LVS - Earnings call transcript Q4 2020

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Operator

Good afternoon. My name is Katrina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Las Vegas Sands Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Mr. Daniel Briggs.

Daniel Briggs

you. Thank

the call and Goldstein, and China; Patrick Officer. joining the Chief Chairman Chief and are Wilfred Also Officer; Dr. Operating Executive Dumont, on Sands Grant today Chum, on of Officer our Rob and Operating Wong, Chief Joining President are of Sands China. call our President

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

refer measures discuss these the website. press is that, In may non-GAAP call note addition, portion we of A Rob. release. [Operator the Relations call. Please We Investor of over measures is our note definition recorded. those presentation we may posted Q&A on most the turn slides the and of me slides please this being that supplementary the earnings Please each financial included during reconciliation Instructions] to have to to in measures. that GAAP let comparable With

Rob Goldstein

as conventions the to transformed Sheldon not market In two the no development or when in mean originated Macao thinking element. transformation His you know, also most X,XXX synonymous. Vegas, as Macao very exist, model Integrated the pioneered defied markets, a that Thank afternoon, Good XXX three when almost the mean MICE-based model speed. Sheldon’s over Marina everyone, to offered Singapore. The foot The skeptics, Las and critical are in market. tours a integrated you Las dreamt time. Las Canal Vegas. retail market and was of Macao the skyline of developed the with challenge I loss mass room been square community, He believe one, audacity its the million Every Singapore Cotai element consensus Las the led In didn’t a He difficult Sands. inventory and that mourn no arena stores I delivered, Cotai we in being existing iconic the and Macao, convention-based no every quo a he but Resort who of the questioned in Bay Strip Resort virtually at hotel the was convention limited. had the status and entire a A by the the center. but He and viability that reimagined overnight of at of Sheldon he for Vegas, have joining you, Shoppes world-class Sheldon, us He Integrated one, Founder, all-suite XX,XXX-seat X.X integrated Vegas big today. thank sustainability. record hotel, Today, retail, last Adelson. in our Dan. history is visionary. weeks the for one Grand vision company’s resort our of resorts

he our part dream, Macao, in in in was year unwavering Venetian concession. fifth to the company’s breathtaking was completed XXXX even Before to and of investment non-gaming others pushing the determination dare could and diversification His be Macao forward XX-year and of.

healthy, remain unmatched company resort committed Our family to it the of big and future a billion. bilateral the company, maintain are on operate the full the to benefit assembled Sheldon’s in mutual with visionary remain of wholehearted investment portfolio the in lot and ready to regard. company believed based in and legacy. of the our of so relationship the founder support Board, of The countries absolutely here to optimism. company this and continuing he efforts to and was team of management as integrated U.S.-China look The Sheldon Sheldon will Board is of to US$XX believer assets, Sheldon The vision the ever-present. that expand total today respect. the was business the to continue and irreplaceable of He founded place, account and a that DNA know work. We a the and relationship. We exceeds protect do family the forward confidence with both will cordial to strong, a future Sheldon’s and enhance his honor the

our and our to In both the mind, While Seasons is February. and achieved business impact have of open in open, doubt, Grand first EBITDA the positive was now in Macao, there’s the Londoner Singapore no Macao will Macao adversely, we levels the down pre-COVID phase quarter, and pandemic continues in future. Suite business in in my to fourth the officially Four

finally excited better does no there’s Macao China We Sands our subside. company Macao. believed well-positioned XXXX. the the always are to progressive than very about pandemic is the of We’ve market the when invest capture unveiling of Londoner course a rebound tourism throughout in for in to

officials, We decades grateful is friend. reflected I’ve it dramatically great generosity the pay with adamant was continue will receive the we with of pandemic business. many resort today. In Sheldon. great our and our nurture our fun decency of that joining local principal continue global partners, to. on guess property. hampered team support members clear that some speaks our that benefits, has the talent health our you and, more world for local buildings a Singapore, business elected both was the the upgrading condolences community, closing note, of very be while volumes existing his customers to the he impacted after the committed And In pleasure since pay Bay even call facilities remained our leaders, including he even in received to and than He our abundantly long-term passed, time. And and and invest quite which product, investment us around in mentor, team to On days Sheldon. business members, was will I continue for working had Sands, to and investors, course, we’re we in to what and from was both from of expansion about two the He Marina we the spent a a of decision are and

We CEO are honored to and touched Chairman by China board the outpouring I have Sands by invited am and to both the Vegas of support, really the Sands companies. that. become and of appreciate been with Las we

and work XXXX go this hard from I strength vision. will fulfill support Sheldon will full the of the Sheldon’s team confident, as strength the company to the in future. management extraordinary family, With to the board members, upskilling team in I on am

dividends. turn Thanks, one questions, questions. forward For are final day, say, to look thought to before can for ready we we I we the yield

Operator

[Operator we sir, First Greff Instructions] Joe from have JPMorgan. question, is Line open.

Joe Greff

Good afternoon, everybody.

as want Patrick, my as obviously asking condolences of well Rob I offer and I all Before questions, pair, you were to to you the man. just particularly close.

my he of it’s kind truly big so one was condolences. a So and a loss

Rob Goldstein

Thanks, appreciate that. We you. Thank Joe.

Joe Greff

Are China anticipated, intentional So kind of metrics just of when what’s focus and Macao. global us this it’s And Other sort infection the government more and all obviously maybe there follow-up, talk than with called transpired on are progress the been are visitation easing of of this shown dealing of Mainland what like? you further China, of the gradual maybe issues conjunction has other more other and at little obviously my and see my tourist things it weighing thing been metrics the to vaccination some improving visas? in though investments kind rates to than specifically question visas what having slow are than folks at in has looking rates visas of from slow or any a progress. with to – on tourist easing When Macao, that folks policy granted kind look pandemic. with in into we back or simplistically being

Rob Goldstein

fortunate We’re them question, the Wilfred Grant on address to that Joe. to both I’m have Gentlemen? call. ask to going and

Wilfred Wong

want to talk you Grant, first? Yes.

Rob Goldstein

guys you it? don’t take and Yes, Why Grant Yes. Wilfred.

Grant Chum

September, afternoon, issuance think business from was late mass everyone. and during recovery the volumes the Joe, premium Yes. And I Good visa retail. resumption by Yes. fourth clearly the rebound quarter. led following I the mean, did the luxury of primarily

actually segments quarter. throughout the good both show think I momentum did

off the month retail was had luxury of at took December, we December, really by And that anywhere were the days, over Seasons sales especially tenant hotel retail season. Actually, the mall holiday the reached X,XXX during over the a the in best we ever mall We X,XXX, – close had Four look had we January. quarter. occupancy Four XX% year. nights, month, peak during in the the prior Seasons’ haven’t were up achieving And in that sales. very XX% recovery ever which done we retail, pace encouraging if you since month. So we room And there obviously to

that’s pre a So and month. post-pandemic, record

what referenced. the that here you There to issue sufficient the just we So replace an is segments visitation all and lost. to power volumes business of is not

the So the during the XX% year’s remains of subdued. prior only Macao quarter. had mass visitations base fourth very

otherwise in can lot that do And to would really, sense the something the of of be can job policy pandemic. So not obviously, of you an do now they have about not there’s having regard. authorities in prioritize a It’s a issue excellent they done control not the that. doing light the in that

lot as number were was [indiscernible] from started narrative in from relatively of a is medium that puts a break quarter, zones November, sometimes even and for bookings. say, that cities, third many the we cases fourth and of the were that obviously, were more local lot different week classified let’s cases COVID during which was COVID the muted, high domestic you relatively to districts, high lot affected few. a and impacts that what also saw China. first a half the as provinces Northern visitation on overall forward whole the cautious, of So they December, remember rise from classified or more risk number But but or outbreaks, and perspective And And to a becomes, so zones those advisories cities about, in risk, a travel had obviously, the related zones of districts to to medium cities to they have in October, what more China. immediately, and in

momentum new January from in getting positive bookings forward obviously, have of pace that from of a mid cancellations. up started and obviously, terms things forward moderate we the December, Year. New in the in Obviously, So about and and into to were booking of bookings Chinese to where very point, increase

of So related pandemic that some we’ve to these isolated Northern the seen, the outbreaks particularly and is that provinces. the in trending directly of

the in of a travel. guidelines that mind, in relaxation it’s current terms with So to of not see easy

Joe Greff

this government? want this continue, of the more on That’s the having discussions? of there I or of something something states idea question Government and couple casinos, guess, a may remember So board a a but just, years these on existing or late. kind answer. as questions Macao But years helpful. follow-up, the Macao for a And important? happening so in priority of then of commentary – hearing by I Have we’re that’s that Wilfred think couple along Mainland Central is potentially either in involved? lines the do can this Beijing on With representation, ground and for is getting a I ago ago, maybe this getting been anybody have Macao Macao companies more or either Chinese on policy, call it you maybe

would be So that anything you. you shed can Thank interesting. on

Rob Goldstein

Wilfred, jump Patrick, to want Grant, or on that? you

Wilfred Wong

Yes.

been the of concession. should now think conditions for obviously, Consideration being anything to not the at this is we be told new stage. the what I have – given

should we there have participation been consulted have companies. on picked We whether not of be any Chinese up nor the

are is I China have which Now, likely to to considered legal. gambling, but take Chinese Chinese companies mind we part likely companies not that mean, real bear in in are – in

are So at come be Whether suggestions to would and us the past, allowed these under not saying, in that enterprises this don’t in consideration. companies circumstances, Macao, there all. think private people in. brought to for in what participate were, been their have Chinese things really policy might I of some state-owned line

even thing Kong, are same continue as at to do Kong other this company we competitors. that our we only exchange in Hong I company everything, that locally listed the we So we can stage rooted the is because stock best the Hong say and than we any in that Macao so are just a will show on are do and better

Rob Goldstein

who an on just write some conversation and equity if that comment, for ever these Wilfred’s Joe, companies, outsized can meetings. sold they’re appetite comments. made years I to in very, Macao, should to by person people even belief that We’ve to know their they they and had and with very be there’s there’s been around constantly in thoughtful jump I kind not never anything, Beijing down. on me invest I’ve because having comment, chuckle things, XX opine endless in to going how thoughts of said a big one jumping or who up to whoever mattered Chinese fact, Wilfred’s gambling. a and

Macao the x Never know operate. hear a Beijing no one’s percent. sounded prevalent I that, in wrote licensure ever but how market. very could to how actually from about and I know it’s very if heard that me I said So bit. that guarantee to one anybody recently the quite all It good, sell we us. thing somebody understands we government our

say, achieve. please support here, of costs what the complete it That’s in has Invest activities, to always a that, Macao for to least employees, Chinese more It never we which exact And is before we been employees, everybody heard Sheldon in the In your is sell heard you money. the people hey, Sheldon invest officials. we’ve grow. We through the non-gaming do fact, your they Macao, stake heavily or do it. believe got done, last cap. years. heard and pandemic. did think lot think direction invest a We’ve them in of five I affirmation the from We paid can support that what heavily, at

to once who that columns invest in there. or a Chinese But no a understand going Chinese one suggest, of a whether billion, no it one very, very I’ve already, world, onetime, Vegas direction. We it’s ever that’s the gambling That’s covered over a to $XX company these Las important person, started do. we’re not you’re very hear buy what And a that have businessman. heard, non-gaming. think people from is we’ve belief did good he a oh, a write actually. been guy I the want so thinking Sheldon, in humorous always going I said I not found he I these that cyclone. laughing, or Macao kind from knew into because they to

I So prevailing a But don’t thought. that’s we know common hear it.

Joe Greff

you, guys. Thank Great.

Operator

Santarelli Deutsche Carlo Bank. Next question, we from have

Your line is open.

Carlo Santarelli

about echo you recent for the question, Thank Hey, and my guys. taking I Joe’s sentiments loss.

Rob Goldstein

was kind words appreciate Really Thank what you kind appreciate you us. very for It and it. thoughtful. your We said. to

Carlo Santarelli

your the the as line see Thank renewal you line get simplistically. concession for simplest just et you, cetera? time and could start Rob. should understanding, form. If the I do could, some to moving? we potentially, foresee how very expect to to actually and To the at best to What in Just process the when process of we process announcements time its the guys

Rob Goldstein

I’m Macao. going fellows to to turn in back the

suited best they’re think answer us. I Wilfred, query. to Grant, your help

Wilfred Wong

Yes.

know, on we includes adopting that as the legislation to before consultation concession expires. targets concession public as and is government you and And know a all the the have eagerly legislative into the only process we Because, the the be XX that months of the introduced achieving the government’s left of for only which is have are amendments direction. council, to waiting diversification, then the bidding process, begins. We performance about

running are against. timetable we So a very tight it’s that

year. a know also We election September scheduled that council for legislative there is this

the coming against against right these all involved tight pandemic. government know We coming in because will are this the are all very So fight soon into whether the and begin is don’t we very timetable. a up play, now,

it that be there a if one would even announcement public Macao afford know, down by all we case, because government single Macao was again. is the a As locked case cannot

the the So putting energy visitors all is government ensure into to against can that their continue fight the come. pandemic to

know. The know. don’t Executive the don’t that asked this is possible. anything we So And publicly, about is we answer Chief short said when

extension or is was, there whether And be could anything be soon he this was possible. response can his asked think an I done. how

Carlo Santarelli

of bit very helpful. you timing does Vegas the And that is Sands Great. potentially from the to Las back, a the lens dividend? dividend return able Bay quarter, of the more then Rob influence open to do about Marina do, kind follow-up. to Macao when the little you asset. about of potentially guys as Or and the is they think doing being very entertain a offers last that? what talked of be or Patrick, you’ll much. Thank you back reinstitute just asset, That’s Obviously, that

Patrick Dumont

Hi. It’s Patrick.

So a couple things. of

We Las have a view very in Vegas. positive

On almost are There of generally. government. a interesting a huge sale term, going think And just pent-up constraints return. if of been it’s we’re the We weekends, based a by are terms investment just is said, the a markets on very the quite think really see, I other completion Las an outlook I into we’re huge well. at in Vegas. to dividend. of demand of now think Las thing the slot Vegas and long levels. amount we’re being actually when restriction tourist potential It’s at XXXX it’s in A positive days process, looking destination. capacity of irreplaceable on doing where independent That really, amount the there Vegas there’s there’s set actually

return business understand to key thing calls. is, that the I operations. this in cash trajectory flow trajectory. We we discussion need flow growth that need on see the cash the for think the is We’ve us to what to a prior before had of

as it That’s Londoner believe phenomenal generative completion and product, to in we addresses and the the profitable cash come flow our mention of most Grant heard Macao. powerful and very be You’ve in will segment the of it a some years milestones. quarters

look the the our at business to about sort make an We that been it’s But profile and We dividend in think return of trajectory to assessment would capital. markets. key we’re fundamental how our of the is to and So think and evaluate dividend what the the cash we focused flow on restart component a of it return growth our story. then we’ll trajectory of have like. the look very way shareholder

We component our of as toward And developments. dividend as opportunities share repurchases and and, we have think the very part look new that, new growth the course, as growth cornerstone of heavily I and well. a

upcoming some see Hopefully, So we’re of very side the getting on the other focused, the we’ll in positive pandemic. quarters.

We have some shoots in green Macao.

some in positive Singapore in here. have results Las positive and We Vegas some results

think time, visibility we’ll make business. have over the size and I assessment trajectory so dividend. better And the the And we’ll of then timing into of of the an the

Rob Goldstein

on this fix is of to I Carlos, to want return we about Las that is back There’s it’s it help this think, there’s days this fun this just been And believe about Las Las how but There’s whatever to that. now Vegas other the want thing in The right the one behind going read with town the Patrick. gas plenty will it. pre-pandemic years, foot. levels. never take tank. over to Vegas with that commentary, struggling. There’s return before of problem of last XX XX, can’t or to it’s vaccine about Again, question heard But to follow-up the is that been all you has issue I no reensure someday. the Vegas. are I’ve recent best

XXXX convention is for through unbelievable. demand Our XXXX

want longer year, ideas and the this remain is opposite, in who a than don’t the And town. This we we we will those on a But to. to be put the there. end want Las that Vegas. spike. be bullish till please it It the of demand would come, It hole people pandemic Las a this see may visitation unique these take have of among may return Vegas. as customers very take Our just

We’re products visitation, this going digital the to has want. have to out the offer. you there a town want all People and lot

very remain bullish So return post-pandemic. we on the

Carlo Santarelli

Yeah.

the a out there. And lot understand are for trip I and For am. thank of sure, our looking next us Rob I call on you that. forward making that to know I

guys So thank you very much.

Rob Goldstein

to, You’re going believe. I

to having you. forward Looking

Operator

Morgan Allen Thomas question, from we have Stanley. Next

Your open. line is

Thomas Allen

you me and the Mr. was family. and Hey, be and true Adelson successes and so… LVS condolence also let never entire send will to visionary Adelson his a my forgotten,

Rob Goldstein

Thank you you. your comments. for Thanks. Thank

Thomas Allen

there number the a you a weeks the saying discuss just online reports So past looking there more months in support over gaming have in and you detail? Can media your been about bit opportunities. to of few strategy

Rob Goldstein

Sure.

multitude few might is the nothing U.S. digital in at out the We’re a a regional report what’s digital. a at there. of looking both opportunities, in deny looked exploring nothing be with space. happened And looking opportunities, at opportunities interesting, are it’s to today. caveat concrete. But we and there’s yes, There’s And And can’t had, quite a we’ve what you –

– another I a or And just simply he to commentary the you suggestion. technology – We’re had He I young maybe that there’s that. it never learning, ethically, stop was who and He it’s afford Sheldon police it. questioned to who well just the properly. observing, ability that could ethical simply that this it understood did. [indiscernible] questioned people couldn’t concern wasn’t looking, he the use were assure in And been this it. Sheldon, about of he to digital, viability outsized people He believer before it. some too want my he in is believed too

of same consideration Sheldon. of It’s to. millions the way to last hundreds so he wanted people, paid because dollars an And he ethical year

this prior So to business. discussion we are to the in again, we’ve we it. explore his are the going making-money passing, And had is and cab

it’s returns make saying, And money, would I’m to and the and way room intelligent growth. a there’s be Sheldon prudent. again, on in So laser-focused

that we’re opportunity paper, would markets. different As looking build was the for more growth. We over things to been We’ve whether U.S. all leaving loved have U.S. know, not or the want He to his in it be it. you name middle build at the and abroad G the

people. multitude learning observing So talking yes, are and we considerations to in the of visuals and

if apprised We are keep nowhere we near a on something decision you changes. that, will and

Thomas Allen

about would the do talking are Texas. in then positioned And some What chances brick-and-mortar those Rob. you York – chat Thanks, think just U.S. how And be been New about States? front you there’s would like of markets? developments you how expect the and to on then those

Rob Goldstein

for looking years about we’ve it XXX New York Well, like. seems been at

We’re opportunity it’s big right it’s or extraordinary, ethnicity, $X almost, extraordinary. and for I like, think to population in now rooms good product. billion just facilities York. will be there games secret, density anybody think close having some very in without a and you are decent the see, New table We we’re believers it’s of good probably product the there, A can

hunt. been we’re in or five pushing So definitely the We’ve it for again years. for four

excited York There’s out came last fly We’re what of by terms out impart the they a in group week of New what not considering. there.

levels. we’re hunt Sheldon want York keeping and they way but build bunch long going the be looking we like. it’s what a they understand on still New So to whole and are build, could and we to where before properly, And to it’s it’s be we fitters. If a returns want think seriously at done go of to real

Okay.

And having extraordinary obviously, conversations. extraordinary it then too. again, that’s Texas, interesting. a down last fascinating And and power another there And the we’re On we’re you of I market, was can’t kicking couple size of days. was and scale. the Texas the market, So tires there week and deny

for great We’re when be opportunity. huge something and looking us. store, tires, it could a we land-based advise a the to kicking would you whatever casino market infects be will It emerges

would we was So these are both right It sheet with structure. the feet. we with jumped opportunities strength, that and balance – our

Thomas Allen

you. Thank

Operator

Robin UBS. have we Farley from question, Next

is Your open. line

Robin Farley

the priority it it a dividend, would have just just everyone may else’s you of about it guess? to Sheldon. much, Or this specifically how be kind incoming mean, thoughts echoing those and Thanks answering much LVS see to assets, a the of And just Vegas very where is why assets, but of I strategic sell is call sale I call? you just related kind you some Great. of there Thanks. an follow-up that question Is where is. without reason how it something the sad assets not the to

Rob Goldstein

Patrick?

Patrick Dumont

we’re focused. think very I our returns standpoint, So from

So accurate. Rob and we’re mentioned, new company, we to returns. as looking our as always entrepreneurial opportunities shareholder at we’re always just how always an at looking see maximize And portfolio

to assets just look about we look look there’s at focused we have Rob shareholder I in And growth something way returns, talk do This to that is it. think very So at on. a opportunities, constantly our is new should just them. team our maximize as, if that we’re and we the mentioned, this going portfolio. at we as We

So really that’s about we think it. how

Robin Farley

I guess more I a kind what little did if I appetite could push of sounds me. guess, to you and

any need right? would or capital places necessarily be don’t you use the wouldn’t financing, sort up of focused, other almost you mentioned You markets. or in to kind kind it, what of Texas in invade And being it project-specific appetite? other So would publicly of which that some maybe New interest, of – free York returns to sort but put confirmed would to anything you in be interested

to in kind I assets? what trying what you think So kind this there about, – guess Thanks. just for maybe environment, appetite the of of think

Patrick Dumont

of there’s different think couple a I So question there.

case-by-case the projects basis. think our of portfolio a So first think I way off, is, on evaluate we sort about we

Vegas has it think Las a a for entity. So future. We’ve operated great We think long a it’s a asset. standalone time. We it is great

So this obviously, we’re point. at focused operating

I think in terms of – have we additional to deploy. if capital

a and business market. we’re the both the goals Singapore strong, Singapore you we’re helped support and very fact happy And to have tourism we just there. very government We invest is as is expansion special a for very the think Singapore that there. an privileged we and future And It’s opportunity there. in As love Singapore we’re know, think its leisure continue have on. to focused that market.

there deployed capital get in have we we near that So the term.

terms of return things consideration. the other in about, that we some I hear Rob of also is think talking capital opportunities, of have you

allocation for So us and is capital center. front

management and all with discussions the We time. the the have team these Board

historical So where look enhance near have balance which and today, recovers, we’ll additional to something the while that standpoint opportunity to it’s actions also a helpful pandemic liquidity for look right? this we want think sure time. to unprecedented additional right? where our of transacting to make increased of the way liquidity, on sheet, our need we as the I In otherwise transact, the assets think at we’ll it’s returns. to have by that are look to to the during returns. our is shareholder liquidity it’s do from amount So do order opportunities, nice reason the sort we have why We taken in have to that whatever returns we’re term, running maximize we the we we’ve have And

So that’s how kind we think I I think question. from hope things. that your this answers of about standpoint,

Rob Goldstein

a rather Sheldon like Macau. something no you And these years that piggyback thought. just we makes substantial to Las XXXX make distant Macau wait balance Patrick you going to we this even about hands. not. Sheldon I like opinion comes And XXXX, about which in when believe $X.X whether and which Macau, [ph] well, with comes And my there’s have lenient Macanese when that we we back billion or next know be EBITDA, to perhaps think requirement can’t ideally the I doing seem obviously, a just very back very strong himself, upon to $XX we it. invest believe decision, a of memory, I a did what XXXX sheet sell I $X both billion, but as years, contingent else know exactly billion. miserable Robin, his government may of the place That’s investment, that also makes a that in couple strong. is But and as on be decision, capital have, There’s invest – that Dumont’s know Vegas more also, is

we in away, I there gave four done not But that there, seasons, see, has I I’m team licensees visit gets or year investments. don’t next, will a for the sense happen ready, Macau. all are and been bet. it is wrong in won’t this bet wrong I Leads It to small of that we we I And predict can referenced Macau. and I’ve not is to again be going Macau’s I Grant think all thing be achieved. the necessitate can in many make there, London dollars. over, going to of Patrick not more want in these be government won’t probably I And hope this that because would before. billions whenever, that But what mean, They’re Singapore. Wilfred to when you later know, be one years. be because goes make we’re investments

we markets, growth. Singapore think for for in and I in Macao reference. prepared then investments there U.S. have possibilities which the crazy So other best our are to And are outsized to be

are, stronger growth. get we as can we as in So strong

Robin Farley

Okay, much. great. very Thank you Thanks.

Operator

question, have Goldman Grambling Stephen we from Next Sachs.

open. Your line is

Stephen Grambling

question your the resilient. continues renovation domestic that about line. and a for confident, remarkably make to are is ultimately recovery inform plans? this on might in first require crowd And ROI condolences Will Thanks China from What serving full that does the potential these you more consumers? Singapore, you on results be to everyone of learning as it the My the on question reaching investments?

Rob Goldstein

remarkably as firstly, Singapore is we Well, resilient. we found serve, as

You’re is at business not levels, right. closed. pre-pandemic slot there getting And it’s actually the quite

than local that during local or but So the were outsized the in important frankly, are we’ve Singapore. more contributions of market, who full-time there’s residing pandemic learned market, foreigners, the a

inside of strong And a players that the have people very country positive lot want We from gamble. to that’s wealthy sign. a

the perhaps terms with with in discussion, All to dramatic willing numbers, the who to still government work used our And most can they’re of continue of we – hoping be to two to in $X powerful to to work reinforces the to scale for $X.X it’s rate and actually $X.X be wonderful us billion, the But encouraging. $X to still how talk billion the money like that even and me to it the get and asset enormous billion us. March run does having wonderful market the know of how there, foreign at, frankly, more, and Singapore, being how at. there in is that a we’re run. get reinforced phase about or plus it it’s make very going. dollars we yet to size kind and though no on think of visitation is saw billion times. not billion not You $X It��s if going Even

In if fact, important airlift the makes wonder doors it On hampered unlike also relax with an the by visitation flip it requirements. the governments the which island. necessitates you It’s the counterparty could the up as government how but trading airlift, is open is chosen to other to Singapore, government the means eager doors, airlines. side, which Macao, so open other the and

or stays think coming see it million don’t it the back this in level. we a in term, quarter $XXX short so I So

want consumers do invest And real a But a place It’s to growth in to money sure us I get so But opportunity, we great consumers, is this issue a see resolved. Singapore. do it. return we certainly all to airlift It’s makes do. much it very to our product think, Obviously, need great in want foreign invest should to We until no Singapore, of business. there’s enhance we better. market.

work a have building the of We do in now. to lot right

reinvestment We’re current to want And then asset a resolve better similarly actually embarking build and we ambitious our the up program on in an to everything. to it second bring standard. phase

we’re we’re the it Yes. And be a pretty just be did Macao, billion can We $X-plus to do like be – is more. can So post-pandemic we there. encouraging. lot think can – more. lucky we idea It

Stephen Grambling

bring I the think industry, you said maybe it’s follow-up digital and still existing can to initial and the And players? what a i-gaming, different there studying thoughts you company the the on and are been than any on you’ve realize table early, but

Rob Goldstein

there. is It The very we’re a interesting question our lot get but you. can frankly, we’re to doesn’t you It’s sure really a And business, money. strong it as understand, conversation, has exploring. the talk of valuations. tell through and want thoughts but very want have the It’s keep them about about goals, at understand it, which working we’re this I it complete a fully time. don’t how I undertaking to to to towards I make to know. of great it, working I we lot money, to and table best something bring make can is,

concrete We But of it’s In certain have at a to all same exploratory. a the right you say lot we of time. the now, things something way, explore point. to simply

I someone exploring that we’re about in either out Thailand, well. of an came the as to think Thailand, in possibility saw opportunity You

So everything is up grabs. for

And to we company when grow. adhere And he our appetite balance enables the make and to it, XX to months Adelson, look again, you going us certainly in adhere that that. hear that have a hopefully, to idea. in at we’re believe some think I will in believed to very we’re the us, I the you’ll and curious sheet Growth to founders, Gary next things from think going

Stephen Grambling

Thanks much. great. Sounds so

Operator

Next question, we of have Line Bank Shaun open. is Kelley America. of

Shaun Kelley

to to my Good to Hi. Rob, afternoon, Sands Adelson you, want everyone. Patrick, and the families. Las Vegas condolences I whole also offer

Rob Goldstein

Thank Shaun. you very Appreciate, you. Thank much.

Shaun Kelley

to like a I’d I we minute guess turn maybe So if could. back quick to for Macao

developments, to the bit separating Macao, if little from and some of vaccine back are but for the degree? thoughts probably that a think start the for to we recovery the harder on of us maybe expectations around I thinking is a relative exactly local what some then a step narrative monitor of really on wondering, a about vaccination programs So in around when see this area can broader may at need of one stage? how here, we the of to what’s going maybe recovery the in entire could thought get that a expectations – market maybe possibly I’m terms within that is there, China for that of concrete and reopening this what more to Kong, branch Hong we about could over out And comments little sobering some of that’s for if kind pandemic the sort with Grant’s increasingly of off start as little to thing a we U.S. nuances overseas China. it’s second, sometimes

Rob Goldstein

awake? Mr. still sobering Chum the Is

Grant Chum

Yes.

Yes. Okay.

Chinese to XXXX. look course back I and have firstly, especially of at domestic the economy second the half we think, during the Shaun, of stand

strongly. So economies, different very recovering from the economy domestic the is it largely was western

So this And the the whole to the to that’s population. is without, obviously, obviously of vaccination fantastic being control pandemic. applied attributable

fourth GDP quarter, look you as into China vaccination. the the X.X% So growth in domestic without the getting you’re

very, across board. So is the outcome. very getting stronger the that’s strong And a obviously, consumer

to through vaccination, the either already China whether to we been what is continue to slightly local Macao. control cases. they’ve is a I So achieved that resume virus. whether is through different have strategy The achieved travel Clearly, normally think more to locations to and China the in zero at to and that way enable path look that basically localities a Mainland there will clearing And doing. way. And from is between

important think and most So point. I that’s first the

strategy Hong number first actually strategy, looking from And both the locally, are three terms vaccine to both we a and the vaccines, cities Macao, first batch three procure both governments local seen the as both of a comments In different of of from quarter during SARs, providers. to you’ve have procure the Kong understand. different

in obviously, spend now, the progress. And than there a has the up way in still come a will So the program fluid then the And local bubble, travel then way, China has domestic cases can pandemic the of consumption the to strongly. the part been inside really, local be back also But thing looking itself. bigger populations SARs at of will tourism a Macao easier in in and more in terms an in the the is vaccination way be if most controlling case been important the months ahead. very

I of and think course a a puts the know, of outbreaks of period got base, a But been throughout the different in the travel. but especially there which low obviously, as are the the of to in governments from on quarter. isolated some easing some population the is, migration issued restrictions is prior you there and guidelines gradual the months, in various Year, progress. by central as New to worse pressure obviously, entities, more the getting that point are up the local has leads it’s the travel been imported logistics again fourth provinces pandemic winter huge to There in worldwide that has that more advisories Then China. of Chinese of and again, used cases

is So that perspective be stage, obviously from very to delicate. rightly at that gives the we authorities of this some which consideration very need careful

rest the between then a Macao subsides reduces, as factor in which obviously would well, normalization of world inside pandemic imported – obviously it Mainland point the to as and China. as and the another So the if risk that that again, pressure the another lead that is important relieves travel hopefully of well, China is

Shaun Kelley

That’s as he follow-up, Wilfred, But or there about is closer kind I where X. more was implementation, maybe probably point law. think Grant. believe is both about more law quarter, March commentary set still we a a that things a helpful, we’re more a little little overseas of And and And on. I maybe of bit this know of from approaching last its is for probably gambling the if then just the further bit also which

knew know anything any to So that do before, more changes should of? than we today we just that we additions about wondering, or be aware that

Wilfred Wong

outside organizing Article of criminal weeks law, organizing of the It two gambling. the the you citizens gambling, appreciate amendment participate been particularly XXX China Actually, country running was about people law to to has casinos, this as go and deals ago. enacted Yes. And in to with this enacted. amendment of

Now changes there were made the of the – draft. previous two inactive version

was tried First, removed. come which with criminal actor, they to up of a definition the definition the

of organizes. just phrase use catch-all a they whoever So

avoid is to falls net. the this So into arguing who people

which, The leave appears the after, appreciate, as and bit country, positive, is word, the the generally putting legislation, be the ambiguity considered to they a say that thereby for outside all it’s still Hong inside But specifically ambiguous is second then Macao, Taiwan country. Kong, but of the Macao in change within country. bracket the they you offshore, outside

we National base to a and not recognizes compiled do said compiling know, of all Chinese that to gambling the the the from Tourism they of Now lawyers citizens. the Ministry be exploited such be People’s Asian outside status of both to for Macao, has people people they as want as take And this blacklist in people’s they and activities the as ambiguity, local Southeast the discussing the this our countries. organizing central countries to which a introduces And I known session. of such accommodating is are country, Beijing NPC, while the government with Congress, special attending Macao and was

person it condemned. for certain be us, that to which Macao courts the the at to and organize use would a countries forward. by going other gambling there is a So ambiguity, decided this stage, as or to authorities to sure is base trying junket be will ultimately any But

Shaun Kelley

Thank that. you for

Operator

David last have from Katz the we question, For Jefferies.

Your is open. line

David Katz

Hi. job My treasure is that meet, part get best condolences a as and of and was the truly extraordinary always certainly he this sure. fun the we to well, people and for

Rob Goldstein

talks Everyone I People a he true. time. humor. good humor. in laugh so guy’s one everything a with miss about Sheldon That’s thing – is – And else just would he he his but sing was loved this and

your you So comments. question, for Thank David? what’s your

David Katz

we I Look, able of Among premium that you suggests of in how years measure your look the where if that’s you’ve one that’s it. four mass today? the some one is address, recaptured sitting the mass. it dollars? VIP the you rolling of within best are done you or guess VIP, a down think modeling much would of your you your just unknowables is sit how to to and best in have Thank deck, to about mass away think potential to premium what were And you. been about, implies all out, And recapture of model slides into that what is volume gone given has that the

Rob Goldstein

Grant?

Grant Chum

Yes. Thanks for the question, David.

the deal obviously, very, directly they or obviously, want Structurally, that and pandemic. and the the we’re continue, with over amenities last the very not And great is provide this offer the of premium years, think the multitude and with is to mass of trend going And after. I that players, pre-pandemic, lifestyle owners that operators would to the assets. – reality structurally several is and destination services to these is during because to do able the the we’ve customers, that power the the and of appealing. great whether it’s of growth the seen,

So continue. I that think will

entertainment and been I over amenities. of to think is non-gaming the to, Resort the from can several to about of things that’s spas, lifestyle we is everything has one one to that there to the anyway. these brilliant transfer model your the last from And offer So another? beverage, retail, food years there reference structurally, Integrated all segment a the Sheldon’s

that’s that strategically segment. why trend invested is this So that and structural, we products in serve

now, that the may in related levels trend. than that volumes. there anyway be have rather that see captured But specific years, to in big issues, the what’s was that – XX of is In referenced, a as terms And stabilized of issues system the and somewhat also what’s demand resumes of new new to result obviously, has those happening demand segment, resurfaces situation junket for some the specifically, the low more is it’s you of and coming at going structural to I directly and overarching you by it in But just that trend accelerate through It’s last true. would the to happened was may and that the anyway. continued years intermediaries. think That driver months come trend before a operators is manner. as in

David Katz

you Thank much. very Perfect.

Rob Goldstein

Thank you, David.

Operator

Ladies for participating. Thank that have that’s we and all the time for all gentlemen, today. you

now disconnect. You may

Las Vegas Sands (LVS) 28 Jan 212020 Q4 Earnings call transcript