LVS - Earnings call transcript Q4 2019

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Las Vegas Sands Fourth Quarter 2019 Earnings Conference Call. At this time, all participants lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

to Daniel conference Briggs. like speaker to now speaker today, would hand over the your I Thank you. ahead, go Please sir.

Daniel Briggs

Thank you, operator.

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

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

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

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

to recorded. you to session, would everyone question-and-answer this participate is with might who the those allow to yourself interest question, limit respect for please one so one question we being opportunity note participate. like that Finally, Please follow-up in presentation to and that our the ask we request

to With Mr. please call turn that, let the Adelson. me over

Sheldon Adelson

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

We markets. an billion, increase had year Company-wide great the a our quarter great the was USDX.XX of year. quarter across adjusted prior for all and a over fourth property EBITDA X%

this with in unmatched heard industry, is full XXXX in generation our Nobody's flow USDX.XX industry. cash ever EBITDA year Our that before of billion.

course leadership mass, in of be strengthen Asia. are USDX both investments few programs exciting, investment Singapore in non-gaming capital completed of mass with position which our years. next billion in segments further These capital projects, premium The the will will the and exceptionally over the and over Macao

to our X% gross Macao prior good. million to the the region. turn contrast by over year. in increase the financial $XXX the USDXXX gaming quarter, us in Macao, that's in increase market a million, adjusted decline of an revenue X% EBITDA X% to pretty In property results for was X% overall, now decline, an In Let's contrast the

revenues We the to year, both Retail and lead growing with - in X% by with both managed sales grew the with our tables the mass prior reaching year. up by XX.X%, XXX growth growth non-mass to compared in remained prior industry, slots. profitability gaming our prior basis over - XX% continues Most year. points strong, EBITDA margin the in another importantly, over

couldn't believe mass London billion We in investment with of no than critical promising, continued the Macao. will progress Macao deployment at to our initial about in of we better and the the at offerings the be to USDX.X more excited world in expand have of Suites both regard non-gaming our and hotel The We our there Seasons trial is on results our been capital. very the you update future. Four Grand market

as business into We to Macao's in leisure look and investments evolution to making and diversification destination. Macao we Asia's tourism forward contribute additional leading

expand our of in to entertainment, Macao and facilities the greatest welcome leisure believe Macao. to in hotel the to business I the destination MICE opportunity dollars world invest the billions and would opportunity and retail I become of capital tourism the MICE has Asia.

events We with in In were success. investments attendees. sorry, participation ready properties from over XXX,XXX - Macao, in Macao's additional XXXX, stand make future China's to XXX,XXX to contribute the Sands to substantial over held MICE XXX

by the that of MICE as in are And is by indeed, much events estimate any hosted MICE of as far attendees the This we and represent highest that market. operator Macao. number we XX%

and we which Macao's to contribute diversification. in growth area another is Entertainment

events Asia. In to the continues Macao development entertainment XX different its it in as Cotai artists. western top center as we Macao the We premier our market Asian continue in respect Arena, in featuring to brought lead and this XXXX,

supporting commitment in firm Our objective are of the examples the Macao. and MICE two our just entertainment leadership to government's of diversify to economy

Our and themed possible designed the Macao. are large-scale range attractions malls market-leading of visitors our non-gaming including to attract facilities, retail tourism hotel investments capacity, to widest in

Having made today. support a I've in diversification, business future. continue we Macao investment the for [ph] largest to to and Excuse work this me, invest will the to economic got the in cold

Hong both to Bay of the believe initiatives, our the to the the With Bridge intend of potential MICE Greater potential Macao leisure We and assets has fully capital and existing contribute we events. future that objective of become and opening through truly progress the Kong-Zhuhai-Macao Asia. the to

current another with evolving address also serious. and unique me topic, situation situation the The Let is the coronavirus.

and Our to is guests, top priority and of can the everything Macao safety China. doing we employees of we and our support and government are the both health

safety China Our is in the with relevant public in authorities implemented Sands and significant care team close Macao, consultation procedures health and safeguards. have and we

with the a line of hope direction containment to for government We continue virus. will and swift measures in implement

turning Marina strong adjusted Sands' EBITDA were per than prior Mass USDXXX was higher million. year. volumes Now Rolling day The to was the win solid. remains Singapore. XX% Bay and

The strong foot. daily increased hotel time, more per USDX,XXX square At continued same per average annualized than retail to and do to occupancy. the square foot - to rate sales enjoy a

we business to Singapore's and destination infrastructure and excited Singapore's continued leading expansion events, set region investment, continues tourism the Sands to as tower a offerings. a state-of-the-art entertainment Bay growth leading of tourism for as will as in the a a a well we are be luxury develop as include leisure designed an Marina of MICE live expansion. receive part significant The to hotel XX,XXX-seat, standard additional new arena

additional MBS in to and updates the future. provide make on progress we'll the expansion We continue

advance Marina Sands experience the the Bay to enhance customer will We of reinvest to in expansion. continue in

Now turning to Vegas. Las

increase and performance year. another of basis. offset in adjusted of XX% convention records, Our a Las hotel great over USDXXX to the record million adjusted EBITDA whole property [ph] an a revenue segments had Vegas prior of XXXX normalized operations with EBITDA USDXXX The slot million, yearly quarter, leading on

X to the for on the trade China United and the future the China China for relations, the The of between U.S., deal global U.S.-China States collaboratively Phase good of Regarding good economy. is it's been of rest work good trade has United it's coming the for and completed. States global and trade together

of to shareholders. return the continue Finally, remains our The The increase we net the capital the capital. dividend return for continued of to to cornerstone dividend of has strategy grow.

share $X.XX same stock XXXX, Yay For dividend we the during increased of per Directors At of the quarter. $X.XX share. Board per the USDXXX buybacks. has repurchased million time, the by yay dividends, to

us today. Thanks call on again joining the for

questions. take we'll Now

Operator

of the question [Operator Instructions] from Joe comes Your first Greff line of JPMorgan.

open. Your is line

Joe Greff

expense hear regards be to first question is topic extent My an to the to going if lengthy do there a operating and fix it. how obvious talk going good the the flex Sheldon, everybody. can you Singapore, in But you the afternoon, to How coronavirus, is is at with to you Suites' impact again. visitation be about just and probably Good to markets? there both manage Macao much spend and in there? both respective

because an Thank numbers the follow-up you. then maybe to disruption don't that impact have And is access versus to you And parse to travel do related visit Kong protests we for how government of - quarter, have December? Macao monthly you that's at question had but much look fourth my me. think Hong in to, relating through, all in it you if looking you relating the were backwards,

Robert Goldstein

- I'll Rob. are I and it's part X Joe, to take the Hi, different of Macao want question. first take the markets, They Singapore.

Singapore. level dire XX%. the you in but in much not same Singapore as know, [ph] Macao visitation as reports problem on It's nearly of public As some been as based There near has as there. adverse Macao impacts is down has nowhere

We'll to think fact tens hits. things of mitigate leverage when these can our we to the thing thousands way at markets. problem operating, that revenue material is it's do to expensive paid it businesses times all -- in operating the we on and of they when a dependent. we think And would good, off, to hide this swings with the I As from that's we're operate. of our people these volumes make employ be They're this. do are time swings And our same again going like direction real. your you best. business operating to it And an silly costs. no too can kind all There's to but And business impact know way do in the

and extraordinary most storm said the Having foolhardy is think our for it in been problems - just market, this shown any of been don't do our in will the keep before, we'll I we'll each and know in Macao and market. things Vegas very it this in to if XX% very, through in line when happening be we've best that, Las years of think this to can we've strength [ph] it biggest at a We know markets real return We investor, enough investing. We've do operator. continues. pass. to and be problem would that our decline well a offset happen, of - costs of But in and That's what's aggressed reduce returns, things first Macao. with we When be like Singapore when. lot

question, I I'm didn't second get… Your but address, to trying

Daniel Briggs

and October, pace went. November how December The of

Sheldon Adelson

Deceleration in from really okay. month it month you Macao, the the as Oh, that's decelerated, visit might Well, again, extraordinary imagine, the a happened in no It as December, terrific surprise think predictable. Macao. past, in was has there. October in with I President,

So quarter - big October was month strong extraordinary, soft. surprise. is - November I the look guess, No you'd December is the and

respect. it on to And October. I in that's It's than market clear think A can in was pretty we'd I place issue. in the I that that very reflect everybody. December think different say all

Joe Greff

guys. Got it. Thanks,

Sheldon Adelson

Thank you.

Operator

Your comes of Stanley. of the Morgan Thomas Allen next line from question

open. is Your line

Thomas Allen

Hi.

fourth on sticking you third just had mostly you. visit? going President Or premium else and results strong just So the they a something that quarter and function were Macao down. do with In mass, Xi quarter, there? Thank really in the was of focusing mass think on you then premium

Robert Goldstein

Yes, yes.

quarter, almost up X%, a something let's great break apart. at We like So X.X% or it I think base mass had that.

in were success. of our delighted base mass So we we and with think base performance remains core - which mass, our that part history, were I our a strongest

You're a bad right, still as the premium mass business not strong was performance. but not

Londoner. construction Macao, you And happening in in much product day. based upon happened on better market what is most is as Four product. here, really especially Seasons market blame what - wouldn't think I Like under know, the I I the as wins we think this gaming, and are in as

all all leader far, the in the We're be soon and premium confident leader. we'll up the end year the of just Londoner the not pretty St. the the of going I'm Four by Seasons, Regis. but, open And suites to of suites mass by the

in Macao, success what other show it. happens I think you market a up the product for the people demonstrates of in the quality when build products

I Londoner. think Base of which our - the powerful, and between Four extraordinary, is product, X,XXX size Regis, room feet. XXX St. keys. and Seasons X,XXX equally

whole open think offering I once new SCL a up. from these at things we're looking

I'm mass the as So confident very our business mass our [ph] business, reflect base time strong ahead. growth in premium will

And we're 'XX as well. enormously you Macao, in we're Board billion the Sheldon the pay the that will investor in most 'XX of know, and and As off investments biggest committed. $X.X and worth authorized these beyond,

Thomas Allen

follow-up. half unique Thanks, And versus there is my at is strongest anything were first a there? strong, but Vegas revenue your Rob. year, the on Was was little quarter really light margins of XX%. going this XX%

Robert Goldstein

by gaming margins our just -- If $XXX every million year can a - driven The I seeing but more make okay to mean year, know, we're think with is I a is have we business, I'd the a shift a fall be non-gaming points. that. Vegas in powerful. we component few as you No,

realize but of out - center, at indicative machines driven And is year heading. out one should saying gaming services, convention you this we is mean I more which business - more the our that coming forget are you're the convention-related and $XXX and where is almost of of million think revenue what revenues our I becoming and business the extraordinary. business think the and coming banquets that rooms thing is I our - slot look that's

in gladly, would will I growth and we we I keep towards would I going going, trade a million So few more beyond, of think gladly points as margin keep and non-gaming. $XXX for

super is at as of trade gaming you strengths we But the visitation Vegas. again, X a overjoyed Our has not ordinary. of the one out the $XXX a from But if which we're [ph] and here million pretty Nothing And Las good. we're there, baccarat, from is happy. with -- know, extraordinary, as of or point performance strong been Asia high-end the nothing year. margin the

Thomas Allen

Thanks, Rob.

Robert Goldstein

Sure.

Operator

line the Carlo from Santarelli of question next of The comes Deutsche Bank.

Your open. is line

Carlo Santarelli

- X a Phase now I thanks. deal. time at the good about guys you I other least, remarks talked for the recall, it's been discernible. the and right know trade of obviously, the your it first signing could and, would on Hey, the prepared bit that something Sheldon, war in going afternoon, don't and market little of the Is - with have in that things all that

little provided to results end Macao the But that the see as do you business you something on of out, in was that phases bit optimistic potentially feel cadence a governor a a better and X and Phase maybe subsequent start will maybe high of that for you're resolution market? the has of something play across

Sheldon Adelson

doing are they're just the very China I trade I think negotiations the with that think there are contradictions much. don't China that the it's that inherent perceived. and the perception - that

puts people China putting think reciprocates China stuff - and imports different the tariffs the from that on Trump tariffs I by in U.S. on President then if that from on think

my forward what to faster The at than Phase the probably that of moving would the signing resolution people of when he talked China war. the trade And moving Mnuchin forward, the they're I X House Steven I for for expect says of agreement. White so-called friend, was trade the

So although reality, - not a causing problem. it's of be a problem, it's to it's much perceived in

Carlo Santarelli

Understood.

Robert Goldstein

-- just it's Carlo, Carlo, I Rob.

and Let jump in we for people resolution in a just comment hear the importance trade Asia, of customers reside provinces from in who echo the that. No in me question, China. war, entrepreneurs of especially and on business

more very helpful. it's comes see The in We'll think businesses. to end. see We'll more an war growth confidence. their I

primarily so across segment, It in Macao. but which important mass segments all translates premium the success is to in

bodes and and for of helpful very competitors in Macao. our well business future very, it's the So our

Carlo Santarelli

have as the best approach right difficult quick Great. my now the business this insurance in then casinos you followed? to follow-up. would were event stabilize, that's of here. Thank things apply view Obviously, be Macao going close the the to how maybe of could a out temporarily were that is Do interruption is that But a understanding And handicap the decide you, until with everything both. be potentially play just that on. kind to wouldn't that to situation if maybe path guys

Sheldon Adelson

Well, Patrick ask to to I'll respond that.

Patrick Dumont

I a question. appreciate -- So the

I think right now, it's too early to say.

Hopefully, sure information risk something to. management each and But programs, I'm a where the at. I it you ever down from. take that's operator think that have different so it's not we'll not I has coming comes something think look

one We do various market have the of types of a in very robust in the products risk management program largest here. or risk We're of actually certain acquirers markets.

So we're proud think of very that. I

I operations. our protect to to protect our balance try sheet, we think try

that event policy comment but our That coverage being can think that we on I the or and don't specifically likelihood the said, clauses of type of the prepared. are we of we have

looking I the and strong this can note initiatives a sheet. in that support to thing we think need the best government on very have And other liquidity we're hand. balance have way fortunate whatever very The we is manage from to that to to. We're fortunate to very through we're

is the long our balance I to and with thing variability sheet, our expect this and markets, very we're other is something unfortunately, and think we have with. The deal that run, in comes up we periodically in cautious

Carlo Santarelli

Patrick. you Thank Okay.

Sheldon Adelson

It's not goes answer the an enough. and quick us. resolves I have to for hope question. it I away we hope don't issue

Carlo Santarelli

Understood.

sure. you, For Thank guys.

Sheldon Adelson

Carlo. Thanks,

Operator

line Your of comes Grambling next Stephen Sachs. the Goldman question from of

Your is line open.

Stephen Grambling

guess, that generally afternoon. to frame there way other follow-up question. to you current is the it something accelerated we any or taking Thanks on as still be track Is that or of to thinking be anticipating is on should the good Or coronavirus. can there still underway that regardless that is projects the the on now? Hi, construction impact should relates for be I track? disruption be we one any have Thanks.

Robert Goldstein

as we it's all Rob. Macao. Macao in speed projects as our today, we're what full result slowdown anticipate We that. depends saw speak no of Obviously, happens don't of virus. any in on it all on but Steve, of And indication the ahead a of we

Stephen Grambling

strong on one other obviously, clarification then great. quick That's Singapore, And very results.

can If what if look that tell customer of Kong that you that the is database are at - that transitioning there, of or strength? you because any you or is any folks do of Macao disruption think out otherwise? Hong -- of is to your driving kind of Or underlying

Robert Goldstein

and -- property great I we really Great management. think don't No, can't determine... it have we

Sheldon Adelson

looks. good Not to mention our

Robert Goldstein

really Yes. We can't that. determine

been, culturally I a with such the has to -- Singapore - country foreign it's for think always an us, sync visit, place, visitation. it's interesting in think great I

us increased of towards continue As more levy made we customer. that product grow terms the in has and make more more entrance to you it know, for - service desirable that of visa and and entertainment and property visitation, to pivot foreign the quality

don't So but to an country make so to foreign want great pivoting very whether product place, in, good many in they're Singapore. often what It's a to - - we know want incredible that to come I damn operate at any more so visitation. favorable people that product I to ways, think

we're pleased grow. about will it. very to And believe, our continue there, I So think I strength

both our the - place. as we more We're has X Singapore cetera. well places. always in right as I a And our been same. new making think Arena, the heavily We in is we X the - and invest right the again, invest et Towers as addition, huge history X, commitment,

putting Singapore billions So and we're is to there. very that's work of I future in dollars think bright why our

Stephen Grambling

of and Makes sense. That's super helpful. much Thanks luck. so best

Sheldon Adelson

you. Thank

Operator

of question the Barclays. line Felicia next Hendrix from of comes Your

open. Your line is

Felicia Hendrix

Hi, so much. thank you

fourth just Rob, the into premium back in digging So performance mass the quarter.

mass decline decline? because growth December that of was would premium the be the fair in quarter, year-over-year of the the visitation major month your it of just say driver at year-over-year you If each to look like

so - low - any was you outbreak? the the then XX And kind way President of could I quarter? also Xi's if was wondering - visit? January throughout the so or how us things similar days Or the first going the there's And the around to were with it prior of then share

Robert Goldstein

To quarter. question, your the the Sure. December child end was problem of clearly the in

I well. market competitors of true the our all as think of in that's

great went it it and quarter the October, were heading we was massive for a then Now quarter thought slowly as declined a on. we

As for any from - we effect the didn't virus. see this

pretty a different XX been - first conversation. would days strong week it had a very call of But in type or ago, if be whole this was The X January. a

the think visitation was strong, I market good. was

to it's down, there comeuppance being real XX% early occurrence. it's It's So a January whole recent have visitation I at the was in no think this this point. disruption. thing, market-wide this of signs a But

Felicia Hendrix

we why VIP? think is this Yeah. VIP And we XX any those on guys all days, side. within year-over-year? - and reason change mass could you you Like But should some kind just stuff know you any of we see did behavior in in focus can the improvement once past I there the outbreak that - on I get first is mainly - see and like could

Robert Goldstein

into Yeah. more that. strong don't get reflected visitation and first fourth was Felicia, We say other quarter we trend. out XX of don't want a than days to break the it

been so when is often, it don't an again. particularly you enigma. as make VIP, know mistake I that know, won't wrong better. its demise, gets We I've

will think resurrect. I VIP

an trade populate that direct and VIP who about the the by are junket it are market businesses indicative ongoing comments success. the be entrepreneurs of the their [ph] or influenced I their Sheldon's think war segment,

product-driven. blossom, there's mass blossoming, it's the but will more a where keep I in think future premium And day

very China trade helpful for general. be think in Macao wars very I resolution in the will and helpful

Felicia Hendrix

you much. Thank Okay, great. so

Sheldon Adelson

Thank you.

Operator

Shaun question Kelley the Bank from of next Your America. of of comes line

open. is line Your

Shaun Kelley

for taking question. Hi, my you good Thank afternoon, everyone.

prepared Sheldon, the So a mentioned the I - go coronavirus with remarks, government just policies. measures and back few to think you in implementing line that there to of you're

government? maybe You at all know contingency stage? of better give planning we or sense like - I mean, of a think smooth policies full what's this what But they could how again, you on us I over interaction right just are [ph] looks they and with of And bit you with those just stopped been some little kind kind the of situation helping work the to ordering short now? closures. the of

Sheldon Adelson

dealers, us details. that visitation in else, put And temperature see to on masks the the anybody whatever and Well, there's casino, wants the they got done if everybody whatever of measure we've virus. we requested all that's the other government and the that to our

Robert Goldstein

helping right. our -- in And That's we We Sheldon's our to help to of contact now people have the masks of our every business be done to the with into resolution to part Macao, contributory to corporate of protect actually -- team and job Grant employees speak protecting areas. the in and is a we Across now good contribution that. constant China government. our screening there. citizens the - of point, We've Sheldon's our the respect be in to China respect team government our possible dealers. today. to and the - this we're people of as and we've there all monetary Macao, Wilford contribution, the And and way is as are We're looking And board, government into And daily. into all our can employees, crisis.

one, constant and So we communication in to mass... job that's are

Sheldon Adelson

I one an room here, [ph]. operating in take walk in in a - got I When masks. Everybody's

Robert Goldstein

but started to to in recover look Yeah. masks Macao more dealers, help the into us can short supply. to family everybody else help do we and and supplies contributions. government. to to with the have make asked then are We're trying get we It what went Sheldon and And

Shaun Kelley

performance pretty about the just as Macao's pretty you. just policy the but like And he a plenty big then felt on it visit, Xi's light of switch follow-up, my think, The thank impact shined -- just there's Thank little gears a role. Great, positive for you shift that President been bit. future questions the but a I on from financial really, obviously, color.

take commentary policy Could bit went? of the Any of how color that how maybe general give tenor more forward with That you just Chief just your be the kind of conversations -- us new on would is great. the the Macao kind administration? Executive, under with moving little just -- on a new

Robert Goldstein

We is in - Sheldon's Macao think itself. - for a as I'll this. what? the years. for XX so - We've contribution, say company's speaks this XX there And years, investor I don't been we biggest contribution

Macao's - biggest of we're were bulls raging are Macao. XX being is our next on years. future. think in billions And the great. last forward We We the years look to investor in the invest dollars to XX We goal

have had We conversations it be. with the can heavily desire to government to repeatedly our invest about Macao everything make

the important takes to in more that it see leisure destination most the more MICE the gaming retail, And more more in see most We business. in important the already rooms, It's We that leisure the activity. more kids, world. takes city families, like MICE, that space, to want everybody. world, takes more more become city

It the supply It could This The the the the become the city world. potential, most has rooms, there. the with city demand the bridge, happen. grow. visited has and had infrastructure airports in to is to the

Sheldon Adelson

had We XX -- million XXXX. people almost XX in come in, XX-point-something,

Robert Goldstein

listened We direction Yes. government I their invest. And - has full very our Sheldon to We on surprise I as government spoken we current well. He about speak to his wait the authors that and that. we've willingness know. think we of that. We the -- what the very about heavily. willingness been we've to Sheldon's mean plans There's invest story, the success adhere no vocal with over to years want vocal to to Cotai feel. for don't advice been the pretty But do. potential. and We to see reach Macao can't their the simply

was - mid-'XXs, Macao its that years And are mature think XX in out, built XX years. turns next the a infancy. the first The it we Venetian than Vegas, is city. better in the I it's considered way

think as Macao is more. much Macao has where potential much to that looks in good so do so same point I today,

We the future. our that beyond big, a of have Macao's and hope. invest we That's desire. Adelson that but advice been growth and Mr. is into our And destination. non-gaming excited direction components That's gaming await big in city's raging the the to and of city's government, Board maturation

Shaun Kelley

much. Thank you very

Operator

UBS. comes from Your Farley next of Robin question of the line

open. Your line is

Robin Farley

you. increase I some was some about slowdown in more lot I if December Thank ask you Can the in Singapore, Singapore increase up the helped ballpark or Macao just that by thinking than to the how quantify a term, of wanted other wonder was Great. in in in just months December. -- the quarter? about

Robert Goldstein

missed the think I downturn quantify. hard very part, Robin, there, Singapore. last drove we the tell don't sit but to in and into customers that I honestly, Macao It's very you can

Singapore. very people It's drives what It's think into I very Singapore a is destination. desirable a building. desirable

think can to visitation. continue We grow foreign we

invest terms making in the We continue service to quality heavily room. and better in of product of

look demise to don't I So growth. help to Macao's Singapore's

I think...

Robin Farley

and November of Singapore up more And I October December were? - didn't mean the month - I just meant there than was to some was degree, in

Robert Goldstein

board. to I it think the quarter a but I we'll it anyway, don't but whole. think rolling visitation. think strong - in the business, Singapore board. across I a It's across good I I solid, a don't as out, out. quarter nice, a good solid wouldn't It was month, a do an break Singapore quarter just want The had break it was don't need We treat business, wouldn't you ongoing the to. -

I we in you and believe at powerful interesting prosper it. as look this heavily reinvest obviously, itself, an don't country look But future. thing in that product a at might to will think continues, that the as - might unto grow Singapore Singapore, a is - powerful be virus we

Robin Farley

Okay.

Sheldon Adelson

in the country. Look a in at United mall States, mall it were the $X,XXX foot. mall If the that the grossing in Singapore. would highest be

$X,XXX Now dollars in a does that like a in Macao we Seasons in in have sales. mall U.S. Four the foot

other So on Orchard Road. malls it's the been around

Robert Goldstein

a why that's As we've do we're of grow, we and Singapore though. the room of investing better honestly done we a well there, to think future there's We lot can lot in as believe over in Singapore.

Robin Farley

hard And to something XX the Okay, is this feel in to get XX to and say Dan you. starts. minutes all through I thank then just in answer is follow-up call before or like that buried the my Slide like is going question,

So...

Daniel Briggs

the apologize all [ph]. trade We for news

Robin Farley

But -- pace about But think a more disruption disruption "Let's maybe no. a in be about you'll the of I the just buried at potential thinking is no, it I the disruption slower Well, kind. the the less we of get when hope accelerate Londoner, just in now, versus is that like actually some that question environment expect the way?" was to great. like disruption the And if of it's how year should quarters? and this time and right the there say, out quarters to

Sheldon Adelson

- great second chance part I've curious answer there's this But there a question. me. to the Macao to explore Is in I have to a question that. the answer today. we am very construction I know slowdown? team don't accelerate of process your the the don't That's - during an asked that if fascinates

So I won't represent.

a weeks I there [ph] I walked disruption bad will on in I Londoner, and and I And here and to thought walked through up And dust the I feel did "I of said, happen. like comical. story say customers making myself. and will staff, been it, the call through the playing couple crazy. ago like as tell you, construction a people multitude was everywhere it jackhammers laugh I'm having of this

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people They're when coming are that walk you manner. realize to realize You the sleeping Londoner, for necessarily not properties. you

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build we to know when. St. the brand-new someday, redo off, just disruption. So facade facade, Regis, you, the X,XXX casino, rip there brand-new I be build tell will continue you when don't a keys, some

Robin Farley

great. Okay. That sounds

Robert Goldstein

address know that. is a Dan we slide, didn't of but to that. would had think going have Dan I

Robin Farley

Thank you.

Robert Goldstein

All right. Thank you, Robin.

Operator

Your line comes the from last Jared question Wolfe Research. Shojaian of of

line Your open. is

Jared Shojaian

to Hi. return. Good Thanks everybody. afternoon,

of interruptions any terms don't quite you. or coronavirus more then or I about? the declines, side visitation I it, And call the normally follow-up, historically would unique. the you're mass my pent-up the thinking seeing lead VIP something Thank side? if demand. that suggest, precedent is there's you on anything that In are know know onetime for that Is to

Robert Goldstein

cannot we being would it of us XX% market, for -- things, out. think at the level of silly the be every Two decline to segment's break I Sure. visitation affected. it's experiencing, we're all -- If

every segment property. in not is try - the honest any cute decline board. to way for than be It's to Every not let's There's more no Let's be be that. across this. about

As know quarter will the article Year, I'm does today New killing it's to demand. fact, - a when don't and when There's last believer pretend is - month these very I I next in for - the of and this get or know. resolve. XX, so fact history a the pent-up Chinese The next there don't in this to want viruses XX whether in I it journal solved. they years think in good about pent-up big resolve, demand, we'll

know they flu, flu, Russian whether will I had they that's But Macao's the very They does busy to going the years like time, very, will because With Kong And Asian to folks very, I in or force. not, these this when March, the gamble. it whether know. biggest February you be or have old, properties flu in and when Hong I resolve don't resolve, back we Macao. best XX come the it resolved. And was flu, the

to lot there you resolved, very for a that don't know we'll on think strong But We're happy is with, day working very And we Macao. be - them like Believe to be them there. government and welcome the a will that happens. serve market. the very that demand. wonderful it's can just there count virus of back. a day and me, very, delighted will We come brighter you I quickly and It's when be pent-up people

question, a a a So in very Macao. fair pent-up like I a and strong Yes, demand's place question, good issue a have it's answer. real

Jared Shojaian

right. All Thank you very much.

Operator

Ladies and conference Thank gentlemen, concludes call. this today's you for participating.

You may now disconnect.

Las Vegas Sands (LVS) 29 Jan 202019 Q4 Earnings call transcript