16E 40% Revenue (A$mn) 2,878.7 2,945.9 3,070.7 3,224.7 30% EBITDA (A$mn) 758.4 796.1 823.5 870.2 20% EBIT (A$mn) 513.8 549.0 569.9 608.5 10% Mean^ 0% CS tgt^ Sh Prc Net income (A$mn) 472.8 617.2 694.7 812.8 -10% EPS (CS adj.) (Ac) 64.91 84.74 95.38 111.58 -20% Change from previous EPS (%) n.a. 7.9 0.6 5.8 -30% -40% Consensus EPS (Ac) n.a. 85.90 99.00 111.80 12mth Volatility* 52wk Hi-Lo IBES Consensus EPS growth (%) 14.9 30.5 12.6 17.0 target return^ P/E (x) 25.7 19.6 17.5 14.9 Dividend (Ac) 37.00 37.00 37.00 37.00 Performance over 1M 3M 12M Dividend yield (%) 2.2 2.2 2.2 2.2 Absolute (%) -1.0 12.3 63.1 P/B (x) 3.3 2.9 2.6 2.3 Relative (%) 1.2 9.8 46.0 Net debt/equity (%) 43.4 37.0 31.2 27.5 Relative performance versus S&P ASX 200.See Reference Source: Company data, ASX, Credit Suisse estimates, * Adj. for goodwill, notional interest and unusual items. Relative P/E against Appendix for a description of the chart. Source: Credit Suisse ASX/S&P200 based on pre GW in AUD. Company PE calculation is based on displayed EPS Currency estimates, * Consensus, mean range from Thomson Reuters DISCLOSURE APPENDIX CONTAINS ANALYST CERTIFICATIONS AND THE STATUS OF NON US ANALYSTS. FOR OTHER IMPORTANT DISCLOSURES, visit https://rave.credit-suisse.com/disclosures or call +1 (877) 291-2683 US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION® Client-Driven Solutions, Insights, and Access 04 December 2013 Figure 1: Financial summary Crown (CWN) 2012 2013 2014 Year2015 ending 302016 Jun 2012 2013 In AUDmn,2014 unless 2015otherwise stated2016 Share Price: A$16.65 4/12/2013 19:59 Earnings 06/12A 06/13A 06/14E 06/15E 06/16E Rating UNDERPERFORM c_EPS_SHARESEquiv. FPO (period avg.) mn 734.8 728.4 728.4 728.4 728.4 Target Price A$ 16.40 c_EPS*100EPS (Normalised) c 56.5 64.9 84.7 95.4 111.6 vs Share price % -1.50 EPS_GROWTH*100EPS Growth 14.9 30.5 12.6 17.0 IBEs_EPS_MEAN*100Consensus EPS c 56.4 64.9 85.9 99.0 111.8 Crown Limited is an Australia-based company. It is engaged in gaming and entertainment IBES_EBT_MEANConsensus EBITDA mn 722.0 758.3 817.3 864.7 906.7 business. Crown wholly owns and operates two integrated resorts: Crown Entertainment c_DPS*100DPS c 37.0 37.0 37.0 37.0 37.0 Complex in Melbourne (Crown Melbourne) and Burswood Entertainment Complex in Perth. c_PAYOUT*100Dividend Payout % 65.5 57.0 43.7 38.8 33.2 c_FCF_PS*100Free CFPS c 14.5 33.3 42.9 51.1 38.5 Profit & Loss 06/12A 06/13A 06/14E 06/15E 06/16E Valuation Sales revenue @ theo. win 2,793.2 2,878.7 2,945.9 3,070.7 3,224.7 c_PEP/E x 29.5 25.7 19.6 17.5 14.9 EBITDA @ theo. win 722.0 758.4 796.1 823.5 870.2 c_EBIT_MULTIPLE_CURREV/EBIT x 23.7 26.7 24.9 23.8 22.3 Adjust to actual win 79.3 (6.5) (0.2) (0.2) (0.2) c_EBITDA_MULTIPLE_CUEV/EBITDA x 19.1 18.1 17.2 16.5 15.6 EBITDA @ actual win 801.3 751.9 795.9 823.3 870.0 c_DIV_YIELD*100Dividend Yield % 2.2 2.2 2.2 2.2 2.2 Depr. & Amort. 218.3 238.1 246.9 253.4 261.5 c_FCF_YIELD*100FCF Yield % 0.9 2.0 2.6 3.1 2.3 EBIT @ actual win 583.0 513.8 575.1 569.9 608.5 c_PBPrice to Book x 3.6 3.3 2.9 2.6 2.3 Net interest 102.1 120.4 107.9 103.2 92.3 Returns Reported PBT 481.0 393.4 441.2 466.7 516.2 c_ROE*100Return on Equity % 12.3 12.9 14.8 14.9 15.4 Income tax 106.5 75.9 92.4 100.0 114.9 c_I_NPAT/c_I_SALES*100Profit Margin % 14.9 16.4 21.0 22.6 25.2 Profit after tax 374.5 317.5 348.8 366.7 401.4 c_I_SALES/c_B_TOT_ASSAsset Turnover x 0.5 0.5 0.5 0.4 0.4 Minorities 0.0 0.0 0.0 0.0 0.0 c_ASSETS/c_EQ_COMMONEquity Multiplier x 1.7 1.6 1.6 1.5 1.4 Preferred dividends 0.0 0.0 0.0 0.0 0.0 c_ROA*100Return on Assets % 7.1 7.9 9.5 10.1 10.9 Associates 138.9 173.5 278.2 335.8 419.5 c_ROIC*100Return on Invested Cap. % 9.0 7.9 7.6 7.3 7.0 Adjust to theoretical NPAT (98.4) (18.2) (9.8) (7.8) (8.1) Gearing Normalized NPAT 415.0 472.8 617.2 694.7 812.8 c_GEARING*100Net Debt to Net debt + Equity% 33.5 30.3 27.0 23.8 21.6 Unusual items after tax 0.0 (95.1) 0.0 0.0 0.0 c_NET_DEBT/c_I_EBITDANet Debt to EBITDA x 2.4 2.1 1.9 1.8 1.7 Reported NPAT 513.4 395.8 627.0 702.5 820.8 c_I_EBITDA/Int Cover c_I_NET_INTEREST (EBITDA/Net Int.) x 7.1 6.3 7.4 8.0 9.4 Balance Sheet 06/12A 06/13A 06/14E 06/15E 06/16E c_I_EBIT/Int Cover c_I_NET_INTEREST (EBIT/Net Int.) x 5.7 4.3 5.1 5.5 6.6 Cash & equivalents 149.4 205.5 213.5 216.1 176.8 (c_C_CAPEX/c_I_SALES)*-100Capex to Sales % 16.6 8.8 9.5 7.7 11.7 Inventories 11.9 12.6 12.9 13.4 14.1 (c_C_CAPEX/c_I_DEPR)*-100Capex to Depreciation % 227.9 113.4 120.0 98.8 152.6 Receivables 201.7 257.5 257.5 283.1 311.3 Other current assets 19.0 19.0 19.0 19.0 19.0 MSCI IVA (ESG) Rating Credit Suisse View Current assets 382.0 494.7 502.9 531.6 521.2 TP ESG Risk (%): 0 Property, plant & equip. 2,804.4 2,865.5 2,912.1 2,909.2 3,039.1 TP Risk Comment: No ESG risks factored into our CWN 8.2 Intangibles 864.8 854.1 839.6 825.2 810.7 valuation.
Recommended publications
  • Asia Hospitality Report October 2011

    Asia Hospitality Report October 2011

    ASIA HOSPITALITY REPORT OCTOBER 2011 ASIA HOSPITALITY REPORT OCTOBER 2011 CONTENTS Hotel Muse – Hotel (Bangkok ) Banyan Tree Macau – Resort (Macau) TOKYO OSAKA SINGAPORE MILAN PARIS NEW YORK LOS ANGELES www.garde.co.jp ASIA HOSPITALITY REPORT OCTOBER 2011 Hotel Muse Project Overview Rising 25 storeys above the upscale residential area of Langsuan Road in the city’s center, Hotel Muse offers 174 lavish guest rooms along with a distinctive array of dining and entertainment venues. The hotel has an eclectic interior full of opulent art and design inspired by the golden era of King Rama V, blended with European influences. The six room categories are named after Buddhist cosmology, starting with Jatu rooms, which measure 39 sqm. The next level up is Dowadueng, Yama, Dusid, Nimman and, finally, the Paranim penthouse, which measures 216 sqm and features a guest bathroom, king-size bed, sitting room and kitchen. There are 5 dining outlets: Le Salon, Medici, Su Tha Ros, The Speakeasy and Wet Bar. For business travelers, Hotel Muse offers venues for meetings and events, including a boardroom in The Speakeasy bar and private dining areas at Medici and Su Tha Ros. Hotel Muse Bangkok is the second hotel in the city that belongs to the MGallery collection after VIE Hotel. The hotel celebrated its soft opening this month, with about half of the guest rooms completed and the rest currently under construction. Project Details 1. Type of Business: Luxury boutique hotel. 2. Open Date: October 2011 (soft opening) 3. Concept: MGallery’s category of “Vision”, where the interior design is inspired by a historical era.
  • CULINARY OFFERINGS at STUDIO CITY Studio City Offers a Diverse Range of World-Class Restaurants, Cafes and a Number of Relaxed B

    CULINARY OFFERINGS at STUDIO CITY Studio City Offers a Diverse Range of World-Class Restaurants, Cafes and a Number of Relaxed B

    CULINARY OFFERINGS AT STUDIO CITY Studio City offers a diverse range of world-class restaurants, cafes and a number of relaxed bars and lounges. Over 20 food and beverage outlets are located throughout the property, from authentic traditional Cantonese, northern Chinese, South East Asian, Japanese, Italian, western and international cuisines to Macau local delicacies. Gourmet dining – unrivalled in Macau – is also on the menu at Studio City with a stellar range of signature restaurants including one-Michelin-starred ‘Pearl Dragon’; Michelin- recommended Bi Ying; Italian ‘Trattoria Il Mulino’ from New York; and Japanese ‘Hide Yamamoto’; Chinese Pearl Dragon Pearl Dragon, helmed by Chef de Cuisine Lam Yuk Ming, is a one-Michelin-starred Cantonese restaurant (2017-18) that offers a truly exquisite dining experience at Studio City. It also received a Four-Star Award from the prestigious Forbes Travel Guide (2018). With a dedication to perfection, Pearl Dragon offers a menu showcasing refined provincial Chinese flavors, innovative culinary creations and the finest delicacies to tempt your palate. Pearl Dragon was also named Top 20 Best Restaurants in the Hong Kong Tatler Best Restaurants Hong Kong & Macau Edition 2017 and received SCMP’s 100 Top Tables award in 2017-18. Location: Shop 2111, Level 2, Star Tower Operating Hours: Monday – Friday, 12 noon – 3pm / 6pm – 11pm Saturday, Sunday and Public Holidays, 11am – 3pm / 6pm – 11pm Bi Ying Bi Ying, which has been recommended in the Michelin Guide Hong Kong Macau 2017-18, invites guests to indulge in a culinary tour of China through dishes from the North and the South. Provincial favorites such as clay pot congee, tasty stir-fried dishes, as well as Cantonese and Northern style dim sum are made to order in the open kitchen.
  • UBS AG (Incorporated with Limited Liability in Switzerland) Acting Through Its London Branch

    UBS AG (Incorporated with Limited Liability in Switzerland) Acting Through Its London Branch

    3 June 2021 Hong Kong Exchanges and Clearing Limited (“HKEX”), The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. This document, for which we accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Rules”) for the purpose of giving information with regard to us. We, having made all reasonable enquiries, confirm that to the best of our knowledge and belief the information contained in this document is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this document misleading. This document is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Warrants. The Warrants are complex products. Investors should exercise caution in relation to them. Investors are warned that the price of the Warrants may fall in value as rapidly as it may rise and holders may sustain a total loss of their investment. Prospective purchasers should therefore ensure that they understand the nature of the Warrants and carefully study the risk factors set out in the Base Listing Document (as defined below) and this document and, where necessary, seek professional advice, before they invest in the Warrants.
  • Las Vegas Sands Corp. Annual Report 2018

    Las Vegas Sands Corp. Annual Report 2018

    Las Vegas Sands Corp. Annual Report 2018 Form 10-K (NYSE:LVS) Published: February 23rd, 2018 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2017 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32373 LAS VEGAS SANDS CORP. (Exact name of registrant as specified in its charter) Nevada 27-0099920 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 3355 Las Vegas Boulevard South Las Vegas, Nevada 89109 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (702) 414-1000 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Common Stock ($0.001 par value) New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.
  • Marina Bay Sands

    Marina Bay Sands

    3Q19 Earnings Call Presentation October 23, 2019 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. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, fluctuations in currency exchange rates and interest rates, government regulation, tax law changes and the impact of U.S. tax reform, legalization of gaming, natural or man- made disasters, terrorist acts or war, outbreaks of infectious diseases, insurance, gaming promoters, risks relating to our gaming licenses and subconcession, infrastructure in Macao, our subsidiaries’ ability to make distribution payments to us, and other factors detailed in the reports filed by Las Vegas Sands with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands assumes no obligation to update such information. Within this presentation, the company may make reference to certain non-GAAP financial measures including “adjusted net income,” “adjusted earnings per diluted share,” and “consolidated adjusted property EBITDA,” which have directly comparable financial measures presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), along with “adjusted property EBITDA margin,” “hold-normalized adjusted property EBITDA,” “hold-normalized adjusted property EBITDA margin,” “hold-normalized adjusted net income,” and “hold-normalized adjusted earnings per diluted share,” as well as presenting these or other items on a constant currency basis.
  • Proposed Re-Election of Retiring Directors and Proposed Granting of General Mandates to Repurchase Shares and to Issue New Shares and Notice of Annual General Meeting

    Proposed Re-Election of Retiring Directors and Proposed Granting of General Mandates to Repurchase Shares and to Issue New Shares and Notice of Annual General Meeting

    475754 \ (Sands) \ 23/03/2018 \ M51 P.1 THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult a stockbroker or other registered dealer in securities, a bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in Sands China Ltd., you should at once hand this circular, together with the enclosed form of proxy, to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. SANDS CHINA LTD. 金沙中國有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1928) PROPOSED RE-ELECTION OF RETIRING DIRECTORS AND PROPOSED GRANTING OF GENERAL MANDATES TO REPURCHASE SHARES AND TO ISSUE NEW SHARES AND NOTICE OF ANNUAL GENERAL MEETING A notice convening the Annual General Meeting of Sands China Ltd. to be held at The Venetian Macao-Resort-Hotel, Florence 2201 to 2302, Level 1, Estrada da Baia de N. Senhora da Esperanca, s/n, Taipa, Macao on Friday, May 25, 2018, at 11:00 a.m.
  • 2020 Annual Report

    2020 Annual Report

    Stock Code: 1928 and Note Stock Codes: 5140, 5141, 5142, 5725, 5727, 5733, 40246, 40247, 40584, 40585 www.sandschina.com From Luxury Duty Free Shopping, Exciting Entertainment and Fabulous Dining to World-Class Hotel Suites and MICE, Come and Discover Everything at Sands China. SANDS CHINA LTD. CONTENTS 1. OVERVIEW 4 1.1 Financial Results Summary 4 1.2 Highlights of 2020 5 1.3 Directors and Senior Management 11 2. BUSINESS REVIEW 18 2.1 Chairman’s Statement 18 2.2 Business Overview and Outlook 20 2.3 Our Properties 26 2.4 Management Discussion and Analysis 33 2.5 Priority Risk Factors 47 2.6 Stakeholder Information 59 3. CORPORATE GOVERNANCE 66 REPORT 3.1 Introduction 66 3.2 Corporate Governance Code Compliance 66 3.3 Board Governance Structure 67 3.4 The Board 68 3.5 Audit Committee 74 3.6 Remuneration Committee 76 3.7 Nomination Committee 78 3.8 Capex Committee 81 3.9 Risk Management and Internal Control 82 3.10 Shareholders 87 3.11 Compliance Disclosures and Other Matters 90 3.12 Directors’ Report 92 4. FINANCIAL STATEMENTS 113 4.1 Independent Auditor’s Report 113 4.2 Financial Statements 117 4.3 Notes to the Consolidated Financial Statements 123 4.4 Financial Summary 193 5. CORPORATE INFORMATION 194 6. CONTACT US 195 7. GLOSSARY 196 In case of any inconsistency between the English version and the Chinese version of this Annual Report, the English version shall prevail. SANDS CHINA LTD. 1.1 FINANCIAL HIGHLIGHTS 2 ANNUAL REPORT 2020 SANDS CHINA LTD. 1.1 FINANCIAL HIGHLIGHTS our Luxurious Hotel Rooms and Suites await you.
  • Nov 13, 2019 Melco Announces Macau-First Pop-Up Store Initiative Exclusively for Local Small

    Nov 13, 2019 Melco Announces Macau-First Pop-Up Store Initiative Exclusively for Local Small

    FOR IMMEDIATE RELEASE Melco announces Macau-first pop-up store initiative exclusively for local Small and Medium Enterprises Macau, Wednesday, November 13, 2019 – Melco Resorts & Entertainment announces it will host a Macau-first pop-up store initiative exclusively for local Small and Medium Enterprises (SMEs) at Studio City in 2020. It serves as a continuation of the Melco philosophy to create and support the growth of local SMEs. Demonstrating Melco’s ongoing and steadfast commitment to SMEs, the scheme provides rent-free retail spaces and essential operational resources to participating SMES subsidized by Melco for optimized revenues through the marketing and selling of their products and services directly to Studio City’s visitors, tourists and shoppers. Mr. Geoff Andres, Property President of Studio City, said, “Melco is firmly committed to supporting local SME business development in Macau. As announced earlier this year, we have been planning a series of further initiatives to continue establishing detailed dialogue and understanding between ourselves and local SME businesses. We are pleased to introduce the forthcoming Macau-first pop-up store initiative at our Studio City property to provide support and contribute to the advancement of local small and medium-scale businesses and look forward to working in collaboration with our local vendors towards the sustainable development of Macau.” Melco continues to plan and implement numerous campaigns to support local SME development, including the forthcoming Studio City Christmas Bazaar, Macau-first pop-up store initiative, and the ‘Knowing You, Knowing Us’ campaign. Each of these initiatives aim to create a communications platform between SMEs and Melco, to help SMEs get to know Melco as a company, its management team and employees, as well as the Company’s operational requirements and standards, and for Melco to get to know Macau’s local suppliers, their businesses, services and offerings, and serve as a catalyst for the development of a sustainable Macau.
  • 4Q16 Earnings Call Presentation January 25, 2017

    4Q16 Earnings Call Presentation January 25, 2017

    The Parisian Macao The Venetian Macao Sands Cotai Central, Macao Marina Bay Sands, Singapore (Opened Sept. 13, 2016) 4Q16 Earnings Call Presentation January 25, 2017 Sands Macao Four Seasons Macao Sands Bethlehem The Venetian Las Vegas The Palazzo, Las Vegas Forward Looking Statements This presentation contains forward‐looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward‐looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our ability to meet certain development deadlines, our subsidiaries’ ability to make distribution payments to us, and other factors detailed in the reports filed by Las Vegas Sands with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward‐looking statements, which speak only as of the date thereof. Las Vegas Sands assumes no obligation to update such information. Within this presentation, the company may make reference to certain non‐GAAP
  • Casino Boss Francis Lui Won Big in Macau, but His Next

    Casino Boss Francis Lui Won Big in Macau, but His Next

    IT DIDN’T QUITE WORK OUT THAT WAY. A partnership with an American casino operator fi zzled, so after running a couple of card clubs in other peo- ple’s hotels, his family’s irm, Galaxy Entertainment Group, built one of Macau’s new glittering casinos BY RUSSELL PEARLMAN in 2006. That and building two other incredibly successful casinos in Macau transformed Lui, 62, from the ambitious son of a wealthy Hong Kong con- struction magnate into one of the world’s richest men. In turn, Lui helped transform Macau—which over the past several hundred years has been, in turn, a waystation for refugees fl eeing the Mongols, a bustling Portuguese-run trading colony, a haven for CASINO BOSS early-20th-century gangsters and a neutral port in the storm of World War II—into its latest incarnation: the world’s biggest betting parlor. Gamblers drop more than FRANCIS LUI WON BIG $28 billion a year betting at Macau’s casinos. Las Vegas doesn’t even get one-quarter of that. But instead of sitting back and enjoying Macau’s current form, he’s at the forefront of trying to reinvent the area yet IN MACAU, BUT HIS again. He’s making a multibillion-dollar bet that Macau’s next reinvention won’t involve much gambling at all. Over the next few years, Galaxy wants to add NEXT BET BARELY 10.7 million square feet of space to its existing Galaxy Macau resort, nearly doubling its size. It potentially will include a convention center, a concert venue with INVOLVES GAMBLING.
  • Xiaomi Sews up Deals for Smart Homes

    Xiaomi Sews up Deals for Smart Homes

    16 BUSINESS Thursday, November 29, 2018 CHINA DAILY HONG KONG EDITION Xiaomi sews Shenzhen firms hike investment up deals for in R&D sector By ZHOU MO in Shenzhen, Guangdong smart homes [email protected] 20 percent of Shenzhen­registered list­ Tech tie­ups with Ikea, Microsoft and Nearly 20 percent of ed companies devoted more Shenzhen­registered listed than 10 percent of their iKongjian ‘to create better life for people’ companies devoted more operating revenue to R&D than 10 percent of their oper­ By OUYANG SHIJIA shortly after Ikea, the world’s ating revenue to research ouyangshijia@ largest furniture retailer, said and development last year, a chinadaily.com.cn last week that it would acceler­ level on par with globally ate its transformation to fully leading high­tech enterpris­ the sector that took the lead. Chinese technology giant embrace new technologies and es like Google and Apple, Of the 10 listed companies Xiaomi Corp announced on offer better user experiences. according to a report. with the biggest R&D invest­ Wednesday it has teamed up Bjorn Block, business leader In all, 256 companies cov­ ment, eight were IT compa­ with Sweden’s furniture titan for Ikea’s Home Smart divi­ Lei Jun, founder and CEO of Xiaomi Corp, delivers a speech on Wednesday during the MIDC Xiaomi ered in the Shenzhen­regis­ nies. Ikea to offer smart home prod­ sion, told during the confer­ AIoT Developer Conference in Beijing. PROVIDED TO CHINA DAILY tered Listed Companies The R&D investment of ucts. ence that the new partnership Development Report dis­ Tencent Holdings Ltd, the The tie­up is part of its larg­ marked a key step in creating a closed their R&D spending world’s largest game maker er efforts to expand into the seamless experience for cus­ partnership would benefit home renovation service plat­ in their 2017 annual reports.
  • Galaxy Macau & Broadway Macau Factsheet

    Galaxy Macau & Broadway Macau Factsheet

    Galaxy Macau & Broadway Macau Factsheet Overview Galaxy Macau™ and Broadway Macau™ are the most spectacular leisure and entertainment destinations in the world, comprising an integrated resort of over 1.1 million square meters. Opened in May 2011, Galaxy Macau quickly gained the reputation for being a genuine playground of Asian luxury and diversity where a World Class, Asian Heart service philosophy comes to life. Being the first resort to open in Macau since 2012, the new chapter of Galaxy Macau offers even more unlimited experiences to meet guests’ growing desire to explore a wider world of indulgence, style, fun and privilege. Broadway Macau brings a brand new entertainment and leisure concept to Cotai, the resort has worked with local SMEs in retail, food and beverage, making these time- honored brands the majority of tenants at Broadway Macau. Galaxy Macau and Broadway Macau are strategically located on the Southern Coast of China, just one hour from Hong Kong by ferry or 15 minutes by helicopter. Situated in the heart of Cotai, guests can enjoy the convenience of Galaxy Express shuttle services for travel between Galaxy Macau and the Macau Ferry Terminal, the Taipa Ferry Terminal, Macau International Airport, Border Gate, Lotus Border, StarWorld Hotel and Broadway Macau. By the end of 2018, Broadway Macau has implied new direct bus route from Hong Kong-Zhuhai-Macau Bridge to the Hong Kong International Airport. Leisure The amazing 75,000 square-meter Grand Resort Deck is at the heart of the Galaxy Macau experience. Authentic resort features offer guests all the pleasure of a tropical holiday in Macau.