LVS - Earnings call transcript Q1 2018

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

Operator

Good afternoon my name is Litvaya and I'll be your conference operator today. At this time I'd like to welcome everyone to the Las Vegas Sands First Quarter 2018 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. I would now like to turn the conference over to Mr. Daniel Briggs, you may begin.

Daniel J. Briggs

you. Thank

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

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

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

our to Standards Investor may Standard Las website use. Revenue to We slides call. of the your XXXX. those Financial Relations also Accounting Boards January on posted we We want on share for refer the that Sands X, adopted Also, the from Customers Accounting slides Q&A during Vegas Contracts portion with XXX have supplementary Codification earnings

accounting separate of including on our information adoption is website. ASC reported the of earnings and results the reflect in slides originally materials Further as reflecting new all LVSC available reported comparison XXX. as supplementary of the earnings such consolidated standards our As

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

Sheldon G. Adelson

all-time quarter we each our of XX% such every $X.X prior This an us of over thank and very exceptional results an the adjusted pleased Thank billion, of record was that afternoon, you delivered you, everyone year. am Good a one Company-wide reached breaking record I joining EBITDA increase today. and markets. and in for Dan.

retail year. the of We of quarterly an revenue, EBITDA quarter mass the Macao and record time records, a Singapore Our all-time highest the broke ever property margin mall XXXX. million, ever At over an we in the the operations quarterly Las achieved whopping number of and EBITDA both in Vegas. XX% third drop EBITDA $XXX highest highest prior increase same the in generated sales adjusted gaming a since table adjusted of

continued year As drop has I over said first This also grew wins G it my acceleration prior revenue and market for stands the that Non-Rolling mass year. of margin XX% but The grew over XX% expansion. year markets. in mass last is each the for growth quarter, display on significant last name middle of the into fully quarter. with present Macao's in cost the the quarter efficiencies Gary strong in our drove growth combined by prior at stands fourth and growth Non-Rolling by

quarter. grow hold-normalized structural quarter the especially Our hotel on increase to margin points of us representing of unique hotel suite scale in enabled record properties. our display of well our inventory, basis total to stay. EBITDA allow that in than interconnectivity The the year. drivers the segments and advantages fourth enjoyed as XX% other These overnight a benefit as the and compared diversity substantial entertainment a maintaining quarter record XXXX. occupancy retail occupancy offerings, increase full between We operator, of that us The of in the visitors length first of achieved in the grew prior XX.X% with across our and were of Cotai we more the quarter during Macao non-gaming for all the XXX range any attract their

over the retail a when premium compared four year our the with by to growth. of year mass mall .And in exceptional XX% prior prior XX% each result, strong grew we As malls sales by our an delivering grew

official dividends, Integrated is and large support differentiating are gaming build scale time to paying Guangdong outside came province the of diversification Macao, is malls, visibly Macao amenities excluding the XXXX. in of year-on-year mass in government visitations diversity Macao contribution non-gaming Resorts province. arenas, and strategy in diversity from week reported in to known that, as well and total Mainland The grow entertainment in visitors Hong visitation in both quarter especially this are spending Macao In statistics future. Venetian now growing Kong only as enjoying Our in will which to Guangdong These established and XX% be importance and were Macao China staying with up Integrated increases and from longer first and the live attractions and retail critical and MICE, introduced very more These scale and Macao's amenities. Resort. attractions first Macao's to ever non-gaming of

property Macao's while million. Our was entertainment properties Cotai strong mass almost visitations portfolio leading receive X.X each multiple they retail of tourists XX.X market and of got visitors we've as means dining, hotel, and total in from visitor. million The Strip portfolio the is each property It our the critical appeal the trip. appeal evident. three at our the visitation and This quarter, power, visits demonstrates from received

laurels. we to-date Asia's on tourism destination, in accomplished premier will been rest of the into has transformation business and Macao our not leisure much While

We destination, must segment to is The Parisian. third the progressing. Venetian for particular and tremendous invest way very into by work excited Londoner The our of am every The capital I as across will a The our will see complementing Londoner a design the landmark In continue substantial have businesses. potential portfolio

prospects exciting luxury Four development areas, scale adjacent two towers Regis outlets gaming the limited the new St. properties, plethora all VIP further not The projects speak. Seasons F&B capital other immediately the meaningful bolster to taking to and in of in citizens, as privilege providing Macao a regard Academy and career destination. its opportunities of it realizing which will potential shape of Parisian, our development Our and hotel ahead. our we the supporting its full The including We and diversifying a as significant businesses is are of commitment local additions to of to year of growth its Londoner. suite The Asia's the reaching at objectives economy, to tourism full contribute leisure its for reinvest and Many in as success through Sands business Macao's leading renovation and greatly growth our

on to going to Sands Singapore. Now I'm in Bay Marina move

by delivered Normalized margin reaching XXX by versus we the record points first solid EBITDA XX% increased for [$XXX prior collection an $XXX at quarter, Marina the over and strong with by Bay increase the year, EBITDA marked As basis control quarter prior of The (sic) VIP quarter mentioned growth. of cost earlier, (X:XX), year. and an million of slot Sands all-time million] receivables. successful XX.X% revenue supported was

market sales Our reference that Singapore We're growth Integrated the over developments. of strong the considering iconic, Bay retail Resort site that mall Marina proud tenant are for the outperform XX% prior Sands also retail with broader ideal countries large-scale continues to year. as stands

hotel $XXX Turning rates Las group XX% stronger to prior revenues the by Vegas. record an achieved of all-time backlog We an year. over adjusted room and revenues, record underpinned room million, We (XX:XX). of increase achieved EBITDA

result fully display? that So yay growth dividends that's of let's of to buybacks. the I was move of and Now Yay Did mention the capital on summary subjects, another my to quarter. shareholders. the favorite

the cornerstone program for the $X return directors Last board to increase shareholders. capital calendar for recurring Las year, year Our $X.XX quarter. recurring dividend in Sands remains to approved share our Vegas per dividend per excess the of to of an XXXX our October, the or

$XX Sands since year recurring quarter. We Sands in forward And it our grow. shareholders we Vegas XXXX. our increasing first million of increased programs stock We in have the recurring both to China. look every at to remain committed we recurring Las deeply flows cash our during as We the our dividend dividend future those dividends to and established repurchased

continue to will in use repurchases to shareholders to We the return excess cash future. share

Our strong balance mass properties development geographic in and strength programs, new generation us and flows, our In dividend and retaining structural recurring and be continues predictable. flexibility to existing ample continue our our cash on wealth repurchase during financial opportunities. flow growth. the the our market enable Chinese reinvest The The financial travel pursue stock quarter scale, transportation while to industry-leading to strong with continued for conclusion, results. cash sheet Macao diversity growth and together the robust and future in from infrastructure was advantage mass in critical diversity well product display creation our in enhanced in full growth and secular bode

make to to investments because confidence. have term and continue significant we future We We look commitment to a Macao. with Macao unwavering in the will long

outlook. We strong have organic growth a

return us both opportunities. excess the our again. now We assets existing are Thank call new on we to questions. continue to today, strength for strategically to the while joining Yea in And shareholders. and the financial take you intent have dividends, development also capital reinvesting we will pursuing

Operator

you. Thank

question of The Allen is first from Morgan Thomas Stanley.

Your is open. line

Thomas G. Allen

good and Hey, results. congrats the afternoon, on good

is So there, I that XX% stronger trends on business, anywhere just your slides strengthening the XX%. to Can too? Thank for you of quarter you about mass your in can talk three that focusing that just VIP talk then premium properties cash there, that you. on you little touch from RevPar, a RevPar larger is about and more bit noticed Macao was up the the in kind

Robert G. Goldstein

Thomas. Sure. Thanks,

occupancy as business Macao hotels answer well. Just questions running rooms are that years. in XX,XXX a XX% our I'll that's and introduced in talk new about and three last general, sleeping market about The your

shows. and and contribution Bruno much over and $XXX million arena, saw destination. a and sales Macao beyond in for has with XXX and our and about a spoke and stars retail out become will which the Mars growing find compelling sales XX% billion Guangdong carefully isn't is who into more China we full commentary, year sells all beverage affluent world, China food destination, $X.X is, top Hong far this Macao increase younger worked soon beyond grow Kong. blown for stores The from numerous customers penetration exceeded our Just a far a about book annually, finding week growing has our

soon Pacific Macau, car it this entire opens extraordinary. be As you year know, to bridge will into fly take the Hong Rim to up a pretty Kong the able makes sometime and and which

both your more gaming from As driven higher gaming cash also the higher it's question, but by demand demand, side demand. to

does as standard rising XX/XX cash/comp, gaming double-digit and epicenter demand, whether of just or in at strong This the this. and gaming tables segments, XXXX is dependent. rolling As not We're or you portion the Rolling market. nongaming our the know, is which believe more cash run And all is or there's we of of is well sustainable, comp and a Non-Rolling, keeps mass which slots, ADR. we is growing the it's but XXXX balanced keeps business about this

you'll think our table story. mass I If you mass premium and segment. strong power the deck, see at XX it look a page and base illustrates in your perspective, of From both mass growth our this

worth page Macao. The we year. is So overall page that's gaming Sheldon Macao's is keep the and is investing the begins illustrates as And of a in which XX growth segment, as later XX this aggressively we'll place high-margin work referenced, and look mass Londoner engaged reside.

this lodging retail, and premium expect We Venetian property terms both mass feel in and of gaming, The perspective. from resemble a

Our suite Four one will offering And product XXX St. about additional in our open point gaming more Regis XXXX business. suites. Seasons

fully offer we XX% By to renovate easy today XX. we want our could many capacity with current And from junket Our input as is smoking we opposed rooms XX our junket to access. it as XXXX where of with these rooms about partners be. rooms as

gaming Macao. So is growing, in. rooms and I rate insatiable. perspective. in dollars percent be surging into committed we're the capacity. to billion so from XX-plus That's a the It penetration demand both market China, think to grown run it well nongaming year a much running demand on to We're the imagine, for so to the X-plus speaks a speaks and Hard that's market to well fully the of and

Thomas G. Allen

about Singapore? Can is a around and had in And doing This mall on row Macao. theoretical Rob. that now follow-up. sale? update quarters any Thanks, just hold thinking touch shifted of high your we think You've your in you four in Would my Thank you've you. the on Singapore? then hold

Robert G. Goldstein

change Look drop I'll page the in to understand deck, (XX:XX:XX) Thomas. chip XX your That Sands. the non-rolling be at might Marina refer Bay at helpful to

there. the illustrative globe. perhaps our and business we to changed of instinct We and have do what keeps across methodology, trying adjusted that's we're It just the have

Patrick Dumont

changing the Singapore? about Sorry, Thomas, did also you inquire percentage for normalization

Thomas G. Allen

question Yeah. for On Thanks. another roll then was the on just Singapore sale mall and potential.

Patrick Dumont

theoretical math at the correct volumes. looking We're our our constantly table looking historically at mix play at and behind achieving the

went historical we about into, the doing think that constantly we in review based and on the So volume actually Sands, in play we're hold Marina the and averages. When was the Bay range of that normalization it. we that revised evaluating Macao

you'll outside look you hold that at see if of typically So over range. that time, we our percentage are holding

So it. constantly and at, it we something is review we'll that math when definitely support that look to is there change,

Thomas G. Allen

on yeah, the And, mall Thanks. sale.

Patrick Dumont

is I think same that quarter. that the our in answer had we to prior one

today. think I it's asset retail in best the the world

at size you of sales quarter the for per of productivity. alone, square are that above XX growth the There a just were on malls see Bay that Sands foot. type in last If many you that trailing look for that we've have that $X,XXX square quarter months can foot Marina the the first globally experienced not

at status our the level. from one unbelievable an has highest trophy and standpoint, So it's asset that

really to hope this but any to investor. eventually to able calls. to That be there's to our So said, rates attractive potential the cap Chairman should about talk standpoint, in very at being we achieve prior the from has nothing be it alluded time,

Thomas G. Allen

you. Thank Great.

Operator

Thank Joe The next you. JPMorgan. question is Greff of from

line to see your open. Joe, is check please on Your mute. line if is Hi,

Joseph R. Greff

Good everybody. afternoon,

Sheldon G. Adelson

Joe. Hey,

Daniel J. Briggs

Hey, Joe.

Joseph R. Greff

Macao. understand was type in line to operating the profit leverage I'm mass high the leverage what approximate OpEx give about you're still growth premium to a growth get better just in in XQ? trying to us us sense again, mean how the that of understanding at segment of you of segment to can targeting where further you're And XX% top better do guess, the operating relative think know of were range. growth, XX% that I Obviously there, out the you a stood I XX% you presuming given margin there, I range. the to that end the growth? in

Patrick Dumont

I'm leverage? your Can Joe, the the I you – about – part second questions. last missed the portion repeat of sorry

Joseph R. Greff

Yeah.

at in leverage the margin where to you a XQ for the segment XQ? you're were get I'm segment OpEx Just guess the where for and where higher in complement operating experiencing are on sense that terms this I of you where when up then of answer, OpEx to you growth, a type the Singapore. XX%. maybe has was of better quarter, guys have then segment the just the presuming that of And end growth XX% follow-up to that or I ended

Robert G. Goldstein

lot make that premium in changed much not growing level and pretty Okay. few going But so your the in quarters is this. money that demand It's much last the (XX:XX:XX) the Obviously, point, the to mass consistent. and demand is segment changing to leverage. surging a all more whole against as the at is

So seeing we is And We're getting and further. thing. a demand is again growing. importantly more growing, further are from lifestyle but is what leverage people

rethinking of been yeah, talks You the growth see has hugely beneficial of it's which part filling I non-Guangdong our non-Guangdong in us the is outside That is bridge in And further that's believe XX,XXX the them, Seasons the customer think coming growth we're Guangdong where slide is St. the I More to further XX, province. We that's that why reason increases believe with rooms. even – demand. they're growth about in this because of the later of Regis sweet spot valuable. that Four year. away. Londoner,

and line don't more more there's know I grow component, it's more it's lot it's as arena. again those rooms better demand and rooms, a whole And to retail whole more top it's to but ever. So a the the than going leverage, sleeping lot the if value

grow and want some it? you piece to take have great Patrick, enable beyond. to of grow competitive us XXX a to which hopefully structural and We advantages do

Patrick Dumont

Sure. Hey, Joe.

comments. couple a of So,

call of cost cost-cutting try mitigate the measures did can in you and to we I ago, benefits job. think to business measures I grew. great reviewed couple a cost I have the of see offsetting it some to order expanding some as of a it team our hand to quarters And that. think the there,

the see you our margins, at you look on If page XX. can deck

normalized me, – grew adjusted which excuse hold XX.X%, our margin XX.X%. EBITDA EBITDA was Our property

in that was continue and more revenues incredibly mass property grow, through very deeper That's our to itself standpoint, further. There we play market at is as expenses can as order confident developed the related worked margin those expand control to to from our percentage, a minimum strong we gaming as XX.X%, bit the expenses expansion feel you but a managing levels across in have Our excuse out see a that and an grows. expenses normalized think of showed me. year those customer flow ability we'll margin did little point controllable job And I'd controllable a base. just we only taxes today that on portfolio, support are continue obviously nice to out I grow and other our and hard those. the like things, our very with that even in margin, to that the potentially and to variable our ensure are basis. that we've But the

I we're it feel we that mass So to through we forward the taking there's with our grows. the opportunity look get We from happy market advantage such continue as more flow is some there pretty margins. as think improved margin, high of because market to and

Robert G. Goldstein

deep you the think premium The told growth mass, years at years actually The get market into occurring know it of to this Macao. ago is easier appreciation deep this terms rapidly. story Mainland Joe, I we penetration margin makes in from China, looking of the to.

going better keep to and getting think I it's better. So

margins, our encouraging perspective. top deliver from line, and very we'll stronger As see and more stronger story we it's a

Joseph R. Greff

grew EBITDA then on of year-over-year. Bay deck for the XX% slide you basis XX adjusted page a Great. have And helpful. hold Sands, That's on Marina

growth? and that what both I If EBITDA collections neutralized – what was periods, it guess was for in was you FX were activity, that to neutralize

Robert G. Goldstein

we de-acceleration hold-normalized, think held it And million. the It's $XXX We quite $XXX slowed has there think down showed quarter. million very the is The you that disappointing segment can as came in Rolling tell by segment. for to the well. down I numbers, bit. a I

return That's The ADR, slots in line lucky decent the the to hoping lodging at But sales in the other a just our of rest referenced The but We strong. foot business there's the business pretty up the per Patrick ETGs, day, square $X.X played million. the are at Non-Rolling better spot nicely, a aspects a look the business the to slowdown (XX:XX:XX). the pretty and very top soft mall, our holding of business of business looks soft a Singapore. terms in see now against right that that's quarter. and decent. and

Joseph R. Greff

Thank you.

Robert G. Goldstein

Okay.

Operator

Thank you. And next Grambling the Goldman from Stephen of will question Sachs. come

open. Your line is

Stephen Grambling

new Thanks questions. as base from your a typically customer compare to Guangdong, taking to afternoon. question the about as trajectory, from regions? guess see for how good customer from that now Hey, those for time? on you coming spend I up the outside typical the in Joe's the just to a follow coming spend does from spend those do first existing response ramp customers And think visiting you the

Robert G. Goldstein

to They stores, and go gamble. it's bring they is One quite they to see they us come who I want this the Bruno as affluent, nights. the at and from think younger What they combination. describe very It's to their our bring reasons. want of to families, that is four shop away further to to want great want they very Well, lifestyle stay whoever couple to teams a for are acceleration Mars families, like or higher the a people and driven. are star spa as they is weekend, much

thing, is is property of can better and Rim keeps chart outside demand when gamble there, approach seeing are as have (XX:XX:XX) to a see stay and necessarily but us. more And they positive our in you at the more start on bridges the process for that of spend acceleration getting airport incredible. you they XX, transportation It's I shops. as that page or longer via not the – think Guangdong by time that hopefully So Pacific positive the they more they

our coupled our have powerful pretty and entertainment. products sleeping with We have XXX XX,XXX, shops our XX,XXX we spas soon and rooms,

So is every is more day, trend of spend positive the for they money, more Macao. time, there they answer very younger spend and them coming more and they're so

believe our our going where in the really a It's for think in I retail an our properties built eating, We're a place, and mass, we seeing, Macao customer, very so very this is this by impressive think mind. are I lodging, very, spa up – a this quarter redefines and encouraged showing trends. this is destination, destination, lifestyle is customer becoming destination. things quarter we're

Macao. Our very to what's about in is business happening excited our team

Stephen Grambling

future? database I kind customer quick that what on existing of I follow-up in can now one equivalent on to you of data to the guess you utilize the potentially able guess kind that. are it that customers? collect of Is

Robert G. Goldstein

yeah, the Well, collected always course, way of data data. same we've we collect

We business, have information database, of extensive because we have the it. isn't this nature customers that's extensive of

course, of have yes. we So, extensive our data customer, on

Stephen Grambling

Thanks. back the I'll jump in queue.

Robert G. Goldstein

data to Thank you share extensive much. going very (XX:XX:XX). Not that

Operator

you. Thank next The Bank of from Kelley question is America. of Shaun

line is open. Your

Shaun C. Kelley

very you much. Thank

kind question would considering inflation market should on operating sort those quarter. is The level the on account, main of to comments like be and of in super as by of move be sort of up of maybe how types sustainable our trajectory or looks that we but operating through we Macao expenses, about well-controlled question the were in of is year expenses So Patrick's the for what expenses? my thinking follow just

Robert G. Goldstein

line with are driven Before two different coupled great by Patrick, to I'll Shaun, just say easier And going margins quality and – that customer top I margin an to variables, growing, line ability makes and the achieve. is growing obviously think and margins think has it's flow-through. to deliver team the is demonstrated of our top but I

think I not better, – gets it I a question hope think better. just gets de-accelerate. it's I it don't

would would can business more get our our have we create customer, with if which to with get I flow-through. approach line up junket business premium mass, nicely hope this top think I we'd mass which more think see we we couples offerings it with team's and premium I our where to,

of de-accelerating. So we have think risk much don't I Patrick. it

Patrick Dumont

described. I think current the what just for should Rob environment allow

has I job. great think the done a team there

we I think revenue on hope the further the upcoming in the see and and to continued market itself side margin is expansion very favorable quarters.

there happen, feel cost appropriately. that will no what we able way be very but is course, to confident manage Of we will predict to

Shaun C. Kelley

my to Rob, Great. VIP I going area on you follow-up, as Dan. target alluded side what's mean, that's just And a on you the that for guys. and

think in roughly I if decks you got VIP. last growth slide the then X% correct I've quarter saw

This to about quarter that and XX%, the XX%. that have started up jumped Can you bit bit you already might of initiatives talk a in drive you what little then have to place a on that come? little may what

Robert G. Goldstein

We ETG, our slot we're do that VIP should that growth. happy business, We're not not can think we're so People going that want in see to Look, Yeah. only not all. the better. do segment because segment. at We dominant better. table do with we to

Just opposite. the

are partners our capital, spent create smoking with we accessible, time have of think friendly. access, lot environments, best a a lot of to the egress We most

In segment terms goal play but you our think we premium crossover important as a opportunities January, offers because of XXXX into VIP as mass. accelerate our unto it itself, it's know, both is to

segment. we've to We're of segments and that think wonderful got partners carefully our much So a want to investing will are segment, some we we large other and to finished. grow that time junket well. dollars very as that an approach and We bigger business listening in be player in we're we're happy amounts that not that very grow

Shaun C. Kelley

much. Thank you very

Robert G. Goldstein

we XX where a illustrates place. can at, we That much we're again get better hope to but

Shaun C. Kelley

a Thanks lot.

Robert G. Goldstein

Sure.

Operator

Daswani Thank you. question The is from of Citi. Anil next

Your is line open.

Anil J. Daswani

Okay, guys. good Thanks morning, my for taking question.

high-speed coming the as this premium infrastructure you see you mass the to in do the rather with that you are business of believe that's to with And as driver could shift a base base mass bridge business? see focus in? guys we that hopefully, all, the strong do Lotus more in a the mass the well incredibly business than guys that new of First as all Macao new online link for the market

Robert G. Goldstein

it anything market, Yeah, and new products that base and of rail, in that we hugely do. the Very more business support excited simply all be it bridge, in and be more drives market, in the everything put, the about. we're

I think long we've time. waited a

XX. I and they was when bridge now think I'm I almost started that XX

open extraordinary potential wonderful we're and The The So time. also The I've Hong damn believe one resides about destination. outside it's new entrée IRRs slide. a up whole people. to But of is real been dollars real has the it's What's up it's wonderful where Rim the that development long too. offers done you But those it's the can that yes, of to a in a billions an that Macao segments. Guangdong. And extraordinary. we've a story see Kong, exemplary government a of it for bunch become actually bridge. done going really a of XX in in there, years been property into growth excited that the Guangdong. make invested has job, are the place It extraordinary. is growth opened happening I in Cotai nothing short of different Macao, in it We've It's happening years. markets

to base infrastructure the for going and foreign that can local the the completes as both and believe for and tourism, more be drive as at So picture premium epicenter business, we're mass. both

So, enthused more hotel can aggressive the create there. in good of It retail, for market in terms only in to trying biggest intend capacity. both what's happening to player We're the course, there. about lodging, us. capacity we're rooms, be gaming supportive We be and of

of for course. positive us, a it's sure So,

Anil J. Daswani

week again. of potentially. is this clearly hotting my bill even Perfect. to some like up follow-up, at expecting And the everyone as a Japan's end Seems get point tabled at

Osaka, favorite which of prefer? between you for which or pick you you'd you the Can guys one If urban Yokohama cities centers. have time the point big at choice could and suggest this two are

Robert G. Goldstein

(XX:XX:XX).

Sheldon G. Adelson

that. We're still assessing

Robert G. Goldstein

We want them all.

Sheldon G. Adelson

assessing They're to like got Osaka bedroom Yokohama part, a XX still XX That's but has area, very people. of Tokyo to community better is both that. in which we've Tokyo. Tokyo Yokohama, In about XX is answer. about the We're million people good. million Metropolitan got million

Robert G. Goldstein

line, outer the the entire... go you if million XX With

Sheldon G. Adelson

Osaka We're location right still island. is the downtown the assessing that. is farthest and Yokohama The location

after Tokyo further is say. stop location is (XX:XX:XX). Hawaii other Bay next side stop much difficult Next so that it's and from the to downtown, away very the is of And

First of according is all, number we line. in the one the I best We've the Appoint that choice. we are don't to got that in everything think operators, happen. clippings getting going first chance anything the all read of to

Maybe So say bill, that we've heard other year Korea they'll of a of national's part in in line. location the thinking week it'll hearing I'm for submit couple what better be in think that Korean down that it's a or from Integrated one. And hear And about Japan then outside coming We a that than people fruition. again, They should about optimistic weeks. near at postponed people this come that Again, the those, in from or but going you it Korea IR Brazil. another or one number are Resort. getting casino for it's something But at had there know visitation we've lobbying we've or looking Japan. least for than Brazil few we're there more a that in in hopefully an also little Korea, XX more now one to like of here. looks two. been location Seoul, We're We're years could by making either up also been two. the future, we or real. for encouraging last was more Friday somebody I

Robert G. Goldstein

enthused Japan. So about we're very

Anil J. Daswani

guys. you, Thank

Robert G. Goldstein

Very enthused.

Anil J. Daswani

Yeah.

Robert G. Goldstein

you. Thank Yeah.

Anil J. Daswani

Thank guys. you,

Operator

question Hendrix is of The Thank from you. Barclays. Felicia next

Your line is open.

Felicia Hendrix

good Hi, afternoon.

Robert G. Goldstein

Hi.

Felicia Hendrix

wondering XX the the drill could premium slide table back just shows we where part win Macao mass results of the deck your Hi, in Obviously I'm your were for go that flat. just back slide premium could if was or outstanding. page mass the second. a to we of quarter sequentially basically on it if in

So I was there strong? into just so obviously because wondering to is anything everything else read is that

Robert G. Goldstein

I hold a think about it's more percentage.

few of there Felicia, point the And dropping are a hate the is we're I've a As doing, to times. – so difference. said big these point I numbers a extraordinary. makes a here, we're truth kind volume this

on the kind point, we we're pretty a actually of So if a a doing percentage; volumes point it's pick you Q-on-Q, extraordinary. lost hold up

point of So story a a $XX we play in growth money. the We real much well, year, a It's $XX we sequential a story. the hold had If dropped quarter we in point about nice hold, talking didn't I means can't start we like billion, that nice lucky. drop a – but do lot. whole a as point billion had And actually we in the that. is a that's

to table think table expectations Vegas. business premium even in mass outperform business Las here and just I mass our continue our our

I X% percentage, So I a XX% single-digit, we're it's and Q-on-Q simply up about think X%, up year-on-year. think hold

held factoring point hold XX.X% here a in lies XX.X% versus we So, drop percentage, and the off. therein

Felicia Hendrix

Okay. That's that's looking I what for. perfect, was

as switch gears they for reported well Las moment, it – growth your Las comps. actually the then but to if be Wynn yesterday growth Vegas within Okay, you tough some also given to generated Vegas we and was we moderate the RevPAR. were a can just RevPAR in in properties just expecting quarter. down some But

you talk but it is seems quarter, comp just So can in a mean in Vegas? it the the still was than about seeing be market could recovering, like I Las tough there you're better wondering, expect? what we just

Robert G. Goldstein

think quarter have EBITDA. that's been our so. quarter. I a in history. I've best here million record we We the Well, since opened, $XXX did

and hold business right. Gaming out strong. exceptional. nothing the within play, Great business, $XX-plus doing we international really we FIT, nice quarter normal, So of not held it thing luck, Chinese And strong it's demand, MICE held in beverage. we're banquet percentage about Year's, the expected incredible strong a or million food something had was range, ADR New great very coming the was of is we

$XXX in a something will lucky, can a the Las of doing in depend you we've Vegas pretty always proud without outsized good performer quarter historically We're beverage. very lodging results. team, food not and exceptional looks if million very make good, – our the bright. that's in And segment results the look on So, margins been future and

boom, more getting quarter. in $XXX which is We exemplary. did Our international door. played fortunately variable million upon and, quarter I the is think range play it We this within the there contingent

Felicia Hendrix

Would would at growth the the complexion is you the attribute flattish? play of domestic most and you more How the that? perhaps of to look international

Robert G. Goldstein

characterize. fair to that's Yeah,

very with remains and stellar. Our It and slot business happy the strong topline. margins we're the was

Vegas. to increase need a play story like play, international to It's keep in our pretty we're game range To we're growth. fell here more to was XX% the better side. bit to do quarters, get our Year's There international we sustainably, it. But time the F&B. to kind Chinese a contribution Las have with and coupled $XXX get of think across to lodging We Macao was work play, drop $XXX need strong play, in was Las million, quarters we're expect – hold, where amazing results It's with New an it it these show of to board. to the place. million, and successfully not we more the commonplace. mass it and Our But we Vegas from get strong but million XX% and history, you need in that's and $XXX a a a Asian I again, table continued exceptional strong deliver tougher back going off

Felicia Hendrix

Great. you. Thank

Robert G. Goldstein

Thank Yep. you.

Operator

question you. of next Carlo Deutsche The Thank Santarelli from come Bank. will

is line open. Your

Carlo Santarelli

Could Hey, everyone. a call, thanks of business of forward? talked footprint earlier in-house between or little kind VIP mix little junket the you the Sheldon the I just the going for in can of and categorize terms relative bit expansion business mentioned you direct think direct about business now bit a talk Macao. in your of it, in kind your to your however plans right Rob

Robert G. Goldstein

talk, Carlo, our want to I break numbers. don't out

capital and about how importantly to drive Sheldon should And out be referenced, to we're let's junket better dedicating I we're I our dedicating want We have referenced that. our figure We side, at more want We premium very a junket want happy get brainpower to strong in VIP, more and very to premium we business with as direct we're manpower and and I business referenced segment. that grow clear to do business. better. better the as earlier, direct do

of a So, will segment, we're break I growth more. year-on-year junket you our lot we're I gaming good, is I sure tell in spending the for access sequentially money egress see of double-digit we're growing friendly growing. partners, won't on sure But rooms and numbers but making in out at XXXX the making direction want to smoking (XX:XX). the

I is value And in the again premium There's and segment be need as spillover participants. bigger think I growing a there. more referenced we because we that should earlier, a effect mass. there's

happy getting better partner we to want segment. junket very the very So, We're our We other segment. be laser in that are focused better on segments. with with

Carlo Santarelli

to customers rung is or previously lower mass for be see discerning a premium if the effect, good happening there of side into VIP ask mentioned spillover guys, follow-up, I may almost quick segment, And which liquidity kind they're just bit more starting you stem crowding that you some a your problem Rob VIP you're obviously in what does Is that little obviously junket a think from? out of liquidity players VIP more taking kind today less phenomenon as of the within you but which does is market hotel for levels a mentioned pushed earlier as comps. adjusting have of being that of the guys at seeing same you are least to and room happen But type about about constantly where that in? the junkets or and you on

Robert G. Goldstein

side; they – junket sensitive not getting to I hotel tends to to whereas are be further tell that liquidity just job and customer, we're why and full rooms capital into think where balanced junket to to away. in. direct, you're people be they want junket and and tend discerning. do. What and junket not our absolutely access why want further to premium not and to to to rooms you access be want direct I right. of so more it's make want go the rooms to be people my coffers Their are sure They're a and people from premium junket seeing more Those side, less have have more to demand more enable gamble, what more we sleeping though, side. go that be Guangdong preference. But the play a again our to

opportunity to So, again, our we're opportunity know to they there, gaming to is have. to partners We and darn to want and happy the good wherever customers equal of but liquidity know, to We're want gamble there, growth place go a give they is you I they're kinds all house. gamble.

to with we're them. work So, happy very

Carlo Santarelli

Thank you very Great. much.

Robert G. Goldstein

Thank you.

Operator

in today's for Thank you This you. participating Ladies concludes program. conference. and gentlemen, thank the

have all may a You disconnect. Everyone, day. great

Las Vegas Sands (LVS) 25 Apr 182018 Q1 Earnings call transcript