Las Vegas Sands (LVS) 22 Apr 202020 Q1 Earnings call transcript

Company Profile

Participants

Sheldon Adelson	Chairman, Chief Executive Officer
Robert Goldstein	President, Chief Operating Officer
Patrick Dumont	Executive Vice President, Chief Financial Officer
Daniel Briggs	Senior Vice President, Investor Relations
Joe Greff	J.P. Morgan
Felicia Hendrix	Barclays
Thomas Allen	Morgan Stanley
Steven Wieczynski	Stifel
Shaun Kelley	Bank of America
Stephen Grambling	Goldman Sachs
Carlo Santarelli	Deutsche Bank
Harry Curtis	Instinet
David Katz	Jefferies

Call transcript

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Las Vegas Sands, First Quarter 2020 Earnings Call. At this time all participants 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 conference like to now would hand over the Mr. I Briggs. Daniel Thank you. ahead. go Please

Daniel Briggs

you much. Thank very

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

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

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

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

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

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

Sheldon Adelson

COVID-XX career. us my afternoon, is thank in everyone, The you, your Thank Good unlike Dan. hope seen you today. for anything ever business all and are pandemic and these in times. during challenging joining families I I've friends you, of good health

impacted. While also provide difference and all to have those to with this each a pandemic make many to an brings challenges, it been opportunity us presents assistance of who

host safety and security our in strength are Macao, and those Vegas. to a customers, efforts difference need of of the our Singapore company Our on us enable financial our members each have to in to and in to communities making Las team is focus and the fortunate

the last, each pandemic world how our markets know don't this spending around in confident and long recover. of and travel are tourism but will will we eventually We that

As entertainment day night, will follows business. ideas travel to again, people social enjoy again, to and conduct as exchange shop again to surely interaction, come together and

Focusing will position more thing to eventually also impact the on communities the of quickly the members it and subsides; recover pandemic to the for right team support today is our us do. as

platform about leadership with enables with recovery, markets and optimism eventual to travel Our eventually announced investment and of investments growth financial and programs the coupled larger position in a strength our of each an execution Singapore. future us these in these our strengthen will for We capital tourism our Macao spending will both believe continue previously provide recovering.

are $X.X In and Macao investment capital progress at Macao The our making Suites Londoner program Four we Seasons. Grand great with The in billion

large a other with full which increase of integrated which think In resorts our portfolio. of addition the will both projects to we you number ahead already we’re familiar, these speed and with moving are effectiveness investments diversification the

accelerate investment Now commitment pause and we slow opportunity our our additional in part business are effort the become the both in to play one in the in is the in tourism MICE the destinations economy to term to the see in strength Macao, opportunity eventual and remain of world, recovery capture leading not I tourism make investments. the spending. to has short the investment to ensure the to financial in and and the leisure Macao. We possess Macao Asia. steadfast the or the down belief local and position With strategic we intend supporting in of that capital greatest my time

dollars and and destination. contribute business additional Asia’s I've invest tourism to the As on to welcome diversification and Macao’s and leading said many opportunity occasions, into of evolution we leisure investment billions

of part growth, Singapore, we in and to investment as Sands, leading the tourism – of a expansion leisure destination. Turning be Marina and a excited tourism continued Bay Singapore's our to business remain

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

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

to more United Las Finally, will time could ahead Las recovery in that Asia, confident Las are it days but tourism the best we than in business destination take Vegas’s Vegas, leisure greatest of and here eventual that the remain are Vegas turning the and States.

by great now growth capital sheet years will The balance spend on deliver the balance we’re to sense, positioning makes the to a strong in our storm opportunities moment future sheet we in invest business Let us strength leading industry allocation. and enable company caused a Maintaining this weather while promising growth me pandemic. ahead.

and dividend suspended shareholders hopefully have the buybacks’ of tourism of yay very we the and deliver said confident the capital future. enable to strength growth will in and again for them return spending, assure our soon. you saying time. the our I model dividends I business and in While we ‘yay and the to remain I'm recovery that have looking to not us program, travel forward both last

questions. joining you us we’ll and call today for Thank on now the take

Operator

question of [Operator J.P. Joe comes from with the Instructions] line first Greff Your Morgan.

question. You may now ask your

Joe Greff

Good afternoon everybody.

Sheldon Adelson

Joe. hi Yeah,

Joe Greff

your Hope well and healthy. all and families are of you

get on timing the relaxed have first than my question sense importantly I know a of a maybe or things four out. quarantine is tough imposition IBS, those impediments that those and So roll we those how but eventually start on restrictions, I Macao will Airlift, more relates would things this by buckets, then you to guess to travel do question, Ferry, Guangdong. things when more

Sheldon Adelson

Sheldon. is rumors This heard. can only quote some the of I that we've

it's the rumors or sometimes May. of we've definite, in end nothing middle We going have nothing positive heard that the and start to but

Robert Goldstein

elaborate. to just Joe

do June do, there'll follow you switch little Sheldon's provinces. to May be think timing believe flick a same of it point, perhaps the all perhaps sources ours different and I We better. know in which the we're you as some but be opening we hopeful, a it’s won't to or

and as know. equally the pivotal, reinstated, IBS We’re XX that’s day into is re-entry is for then hoping you for important quarantine first China the

will first quarantine, It IBS, be bright the XX the some day flick the summer. the of provinces then Guangdong follow will throughout and think first in provinces equally. place be switch all open we’ll the and place see the I one in won't lights

as Guangdong follow. know though for others that's to is door it you Once the pivotal. think open, opens I

gradual be so quickly, for but gradual will will the rather it think It throughout conversant Swine to recovery much to they to be or a running. is is the been Airlift come the the these of in going in will it we're are visitation, as back is process one be be then there derived back which while in or you It terms and Asia, situations, - thing of be maybe it income phases will Flu think SARS we past problems and with and majority through our muted a grateful be the the know more how has gambling, provinces summer. I for trains still from follow. other to come will Guangdong that

much pretty We like who fall, we’ll place and place back much then to demand we a and evidence them regularly. customers asking summer have pent from a feel confident this when up to better pretty of seen crazy the and our be better are we talk in

going far So we the of first, Macao we're feel what the pretty see beyond U.S. to in about return good

Joe Greff

segment's XX% including slide on $XXX maybe then base is the this Great! those the say the know of Patrick much million. or And you that back, come How Dan monthly for the the to mass Thank Excellent! Macao a another in at when Macao, question you looking XX% to that other to – for in million OpEx call. the just and words, margins question the for incremental margins than premium overall. deck relate and much are $XXX related so segment? And you're that higher

much So other XX% that revenue? that much those those at revenue currently without would without growth words, what in you're be sustaining plus fixed be charges margins or

Patrick Dumont

Hey Patrick; the Joe, thanks it’s question. for

look our probably couple normal you over margin conditions. years, for areas recovery business at a appropriate are rate if mass and think I those premium the as back run the margin mass grew, under last of

largest a things is to operations, think related consumables. broken just gaming our which and host general And so which and other expenses categories, fixed whole by variable, really tax, related things is our payroll expense property not, to is our costs you property then followed of if into about

some but towards this be so couple margins variables, when And will would segment it over because we've in managing last I market higher very trough. started very particular of about is, it a say think those you been it things think the result anyway. back are margins and on hard And focused call to to years of of it characterize way know the

segments. our we there team very cash And been grew in as higher revenue margin our increasing flow and so focused work through together, the we've on

margins. look that think expand don't a and particular segment I So you through should rebound at say a will

I had plenty at you in take already a this of say do business can leverage think it. what is look our and

We of open continue I to would look and control. the in have a when time, control on rebound segment costs very be we liquidity through that manage we difficult we’ll were it and be difficult, to before properties. this do as things think can on to because basis to margins then at we plenty focused have the to And reality look

before. the saw to great strong heading we like years going And basis that to maintain operating trajectory a believe every that leverage see when in run things so like strength a to we're that to the believe things that know and segment. strength rate going XXXX to I'd recover. had We we're continue XXXX very on have I'd and we’ll we XXXX into when had and in you recover that

Joe Greff

so you much guys. thank Great,

Patrick Dumont

Thanks Joe.

Operator

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

ask your question. may now You

Felicia Hendrix

Hi! you to definitely Great to you there. so healthcare important you've done hear PPE get wanted to thank all, company Thank the and the much. Sheldon, to and workers for all out you

Patrick… So

Sheldon Adelson

I’m sorry. what I said. you hear didn’t

Felicia Hendrix

for you I you have – all was the PPE just get important and to healthcare done company thanking the to I workers. that

Sheldon Adelson

Great, thank you.

Felicia Hendrix

you. thank Yeah,

Sheldon Adelson

China We it. PPE. doing up four go got the of more still pick and have plane to trips sent masks – to more to We’re a XXX we

lives So cost nothing that fuel of – is for listen, fuel the particularly potentially something us, like we saves nothing. it's do the and

So very there back at and low we could fly a come over cost.

Felicia Hendrix

know we’ve That's the gradual cash that kind one the burn. you of we've things to great. burn, is a as of to recovery on monthly struggled model with and the OpEx of how that cash of kind just in flex to the Patrick, stay tried topic

to XXX to your obviously run right, go So you going you're not back going to rate, and know from it's ramp up. full

like think thinking like it way of kind just So about you're a variable, pro-rata, right it know the to so it’s rate in it, lot like kind up. most how just of of is ramping way is I and of to we’re that like the terms like – about its is it – of versus run

the there are that you've in right shutdown it stick are benefit to as think is So you've like cost the I'm kind work kind more about are really of you or wondering mitigate made you know, going costs to that future. importantly there you and things been that going are way to now of in that as efforts going to mitigation to mode, be almost

Patrick Dumont

So, kind of there. a part two question

I detail. appreciate know, the You

the as way an look you margin think represents a know ’XX. across expense think to I about recovery expenses, of of it our structure. more bit when that little uncontrolled than call you XX% it operating part That total is

think think that was sort XX% about of when you of in the so operating our expenses, and you kind controlling context. about And that

margins are is that we going to of XX% mostly will about than tax, that's see really those know uncontrollable leverage. little gaming operating you'll is what gaming drive of more which that tax, look, you was the XX% of which expenses about XX, that so that, because the actually getting start way And

some variable. you think So if controllable, that's other of XX% about that that’s

[ph] Our very that taken was keep you is that want together, to you’d control, so we've payroll, [doctor] say we and that know it focused that's our on. that team something although under something the we're and

this, period and gaming So might of of call can the when during it payroll, look you up. margin think kind what tax you as that the into transition walk expenses two as largest of our ramp like

might run, a EBITDA XX% little were call the you at be the it before a right an when will So gate? we Unless look that know But running out you other we at challenged. recovery, there's immediate the the margin snapback the expenses and control we expenses able that you look way the marketing at have business, look way. the been controlled disciplined we in and costs to we've parts of that very

proper troughs ensure You comes you the know to the went business recovery we always experienced to and we've managed – know ensure has liquidity before it other around. when expenses and

opportunities? margin segment some there and are depends but think, back Sure, I what also I on so And think when. it comes

that premium segment. margin much then the is mass segment and know lower junket the less and obviously providing you contribution, As mass

we tremendous our if business, of look get out mass to of So right are huge margins volumes going the gate.

us for call a what the it the depends think first. on I segment recovery of on of business So lot you

So your structure, a the recovery business, on – given kind view that may of I process expense you have the for think transitional margin given that of formulate can you the business.

Felicia Hendrix

that's is probably Patrick, Okay, And well. also this you you. helpful, thank really for as

you obviously know been lot the dividend You company, on guys a you decision. to stress testing doing led of have the

have the that Just liquidity to dividend? if take cut cushion, you maxing tests stress on wondering, you and the what more where reach you and debt? be And out then have willing you the reinstate into know how milestones deeply would see to so, would would to

Patrick Dumont

last the that's key long the us part him, the we’re I objectives focused as is on prior think falls very term thing that leave that something in of company; to liquidity question the earnings the Chairman, of here looking for for calls, at we focused at really Chairman. mentioned the looking very of before the since the I'll but is So on

track led, is Our capital Chairman in look it's invested the you use has projects, our our high-growth if that on projects tremendous. and reinvestment of highest on and capital and return at best record

at to so we laid high returns continue ensure Chairman's high these forward in that And you is key that strategies continuing we that and are to goal drive and and he’s our market and notes to also markets so in to the to when if the the invest get out, our look ROIC, invest preserve markets liquidity the does recover. going

look variety we at said, scenarios. a being of That

ensure a downside the comfortable different different and to cases, which of lot Chairman here. we CapEx of things analyze a that's have decision we've what in we so We that Board scenarios, different can a a lot the lot making scenarios, a satisfactory done of with feels liquidity

and So look we’ve if the deck, cash can that liquidity. laid at available eight page see in you the you out

confident and see You XX in more can as weather developments, and go very that us. presented our completing months and in sheet projects conditions Marina feels storm. very invest Macao the continue the can ability that's feel Bay encouraging new Sands so position, right current them, than balance along in now we we about strong to for our We under with the our Board very

grade markets, comfortable high as the and the market, hit quickly bond for of And capital the bond reason working which company, we world, in some most that very said, after if grade have market felt market we access the the access do investment and issuers had we so we of most capital our impacts like the an ability. needed time is and ensure investment and grade very being feel coronavirus opened to markets, the spend to deep lot we that access, a liquid to at

this the it about sense if But the this time. shown huge makes do equity, time very that a grade page makes have determination we've some our that analysis Board that. raise confident undertaking we’ve so on-hand; the we're the recovery, to eight a from with great we're very about point the high we’ll you benefit with at been strong at additional management to feel know CapEx we We to so, liquidity we're ability during markets comfortable can looking and developments forward on and

that like. best when the I of of looks kind may and the And would back be something view which one dividends Chairman, on answered was dividends you that, then that the second come what and question, last think by that directed part probably is

And back so okay, the Sheldon, to turn that’s you. call I’ll if

Sheldon Adelson

Thank you, Patrick.

think EBITDA, that Vegas, that a and Singapore perhaps. our, first. that When the and we it's of probably time it Board where reinstate our think are after and level very the were, will rumors back discussing order will simple. both I it’s of We Then with come dividend in is Directors. Macao get a don't big GGI, If the Income away. things Gross Gaming back is the to percentage – long I

says to than – them rather get it the So don't if what anxious we to should no, – dying Rob get Macao come enjoy to back want people and to to back then later. themselves, back are is die true, sooner

family we Listen, I'm and the want more largest do. shareholder, I, the you than and my dividend reinstated

So if the soon reinstate account, so you that money like I could that our get back in as to dividend would we as see of money. not the have savings amount we're earning getting, some we’ll to certainly

Felicia Hendrix

Okay, thank very much. you

Sheldon Adelson

you. Thank welcome. You're

Operator

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

your You question. ask may now

Thomas Allen

you. Thank

what and all we’re when February look figure about travel to future you like there stricter impacted come at social trying then Guangdong were in Macao. reopened place there before think the out I of your things what to business in distancing talk restrictions back. the going was weeks qualitatively just to the business? Macao Can a the like has and went So couple measure us is end got to and how business

before a can the And you how impacting I similar monthly on vein, numbers on measures Singapore during Singapore you. know were the just just social how distancing was closed. talk period qualitatively you it performing? Thank time slide seven, put about but

Robert Goldstein

it's Thomas, Rob.

social impact, an terms in because size there did in have distancing we’re limited of of think I the Singapore operation.

it stay long in have an impact on but don't future. Singapore we’ll we and Singapore. place of I those The will the terms social question impact, just think an have negative in distancing [inaudible] is in how know,

the just don't more distancing, getting But slots about you in, Macao and and distancing. talked impacted out in than time of think better it social because I the we of snapshot think access much periods much think it I business but enable do position obviously there many terms both adequate and vis-à-vis demand more tables and Singapore I rebound can and was footage in of you difficult confusing getting social area the much think were it's more to about, by that in so visas that have quarantine. know Macao In I concerns operations not scale we comes. there time us – square a was to get size different markets we’re in slowed in because so an when was a there

in the quarantine back IBS in the Macao I think back XX once opened doors in the is up and team we day place.

I think impact numerous will quite again square in size minimal the footage. our the well and a operations we'll able scale Macao, in to the be and distance have social do and table of slots

tell I were think they the to about demand the come of may closed in adversely Singapore this come have remains distancing, we'll going we’re demand more demand. negative but to that'll have have in to laughing amount by obviously we’re so lot you we’ll of Singapore. do come be am cannot team summer, to impact. social I this seen. what that impacted a concerned I I want fall, to be, about the of a it fact gamble. I I could be see Singapore believe and calling a and people and think morning complain spoke especially lot

Thomas Allen

miscellaneous I be those would detail to And as financial follow to because I some in on our prepared comment? Could think Patrick that strategic we earlier. strength.’ growth more in just clarify the cut, job. announced when company interpreting dividend precisely the think ‘I talked I it interested comments. you Is you Nice you are see high opportunities imply many wrote, opportunities said M&A. right some my up, the then perception? just that and people for our I want have [ph] commented think just about this it

Sheldon Adelson

interested M&A. does to reaffirm like in what you're It we're thinking. mean that I'd

U.S. balance in the One all we've market best of the until reasons biggest came, sheet was of equal till market combined and our why got the industry, combined. our this – competitors virus the capital cap to in up we're the the this

don't of to developing do, balance our other the can on because to add So and companies, strategic don't that most that sheet up going I'm they thinking I'm on not acquire, has priorities strategy going have one be give or the we go that it's the the integrated one, we – – have right strategic to resorts. we price and now and the or do, and potential that acquire building if both of of to we taken on course are and can more acquiring market and so in developing. operations

Thomas Allen

quickly can on that, on views if follow to be any just And up like what to changes your markets in? I you'd

Sheldon Adelson

it. that Because we've Not really, time, been us. times, for come for have to a to best they're always so they this maybe long pace the lost higher back but several agents said going place make virus are have experienced. through to wanted that continue, Asia for one, this And when again, a used always at opens it shutdown up – we’ve time and just number the for in they is up

to other has Asia populations. than So the inclined gamble most is population, play, the got to

looks it to So find like that. something good in if do we like certainly we'd Asia can

Thomas Allen

you. Thank

Sheldon Adelson

or to to Either acquire build.

Operator

next Your the with question Steven from comes Stifel. Wieczynski line

You your question. may now ask

Steven Wieczynski

that so maybe rebook point? us this the bit obviously out good Yeah market book. guys, or have little of a Rob But slowdown have seeing a convention probably willing to on on, terms they know you afternoon. they in convention about going this did with what drastic think Vegas traffic. the but what's are you wanted can at seen to you at meetings you're Are point, understand at later the date you in folks holding a help

Rob Goldstein

in Yeah, We the in than Vegas referenced the of Asia. Sheldon had see the kinds question. but and path these Asia’s different viruses Again, exposure not a things. to good comfort,

applying to testing know Asia, when mass As the temperature way you kind and there anyway. are you works know of it over your

on never has U.S. kinds our these So of experienced I think thing. shores that the

of Vegas. group groups how Airlift Airlift there. He's who question demand building going August don't group August rebooking runs Americans relates the you XX morning, I the here, know appears in is business Las XX; the fall. know not here, canceling I'm into how multiple for they The be saying there George being into the to just money surprised. So demand how the think it I I don't to terms summer know to strong Markantonis. look in impact to George but the our out talked from market, is spend he as be will and and fall. economic are late about this will in They and feels are the days. in to

I our to think demands some same – I of thinking there. there competitors, the spoke applies

have safe apparently Vegas etcetera. it's I make back and as they September, thought can back the is is demand, distancing, I November we be, in problem to sure make thinks it town. the multiple from there to don’t think haven’t. lot it, pretty proper That push companies distance, we Asia place. looked and with I've which has the of demand cleanliness whose they’ll that in and George ’XX, into people, of so… strong heard but a to protect as But and August, social Its that's October getting proper going a etiquette in place think a controls like I lot social

Sheldon Adelson

the want I time don’t it can and this have private for have tell we on not at association and is if are only are show; is at ever have they that. – have to their do your loss as - not that's it a it again, case their time, shows of recruitment, up not at don't do soon can't and and this going it can coming to – both the companies, the they of from It’s it up with expand make we can. as to possibly we all. and don’t We usually we wise own time, that can businesses the so what myself. lot they etcetera, They give relying This to upon research, Sheldon. business

Steven Wieczynski

your Okay, Sheldon, color was got dividend, it seems small kind is like you the place always keep give bit – the you. and of it? ever it cut dividend is included the very thought in you for dividend of being a maybe XXX% little thought Was keep the there lot or but investor a time this of some just I mean different very liquidity then there for maybe is And just in every to strong. or is your keeping position of base cut or strong, balance Patrick, your a around stock the

Sheldon Adelson

– not is this This Sheldon. is

haven't We eliminated it, see open of we yes, cut than income we could going fast dividend, we come happens; a kind We'll places suspended suspension. how and and the what rather a to to we’ve what just are down total experience.

Listen, I’m – we boat. your in in all same the are

as as I largest As the to own I family anybody I, maintain recover my dividend and I said, the and see want of of stock, and to amount it long possible.

Steven Wieczynski

Thanks great. Okay, guys, it. I appreciate

Sheldon Adelson

You’re welcome.

Operator

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

You question. now your ask may

Shaun Kelley

good echo healthy. safe Hi, I afternoon and everybody's and sentiments to want that I the hope

extra color disclosure there. to Just I Sands. appreciate is the kind coming the recovery, a think follow-up and current maybe little customer and how maybe just bit source the between and wanted that Las to you gave you and expect maybe there. the the you little bit market sort give on Asia there are more Singapore going market. customers because to it's mix relatively unique a of mass react Where's do all from it you kind know of Rob of Can as on to this us VIP reopens, in market maybe – you you Vegas color your of markets how that trend know

Robert Goldstein

will in been isolated. It this of majority problem can They has be that mix confident as is opened morning, pretty X. we'll The Well, that beyond concern seem this. team June the is there is the the get closed customer they June. you – since in it like the zero the journal doesn't extended had much saw you till currently pretty – are we know

June. me I they and feel all there think pretty we’ll and confident open the guys in Paul this Andrew told morning,

was they thrive. market think thriving and local So we’ll

of the talking that in an couldn't people because people Singapore in too. be immediately, amount In feel strong local will confident that part bounce quickly really the they enjoy of about back they calling pretty complain were to rebounds activity and fact very We being gambles. are we June market actually confident it's and that pretty

local sure market, to of less again of thus markets, borders too not local far market I'm our Malaysia, foreign of not challenges. those meeting the now. right because I people, local that The I’m countries open I facing in struggle nearby. Indonesia, bit terms will be countries the aggressive think are those these feel but meeting on, Indonesia, Malaysia, strong and a even rebound

return. think to be I that slow we’ll t see

to Chinese China, we’ll be quick if get and is I are open the to return able to see think border we come. the open,

think rather quickly. will that cover I

I think the will away in the foreign it up summer, some Singapore positive becomes ramps then markets local neighborhood. key and surrounding June, right of miss elements but throughout

I will the for gambling the don't our and will do that China local frustrated back be Indonesia know people to I closing anecdotally simple get because to are to think summer. be casinos. go drove will play to strong. prior think be I play business to local we and in back hear Malaysia really it or want and Singapore strong

local not anyway with it, nor but visitors, or is be deal three rooms, you Singaporeans, or social or difficult mentioned, problem you rooms will they’ll no large know, it and as as you Shaun customers the so and business Chinese's wearing enough, in bankrupt high to know know you've end they'll there. in people except two the idea distancing of been also Well, the you Asia thermometer mask for in checks a

there slot play of be very difficult thing again, we a the quickly high what get end if spread social ETG markets I'm we floor, distancing machines – lose about into table. may and is, again both lot vis-à-vis etcetera. is concerned only like who lot the be once because business, mass we'll The gaming But the slot a main can have a we of

think I we accommodate.

at relates or We having end the risks mass. high slot may on people be capacity and mass not masses to where coming risk on in risk tables No mass. of machines the it the and the enough saying

ability to Unlike lived is I anticipate. a which be through going back Macao, they’ve acclimate to quicker drastic things and always is slower. U.S. environment think they lived recover. lot SARS, Their lived they’ve we in through much again, more and And of They've think they to has the come improved past. like the and Swine come than back are I to to Flu, this going Singapore quick through

bullish be our demand foreign the not rather We we us, high is the back foreign quickly. and there. business cover there. it be you know We pushed our business around know might our into because caveat the business Chinese will So will, feel fall neighbor's end strongly with that feel

Shaun Kelley

that have that characterize kind VIP is were Macao, so only that primary in and thus sort you really or way the on see the far. little the talked other a it available market to restrictions you of little was was the of And the to the what the mean recovery did Is what the that saw in to all think restrictions, really in travel what I difficult it kind we data just can trajectory the split about thing appreciate we for time, was broader Great! that so of in bit at we out detail able you that bit there March, market I a investors? see given of Rob. that then just that March. was read – but the read way I

Robert Goldstein

back saw mass. now come of in People read can saw – two that Yeah, we premium to mass a end we think a business out. back mass at turned high I these has give color, that first weeks. better the you I things, will wish I those come turn but the the people to don't the or I evidence just such down,

was restrictions etcetera. the is confusing and think so I

the back is China I taken believe they're are segments in and work, to think happen that to IVS come back come is just there XX going going What rather good I future. and back do of evidence to think quarantine the going when away, I all was day back and don’t what’s travel healthy. the

out – we strong of a think properties. know see time I I see October, you nice return By profitability Asia by very are you’ll or late you over going late thanksgiving think by early know better to our summer, by there. fall, some fall to

the We happen know it they're I and get province a into will government seeing don't the eased. China Asia Macao, being the been hoping and happen, feel by to the to with are I that that there's started, travel but extremely will better Macao claim how made already just by What is you restrictions access province quicker gets in restrictions think see strong eased. confident

I of how just weeks, two come the indicator really three don't to back. going think strong weeks could be it’s a

the a I'm I it’s mass high plenty well. people need I it going to believe as end. segments. going of be not think it's believer back across to just comes all

Shaun Kelley

Rob. optimism it. refreshing, definitely I Thanks The so appreciate is

Robert Goldstein

recover. The will optimistic. you, Thank we're world

Operator

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

question. You ask your may

Stephen Grambling

and as is good Hi, of wife needing to Felicia’s the also families equipment the well one you of those afternoon. so it, on personal eco my workers you. all healthcare actually and wishes your I’ll thank protective

a where willing Can whether is versus question you potential? may the pursue synergy of or assets biggest you that regulators follow-up may companies? may first guidelines comments generally My would these to on and transactions the individual you elaborate dictate be around How on M&A. the would expect not types whole

Robert Goldstein

that Sheldon, to here in to office. want take take you do us you want it or the

Sheldon Adelson

Take it there.

Patrick Dumont

Okay.

So question. its and thanks for the Patrick,

our might know developments you of the look returns justify terms at ensure on the thing very true you just in the think that right deploy been true it’s we any and so M&A capital will has through been be certainly in about to through lens get way the returns, it to transactions. that one and strict M&A you examine in we always that's term things – of order we sort on up and long views should I Chairman

in had, they to way we've and just where are around to we see think we assets I quality discussions trying thinking it the so are is, key we're where returns you run, be very our going and buy may attractive be something think to I that focused. it and find and fits long to overall is the to cheaper may And opportunistic, are high strategy be from that into them about looking build, markets the in

is to and not this as opportunities over compliance to is those know in ensure the evolve see always regulated very Clearly heavily to hard I we that take context. going And attractive very something and and our and happen and look do, a to Chairman is if are will have board. have if to that have of we're an are it's carefully This disciplined at opportunities to going a going we’re the look any opportunity immediately. you to time of proper we those going to industry think as

about of I And how so we'll kind it. think that's think

Stephen Grambling

maybe Shaun’s around Sands. Thanks and follow-up then question a on Marina Bay

as margins per relative the looks to just looks can of that the margins talked the like in it you since others that You and it puts peers. had takes than trajectory, revenue impact solid quarter we the but like property's and even revenue think about you day reramp is to very zero Thanks. better remind us this the might OpEx

Patrick Dumont

overall margins So tremendous. Marina in really are I property in Bay Sands, think the that

would you That has and of contributed strategy multi-amenities integrated has I think really the been I the the has been property. to results really high tourism quality with Chairman’s a to do think view Singapore, tremendous the of the a and the see level back goes It's and since and very that on produce lot highest it’s the of resorts original opening creating margins, spot great. to has been and that with strategy high asset it's driven delivered. market a history and the that to of

I demand we pent-up here to I that us know long think run. look for the know and comments lot think there's Rob's a you earlier, at is opportunity it of for the to

very we're think deploying I capital focused there. on

the we will projects help and margin enhance and Marina of it bunch offering enhancing enhancing. a be Bay at Sands have We improve to that think cash flow

the focused development very we're X. Tower in think on I

asset that there offering the think excited know works business have because We that vision and it's and – very Chairman's very you will test that we're we already Macao business. obviously have mass that, we get We have great arena the of to to and the Singapore. we tourism great know about open. market some premium the with add operate You tourism the arena it is well mass a in and

visitation significant can and Singapore arena. So around area we in where we corollary drive the see of a from out there catchment that

at you hope we're the to years, that returns look I on in value a deployed very couple capital, So Singapore see structure. over the to think maintain very is new continues high market what if margin we next going high

continue things know to and that cash see poised we advantage very when don’t exactly long strong recovery and high while that And Rob we're were demand, because run of in to flow. do to the know pace the the going be of so, covered of we’ll deliver said and as take it today, we margins

of that. kind So how that's of we think

Stephen Grambling

and Best much so all luck! for the Thanks color perspectives. of

Operator

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

question. your ask now may You

Carlo Santarelli

thank the everyone for Hey, comments. you. Thanks

business over that near Macao do the business speeds. you see sub-segments the medium this would more term different gaming more pronounced think at two way. or Have best [inaudible] adjust ramp not as of maybe the make in guys imagine strategically it customer might think at assumption pivot of your the I that I one’s all to probably towards be will you to about a that for VIP you, specifically maybe kind and

Robert Goldstein

we are you you saying – But a all Are couldn’t that had than to are quicker problem VIPs ramp We you. think you little that. going much that hearing mass? catch saying

Carlo Santarelli

Well, and I'm the at asking all you if opinion if then in business came that is your differently.

read So that? kind to of perspective I wanted on your

Robert Goldstein

business to believe lot that believe not We mistake way. it anything, the we’re way. is No, think is we this a to and come going real demand summer – think and open think in a I that mass pent-up premium if fall. be going of to We to the all the believe this up will segments

as the see and their a all up, comes through, think to Asians we’ll to and have up, on market up, segments. IBS open barriers are distance, those social going work return are I Chinese they we I do The country down that come open as but think quarantine

where the and a seen shores our U.S. we’ve We and are money money Macao on of here the be of but this aback lot a some Asians, here, kind also shocked kind pretty in again the shell making is it. I'll come confident redundant we've fall. this taken of virus never And by summer,

it. Asia has they times, they understand numerous it, with seen it dealt

Kong are sanitizers restaurants Everything and retail of and temperature and around walking they're terms restaurants in and retail open Hong never of and is It guys closed handicap the – be the is statistics in checks. world. a operating. try Hong mistake mask You of and Kong think it excellent and it terms I their with in gloves open to and with the think I is which visitation deal will it'll relative rest and will to with think deal segment first. pretty I to Macao They can back be

it then and in way. we're think see happen the with and to first late the XX they back the come really phase by summer pretty days all hopefully that kicks anxious all I in

so opened again, Our again, customers, having job for a are any the But they is people keep no for to provide time so idea. Nevada have safe scared is and because and a reinfection. I and think unlike employees our the U.S. don’t which people are our coming getting are there concerned, hard environment even

right Kong, you Hong dinner, can go go now can shopping. out you for

it's comfortably mistake figure try quickest. resurrects terms have. much we a to to which segment of they’ve I more out than But kind come think with So to

think all pretty they come back quickly. I

Carlo Santarelli

shifted guys the a just of that’s it you, outline just little one project you that of as follow-up for where key just maybe Sands. Bay timing milestones Thank foresee It has to pertains how to was. bit Marina Could process? provide helpful. kind construction like of the an CapEx you it Great! And kind up of and looks

Robert Goldstein

you XX in expectations our referring are slide presentation. page Sorry, CapEx – has so the

new the Bay You’re so Tower to the referring Marina for expansion, Sands?

Carlo Santarelli

not. terms what in timeline and of of construction just the Yeah,

Robert Goldstein

our So I consistent thinking here think pretty today. is what with laid out we’ve

sort says always I going back I ‘You It's we'll two not heavy than then schedule as expenditure and half of as build an think execution can years. know until to the us, start ’XX, follow to any Venetian funny, quick the we a of Chairman we're less follow. in really

portfolio You Singapore guys these to we can the same.’ be because to the as tourism do really of going to are do can that want do we possible. add we as as assets the should to as best So aggressive we be, quickly

of Macao, from can see Tokyo, distribution the if of was in think there how kind about which prior some of at the the presentations progressed. the CapEx our trajectory ground latest look you really you look and our of I up Parisian, kind projects, you in

Some is of availability. by that influenced labor

know see You to ‘XX the now, right not particular ’XX, what of as we’ve this in the in we’ll in where we're in we'll that believe and Maybe kind out have the ability we’d sure. some there up laid Singapore across is like pursue schedule of market clean ‘XX there’ll to majority then coming be happens.

we've possible Singapore, So you financed that facility think Singapore. and get and as for been obviously this quickly a from have I so group the And as draw open thing know also the credit once holds for bank goal our same it's with approvals that get in is do government delayed there proper advance to is project the we in of that to try the project highlight, just years support. to financing with we with their that

aggressively current are the make a environment line but in working to So the you can to work are we'll as we're as we we can. pursue you given as know keep on continuing to quickly schedule time as and like there; trying we progress; quarters, we’d to continue we updated upcoming

Patrick Dumont

then is our done summer, London this far not the For what and we’ll XX the the and fully by built as end it's keys open-up a we as when the façade. worth outside have also and Carlo, operational to opened, we do Seasons Four

quickly. moving we're So

on right projects. site finish workers now have We those to X,XXX

Carlo Santarelli

very you much. Thank Great!

Operator

comes from of Curtis Harry Instinet. the question line next Your with

question. your ask now may You

Harry Curtis

Good afternoon everyone.

had First building margins respect with back to to – in question is Macao.

never from at Going some look by back your crisis go learning as without a ex-labor. adage, to larger you it, the let of at expenses old your,

back opportunities actually faster, guests that efficiently, there food you'll marketing to be example? example, you the running fewer bring even way operate for for So margins that and with here are so beverage, more to tweak your

Robert Goldstein

in you workers in be costs about have business be like – be margin may cutting thinks revenues or enough there; going there's some think of are just just the overplaying confidence my worry cutting will restaurant how enough we is terms guess believe to this I Asia rebounds. revenues I the in there. misguided, I but I don’t and think feel strong some how we're Macao Asia I Harry, to know cutting don't if

I in think Vegas. that's commentary an question, vis-à-vis appropriate Las

think I fair very question. a it's

But pull I that in services, thinking, our they enormous businesses will do again misguided we great We and successful. it hear be there, Macao those F&B, things in pent-up Singapore, I are in a we it to and think we’re Asia because These be on top-line. and of the to over we you back demand. can't need pull lot a mistake it; that there unless overcome top-line have feel and back kinds that think goods services we of think

year, and revenue see to I the may I don't there sees a to a cost comes should Patrick back to it, think but business in this I Unless levels drive shave believe enough. few of points just be in don’t estimation. be because see Asia be and mistaken try would we margin, it my

Patrick Dumont

about. think one just to And thing additional

this Before and continually was start this that margins year, the quarter incredibly make the very look of efficient each in well-functioning, efficient well-oiled and itself ran machine a of beginning was this very high more the quarter. to first disruption,

going at transition to it point, and flow at cash ensuring keep it, got and manage which look continue then the we this this look to from we cost going We're strong. efficient the think that to manner, from I revenue standpoint. we Rob's we always business generate and happen, to so to look way much we've very grow margins won’t as purely a that will And the in believe at we're our is

it's we so think do do we've we'll and I costs each from because we’ll so things looked forward, as appropriately, out think going today, continue that we've a at the to of efficient all try business difficult business just our where very to and and that as tell carefully quarter And I it sit to run you taken possible.

Harry Curtis

Fair enough.

Sheldon's XX addition to spending comments your in to on to is tied and Executive. that about topic to looks Macao. years new – a move a There’s broader out Chief me Let five

Vegas. forward been has might questioning encouraging that Chief actually going the Executive, the the that the me relationship been are investors have it but comments have for positive concessionaires recent seems new most somewhat Some concessionaires with to his

is, Macao the of would so other my partnerships future completely Macao, Vegas position my develop that industry companies So as hospitality – in to Vegas, you investment? question or the return or question or with the government Sands industries think and what on in different Las a spending about rather get incremental in might high

Robert Goldstein

We First love to you I I’ll Executive the we in in recognition commending are at out hotel are don't to Macao. know we quarantine the see say the I’ll Macao; comments but calling our rooms pleased the keen our on the of there, us repeat investment actions – invest participating and call. for in saw Chief top Sheldon's with to that.

write we as Macao, Harry. can Mr. Sheldon as quickly. been we're consistent invest go-ahead, I in our think to We very for has predisposed minute think want very we often in But Macao, Board to consistent. much we’ve would and always the as that been be checks we and day can The come large I anxious to get as Adelson and

there. the We believe market always opportunity. We've potential believers. has just so much is growth been so There much

of know that. a we diversified of very is and very and Macro anxiously part future bright You very the are

think invest sentiments? willingness Macao. invest, in Sheldon, do those always want in to unequivocal been invest, the future his echo to Sheldon’s I you

Sheldon Adelson

those. echo I’ll Yeah,

Robert Goldstein

Echo.

Sheldon Adelson

leisure – will gaming the best, and is, in and anywhere be the we’ve of destination Ditto. not be the best Macao the It Listen, one if will best. the world. best

reason grow. there's it why should So no

was We’ve that. as long Vegas serves population Rob it While as much grow the potentially rooms. will what serves about I is into a only could take taking, greater go than got It does. grow XXX,XXX in that Its actually that, it could time was only big to Vegas XX,XXX XX,XXX, rooms about it thinking and – it into but Macao.

well for quite will a grow that. take it it beyond to while So

Harry Curtis

very much thanks everyone. Okay,

Sheldon Adelson

the certainly It has potential. growth

Robert Goldstein

Thanks Harry.

Harry Curtis

it everyone. appreciate I

Robert Goldstein

Thank you.

Operator

Katz David of line the from comes with question Jefferies. last your And

question. ask now may You your

David Katz

taking envision, everyone, on you mass wanted touched this Evening thanks just reopening the and and side. on and I back the trying to to go my Hi! question. and Rob for

look operationally know etcetera. it what ferry, You people from taking could border like crossings

out envisioning like, it not suppose aptly we know may some and I I afternoon. would Nevada be about Commission question potentially you point the gloves, could the from look ask Las that you you and same are know, as here. to we You release saw temperature. used And know Vegas, as masks this What given we Gaming

Robert Goldstein

– right. a guideline. if I I you to as think Kong at think look David, turn Right, Hong I

there’ll I think Asian be is there’ll there’ll checks, masks, be adapt. people be gloves. the yes, Well will answer the temperature

the the We ensure as they that, not environment rooms are us it do in whatever clean to best will going employees going can that. They're to social be but be prevent in distancing. down have risk can an to do at surfaces, wiping our and are we and can we customers Hong our in all beyond and they visit are Kong. The doing clean, fun of

deaths opened. time last less dozen and again, had a the think retails than I Kong are Hong I looked

you in You go feet the into apart. sit restaurants are to Kong; Hong five XX

the a but Vegas as it in here Las similar sanitizer, coming doing there’s Macao. in – kind Asians are envision Hong speak different today. You of wear you gloves, wear temp environment a in, get all in check world, they're Kong and mask and a a we I it’s but

acclimate in it’s Kong, temperature a years that not the for wearing higher and do you or Macao. ability thinking. Tokyo The are difference much been Hong the be is that to is people far to because via in I've going When to airports check Asia, going masks,

think Asian the don't I people a have So all. at problem

it to in rather is the they think to to fun going from In and to recovery are believe in back Asia my I going having the happen be heart fact welcome casinos. that of bottom anxious I get quickly.

mask Airlift because door as is one a not part now it will concerned thinking, of different, I success. the at it little I've think able wearing reasons our difficulty. this into is of different, and you Vegas, also is the fly bit is Airlift while how know be I'm wore I a for Vegas I'm important and the an Las this the to be been and foreign comfortable will it its and a airlines because

get that it’s going in people there’s take any comfort although to to So to and I think problem think going going don’t it's to to at it's happen time, some acclimate, some all happen Macao. I

The ready. minute they open doors in Macao, we're

Kong what's we We example in as have your checks, but Hong speak. It’s pretty amazing. temperature happening mask, sanitizer, the the I is gloves, think the best the

go there the to things shopping, that’s life hope what and environment you eating, believe You to the happen. can do going can a can comes we adapt new well you when can Las there that's a go do usual, day Vegas cure, or lot vaccine and is we it’s and ongoing of in as until I but not

in agree. I’ll live ’XX’s did many so all That’s be XXXX things? to never these How will say, be to of same. It’ll the to People to stock XXXX, through we going XXXX going crash to ‘Oh! The market SARS. different. everything. change It’s

a – some at point. remedy, There the I and of here than be will some but thing looking, many will gloves there’s much will mask distancing. too this be think vaccine return medical and quicker way some it be will it get there'll world no Asian be fixed and I aversion smart social getting the people wearing but people, will return, rebound or out think faster to a and

Macao they’ll come can welcome long fact as and to back it as they In Singapore.

Sheldon Adelson

Rob, old. not you’re

those all times. remember past You

Robert Goldstein

that? What’s

Sheldon Adelson

you that the remember those You all not are in past. incidents old that

Robert Goldstein

younger, remember them. much was I so I

David Katz

and for great. well sounds question. out my everyone Dinner Be thanks taking

Robert Goldstein

these days. one David. of Thanks you See

Operator

concludes first and That for Las quarter XXXX call. you thank earnings joining today’s Sands, ladies Thank and Vegas gentlemen conference. presenters you

great day! now have and may disconnect You a

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