Las Vegas Sands (LVS) 22 Jul 202020 Q2 Earnings call transcript

Company Profile

Participants

Daniel Briggs	Senior Vice President, Investor Relations
Sheldon Adelson	Chairman & Chief Executive Officer
Rob Goldstein	President & Chief Operating Officer
Patrick Dumont	Executive Vice President & Chief Financial Officer
Joe Greff	JPMorgan
Robin Farley	UBS
Carlo Santarelli	Deutsche Bank
Shaun Kelley	Bank of America
Felicia Hendrix	Barclays
Stephen Grambling	Goldman Sachs
Thomas Allen	Morgan Stanley
Jared Shojaian	Wolfe Research
David Katz	Jefferies

Call transcript

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

Operator

Good afternoon. My name is Faith, and I will be your conference operator today. At this time, I would like to welcome everyone to the Las Vegas Sands Second Quarter 2020 Earnings Conference. All lines have been placed on mute to prevent any background noise. I will now turn the call over to Mr. Briggs. Daniel

Daniel Briggs

you. Thank

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

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

A In slides these addition, on our we the posted during definition comparable included may those and website. the Please Relations of call. to Investor press reconciliation discuss GAAP of have may non-GAAP note each the earnings measures refer we to is measures. the in supplementary of slides most We portion financial a Q&A measures release. that

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

Sheldon Adelson

you everyone, staying safe thank Thank you, today. during of you challenging that Good times. Dan. are all I and and afternoon, for joining hope us these healthy

of in quarantine. quarantine visa no a certain issuance Macao. that we're COVID-XX Singapore and XX, Macao Marina towards is first in of outside company well the Bay we eventual visit July that Guangdong, is to from This as And restrictions is challenges, of We're the resumption the since critical now facing that report recovery. relaxation as the open. is are to Province While longer subject signs excited seeing tourist step Guangdong happy returning to first Sands of provinces to

of early and and local markets. confident to in stages, in our in and employees in host assistance communities that we will providing is eventually and unbridled My years XX health in steadfast travel exchange that its and social customers experience again, our commitments to now people to remain are XX remain each travel our from business tourism spending the of my recovery to the will basis -- over our We the our While of safety interaction, fully to optimism come again and business. conduct shop recover. entertainment enjoy markets my ideas and will together again

to the investment Macao, program for London to with continue and a leadership optimism Suites our larger Grand platform the will each our growth Our for make execution continue Seasons. and and coupled investments these us return. of execution provide these of and the in as tourism spending US$ position enables travel the our financial We our both an billion and eventual at Macao strengthen great X.X about strength we progress of will recovery, in Four Singapore. In capital future capital investment programs Macao believe markets in

overturn the a capital retail new dozen be suite more hotels, world-class that other and remain all and Macao includes including elements. and during will local the a our economy well in our these small- I complete projects restaurants, we three year facilities. new support medium-sized our Macao the variety the This local XXXX, of As part opportunity Macao's introducing we destination. new billions to contributions greatest than in The in play We We results additional entertainment of of MICE leisure and as of to destinations in from and Asia. has and integrated and of MICE and investments capital of business my business Macao. developments and to the business leisure potential evolution these into long-term that new China and of employment, businesses. welcome enables would confident will unwavering Macao in tourism extend diversification the invest and increase of us and its become very existing support tourism leading Asia. our and one scale ongoing share in of the belief of today, to our to investment world help additional Asia's our leisure to and We're the tourism to recapture supporting investment as steadfast dollars remain commitment rest

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

We experience resort. progress These the delays updates continue the evolve. and will to will occur. expansion, enhance continue are we make the are and We Bay project to appeal in delays of tourism the impact advance to believe on as related additional pandemic, future, Marina in expansion. we the likely of are the timing also principally provide continuing that reinvest the customer conditions Sands, to to of the the of In in the MBS to

could our meeting Las time remain confident We business. in in on eventual Asia, here Las that reliance business and tourism destinations than the take the Finally, United will leisure particularly group recovery to The turning greatest Vegas Vegas. more States. remain because of

weather makes with this balance maintaining sheet, businesses, sheet storm where pandemic. a the caused by balance our we Regarding great strong

of opportunities, industry-leading strength confident in deeply in now recovery we'll positions us joining to capital business model for tourism of Thank growth sheet the that promising the strength the and ready questions. for call future. deliver will spending ahead. in in both future again you invest the today, growth our us and shareholders enables on the We're take to we're questions. travel and balance Faith, to enable eventual Our company years and the the and us growth deliver to return

Operator

from Your question Greff first Instructions] [Operator sir. from is you, Thank Joe JPMorgan.

line open. is Your

Joe Greff

you have first lifted. was or the give seen what quarantine Macao. and was us over I week to since everybody. Guangdong some you the anticipated afternoon, My your last Good of requirement question benefit hoping sense relates so could

look two-part issuance to over question, performance you you then do the when when related -- performance to February this last a Guangdong the EBITDA other in XX And when look follow-up. XX easing, isolation, this days, breaking between if initiated just period's part think even so get two, similar question. to casinos X any related easing without and this how can XX you when travel quarantine at was requirement? One, Macao? new second you March at And travel restrictions, So I have the reopened of visa

Rob Goldstein

it's Yes. Rob. hi, Joe,

I X,XXX, period. Individual there's in but back. is is X,XXX know not much I there there's Visitation hope taken We the a think it's quarantine between -- to current I We the think, Scheme, our steps. realize three think IVS, that being being took you Macao for the without dates come the critical the first you away. upside mentioned potential, that think believe big I difference visitation resurrected, is, big the for The to step casinos biggest

when, IVS happens The don't resurrection. critical. will know that Hopefully, that's but second step the we be

But the Of subsequent, without the know, or as we of need you really the the to IVS. course, Guangdong, need disappearing reservation the we other come beyond financially, open finally then as think And Macao, of well. income provinces helpful. see as well. that impactful not other I will quarantine that be a Guangdong It's provinces back

is And it's today, use IVS, period you are there's very think left and don't mentioned. compare dwindling. I the to non-expired Only much different. So those

So the impact is negligible.

that that victory importantly, the comes results, very of its terms in more in once we Guangdong and Macao course, comes is terms to is down only contributed but income. of it think provinces the financial beyond since puric I back, helpful the the IVS of or get

problem about still our we -- will be So strong believers be a believers certain. that demand it potential. The business well. come we're I be quite feel we're nor in back the else could We're the can't strong does It could very give late anyone still next When in fall. fall. pent-up theory. could month. the is It in excited the happen, date you It

have We to steadfast we'll we remain believe wait will business day. come patient. back, and remain for and I So that the

Sheldon Adelson

it return who they'll that take each the Those two believe weeks weeks couple of up Sheldon. take upon and they'll the until gradually is IVS it'll waiver game, all Guangdong is important might game -- and that know provinces. this that. the they Guangdong we -- quarantine of a get then those step, do of The the Macao open to and that of need the most or we IVS province, another So for knows government Province

later. but than that, will -- rather hopeful hope. guarantee, it's no place also But sooner we're So there's in take the that our

Joe Greff

and the convention, ask attrition seeing you're That's can your And and in what the you Sheldon. maybe, But sense you. next of then of Las rates then respect with and XXXX, through Vega the queue for give group Thank a us you. Las question Great. Thank to cancellations, of what sorry fall Rob, importantly, here. early the rest the for helpful, for activity year capacity so of this the end to half you're first for December. year seeing October Vegas airlift

Rob Goldstein

Joe. Sure,

cannot group nothing essence, limited would weekend. upon regional Vegas reasons XXXX especially running I is versus Las casino -- of lease In of you in Vegas, very and very segment cannot cannot without the them, horizon dependent Las our return with that of there, And businesses, occupancy to midweek, XX% know, banquet favorably. a segments. three here, we're of hotel nothing or Las city, for and predicated I maybe group at return all. the convention mentioned, different return. There's Vegas, business occupancy As but these whole running consequence. you nothing indicates money Macao distinct the make see we in driving And company, we're negligible Singapore, businesses. Vegas view all It group capacity but perform upon Las

what We less have about occupancy, it plans the airlift much previously. than XX% somewhere around was. XX% is of the And was it

terms in world in of hurt here So Vegas. we're a of

think will say younger, those to pessimistic have or be looking -- this travel. believe. ball into the ahead, deal to tech I are I that large about And you business in a and the believe more as if group people eventually just our vaccine believe thing driven, far will group believe and return As I it slowest burn convention. XXXX. you if skew off, more in tends still business reluctant longest whatever of because the reason it's I -- a remain a you don’t you is, crystal

my yes, be I virus or here quicker we and much if into on to two I shortly. fall a Unlike no airlift, is It's don't vaccine real, about I in the Vegas happen tell what banquet the want So I there, group honest Could to forecast return casino-driven Singapore have in than see might a Macao, very there's and or it anymore. it's zero, and return that rest well, terms you where that but in in I convention. I because the didn't to think and talk of the feel and and consequence. difficult to -- don't predict or Las belief XXXX material. for feel the that. business desire one will dependent enough would year things way any business strong nothing place. have Macao But market a a dependent I of on be opinion, take But less not on is we'll a this Vegas group real insight

So we're here. struggling

we Las translate well. other the that us -- But are think I XX'XX, painful Palazzo this $X.X but I -- we're to I you virus, Venetian the would I view on making that that depends billion cylinders. future. think and it. to to situation. immediate I to for large-scale all and turning may painful. remains and from amazing It's And I an return the it like that businesses, think hitting be transition speak as assume for that consuming have we terms it's the a troubled on to of And in as today, also big-box properties year, are look may you caution how most vaccine you Vegas point, businesses, customer

short can what's happening better years I've we felt I've see gloomier as Las effect in here hope. Vegas [ph] a all in term, Long term, in the about more Vegas, Las day. been So never

Joe Greff

Thanks, thanks, Rob, Sheldon.

Operator

next is UBS. Robin Your question from from Farley

is line open. Your

Robin Farley

are? expressed Thanks I the much potential for thoughts on last M&A that activity. interest Thanks. And Great. some question. had your in current very taking call, wonder you what just On quarter's

Patrick Dumont

you Rob, want sure. that Yes, do one? take to

Rob Goldstein

Please.

as a last quarters, focused the we've theme said, returns. as over very So we're on consistent

I the some think probably returns. always Our Chairman is so have a And those And very guy. think we'll has returns-focused been maximize additional commentary. and mandate last heard call, he's I you him his earnings today, here to on

done take was purchased a was we'll government we perhaps make capitalize a And of are And the that below cyclical could there continue given where that M&A, there were lot think a the way to replacement of I I cost our but or required programs that an belief could mentioned be You massive those opportunistic said, benefit acquisition assets in on environment returns the where the context to think today, and might That be of before environment, seen. the great advantage perhaps think in opportunities aren't available. there I trough work. look. in being this stimulus

I think our and this around, eyes at an comes point, But continue opportunity still keep we're have very we if something open. to we'll returns-focused.

take look comes shop. the up not an incredibly M&A we're But we'll if happy a something think to going that's to be I it. driven at time, think I compelling; at same be

Robin Farley

as just that. question. a Great. And And I follow-up appreciate

is given year, whole Is Just that will rebid way or extended for in you in concession pushed expectations the Macao do to pandemic your been, process disruptive -- that the would out? think any been communicated that that has a something how likely you? has be maybe be of the

Rob Goldstein

communicated government, as said But And their timetables. all the -- of this whatsoever. time, and by we'll Robin, waiting nothing Nothing has counsel. Rob. been or for it's remain has extension about advice been

Robin Farley

Thank great. much. Okay, very you

Sheldon Adelson

of up say, the of to The state the more the have two than, of can't The ago. XX withholding any federal is bring state requirement. people. you a was a and federal want non-attendance something a I say, the gathering and questions could from groups both groups

have can't trade more shows people. and with prohibited gatherings than of conferences You XX

until opens the to federal state So for the door we and wait got the government that.

Operator

question next Deutsche Carlo from Bank. is Your from Santarelli

Your line is open.

Carlo Santarelli

Guangdong. province, touched will there's little anything a it the anything Hey talked last you if by you on come process? about expectation that guys, you province if about further staggered changed your thank of little call, I so you online, being has release, it staggered a just of it a wondering is was talked would on it the but kind to very I a earlier, respect with Rob, beyond and cadence IVS, how or speak, to know bit bit much. provinces still your, be

Rob Goldstein

I all Again, the insight Yes. it's don't have what hearsay. beyond

in much is, the we're Just from not we're lower then thinks spread be opens among green into what it And we we official who it about government U.S., hear up But various those when Guangdong. course sources what is government. are happens, tolerance more than clear, But told. to understand gradual stays much the the of all for the eventual from getting consensus words movement to It That's thing be the this how the seem obviously, careful the fall. light here being other will we're that the the won't a onetime. of the IVS, provinces limited throughout and virus.

they're I think you I quarantine. doing going the and think very with that -- see to they're orderly,

that don't hopefully the whenever believe I've yes, lights the throughout I But from heard fall, beyond -- day, the it's staggered think opens perhaps and never issue be fall. soon happens, next boom, go I people. IVS even lot anybody, from I a even be But we will the We've up China heard this to will on one of never and Macao. that later. say

Sheldon Adelson

Rob, try. I'll it a give

Rob Goldstein

click it Well, Yes. please one, quickly, Sheldon. got you

and bazooka click the get If advice, it. -- you all your of more bring want

operate, we think pool. So, the is Macao -- part Vegas look, potential, in the in middle. believe. the places I the of we're is But hopeful, Singapore of we Macao all such deep is one

mean, and because you think again, one that wait should the obvious light from be that regional to It's That's the you've land. day. of we space sea need world's We is is see this But dependent. to say airlift. don't air forever. is greatest this followed thing to for but go we I excited so and I'd the -- off patient customers XX% the -- rest air, market. not and switch come we're I just have So There's

people regional So, air what is a which so in recovery, how see markets, by land see down, essence, Macao so barriers -- I sea is Macao. mean, social minute dependent. need the not it's airplanes. don't mimic, accessible when the think see They fascinating The in. think of you'll and by airplanes. I huge a Macao, distance on you'll governments In coming to those you especially come the They'll in the I a advantage quicker need me and lot people It's feel opening comfortable of borders.

Next question? I'm sorry.

Carlo Santarelli

Singapore Bay just in Sands, aspects to maybe of being you that guys it of flow see back really near-term? kind of I get kind do level the things machine. $XX distancing the With into able you it is the you given change presumably before is guys some in property mean, -- pertains now something development month right now property the you guys social patronage I And to with limitations obviously, -- Sorry. online, slide what like a think possible Marina a to you and, when as that million to cash it's is operating compromised, coming right towards airlift feel back I that able is loss everything somewhat a obviously, clicking, the will had get was of a deck. what now, expect the the just and more the get are that to breakeven? broadly breakeven is

Rob Goldstein

the much know is we're you may mean but just Yes, casino you so. -- hoping but clear, be it -- know have Very is. open, this, I to that.

airlift -- we're that's hampered Now, XXX a and is slot there's it's month. because table XX on we're all airlift that handicap, X,XXX -- ETGs. it's -- as a kind come live permanently. the love Singapore many, more reclaim very we foreign customers, The feel happening very, answer hybrid such in are affluent happening PR speak. lucky, of there who Singapore But demand what's Obviously, by live -- very games sense, to a very out. that, high as fortunate reside only we this there'll question, in the our is we And limited of got for we're casino in Singapore love see of conduct to Malaysia seeing who fortunate except said yes, which and reside have this Singapore, It's fortunately. borders to business, all from the there Having status month. and folks. staycations local to strong But obviously, inside driven foreigners we very that and extraordinary country from closed mostly cash be has by by a market. still visibility was occupancy business business casino well Malaysia, occupancy to clientele some because The a your being strong market Singaporeans. casino border next the month,

that So, today, it Singapore prospect best our will are is turnaround, back to Las very premature in can we Singapore but a money. make handicapped, And make It's we has -- coming as than Vegas. a position It's most better our fortunate much online. money. they nice going be more speak

in we've feel feel and But we Singapore. positive operational. of it. come about the billion seeing to this, And very $X.X the open back So yes fully days. customers, We and $X.X to return. to see we're airlift feel We fortunate of casino what's we're we billion, obviously, see and property potential get need -- operational. out but maximum good about that need the that happening to We

Carlo Santarelli

much guys. very you Thank

Operator

Your next Shaun Bank America. from is question of from Kelley

open. Your line is

Shaun Kelley

Singapore. follow-up policies be that the what and mean a I for about it's a I to local the in needs in just on reopening just think airlift done maybe market Rob, track us the to little of everyone. harder some side. Hi

local the open little to And like you as China? to agreements a are of could So, it creating bubbles, Malaysia point really make it remind look up anything to normal? either see more travel be source that that need could relates key or just you markets us you on what bit to property

Rob Goldstein

a year. obviously the with it. don't color airlift help real any don't is you the it being airlift, opens which we to I probably have help see need to up. a remains Yes. the Singapore. of I within Well, It the thing They measures -- Singapore There -- insight any hope borders they're Malaysia first I a similar COVID much very of for property up. because control pretty the opens this under is market to chance Singapore. balance have

but limited QX Given the countries, relationship two the is Indonesia. hope Malaysia. between There probably will travel there's the that's again, talk foreign that clientele business But and there's people I in can some of they business live affluent remind in Singapore. opening fortunate open leisure have lanes -- don't board today. possibility JV a happening through a China, up up not very to we're some you, see I of

I Singapore, the of be XXXX It to results traffic foreign think foreseeable to cards be the fall. the don't the visitation. But months. Singapore of with lot being in I four in me we'll pleased see for or doesn't in seem a five air

Shaun Kelley

Great. my many hotel just as obviously, you hard to and Vegas, permanently biggest just how for business, bigger to corporate And of much I get activity change have thoughts global more whole people as follow-up, mean, barriers groups to break there’s demand just or that? the we to now, about due levels any thoughts I your about relates and changing the levels calls And is to about do really activity? Thank or just some convention structural convention you right of questions of that so sort it’s Las one you some just you side talk of curious, down the extrapolate you. any across as own as think was and business. it too that any conference on relates it but the probably

Sheldon Adelson

No.

Rob Goldstein

We'll on get Sheldon first that.

Sheldon Adelson

are and are the run business are that you that constituencies. could run own events, staycation there XX I that different This that there associations years, show [ph] Having their trade were conference the there you. business. in events Sheldon. a run in events. for Thank business There It's companies and the is been entities private tell that

that Las company show communicating on and from on give properties product introductions. is a to and -- several business, home, do recruitment, home conferences to do up up won't the that. They meet be to the trade of There can't a to our people, that is give customers make during that the to research, from course biggest that. brings announcements fact never Vegas are in year. people to substitute The our of going working for One to big announce

Shaun Kelley

Thank you.

Operator

Your next question of is Barclays. from Hendrix Felicia

Your line is open.

Felicia Hendrix

you so thank Hi, much.

just pushed First, spend to seems looks the CapEx. out. London been touch to wanted your on have like are It on

So you I was could walk if wondering us through that.

Rob Goldstein

From the timing you to of Patrick through side. financial the do financial side? hear? the What you take want will

it not timing, take as but Patrick done. construction done. lot the some we COVID. with are be pretty holding wise, interior the wise back. this constraints On getting Felicia. done. XXXX, moving are of there's wise through work QX have constraints we to fast be a just on to terms done as Seasons pulled much back exterior other and We of perhaps quickly completed, trying Four London going on We've It'll more side. We're pieces fall. will We're you can in but of get it financial not done

Patrick Dumont

couple here. things So there's a of

gaming which Londoner the the And add now be year, suites, gaming XX to of XXX Londoner. wow excluding level. high-end Four going new main entrants like rest is and is Crystal is done. permitting, done. be will the The restaurants. casino the Londoner thing Seasons, And hotel, end the space completed which for related so Paiza between done London four at Some We'll XXX then with gaming going Palace that's of the space, The suites will I suites we're at finish done. Grand we've restaurants. the this but Macao, together is of and Suites the the think which then key high-end to we're and complete suites the to some is the

throughout was areas that's So permitting. is works spaces. some part Ben, standpoint, we'll what that's really the and exterior customer But in see on you in to schedule Big public project some the And continues then shifting to expect. share, the external Page -- this from -- works be is schedule so think the 'XX, CapEx and of presentations to retail the on really of you CapEx the other eight, effort also, rest see aside from in the that the I related that we still which

Felicia Hendrix

Okay.

million from of roughly that's delays? 'XX maybe then from some permitting COVID-related that $XXX shift would shift and the 'XX So and say most you million the $XXX

Patrick Dumont

That's right.

Felicia Hendrix

the looking about? all we're like at mitigate and not may I And revenues that then anything to But may or surprising have for the there property. just because able have we Helpful. Vegas numbers, that cash than even lower but on wondering, burn thought where quarter knowing disclosure, modeled of terms costs. you've us just were that. did in we was this the big negative in just Okay. you so take Vegas Vegas better strong, of full anything completely in either expected in like given you still you that, -- But kind came mean up

Patrick Dumont

I side over to you. it the will different of that turn take I'll

a look kind at they of as revenue scenario. really So near it's Page X, X

making little to we're So when actually we're able bit. benefit a revenue,

Las in you what Vegas. that's saw So

we continue so the of take And some cost business focus to able costs. to as we side were on

on we've focused on to certain in trying to able But really reduce achieved across jurisdictions based as we And just that during make a it's quarter. revenue our As costs very this team, during matter, all a practical headway been we the of Vegas. time. were the

Felicia Hendrix

thank much, down -- Yes. cost of like, to as ramp It going ramp just so that up we're sounds the you. kind

Operator

Goldman from Grambling is from question next Your Stephen Sachs.

line Your open. is

Stephen Grambling

and/or the you And to health market, eventual in taking where prep back? the color see margins more give you question. are how demand a of lending Hey, on an customer for are we guess would you coax generally could recovery? junkets on in evaluating you some expect marketing I pent-up little as thank Macao. the for the hoping the And -- I was you given

Rob Goldstein

don't I what that is question we've down. building feel marketing. frothy a market pent-up when confident watch you do and will come of is Macao done. incent much the an We demand think about barriers or doors come cover the ever think more I customers the lot the in. a very the market, just open our

So the doors, things to do I it don't incent see that let come. differently. need There's or open

mass the read I you've that know question that to a pre-mass and things, I issues thinking, and And as mark. customer, there's Steve. happen junkets junkets but remains been the let common has customer heavy as -- seen demand how and day to think far it participate. I'd what As demand kinds all the press covered junkets to show is in us is what is. one. want your will about not market the from the what the the this come remains the and discussion, And and of business it there, want will What trends what you just does much to junkets the back be been believe the in average the strong there's

think watch that in remains open market a need doors people we just confident wait that this back my the is that to that mark come can't needs and question day. really I But airlift, are mind. and we in for a doesn't

Stephen Grambling

to costs back things the I great. you as where learn change as And on guess versus could there it That's will to are that used from down, influence you the maybe in relates margins keep they that holding for demand, ramping recovery? be

Rob Goldstein

open. door I think is the

or not because one like advantage one to but the do in back. anything taking I to think terms demand coming -- -- to once it execute what again, as can it as about, visibility doesn't how the Europe. and talks blind you we make strong you have no in Macao this in wouldn't I going of see optionality have a to U.S. the demand, that comes Chinese customers looks

even wouldn't try the in Singapore, see the even I leaving I of decisions. and they market terms So side figure Macao, think the becomes happens, the will Chinese more -- it so make that visitation. desirable until to Once out demand customers. I

Patrick Dumont

than our the more one of to gaming about in things business just to margin sort of you the related variable, business. if COVID, prior taxes rate think the XX% run and were expenses structure, So comment activity the on of Macao really

of the of have it costs taken operating we should be margin controllable our more incremental but the going about taken think related structure business, to the out out. mix to you the is you when so on expect business expenses, than we've is cost And

Seasons we is customer. mass opening business the if Londoner the achieve the it's new the can the Four premium this we improve just high-value margin will So we that -- it grow and overweight towards think this and achieving because of structure business product with compelling, that that with will start can incredibly

get think volume the the long that back premium the I believe in that and comes business we to takes base of back, business like some advantage normal. But So benefits and the run in run we've structure. assuming business mass we've as look this I'd long the in to done should comes the had that the returns what of margins past, the mass margin rate similar

Stephen Grambling

Super Thanks much. helpful. so

Operator

from Your next question Thomas is Stanley. Allen Morgan from

Your line is open.

Thomas Allen

you. Thank

renewals? of So you And in Can one world. just think the for about the in leading on just both conversations rent the and have you us update payments obviously of that tenants, terms future. us portfolios help your with the mall

Rob Goldstein

you're Patrick, do want to? what -- you right

Patrick Dumont

start, Why that's to I'm if don't helpful. there's happy you anything add and

Rob Goldstein

very wait come Thomas, remain we've very important business. with -- the portfolio your already. with all mix point, take that cetera. We'll both Macao not. to and et hard attitude we've we jurisdictions, tenants - us a believers back MBS once work the foster same worked with that -- in our mimic our hotel we of We to started hard in the demand. see to very this very I relationships and is worked and way the Asia. will casino our has see to in future. fair, But think, will how be I big dialogue worked about a well part a try to in have of retail been tenants The is rent and open Obviously, reduction, work strong we assume to the manner, again. did ramp -- not a We've

business less As Orchard Singapore tenants coming a have, are to back. gets we stronger as Road. We've change. than of wanted day by sort the That's lot to day, compared had

to back is hotel mix Now, now open. the us coming the is

very So it's I think simple.

tenancies We Singapore. have in XXX-plus

wait we hotel to sort see something relationships, demand tells and side, looks rather the the markets, and take already some like both I of, me of casualties some casualties. But on shutdown. one what normalcy market rents. the to think There'll in quickly. some them. just percentage I'd XXX tenancies There's and return we them until see how obviously, we like renew like these one of, been in we're treating in gaming side at But be rents, to the those because places, base that by Macao. see based We will going

will the time, we're mimics as in because think, in I still to see it's think as gaming And again long I hotel without side. market. is it local that retail up, take a it Singapore, especially, the what airlift, going

back quicker, think come open the rather I borders should to Macao quickly. Macao up, think once airlift I normalcy issue, will return because the much

Patrick Dumont

one to is able help through recovery just a unprecedented, having tenants spent just of that time, -- the We've to goal time trade get our with them order again Rob with comes discussing other them fruition. thought. to of be And the this which lot in was when

our view important So for a important customers' from our standpoint, mall very experience. as very asset, we the

them with We the those to been leading recovery. want the we've ensure in working relationships to in the with in trade and brands they some relationships, And Asia. continue have ensure and of of we world that to continuity the

Thomas Allen

business in that it the Thank in some through group Helpful. MICE XXXX respecting is Singapore, recovery Macao like heading signs Asian bookings seem your as does properties, intensive then, of seeing properties aren't Asia. at that you. as properties your all? you Vegas into Are And in there

Rob Goldstein

a starting we point. We're seeing as see on Singapore books still -- -- things there's

definitely caveat are there's tend don't call days, see demand But bookings. I quit, people they Singapore, seeing is within they the demand. to think room can of bow there are People can XX about out but very in that they being if -- -- are inquiries, We plenty committing. there's

you you the commitments? can't really to you real get large-scale with the putting come are a what a Corporate is people we're there, different. can't different I groups think obviously Singapore than think order. to tend Singapore. But require you even make mean, is do be large group I I want into stuff that is how fly seeing attendees. to And the if Singapore, So since foot in group,

a it's only this Singapore-driven So market at point.

and And it's to too a you short the unclear gaming Macao about in as is is murky, booking MICE And impediment majority so MICE it takes the Singapore. same because strong. applies know, anything, too It goes rooms. window. gaming back will. an think I has the to the negates of strong, need for business. it's talk that If Macao. the demand piece XXXX It to Macao challenge I anticipate much in

large-scale can't You put Macao, because in groups capacity. of rooming

Our won't competitors anyway. participate

call but too to to I -- it's out happens unfair it's still far being think say Singapore in we what to people situation. There's it's happen, how do to talking does call. take get us, do their So to everyone's scratched get I there? early determined, inquiries. there's Yes this I So airlift without early what we there, think the too saying heads think that when

Thomas Allen

Thank you.

Sheldon Adelson

Thanks, Thomas.

Operator

next is Sir, Shojaian Wolfe your open. from Jared Research. from is question Your line

Jared Shojaian

And back what's calls, mean, your going Korea Are South my you you areas on months sort Thanks agnostic kind And you slide about mean, how topic. anyone? taking question. Are in you as the just M&A discussions everyone. on about and more to the talk of changed thinking focused Japan? of in return? Can that? the development guess of afternoon, thinking with last few any good you I had I deck, Macao, of interest. substantive then I have inbound any Hi, potential your for list terms you location? are Singapore over to

Rob Goldstein

didn't make to dollars of that but tried. sure But it the kind just environment feel I work. the bullish We construct We investor, more wanted investment make in were Japan. money, Japan we there We we're this company spent wish to We think endless the to here. that wish lot and and endless have demands could returns. We than And we make right suitable We of time wasn't and welcoming spent I was time one made terms in Japan, very choice. Sheldon wasn't. It Japan. couldn't the be comfortable and no it -- team we more a in stayed. of hopeful. pursuing the very

biggest I think Shel in happened didn't make proponent. We're business there disappointed, it was -- decades all was sense. what's extremely the for economic Japan. But the

unique investing. So, the it in like be But to and we're be It we're this to has countries. works get things authored huge Obviously, or especially other in to calls invest. invest the a all model. us Asia, and and for country back looking to to -- Korea he's a better, keen a be model right be It investments unique cooperative opportunities all has out keen when for -- Sheldon that for We'd to environment. return. these capital-intense to a do a government wants has the well, understands needs wants It's it's is model.

So, we're keen do want Asia, to at and we continue everything Sheldon, to it. comment? in look to do you

Sheldon Adelson

of if construction very Japanese was promulgated through conducive justify The and made down have were attracting because some And the -- difference -- another it it the it like cost investment would that to tax well, high. to dialog jurisdiction. regulations the income a is kind $X in billion, it requires. not the went that $X sure The Japan billion, of didn't talking government they're about it's that were of land down, that by If rules, much not foreign winners. that the were of would it of have from withholding I'm cost

government comes never wins. Japanese So, he attract from will to operator the us government. in That want foreigner. player country, to the another pay wants -- withhold one the taxes They the

there. were that they no income taxes XX% gaming won't was assurance taxes taxes, and taxes, XX% there the raise from the So,

if we back. to many is they couldn't were change negative that Listen, there mind too just it, our live regulations open So, go with.

Jared Shojaian

And you piece type Thank share smaller customer Las obviously, It's to you. a it's And what you say realizing about is you initially, need Vegas, can business, going there? talk primarily it's drive to of very Anything would there much can lower-yielding revenue percentage get seeing Okay. breakeven? just helpful. a back but then to to in order of your customers? you're

Rob Goldstein

XX%, as $X.X high doesn't mid-week, our this is, problem don't are -- you down truth make hotels we mid-week XX%, weekends, are incented. lots has in great in That can have the company unless marketing lot such lists. to running billion bought work. airplanes takes business, our on XX%; XX%, a and need strong a marketing, We a strong customers make more, but is amounts XX%. this They high-yielding, more. We coming week customers end side. need no so a -- The did only We as the more you in the of here. very there's throughout on market, our see The actually, we've drive business know, along Extraordinary markets, had of some convention the slots team -- international, U.S. actually the very any in using yield and very in different through last rumor players segments both tables. we our We gone play it Las year. Vegas because

You're there else in but seeing high-end strong FIT weakened, demand there's but nothing demand. Strong casino FIT.

the convention hard margins. Vegas operate banquet the hospitality-driven million and gaming Without that's slot morphed here And without a driving the know marketplace. a assume sometimes here in think market. you they midweek, has driving is high and table and lot very terms into It's people sales good massive is bankrupt piece, how very are surprised not yields. we the the did which because that you they're soft full, almost to without surprised demand surprise But side. of -- might model people numbers I just the the in I there's for We're of confusing. me how it being business, entire is. rates not $XXX Even Our hotel in in our machines things true work, yes, again,

like it on these good not are, by how buildings gaming matter of win, you're a running building, is. no If large-scale getting you're most

occupancy. not by with XX% You're getting XX%,

all making a is think money it that weekend, don't which we I from And most. you're picture on do. can, you're different losing back we If which midweek,

hotel broke the I Just think But last EBITDA. incredible these segments. year, in this run a banquet of again, do I driven company that, a story has X.X been business an success occupancies. we mean, so billion to with you much such can't convention of here. We've kind

a no banquet run can't facility. You

left. XXXX on high can't just doesn't rely rollers. Those days, You work. It in

a I from in town the I don't allows IR enables know Vegas. moved that I multibillion-dollar a it you and Las this of and don't very away back what Sheldon here just that you and And think groups is mean life, that's a new what And coming buildings nature to of fact years ago. the has is dependent diversified so authored true this these fix and And thinking. you this business gaming plan. build how XX comfortable you here, until feel we're coming get airlift banquets alone back to in

will hopeful market that of we the very the a of year truth Las turn. the things that's remain but July So in But XXXX difficult better, And Vegas hope today. is gets place. I it

Jared Shojaian

much. very you Thank Okay.

Operator

the David from We're now Jefferies. of question Katz last to from down our day

Your is open. line

David Katz

as as should there of collected? demand afternoon, say. any just once are? that have you've we Can be -- about morning you is good us access I good why demand own the Look, all the there will data what be the you're available. discussions, many What to Hi, beliefs of will or set why convinced talk our -- may

Rob Goldstein

Are you Macao? talking about, David,

David Katz

Macao. in Yes,

Rob Goldstein

retail, It to It's the One number see got Two, They're has Macao And the the No lodging. one's other going belief. is can't quality to Look, Europe. high they years. they're rational of to a frankly, accessible. think It's -- Macao high locked the you things what diverse. there gamble been quality of and going don't among one I down, any I It's world. And we mean, very and XX casino. highest quality restaurants, very to I've a remains you're anybody is seen high talking going go just enormous No got is plentiful going in all U.S. seductive for are. has anywhere place. propensity almost like There's else. could factors. have want. is the

a retail. such -- seductive affluent has become it that mean, the a went food, I I an Macao compelling you're visit. it's world. entertainment, In when was the stunning tourists. all opulence, a place and it's different is to XXXX, person, such if It are to of XXXXs, So all Chinese there world things in

quickly. was I a so there very to Macao mask, time, U.S. towards mind, know ability So should The the a the a mask there. only see think up, U.S. consumer's for is a People are It story right. back -- she it's got of that mask, no I was temperature, we not I foreign mask, particular to they those wearing individually. comfortable in put all difficult, it's having reservoir’s advised, not I again doubt I wearing believe is virus back. can crane point member Also, very and your have do you come case part this first the that Walgreens was bizarre my in her the the and was be that Asia. all of the come may a we'll screaming life will doubt It's doors mask, about strong, in believe Macao, you normal that's you confusing. situation. It's you call hear -- good to has open when the the lot weakened of I always that gamble, economy so all this, in make Americans convinced was people

comply it. They is walk understand factor, a environment. lived they're with this to and comfortable you around Kong They've it. wear which So They more have through that mask virus Hong today.

I at would many Macao that completely now. in do and junket tours. itself. place has The so the a one, bodes business two, segments. comes It's very back terms to spending business multiple that They bit consumer in will And land be, come is partake. in it'll the up, the all, I view of border for But caveats, remain that I that, confusing pocket amenities. back higher their on quickly, convinced money IVS, would back two I open well come you and comes Chinese think, right believe well. adequate of think they offer as have wonderful that I So wall provinces saying no wall a wonderful such again, concern down, allow down

I think they do.

Macao wait many it's I Macao, as feel shared I believe just feel So to -- be sentiment among many, action. that's to have good in place watch as that validated. I day but I to been who opinion, and times about for happen a person's very those that But one

David Katz

it And, and that normal discussing just or is any love that I maybe the than aspects have ways have incur you're if perspective that would exciting operate may some updated to open, of -- on your as that. follow benefit Walgreens. Macao may ability costs can agree does what there that your I on and the change, or which I are impact new like once I'd If not, in business more will may up or that far look an

Rob Goldstein

lot the look Won’t will it here think will U.S. in I of that look a like it. things different,

wearing You'll masks. see we're

You're temperature see to going checks.

the very have dictating table consumer. they'll this, right of mask, fact smoking It in come, to there's me X,XXX you table be went and the they’ll what's worried and fortunate a convinced. was, SARS times. they're first from that, of -- COVID can't smoking Macao of as gambling. different and deter issue. pretty not happening I You'll being there rooms. fascinating thousands to -- risk, everyone that. room, It's for deter it's it ever see Asia extreme the things years going It terms all much since It But We're and way, social in thousands market most didn't as been was table distancing. and X,XXX, smoking, everyone's respectful virus, cleaning. they'll was far making hilarious When the thing saw an in guy, Well, Chinese best was, that I there, by machines. the the to -- much smoke. They're will stood decimate in smoking smoking counts, be Macau games that, one the a would with may the impactful The the and people happened room the of occupancies, didn't accept they we compliant slot wear the do

in full do I think going hurtful? jammed, and But happen. yes, addressing to it's is look when possibly. I to capacity, be when Maybe they the place problems So, those we're forward weekends

David Katz

questions. All Thank my for right. taking you

Rob Goldstein

you. it. Appreciate Thank

Operator

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

You may now disconnect.

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.