LVS - Earnings call transcript Q4 2017

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon. My name is Jesse and I will be your conference operator today. At this time, I'd like to welcome everyone to the Las Vegas Sands Fourth Quarter 2017 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. I would now turn the call over to Mr. Briggs. Daniel

Daniel Briggs

you. Thank

Chief the Chief on Chief are Adelson, President Sheldon Officer; Joining Officer; call Rob and and Vice Executive Executive Patrick and Officer. Goldstein, Chairman and me Dumont, today Financial our Operating President

from laws. Mr. could the Before me anticipated please of Safe the call contain Harbor remind over we differ that securities conference let forward-looking today's provision Adelson, statements those I The that are in call results forward-looking turn will the materially company's to actual you making results federal under statements.

non-GAAP we may the A addition, measures reconciliation press In a GAAP of comparable of discuss is to measures. measures definition the in release. these and included financial each most

Investor to We refer point during Q&A those may out the also slides on to supplementary of want our website. the Relations call. portion have We we posted that earnings slides

to allow would that, one yourself the Finally, this might we let one like to session, those being turn call and our participate. to me presentation limit over question participate for you Sheldon is Chairman, ask the With to note, recorded. Please we everyone Adelson. interest in that with so that question please who Q&A follow-up

Sheldon Adelson

today. thank afternoon Good you, joining Thank Dan. you for us everyone and

me Gary I over Our XX% ended the company Growth pleased a Sheldon before; an by outstanding to prior it's done EBITDA that adjusted great driven strong I'm financial Company-wide growth I've of that and year initial XXXX very and in as so delivered another quarter we results. such billion, with reached hint Macao increase $X.XX Adelson. given change has growth my This should Singapore. middle meaning now

XXXX. EBITDA accelerated as Macao's with in representing since year. quarter Our market estimated the mass throughout reaching again million. quarter gaming Macao we XX% during $XXX in million XXXX mass growth to its at $XXX four. X% in in three operations adjusted quarter prior from the the came over produced EBITDA growth of quarter XX% best three have growth quarter We market an outperformed Hold-normalized

year grew outperformed over significant XX% growth Our non-rolling win rate prior grew XX%; by this the expansion. our while non-rolling margin table it's mass throughout revenue by

EBITDA with basis year. during advantages and Our hotel non-gaming to evident prior reached unique overnight range drive the scale other The suite of inventory, compared of the that non-gaming points advantages normalized margin benefit their growth quarter, inter-connectivity XX.X% were operator, and any offering, XXX our diversity our properties. the stay. allow enabled increase The structural between an the whole visitors well in us the through than of mass entertainment quarter. as as of more especially attract to our retail These increase Cotai and of us length fully

an XX% our fourth hotels. a inventory opening on-time Macao occupier for in The room this year in quarter, XX% hotel record We with quarterly a having the quarter in of exceptional we despite prior As fourth result, occupancy grew when million the achieved rooms ago our was an premiums year. over approximately At to added the X,XXX nights just X compared by mass in to the over Parisian.

just Our strength room MICE year-on-year XX% from in business nights strength has to under gone by growing to XXXX. XXX,XXX

to not more opening Our today first visitors, resort most Macao well if now XXX proud arenas. integrated established MICE, step continue is scale, live as Venetian of than flourish Strip. grow. retail malls, the are tourism my The These marked integrated stands world. create non-gaming Venetian Venetian diversity that after introduced dividends visited Macao's to in ago the Cotai and Macao of the results as as years attractions in mass and accelerates. paying will to Macao scale more million and large I cannot the XX Asia, strategy and clearly The to entertainment growth build receiving be fact and Macao amenities The in such with vision the the

Parisian rooms to It interconnected, The over all have the resort I'm for grateful square over renovating a their including segment mall, Central, our Four announced the see Macao The to over [ph] Venetian, results successfully the and inventory. is first hotel X.X this We X,XXX quarter XXX,XXX with reframing and Cotai The same fourth quarterly to billion Seasons, but $XXX EBITDA The at destination Parisian Central Londoner for continue by The into at for landmark scaling Londoner XX-year broad the offer to has hotel feet above retail critical Macao in strategy. has feet the have that future its years the be as diversity over recognition XXX implement Parisian a rooted suite new approximately the provide doing with as generated yet space. is Londoner with our both, completely destination. potential enabling attraction why will and us also The more the complex than strong will potential XX. Macao. community to in in support property, local and million line to Venetian its in government must-see we amenities a vision Londoner, for the and social two of the marquee million our be than travellers December marketing brand rapid platforms XXX,XXX-square-foot strongly by us space must Macao's media it's great the us spirit customer and and incredible in and Having that a renovation suites, must-see we square has The the earnings well anchored every overnight October that Seasons range care re-envision mass Macao expanding MICE instrumental retail a over scale. target in development of with last Upon of every same to $X.X reinvesting exciting of demonstrate in in company of SCC Parisian as on iconic unmatched the portfolio adding full that end building potential in completing commitment Strip Macao three of tremendous in this power the towers developed the on is is a and would market of as Sands Londoner third X.X welcomed property great on Macao ahead. with over Cotai project. strengthen deep position destination visitation entertainment, XX The offering of and Macao, The and of Sands realized will the Sands resort. the capabilities Macao to top MICE. another two truly and China The the level. this will we for integrated established bottom to years expanding, synergies hotel marketing and the in mall, segment service our in But operation only taken embark property. million enhancing growth community. and also next of Parisian the visitors of The have line X,XXX-seat The of completion, this and billion space, its the position support [ph] simply visiting The and offerings, the and Tower development market Parisian bridges. The digital segment to Parisian. MICE The The The all scale accommodate The been integrated its been as and current are The achieved with expansion will to developing we range hotel Eiffel Four and The of will together EBITDA F&B, of years in China resort, Macao is grow faster Chinese Venetian theater over SCC and landmark as stand-alone keys, assets impressions resorts Parisian another these as addition Londoner combined. The European-themed establishing a premium Cotai Macao a of guests iconic in

Macao's Foundation and that Typhoon have been This same Family the the of we continue influencing. destination. the in to time, by the we of Hato provide Following and Asia's China will leisure in and million with as aftermath tourism the business into rebuilding ever financial significantly support charities leading Adelson Sands committed transformation hard years. long-term efforts and the working MOP pledge Macao role coming pioneering institutions of are At XX assist to as individuals, assistance the the to playing to and remain months

the diversifying meaningful its realizing We through future. reflects at our full Macao contribute reinvest success privilege development destination. business opportunities potential in to economy, to reaching objectives Sands leisure as growth its to decision its and a regard supporting confidence its career develop and providing Our and of long-term local its it Londoner Macao's leading in and Macao Asia's to our of commitment as for and citizens, The businesses tourism Academy, including

solid Singapore. of for of Now, slot by supported an on basis Sands margins the quarter the cost prior a XXX marked Normalized revenue The and points quarter in million, versus with VIP moving $XXX and increased Bay quarter at XX.X% efficiency by reaching controls to growth. deliver by Marina gains. We Bay EBITDA XX% strong was the year increase fourth EBITDA over Sands Marina year. prior another excellent

with its economy, also was Our Marina and from powerful noting property in emerging Singapore a strong the to XXXX year-on-year site Because $XXX Singapore record Bay our in that growth the of is positive for operating XXXX developments. in to resort when million. XXXX. Bay market dollars. continues total strong considering profit broader jurisdictions serve It the large-scale tourism Marina of measured outperform retail year are worth XX% impact in as and on sales and Macao that local exceeded for deals EBITDA leisure retail integrated mall tenant a reference Sands Sands adjusted malls continues business Singapore to

favorite the yay buybacks. to dividends move to on let's my yay Now of capital subject, return and shareholders,

the capital sixth our remains consecutive dividend Board for XXXX our $X per Vegas have committed for we to dividend dividends returning year, that program in Directors opportunistic Las the excess After in quarter. recurring utilize share repurchase both, the quarter, program the to to forward and increasing stock of to increase dividends return the year deeply cornerstone we of marks dividend We look shareholders. our China, to in during same grow. dividend look increased repurchase the and per to remain year as will via program. shareholders. flows long-term the this the to to capital in stock Last return capital to establishing our future Vegas remain to We calendar our recurring and in recurring repurchased enhance forward approved program At Sands shareholders cash Las share future. Our $XX to shareholder million the Sands program those $X.XX our to returns we Sands October we the recurring recurring time, of XXXX, continuing excess our recurring or an

conclusion, to a flow times and debt-to-EBITDA view markets. to has a debt continues of generation before our like The product and times financial at results. times the and predictable. times leverage continued of low that. comfortable evident X.X accelerating. In critical Our to prior gross market We're new net from our related cash debt-to-EBITDA the opportunities about Macao ratio growth X.X in ratio on any on It in development between feels leverage a structural growth growth X.X of strong levels we're basis changed. in strong the only gross X.X My excited period mass the during be or resurgence a I'm additional not quarter with remains basis, on basis. XXXX in our and has we Macao. remains The returned that have and advantage mass to with experiencing very diversity now market scale, our

fourth both as We a and in have market the grown XXXX whole. than in the quarter mass, in faster

commitment scale our unwavering investments redevelopment Londoner continue full to we destination Macao into take make The the growth The Macao. [indiscernible] to to Cotai a our Macao a long-term comes have add will of to and stay Macao the of opportune significant The substantial because ahead look of amenities. We coming and of iconic of must-see We future of and Central Sands to product in hotel third in the utilization we terms the time competition Cotai with towers and Strip in will the in development. structural an in and years quality scale confidence. as advantage look

reinvesting today. strength strategically excess opportunities development us We return questions. also you strong outlook, we we have have financial are the call new shareholders. the we'll growth and Thank our now, capital both, the And to continue in organic to pursuing intent existing a joining to assets while on take for and

Operator

[Operator Instructions] Felicia comes first Hendrix with question Our Barclays. from

open. is line Your

Felicia Hendrix

Rob, maybe about we want you detail talk for for did Parisian deck the thank on on a to the was could moment that, just it and really I nice helpful.

The Parisian, that been side, an the changed? think just may have looks at on relative talk last want about at VIP and quarter about what last this VIP So so we quarter, quarter, how and have should might it like the property to anomaly

Robert Goldstein

some we've sometimes, quarter. of very this not strong sure be very I'm is levels clearly, Parisian play Singapore, much And has anomaly strong always cautioning quarter; at Macao. last of if a play of very, very, that concentrated The

the base just segment with captured room at The more we meet to sufficient of the the isn't important has demand XXXX. addition product in change however as and that that most Parisian of The come mass, think of Parisian XXX premium the onboard the will all build I suites

the sometime probably in In QX be of will Seasons in for us Four use available apartments -- to 'XX. addition,

stronger suites with Parisian. the of XXX much So XXX and or premium XXX Four Seasons, see will The I those think at you mass more customer the a

we We have to room satisfy demand, demand. frankly, don't have the price the

should there. that XXX we down suffered addition, In depreciation it quarter, keep rooms so was knowing this bit

pretty note most board, that's I this days extraordinary play. drove Parisian's stronger. keys issued believe evolution, a was of in Parisian It that and mass much also that X,XXX on that The direct performance we'll premium think back it's The quarter a result early a I keys get of

wants footprint; attractive the not to With retail great built still product right. I'm us get perfectly hotel, for satisfy in though leader built So see matches right gaming, by Parisian I with we light the double-digit a XX%. to our think a market market very you hotel, result demand we our created. hotel, The we you will this We the very, growth know, very we're even kind a at footprint. as sure demand room And nice Macao, the the massive incredible it seeing in lodging, mass with outperformed

over the magnitude that Our to Parisian Venetian market. numbers roughly $XXX mass, in mass 'XX, XX%, but and in table mass slot SCC quarter; by table to to participate as we extraordinary and mass billion mass think it see just appropriate in the entire of And back numbers. revenue million XX% did to and product this in up appeal. a its year-on-year pretty slot much as $X.X grew the go has show it's reference, that's have we will of I'm with growth once room the convinced like The matching you

rolling Parisian product; just we but So [ph]. yes, had of play strong yes, believe on it's that more early long-term last we terms concentration a very days the quarter is

Felicia Hendrix

volumes could VIP then the -- And highlighted switching volatile to be Rob, you've gears that Singapore; previously just there.

if ebbs volumes decline your than but the mass you just flows just better or normal anything then lower and in year-over-year if I that? there as wondering on just looking wondering also also was we did quarter were what else? in you due the well to I was were the could for side, so on comment year-over-year And was So business the the

Robert Goldstein

to [indiscernible], and pleased as -- this two caution Yet, rolling on extremely we've it's drive I of on result. small realize $X.XX customers one thoughts is to in continues segment highly growing it. fact year, And a pretty not side, declined bit. concentrated -- has it billion extraordinary the mentioned have is rely with we're Singapore would Singapore; is on two the that results I

know segment, we're to extraordinary X.X, segment, the X.X in everything pleased the create Board the with job that. at around out seen there I also in be growth are I commissions, MBS I that why growth last growth you that team of hovering in disappointed would this of over catalyst excellent the really came these I'm eight an we seeing future, I'd don't don't would Singapore. more for not not and big seeing So -- management, did otherwise is mass say see numbers across this until year. we're it's haven't seeing just a there growth I'm point the that agree it's prospects they near wonderful but EBITDA in we quarters X.X, producer the why cost, any drawing Singapore large drive at success to the a near future story without of very future.

So we I'm it the some less rolling to future growth lot make growth, non-rolling. see be create we'd easier could it a create or it yet more would $X.XX this management's to to billion, and be applaud hoping efforts in year

Your points are appreciated and I agree with.

Operator

with comes Sachs. Stephen from question next Your Goldman Grambling

line Your is open.

Stephen Grambling

Sands Londoner, the an there this any how of factors -- sense On compare I adhoc, but you the or renovations? it it's and any maybe mean what disruption quantify to types mitigate the potential the of Central, Cotai impact can are renovation for other of to kind

Robert Goldstein

we positive side Venetian upto there, The won't the say as tell when that The type it different would it you and think just I be we product billion can I imagine very, be have this construction The that plus very I and see and $XXX we the can would exceed -- also to Holiday business very demand numbers won't 'XX the under and that the be, otherwise; would back this not until number a in rear whatsoever of will SEC XX move and I it will quantify, hotel, forced to mass and Inn probably -- months and as a close is product next operating Disruption any it's the terrific can't to get disruption product base Regis are really hard point. just forth. room the $X would year, more you is we believe Londoner. I to believe the highlight shows quarter a product November/December. at will a late there million be coming We'll get be won't but down can power marry happen it casinos show and what end the demand we in just disruption, year. an that to St. two impact do in be retail of the

Holiday be a to and will just Steven very So some to at from number will along scale, time disruptive, think the helpful great in behind because size the been have know astounding this in done We be that a the very, a pretty less There going way, market task it. company. be truly hard win Londoner. but it pain great don't great, Londoner it's transition net has things Inn rate seems Macao the disruptive, and will I more the giving I our like this result see normalizes I that it's be quarter, herculean number, the never is 'XX to [indiscernible] run you

a And is transition simply this will it us be want because 'XX; I to so can't. achieve, to great I think quantify for while we don't in disruptive

Stephen Grambling

process. how you maybe things a months; bit; think the XX can seemingly that think next bridge Kong the that then the about has that opening benefit Hong from coming the to yourself? is benefit do doing been try what to position hopefully you And been are in as you market? are you how that, XX about in will little there A to do up Macao changing gears the the potential things Are always

Robert Goldstein

and the deliver have wait government we will confidence this think sometime year to and will have the I take… it bridge us in

Sheldon Adelson

year. in it the saying They're done be half this of first will

Robert Goldstein

as this do to obviously wait do we and concrete see. it a benefits mean, excited No, happen connectivity; I not can but make the sure wait it we're would I a just -- observation think see I'm point entire and to a we'll we that it's the but how company. we how lot hard can best at market, see

and we've I see waiting some customers all operators get long time; deliver and to we that major think and been it be [indiscernible] as the how and real for fresh a government and can a industry, fresh it a value hoping works. wait done to for it's add, patiently we're achieve as products achievement an thing it really

Operator

from comes question Shaun with next Your of America. Kelley Bank

Barry Jonathan

Barry for This Jonathan is Shaun.

can or driving Is I XX% players in any the give wondering think volume Macao, generally this Thanks. players, up drove in just of color you For quality was what QX? on premium just players lower if mass growth it? of just you more stepping

Robert Goldstein

the I we're they and the larger it's is can't are these underappreciated the from of new further a our further and away, spiked, we're good. visitation. players, that seeing outside received, been suites; just even the we all growth us think filled pretty it's is enough the bank more I sleeping there, spiked, own rolls think a to I perhaps, of has coming Venetian offerings higher [ph] think as people the and to think valuable can't adding -- guys period in we are. shows lot I outside reception They There above, more The think demand, occupancy phenomenal. it's rates how Guangdong extraordinarily huge hotel as more We're new mix assets experiencing and better seeing it's are strong has company think it's get plause I I keep just -- younger, a been especially entertainment have fluent. in is generation shows really well rooms Guangdong. a visitation also XX,XXX have growing

even and numbers last and are saw it's off a year kind three exciting the the seeing we ago mid-week to rooms So four in seeing that weekend of numbers We're successes. December than coming you we've from or our -- comprehend see these October. was accommodate to chart, mid-week, stronger premium simply and every that it's weekend mass and sleeping simply it, it's just it's growth is -- the very numbers dropping tied couldn't full mass, it's November got further we're it's away, very months, force

this continues It's is footprint forward quickly. is this outside growing so footprint the and -- Cotai, biggest which honestly in major driven, entertainment So massive Cotai, premium -- as falls [ph], into rooms think primarily is we're or coming it's to our the we're XX,XXX mass Guangdong obviously. driven, that's growth advantage I in of our hoping mass charge reason that's

growth $XXX year-on-year million any quarter extraordinary one is of know, mass company. on in You pretty for

Barry Jonathan

And a then Vegas, just a wondering operators on condo to Thanks. so. Vegas you quick other one invest if in JV have you've I'm talked in we're on on rooms the the know market. talking view And Vegas; or I past again the any tower starting with to hotel while the about update maybe MSG? converting arena X,XXX

Robert Goldstein

neighbors is pretty summer, Yes, it's our out of are see have it and will something is [ph] I'm going be to coming wind it's with to you're in yet publicly, well, I quite we'll date it building, have seen [ph] think the but an extraordinary. is February street, -- it's public construction spectacular. but and know great here build a it's going extraordinary, sure MSG going this March; March not [indiscernible] great JV Jim just the to across guys arena, live or present what it looks start a the the be to I arena is

forward looking in we're opening summer, to this So construction we're XXXX. commencing hope

so coming, extraordinarily Vegas, more have has it's based great growing not, dollars, and market a deserving so well, -- has why to is terrific, Knights football been a in live it's want work, very lodging Vegas building of past. more favor to as it, Vegas, Las if done the The some not? Black Las it. the Las just why great we're of is to and great market, place the it's days the is growth competitors far ahead a invest market returning of be the hockey much As

Operator

Your from Citigroup. Anil from next Daswani question comes

line open. is Your

Anil Daswani

actually over for suites, see and Just the outperforming a Macao, quarters? end us another the being how that once of mass ratio Seasons as see business. premium are guys do give you segment many as Do the can you product? players you on 'XX driver in going you open as 'XX suites you comp higher addition, can comping some Four now put that's as well well clearly the that's flavor key compared couple and mass mass in mass base how last you rooms Regis the St. guys in the and one up into premium in premium your been In guys that

Robert Goldstein

question mass money Well, is we're not being there made, is is where your about is it's double-digit, double-digit no XX% mass base it's premium point but the mass in that to premium unequivocally. is -- driver solid the and base growth double complaining

and premium and approach business Seasons important operated extremely our where we the as skewed far flow base as our right perform this the keys probably do us extraordinary we no us giving go next topline year long much versus still a clearly most are for the comp, market for they 'XX, more in in is why the premium suites in greater could of there, customer, that. XXX we driving As we're our that add customer those to will St. as mass amounts our whole extraordinary, the tours customer. built whole are XX-XX in a There be a those building can I we are of sometime that arguing for Four levels thing, the like profitability be about from share right change this for drive through to the is now, to Regis are now now coming St. is Season and using be on Four to mass that's the what going about mix a [ph], excited loop what's that from, customers rooms this, the business base. mean can't us, this; the think to it's customer; will -- not. see the the think cash-comp lion built keep the are Regis mass buildings, surge of I of growing We're cash I they built those that the premium is and mass, products

see quarter, just to the the margin the see you but the top today. our just line has it we future so this As that's excellent through business of and not the been growth flow flow as

Anil Daswani

product my on Singapore? any monetizing there the would is And mall be, follow-up in update

Patrick Dumont

So sales the look, Singapore mall foot everyone's expectations. salesforce number the up the and right can [ph] square exceeding as is you year-over-year in it's world, now it's per XX%, -- best

now the proud some we're on. this will that of if performance As but we're update but to you we'll how anything get we know we very on come, hopeful anything resort at this integrated some how of we're of we'll being really well comment. demonstrates fruition point, we to point in resort. nothing know we're have saw the going think That it, remixing of we'll have proud we just and it iconic rest anyone out to performance, at it is, asset well right process, talent time said, assets At works incredibly the of per more in you if that optimistic, come integrated you let that with update it power on, fits years the let operating happens and to the the no the

Operator

comes Joe question from Morgan. with next JP Greff Your

Your open. is line

Joseph Greff

year topics say your in is i.e. limited cash momentum what would free than is more you quarter? of we every year, and your a your markets next capital; the in the few -- any flow or assess a few as generation; of favorite one all Sheldon, capital always appetite return relative return CapEx years just once of characterize over that there to the board given to the times across

Patrick Dumont

high of investments highest so primary for focus. our is best The projects, make to growth that's of our use Chairman and capital our

share we the capital put our in can him to to that return there if our is in cornerstone we so said So that in if That to repurchase or that we that future. all develop program. and of Japan increase every pull I Korea, have in. and being prudently course, an extraordinary hope our we've opportunity our to our said, the have we're something capital along look is Chairman to modulate dividend return think he And sustainably market we can capital, excess work lever is and like other we'll does

So capital that's about that's something you kind should have we that Chairman shareholders frame and will we frequently, how go the our our discussion we'd and ultimately board think look with I have I if that through think how very the comfortable. that any excess by and frequently out of get that's that's talk company very that you guidance, waterfall, with we'll

think you your capital So you of process or we and framework should with have do as your you kind excess think mind have to that I in the look it. about what mind should in

Operator

from comes Carlo question with next Santarelli Your Deutsche Bank.

open. Your line is

Carlo Santarelli

is least I've in a always had slide we're the mentioned of and premium perception kind the where bit perspective, kind cadence kind were of you obviously mass and of at little that chip up mid-single-digits. tethered from up volumes year-over-year mass somewhat XX% slowed VIP that premium as a only

then of mass maybe, of premium of two industry First China terms those from the it? specific Mainland of seeing kind that driving metrics? are in strength bit specific of is all, you're there can, really the coming, And or industries a that any any little if sectors market you could about where drivers in the decoupling talk you

Robert Goldstein

it we're outside call comes where in think [ph], we they think certainty they is, industry can first increasingly. but other product of suite in them. drivers more seeing the tell and see CRE Guangdong it our and money, don't to that of to and our retail using What come we're penetration the we shows very we're lots fresh them see packing with malls we fresh seeing and business I I second or people, from. to -- our what go like and encouraging we're parked from it's seeing you can seeing What younger it customers, identify terms comes is provinces,

is us, of I So think positive again, advantages for that's very not advantages. as increases, a our that hidden or and hidden one so would sign that

because happened the as two far part bit grow like grew more. what it's that a you to premium As agree missed typically, segments your the at I you together with the decoupling, tied much hip; mass the see were has growing, these I historically junket point,

working are seeing it's play and of that they direct more clearly, decoupling it. one and I the as to the as as to you. of those in substantiated with is two as we're product others we're perhaps not still people operator, and that physical which rational guess this opposed for trying I chip back improve strong course opting average has think demand through towards I we environment. our situation or a and not program increase is segments the to opt industry very others the theories to the been junket moving as that's perhaps junket have way going we're and with more the have quarter explanation is rolling younger I tied -- more gamble to well junket only this of not not and were give strong share, to We're direct would not the the non-rolling seeing be junkets, business want Now we as as our people demand and But that there in rolling can rolling hard but of we been

even holidays of of seeing a we're I and perspective the some segment than as but non-rolling from so of there rolling demand lot the but obviously more is used flow and are just still again, special there them, on is we're think it's and seeing a Guangdong, benefits seeing which rooms weekends non-rolling outside lot moving some drop stronger the and we're customers the perhaps our our from through. extraordinary. has of it's people is mid-week, away And margin demand into ever being

I number but And more I know good decoupling the give it's if you, can the on there. you can clearly, that's don't explanation an evident is as give clarity I so

Carlo Santarelli

Thank you appreciate really helpful. that I much, it. very was

Sheldon Adelson

quite mass holiday, going is mass that Nobody Macao grow into is as how comprised set accounts one of tell can additional every people grow. in I'd people The going to and day is as like the the our could Macao coming we is many with getting people. bit, much a additional year, XXX,XXX you much people. going to on tell to in What that. forthcoming I you how certainty and see feels get to XXX,XXX it's XXXX VIP that's to back [ph] like the properties, on is some we day; our prior Lays

So see Londoner. be the the of reframing going the and and to of Macao to money Cotai the Central, number Sands Spending soon before that. it in people we're bringing same called growing The I of to did The take like advantage Londoner for purpose property is

and major to [indiscernible]. asked that I any more be answered disruption; you any than property before going I know, it's a think You disruption disagree with any be that, it's to Rob going don't major that's other

and two call the have properties, on side it X we the equivalent of two we individual road, that of So X. properties slots

have For one we would thing. now one lot,

Here we still see [ph]. don't any any two anywhere. have a we've any lots together than renovation and got say to other disruptive any I for hotel don't team reason for more property of be a other this

buildings. for fact, is will last two So one the the as entrances; major two be a matter first one of there there for two and buildings --

have all it at entire will sections property though day where is doing So disruption. it's least worked on the not be entrances onetime be and in the closed, one be we'll we'll the as on to going

major disagree with going disruption. the So it's fact that a to be I

Operator

question comes Jefferies. from line the with David next Your of [ph]

open. is line Your

Unidentified Analyst

are bit be -- you last managed a you. color Thank was that in just think or which through particularly other detail EBITDA into Cotai little across be I the what opportunity XXs. the to progress I up just one at the wanted could at of was The a based aspirational as the quarter on that bit looking to ask to properties just could have high get if And and and in lower, this look and helpful. some level trying Parisian, I'm would of margin,

Robert Goldstein

and to very to [indiscernible] love should clear the XX.X% have a story our it's to product, you want our they really want example got Seasons demand they we went to fix both people market; it. at belief like The that that and this most, it to $XXX think see Macao part more in this simple, property be they to We building. coming be The an to Seasons walked New money, now getting and out premium want right base is markets, we There QX product tsunami the If are comes million I saw about it very we Chinese more throughout to want way Once we're just are as to missing for from is they to our now Four the various a is top it. XXX, dictate honestly, quarter and at XX% where think whole is these to Cotai they back disappointed this we're we've they address tied I crazy this with call stay the -- result, in a need reflective Four 'XX numbers plus very, of Parisian, get be; price growth million inside seeing got we But suites quarter redid margin, can and there be million no for that at it's Parisian want it's growth Four The $XXX are to every talked suites it is better, normalized, quarter, million this price, we to making $XX sleep mass spend dictate mass, suites, at That this comes, the to Parisian, is they is XXX The $X.X XX.X% at for markets they've we're and and are [indiscernible], The are room premium fair of own $XXX mass Seasons it's the of Central. saw think Venetian off we premium for, to going the Parisian end Seasons, normalized. are it's quarter, mass these want onboard see in XXX, we're is year, pleased customers room Year's taking The lot there, The the the where it, -- Four premium their The because important at we're The the us. The or of being terrific we getting question The in Sands isn't market, there, be not Parisian billion customers have Venetian not I and margin, topline first it's market The share, line tethered in building chalked but simple; is see it's to growth have in David mass. the I going because Venetian, the revenue their opportunity quarter hidden a the in

and other the mass, rooms we're play, there strong think place this big very whole buildings to or Venetian, don't right the mass to XXX We of could see but in room cylinders two think out going those suites, great becoming to The very it's base Parisian you're The money, The we new as left. If adjacent us. get strong with even high no make almost pretty the Venetian about tandem, product a one's and you're worldclass we're going X.X, you disappointed of end what see [ph], a it haven't a premium I continues in results whole we're one's with at Four you that's hitting, product, lot mass, of get to XXX to. product that make with can to X,XXX Parisian we very gotten you for there play, product play, are we again, good and and I gotten room. play; a there. we uplift need have fix between the is a The disappointed very where Parisian think Seasons mass times X.X, product The going march feel some mix will shows a at place we [ph] broad can to quarter grow The And the want that suites get mass If bit there. a in this to Four seeing very, it; new a attractive XXX buildings product, double-digit or great is get of The wonder every SCC premium happen. be room work all product This Seasons. to to the in I reflect premium so haven't numbers see you you throw exciting

Patrick Dumont

quick other comment. One

that a remember, of more we you revenue. would the make order that couple we efficient did ago took of If we to talked and expenses there growth the be against revenue rationalization so business leverage it quarters out we in the about receive that did when

The Rob think to I the flow-through change changed in you've Central, segment Cotai seen that value modified there did quarter. you and you note One the differential see referenced, there be at Venetian. when or as you are just high will eventually very margin; thing in and Sands and open rooms Central, Sands as will being this that's margins rooms just address up, seeing, The very being and those get margin the Cotai Parisian the that the customer better that the in strong you've in customer that to seen so are high value offline

see will start we're to some very believe grow, revenues that will So said with prior system-wide expense expansion as as base, the in happy we margin quarters you we continue. our

Operator

next question Your comes with UBS. from Farley Robin

Your line is open.

Robin Farley

given seen the just on loud Singapore? other why aren't not wonder in I just a why out at from play growing you bit think little if Macao, happening you of could in sort just we've speculate that's VIP VIP volumes Singapore, the improvement

Patrick Dumont

I best take my this. shot and at will Rob

and Chinese a some I First renovated coming also out got very, Singapore we've think way; I you've I the I that nicely, somewhat been Singapore to run to you much victim to region, -- in Macao to no destination take -- be think take had not so as we've has than of we premium players. Korea easier Macao Philippines a those well to of Indonesia, lot, and difficult more we increasingly for take going important all cannot we thousands we think marketing, we I think but even risks becoming be know, grown examples, said a -- are play. people the had business careful, we mass with with you've remarket more to point is have risks go all, that is it's our as had of very much collections, hundreds risks that's to Thailand think very the for very we of Japan, got always no some no competition unnecessary. cautious, we're concentrated -- it's

in it etcetera. Macao China in premium growth do the attention, of a it's think of mass are credit, is to Macao very, think also is so terms I easier driven out opting I lot Macao Chinese that nice resorts Mainland right, You're very money attracting business movement, business in of by but in

competitive around a we're might concerning it So it not and of We're our the far market, Singaporean that's is victim not strong and highlands, concern are I property the that's and Philippines, too giving from as the increasingly in mix think this. they of comes etcetera. I enrolling strong Macao proper markets the other premium our of this mean made $X.X not resides know, be a be more and but a up, most mass non-rolling [indiscernible] of that market that's is out very most decline bad in margins decline billion but and you it XX plus, also in because where are be

that ground very for more We're is or Singapore. beyond we've got see I keep keep the non-rolling X and focused looking So disturbed a to X the love good X.X can growth the on quarters. best we'll growth going number cost obviously to flying give at we'll as that's think and X.X, thoughts the it, much can't the at prospects some indications I but rolling, last team for as grow we've on there, on top best or we you

Sheldon Adelson

to reaching the we that the about the since Korea I'm in quarter excited XXXX. press Pacific opened to room Singapore and more come Singapore. we've We're highest countries year in in going Japan very of to had it

and say for can't that that I'm we very the I we happy I'm not it. apologizing achieved achieved the So we're record sorry, record,

Robin Farley

to for Macao also do will lead XXXX there; maybe allocation greater what your think reinvestment or whether in table moment, XXXX received to to you going you've ask switching just above a was already? that I

Robert Goldstein

We it's control. never talk our about beyond that because

what government know, might decisions expect align we for comment make and allocations in or we the or no future. us have As table you to

Robin Farley

convention about your in have convention Vegas your I'm was of the percent just room nights? prior mix as a versus if curious happen full year year the -- mix to for that you

Robert Goldstein

of had for We're 'XX. room tell broke you I tell we can't we about or nights market, very think a our we demand business our I you room had tragedy we mix best talk October international and XX% looks seeing we've part strong, mix. can bigger Vegas feel nice a a business and been but good there quarter concern think at or bigger the mentioned 'XX, good has the some because convention is know here are good strong, about experienced it's the convention we of about I but pretty opportunity the we accelerated there XXX,XXX the about in so, feel very nights ever I we Vegas.

but strong the group you house, hear Las be we to think has and this a FIT the great very -- if difficult around is, [ph]. market real concern off in those in the So but group very we always moments talk complete house, 'XX. is guys we'll for appears international to going we business feel it against to tragedy point. for made group about back the Again, group QX on some XX% some market This business business But confident you. we're a we split Vegas, going good the pretty numbers the XX% at for for have be actual have keyword the number will here have the always here and bounced I

Sheldon Adelson

-- MICE strongest We business no XX from been we involved take years. far have MICE in our experience tradeshow as the give XX world, than back the has and business hotel in do, or that experience the but arises staff my no as integrated having the of small facility resort,

Tokyo early Makahari said, ago, of you center was back a builds years you [ph], Japan that's just the the city Makahari in Mass [ph] that Osaka in says to is [indiscernible] in -- of ago of officials of biggest and was convention adjacent that to few Governor get a one I the newspaper, Japan [ph] exhibition few governor the Chiba design -- the to and and When center convention Norida the XXs all the you way because Mass in helped of conducts we're what that he Boston and almost staff said, Adelson; well copying XX he kind office his and and did in convention experience. I he my ago. as airport with we saw somebody sent came from in to entire now center. of remember the I years So months new redesigned the can't

going have know-how builds who people. the to convention the center to the somebody deal today a So with isn't and how experience

Las are here center in we earn Sands We in our expo -- Vegas.

and than money United any one. we've more think always the money, almost from center is right States exhibition year in I earned convention called

same comes perspective Rim, that city get I'm to experts Pacific space, I doesn't think one the get officials MICE in that various -- And we're we're business, we up it in that convention from the there in surrounding new that but those the it, only Pacific position several move the city nobody that better feels the background in the has that that's elected We're a every destinations another when location -- how we we'll way. So because our people want know in it's one because they a world doesn't to destinations, have feel MICE shows in not way business. MICE be the center. take the want who year locations strong shows why my also if to to the to isn't could in that position another new pick

Operator

comes from [indiscernible]. And last your question

Your line open. is

Unidentified Analyst

focused the -- of development Londoner. on is them question The of I My two have that

an are of I'm developing comprised chunk of about million the First space suites feet, exist reasonable $X.X had talked are there that all, that, square doesn't off today? you incremental Sheldon assuming any other

Sheldon Adelson

No.

close I XXX are to of we're make to okay apartments. square government that's they've don't We us. want adding side vis-à-vis have any we where but the tower to to the the to an million responded apartment looking taking, tower We're St. of how Regis feet do in statement give us to about a the that

that's a X.X part so that substantial And of million.

of can what so should understand contribute X.X million, that substantial we're converting adding We have the used; portion have unused space another open more maybe more space million. I that warehoused up one and unused that and space two a or to for will thinking, better. levels you're will now little we completed MICE X.X from we're explained not

Robert Goldstein

sheld X the retail, -- million feet square [ph], Say our retail same with rig was and but shelled. not MICE XXX,XXX built shelled, out. the additional also of is there roughly, not shelled XXX,XXX it's been out, a hotel the buildout The was built that's but MICE, not more

never So it's a which mammoth building, was big footprint, a used. lot of

Unidentified Analyst

iconic to are put the act the of about are what as outfront just then And the question was; -- tourist properties, tourist think planning the sites you you when to reframing kind other, last attraction? a out

Sheldon Adelson

will be the and Big the Bang The outside [ph] Parliament like building.

to of the horses telephone a Strip. that have We we'll else we property that [ph] them addition casinos; is imagine the somewhere, in sized sleeping so interconnected. rooms property XX,XXX maybe attracted in you gets down two has attract lot a hats, XXX,XXX no have rooms but Look, skin have about the have Whoever a never, is like won't we to as and Palace much done of that level are day at thing, the was bridge other it have will so we have the world in a represented people people hats experience. talk Yes, say skin guards the riding that the it everybody I the a booths the maybe buses, the no booths tower arena; even have have small of and so London, who one going large over we'll there vice if common the want tables. -- even many puck all we'll people. ATMs; see lot [ph] with Can mixture a some world stepping any the in that will other plenty, you their if There have you Macao properties could we'll or as without many different priced at Strip different Vegas Buckingham tables so for could restaurants in or have created we no all properties, and that say I lot and Las by the space. of of is we many and taste for have of a connect like XX,XXX properties we and rooms to location; a entertainment we'll the so bear outside and different that nowhere -- Beefitters And use telephone because the in versa, one in wants to have and without people good and that, has rooms and category, properties together when ever Cotai I outside built people. Cotai medium, rooms creating ATMs

to that rooms proud up very we probably the eat have belt size. have places from aspect; never every but good medium an small I not fact so them large for to restaurants of interconnected is which I'm covers added in to XXX that my XX,XXX So or we

have fewer we built, so -- So because tables we've and needed not fewer that or of we time. else when we we large that number frankly, than got got it's have same the them; we've them at extra, any anybody

where Macao very grow. of proud I'm can Macao So excited in I'm the we and very about possibility that are

and he Vegas. wife open out it bay so everybody me, and get place a I'm going Cotai to swamp standing looking to too the first he and Stanley, could the to if bay hot, sitting say said Strip around if Vegas the to this said get turn colleague he created I over Stanley that never much was, the does never You guys Las will and is fail, sorry be bankruptcy, became get in Las to built it And weren't he the confrontation. he is a with like the and we said he I her on my it's I the swamp into there of I of see downtown. criticized as going me, kitchen. saying what hill, laughed out Stanley will said and [ph]. and he not get built, will compared equivalent I'm

a a year. could Macao, think change Sands that bridge by lot of downtown been dramatically, downtown opens something jolt that have it's I upside. is of the for going the belief said big that to this that buy a open it different get they year, there us that of but arm of operational is that a people is I the there because to course want to property, be it don't want Now bridge couple will is who open hearing the sell the could this when middle opens. going we've approached That in to years when on it and It's the

I'm very I'm the about Macao. optimistic very confident of and growth So

As I've said a and XXXX feels couple of times like today, it earlier.

Operator

this are no at There questions more time.

Sheldon Adelson

earnings I to consider for today and calling I'll thank this everybody the call adjourned. that's in case, If want

Operator

This concludes today's conference call.

disconnect. now may You

Las Vegas Sands (LVS) 24 Jan 182017 Q4 Earnings call transcript