LVS - Earnings call transcript Q2 2021

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Operator

Good afternoon. My name is Fete, and I will be your again conference operator today. At this time, I would like to welcome everyone to the Las Vegas Sands Second Quarter 2021 Earnings Call. 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

Operator. you, Thank

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

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

to allow opportunity would note GAAP may each being slides one included we those our in financial to a discuss we note may we A respect measures. this the session that those reconciliation call yourself press ask addition, release. to interest the who of definition And we with With we recorded. question-and-answer earnings the this Please let presentation please to Q&A over participate Rob. to of so measures might one turn question website supplementary Please have posted that, and Relations and call. in question refer comparable portion during of measures In the these that you follow-up on limit is to to and participate. non-GAAP most please Investor everyone the request is finally, that our like slides the me

Rob Goldstein

colleagues and to in a Thank very you, good our afternoon, Dan, morning and Asia. good early

go we’ll right comment brief a Just to then Q&A.

first generate as the of pandemic’s results quarter, million EBITDA Our positive the about $XXX the to impact. We a reflect did same quarter. continue

in and sequential do confident Singapore, Macao improvement, impact for pandemic-related remains quarter both to million cannot performance. XXXX. of the the restrictions the underway heightened continue our pandemic-related of $XXX the define it’s We to portion full Macao timing in will and the eventual remain recovery, range and restrictions $XXX in we the annually, a in but Singapore by but performance second impacted quarter. although travel recovery continued million reflected Our was

be will This of today both negative obviously Xth impact have as from COVID-XX-related August to of to of portions MBS also part We will results. on closures subject protocols. a QX

remains in resumption In it the Singapore. return as is EBITDA addition, air to additional will there travel. project no when Unlike air traffic Macao, visibility MBS difficult from to until of

to investment in shape. take Our Macao considerable continues

XX opportunities, page lead we the reference the in have We at the strong about of Four gaming our deck. may XX demonstrate and travel. believe mass the ability Macao and optimism year the As recovers market company recovery. the and Asian to is Macao portfolio do areas, of in Macao once have incredible in and your the level to for you and to and China will premium market. this we the continue into upon half largest The footprint to Singapore and returns, our perform visitation great Seasons in want economic very represent growth this perspective is in to Londoner and spending retail resilience. both continues and resumption pre-pandemic will three second follow dividing Singapore accelerate levels air

innings the Las confident explore optionality future. Vegas the $X and United land-based are vast destination And Asia. sale in in our digital the out to creates Asia a building The We we’re early return in and presence. we’ll States from finally, EBITDA large liquidity billion-plus of to resorts assets the of

years our ahead effort appropriate and update company become time. the We’re material exploring eager multiple to present in the you this opportunities at are we’ll we and to at the have

questions. some take Let’s

Operator

[Operator Robin Farley from is Your first UBS. from question Instructions]

open. is line Your

Robin Farley

or your Sands online us well that way? kind you think how about the also, to reciprocal -- I question. your brand would And of a in still are for the that if the that you options could also be is BXB have taking at investments? pursuing as for -- of market? Thanks strategy of in looking extent the then And to does kind what just in just how going help in help if terms effort or Great. and about announcement BXC BXB Thanks. full on that wanted online you follow-up the

Rob Goldstein

Pat, want to do you take that?

Patrick Dumont

Robin. Thanks, too. Happy Sure.

points. few a So

think strong. brand I our is very

your thinking decades take a really relationship we’re for approach. a brand established and have We long-term we’re operations very investing quality with of great the point. to high we think very about and thing is I One We that’s powerful customers. think future.

We’re still evaluating of opportunities. different a lot

opportunity us. I us. really for and and significant has presents we’re think happy started a history great that him a looking getting joined Davis forward very we’re to he BXB

over from this still many you’ll look make in I long-term really to other years us It’s and looking other to a at provide think we’re progress. think forward at we’ll and early value. and the create as lot very of future be able the updates we see shareholder stages. capital I looking opportunities. deploy long-term And But things

on we’re going to other calls, be said very Rob patient. As

We’re going real opportunities we’re the in going to look be where create see to value we ways and prudent for long-term. to

this and thing I the to beginning think see think last from don’t over forward evolve you’ll But I looking this it’s the time. we’re really thing seeing So just us. is

definitely progress So as we provide make updates. more we’ll

Robin Farley

about competitors BXB about how do Sands’ -- somebody that BXB, as kind in there follow-up, Okay. would the with just if in versus as they see business land-based that there’s those working online just framing with And they that, of would a competitor? partner be and Thanks. don’t guess, you the presence of a I how the would many know providers out thinking your think so, technically I

Patrick Dumont

our when we The seen -- point think, which one considered XX things we has in about of universe going I clearly we lot that think which people of a really in and model to that and in services very be thought markets could a larger some be productive. it’s last Singapore we are who our Macao, we BXB interestingly, going and the fair geographies changes the the is of competitive operate And set operation the are true this limited It’s company I a months. really where conflicting. really of so are a from that standpoint, forward

Like a model where BXC So we BXB look standpoint. don’t we our operations a target, sense in have that standpoint, could from of think to I the markets land-based find customers we neutral. little bit might are we operations have are that believe the business from any any we a lot don’t and from we

about pretty it. feel we So good

Robin Farley

you Thank much. Great. very Okay.

Rob Goldstein

Thanks, Robin.

Operator

Joe is next from JPMorgan. question Your from Greff

is line Your open.

Joe Greff

guys. travel mostly, afternoon, Robin and kind Nice mobility of of terms reliance Good on said to there. timing it in measures enhancing Macao’s and hear voices. your just

on thinking Macao? of extended passed detail I a not and could call, update of So decent last amount of or the say that amount I Wilfred, license my this getting an with I you going renewal/extension give of terms sometime it. year markets a sort has to just time am your that. waste gave in of process timeframe decent conversations that would us think middle on now in your was I and your potentially But But hoping optimism

Rob Goldstein

there? Wilfred, are you

Dr. Wilfred Wong

you. Thank Yeah. Yes.

issue. not Chinese to very Government that also stage. Government and very think preoccupation situation It’s at obviously, the own something have the carefully. look the the has The extension, will have -- their at I changed. Macao complicated this They it’s a

election, against precautionary from For city measures is September. the which still on in example, hard the Government the the council safe apart remains a sure on all now very for are XXth making COVID. Macao working preparing that legislative due Macao mixed of They

council the towards public the year, for operating they want which second feel concession believe mean election. happen the renewal after it at So they government where will half a of is launch the we might to the only that consultation pace this legislative

go information. we legislative really best, our sub-concession when on the for in expiry to the is I legal have stage, the can that the have place. operational But no to this government, extension concession a is nothing don’t to of so, -- the look government is moved government our a they such very important to the do properties, interest I as focusing think to workforce, are then as pan doing issues council concession on is new our have to issue which we’ve and our efficiencies, investment and the improving maintaining opportunities, will option, this that And think And which of will renew building are aligning because we there we itself Now at there reinvestment -- this at privy know, they is the council want pandemic. with stage, the as at. this naturally many such and rush things out And out only because eventually, in an all things right. focusing attend concession, license, stable and to during as the they official closer the

Rob Goldstein

Wilfred’s follow to Joe, position. And remain we comments, up, with very comfortable on our

We have to the resolution. about be patient

investment approach continue beyond. direction. we’ve above US$XX-plus guide in numerous the and We’ve As to in times, we development. we’ve behind led said and efforts and co-founded a for know, the the advice to you Macao government’s follow the diversified the Macao gone was

very our patient remain in very nothing we belief good change, the real altered new, waiting government’s but not So very no we’re very comfortable. But position, and for a decision. confident we’ve that

Joe Greff

guys. you, Thank I appreciate the thoughts.

Rob Goldstein

Thank you.

Operator

question next Santarelli Carlo is from from Bank. Your Deutsche

open. line Your is

Carlo Santarelli

bit the afternoon Hey, at talk is project MBS, and guys. obviously, opening. or, the good the morning. sorry, XXXX expected could you a about Good deadline Rob, little is

kind of as pushed XXXX for it kind work have of the of kind along way? guys COVID seem As target of the what setbacks and a XXXX. you that kind it in and you realistic earlier, goalposts of are still some acknowledging these given modest construction Does the back

Rob Goldstein

this very wrench, Obviously, to in. say our market. am in jumps Patrick withstand to I presence footprint. We whole second and give extraordinary has thing. this in thrown an a remain monkey to this big a is and this Singapore to COVID Patrick going before wrench I’ll But monkey committed

additions in going happening. are invest done and that well there We’ve We to are Singapore. very the

really the to think construction to in on getting back the the back timeframe things ability and line. go work I area in depends

heading I think we’ve XXXX. lost XXXX, we’re to

add dealt with the government So, ask I’ll because to he’s color Patrick directly. we’re again, more and committed

Patrick Dumont

Thanks, Rob.

around government we the this the be is of the project. and worked very of lot collaboratively lot required seek think and a with to there’s lot tight to and Rob certain the programming, what I and that early a actually them we to this timing of have work availability of fulfill It’s their it to is A of the project as their to done. acres. when work lot amount a be uncertainty ensure to through, just get to parts current can sight. well with a desires thing us There’s agencies things which things integrated certain part right. lot said, make of key X as density a obligations a things and into that of of of It’s have environment approval

some the nature matter, And size so be we’re But as of the complexity always of to starting things. a this would practical environment. with and of normal work challenging project a in those construction

make we’re this achievable I So schedule to is we around of the achievable. and or that before is and we say sure that understand labor not think trying parameters different construction just is timelines all a be that cautious

months. it we’re depends better couple of we’re just We’ll excuse that But concession, much things time. in think, optimistic. right I -- me, and a environment at COVID terms lot now, the go cautiously of view how a have recovery the think over I next on

continue to going sooner to get going to than We’re and the an have government hopefully rather work later. with opportunity

Carlo Santarelli

there the could sale process has Japan? Great. to potentially thought, one, Thanks, just Vegas Rob one proceeds If the I that on obviously, Las for bidding that and revisiting been and now are Patrick. quick the any that in of

Rob Goldstein

this and XX in inquiries time, years, lot a We from We’ve lot capital had there There’s XX on hard. of can always the Carlo. we of a tried a a feeling with lot last much parties at Not human point, there. worked money very for on something too based us. uncertainty sidelines. a at we was but revisit this and change We there in circumstance, years the that just remain left of

Carlo Santarelli

Understood. Thanks, Rob.

Rob Goldstein

Thank you.

Operator

Grambling from Stephen question next from is Sachs. Goldman Your

open. Your is line

Stephen Grambling

in to opportunities Hey. Thanks. markets base of different on you how we that far touched U.S. a expansion those bit some haven’t broader the land-based little markets? different just even talk or resorts prioritize about and you so other the for Could evaluate

Rob Goldstein

Well, our York York, know in in New resolve efforts the issue. because of U.S., we did which you New not that shutdown

pursuing. Texas committed to not So that’s we at available remain this very time.

chance real Florida. we’re order vote a to think there’s But new can going it’s discussed there for years think couple this down I in land-based there. the some gathering point look XXXX road successfully If we’re in opportunity. looking doing previously. at news we back in a to there There’s We opportunity, put a we’re down we’ve Florida. U.S., XXXX, fall be the recent Texas the because In I signatures past in some in of Carlo, a away. we’ll get get Japan, that’s a at. Obviously all something

focus in the up, hopefully, the our room in opportunities now XXXX, best Our And late later would can those focus, or invest billion Macao I we build our capital who fall have to knows extraordinary running deploy but so as in both that’s successes we $X-plus to The remain anywhere world. Singapore Londoner proven and Macao. will and biggest getting Macao. places there’s to is more Asia. when is they’re a think this are duplicate Frankly, in MBS think Four what, in there, fortunate and when love Singapore more huge made reinvest year and I have in because they of as we hard be We you’re right lot out Seasons. to because completed and

the operate find have ability think things today. the is I We’ll we get to to broad hard as two see But there. extraordinary we opportunity places as it’s when interesting. the

Stephen Grambling

Thanks so the jump Makes queue. I’ll sense. in back much.

Rob Goldstein

Sure. Thank you.

Operator

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

line Your is open.

Shaun Kelley

was wondering, there’s was we that’s any and gleaned mass think, premium the a on lower have in or is seeing from market spending performing set everyone. behaving Maybe in they afternoon, sure good core But how kind pretty end the Wilfred, market. properties when I color the you what sight Good on question I there? curious your line small, either you I mass but I insights wondering of could more and just is provide market for just Grant on Hi. behavior seen how the the what and a you’ve guys are or of if how going. is am you’re mass base customer sample the of some anything the if have

Rob Goldstein

Grant?

Grant Chum

morning. Good Shaun. Hi, Yeah.

last trends six the pretty think I have been the consistent months. in

that leisure across returned when You very think, greater the and you the clearly, premium number see, those obviously, of consumption have definitely I trips spending to who in down level is different But, I farther prominent. in Macao the power volume, strength great power strong for propensity, mass, But has to think for returned applies the greater base go mid patrons. segment and mass, the spending segments.

However, they low still were where say, around, we pandemic. see from the let’s the before of we are can visitations, XX%

sequential was June encouraging amount the cases, are hiccup, saw people of mass FRT think impacted in mass longer in segments coming we base growth reduction somewhat of temporary was although, drastic the greatest of number encouraging in who are clearly the So visiting. sequentially, base was the is QX. just by in But the versus people what And actually I the what staying was most and more. a the

mass bigger The the base premium in mass. back was to Although continued bounce cover. actually

hope to those see holidays So the some continue encouraging we and trends of into makes beyond. summer

Shaun Kelley

Great. I change could. here And follow-up online a maybe the for if topic, on quick

there, obviously, So, of and equation, Patrick quick they quite build expensive. For the but are get kind just your things want be some sense right? maybe on versus technologies these or buy to Rob, could of out

that Just that some done maybe relative possibly you more around the and could organically? are be kind to of how do maybe of acquisitions weigh sizing things options

Rob Goldstein

Patrick?

Patrick Dumont

been an and comment for interesting interesting look while a question. about we something So that It’s to very at it’s at. valuations. looking continue we’ve It’s a

been call optimism last six months around think the the of to lot a XX moved last the definitely in a I there’s and it, have few market, months, valuations weeks. in lot

long-term to by a going value and key the to creation do the we that of if think for going right away. and it. acquire reason we necessarily strategy we we’re bites it something really for we’re not value at think I see building view something, we’re take it’s to much owning when into I really a is thing take us be where long-term big broader the looking fits for things larger so look and also long-term

transformational to that’s to I not in something by sort and proceeds acquisition think large there’s and do it in where manner Las it build go is using a But us it. time really buy splash unless prudent this and think the we’re some more any look have I our why see sale develop going over sense. makes out of then you’ll don’t compelling maybe make we focus. reason to Vegas

to the as then make product, get is opportunity the strategy. overall fit acquisitions right they in get focus build the right, the Our culture with and

Shaun Kelley

you much. Thank very

Operator

Thomas is from Allen from question next Morgan Your Stanley.

is open. Your line

Thomas Allen

you’re that a transformational of are deal, are of millions, Patrick, or like just kind to thinking of billions, incubator follow-up of how you Yeah. are like, thinking startups of a not do that size sizes? being but are the question. thinking you Respect deal, the low hundreds the an about how you going about you thinking for to

Patrick Dumont

that am we really, provide pretty value. the I’ll broad at some a don’t able we might provide not to of our sort be know the you We angel really that, goal most lot a people, that value stage. is range. sure of but It’s I that’s tell help I where

where be our earlier-stage and a from we but can standpoint, strategy, effective. think into larger of fitting kind we’ll to that’s really if mid-stage, I again get look

do while think make it to we’re buy would be would to way that for our good transformational us. for going larger the We and that a why to a range. to a would sense don’t I have business. I billion But understand that operating to things much would think into want we in are think $X I reason be really have

see I think that into enhance approach. going business develop how way acquisitions to a look to help we’re our and

Thomas Allen

makes market. just Helpful VIP out. respecting came that stood the And of Singapore is majority your mass of of in then and the really your rolling future volumes Only the sense. color. Singapore, in majority business really million chip That and on Macao light. $XXX around

on talk expectations? there you what’s going about your can Just and

Rob Goldstein

Macao think, Singapore think… Thomas? opposed you’re I to you’re right, said as at I saying, Well, looking you

Thomas Allen

about there? stood what talk out, Macao mean, was kind Rob, I of I Singapore expectations and think quarter-over-quarter so your down just in too, really but general like, was VIP

Rob Goldstein

it’s closed just market, you only. VIP, know, now right a Well, locals as

do you and that in So who on pandemic. the people exclusively are trading Singapore during mostly people residing living maybe

might whole outsized because a the as lot look inference it’s as slot You us pandemic Singapore from it’s can look and yet numbers push so extra wait so some of doing get because that case an and who to think it’s there, business part reason. our having the But without that future, performance. a at to of it’s of have this was point of the kind folks never at how really well make don’t surprising the -- I -- at out you moved the

can’t they now in are You on they in have leave, leave, stuck people that people right Singapore same end. stuck Singapore. high can’t are the The way

just inferences trend. It’s hard the I So probably into it’s to It’s think future. looking make an anomaly. a

to case out until think I of traffic going Singapore. the and resolves this thing and there’s be air in that’s

Singapore on probably up end numbers who a residing think and come now of clear And of the and be Chinese on initially good slot look gamble. same staying high it’s in to direction a where of and true at these during you nationals pandemic. outside difficult very with the in The goes the Singapore’s Singapore confused see I us confusing. case that people bad realize are holds are all both trends travel it the You’ll to performance lot and the to

seeing make I lot So we’re of Singapore. can am today you a trends long-term not sure whole on based in what

Patrick Dumont

it, we’re might sort other that the matter. which comment one of helpful, product the really thinking There’s is about that is investment the way in be

lot offering look you pandemic, and that time we’ve spent at in the if of so we deployed And sort during a we of of the lot capital have. enhancing what done a

there product. more recovery, product capacity a have So we a a is and when better It is driven competitive industry.

the can recovery the during investment And our happens. so when more the is that we a pandemic, long-term so way of position ourselves standpoint, think we we the about level in strong put the in from way

-- wouldn’t look you I now the indicate at anything. volumes So and rolling to

you for we’ve able that’s I at how that other approaching it. that been and create higher look think stronger our fact capital, create should we’re to customers products, way really the and we’re quality positioned experience the on deploy quality side higher

Thomas Allen

Helpful. Thank you.

Operator

from Steve Wieczynski is question from next Stifel. Your

Your line is open.

Steve Wieczynski

Good Hey, afternoon. guys.

to going talk vaccination with probably or to with availability issues. I all Wilfred back the with progress. makes investors am still So for something color But us effective to, to used Americans if respect counts and it is where else? continue trying pretty -- but around to this we issues of is China being having to tough China the that China it but case just hasn’t for still sense? been that with lack question, look that promising, it’s having their And more guess understand or that’s is vaccine it is vaccine get I just is

Rob Goldstein

of if you of has they you X.X vaccines. look Well, in today Actually, at lacking vaccine. question. But lot is billion export China statistics, quite China vaccines. truth, a the already thank Actually, the administered not for doses the

represents Now that has And at that and means a of the XX doses XX% doses, vaccinated vaccinating they has population are XX%, XX%. really two over everyone then assume been still that million day. you over if

it means rate they every is, XX days, XX%. that by can So increase what vaccination

is rate is over for also administered administered over extent also population. and That’s some its XXX,XXX Kong Hong true to Kong doses. million XX% of and Hong that Macao Macao. XX%. the already X doses already vaccination Now,

population and vaccination would the you continues So XX about when days, that rate of China XX% with increase the per XX%, in whole we’re like almost by vaccinated. quite confident come be to that rate XX%, if winter,

China, including is Hong Macao bubble that reach possible. we once think really Kong level, within that I and travel Now,

And towards the country, back so news is you in China widely non-tolerance it’s because COVID, go areas concerned especially immediately I some Macao, outbreak with and cases. in variant about importation have best in think a of Now policy China, is travel lockdown. the that that’s a because why are the they the between they short-term Hong there’s bubble cases, and seen to Kong adopts the the certain scenario whenever COVID in what reported so

Steve Wieczynski

guys. That’s Appreciate Thanks, color. great it.

Operator

Your last question Katz Jefferies. is from David from

Your line is open.

David Katz

Good for question. afternoon. Thanks Hi. my taking

You covered a lot of…

Rob Goldstein

Hi.

David Katz

lot You covered I ask a wanted of to What was just ground. kind a of broader question.

What’s You’re taking think in years everything about years obviously you’ve to looks -- Asia. If that to that? your the U.S. years what the years the to to LVS for qualitative said about love What’s in vision But and two look in picture can three out I’d be about thinking and What what hear it? like say five level as are just you’re perspectives high that on we as out. five that. were like? and or

Rob Goldstein

EBITDA our we our Singapore to from foremost, I first $X and from return investment billion that We and a Singapore in $X beyond. And simple to see grow we pretty all billion our facility in Gap] renewed $X maybe [Audio things. in one the see Texas and reflecting ability and two we regional both sheet, last Macao balance mean, strong to have land-based still it’s Macao presence. these Well, billion and or do United States and to perspective. $X billion have or the a Florida We a markets.

pre-COVID places, flock make than not EBITDA. those billion Vegas, is that $X timing in also these we’re of will path important think, we’re more that’s billion, because to normal what $X outcome. it’s is people and company Las to the uncertain not in invest think of this happen. to billion, it best not the $X more going again most happened is and And And to the a money about convinced are in here I thing think in Asia our going heavily our I environment I business which uncertain, asking you but timing, will reflects the Asia, is but clearly, return casinos, boom asking, both outcome to in

been have U.S. these and in in jurisdictions Texas, perhaps, both larger of Florida, other the We very clear

optionality slow real years We will those, outlined, strategy. positive just end a Pat sheet be very I think outcome. the digital And to pretty from years to are the -- and we pursue we to that’s now last three think get involved we’re balance you’ll we XX in five we the think there. by and But confident. heading, it’s It’s that. the have the see going as this to pretty it’s We’ve obvious we’re We and think horrific But pandemic. course patient derailed clear be feel me up. where very I we’re been stay and months that this I virus, doing to

We want have ample in scale. liquidity large to do do anywhere we anything to a

three now. thought my ahead be to years would that five years So from Patrick, go just [ph]? with this

Patrick Dumont

Macao. locations. we’ve these invested of thing we but is We is strongly to just and opportunity tell become U.S., the growth in about in great to strongly area. more them looking we at of Singapore. in And that’s I $X.X market then I the are options it great all probably. available from Singapore which just great renewal. one you And that lot the couldn’t and feel in the hopefully quality about us, potential the earnings And very that more feel a very potential these this high get about We invest post-concession the Singapore the and of the long-term strongly returns our and really destination front with billion feel that opportunity, have is expansion unique thing you about looking right? a agree the of potential and very I we’ll commitment. tourist can’t think of a digital

now, from standpoint, sheet of our very liquidity a Las in terms that years to point allows we us the the Rob’s Vegas the five sale balance of capability earlier, different company all like a be scale. to company opportunities. from I think, So could presents And our and pursue from looking these

very it. bullish about we’re So

David Katz

be integrated and And this digital I either with all a is or is appreciate a as with if of today -- would the Thank notion sort of quickly at strategy, you. to more or respect it still it follow-up point? that, as such is company may it of the branded enterprise just I potentially the and that separate

Patrick Dumont

if grab Rob, that I’ll okay, you’re one.

Rob Goldstein

Yeah. Please. Please do.

Patrick Dumont

I platform. key a very we So and to skilled think the a is, have team great note thing

very We have a corporate culture. strong

the on I just think patience long-term. a have variety the have for and have ability of execute the capital different invest we to to and We things

this part being require And and organization. think is our That infrastructure to that larger of said, will a separate people, so business distinct. I going from it be being benefit be separate will

are to a organization. much this that Singapore global the team, larger part So things will and of benefit of with deal them like that have being will it part But to so are specific and have they business. from they Macao

David Katz

Thank much. it. Appreciate you very

Rob Goldstein

Thank David, always. Dan? you, as

Operator

This concludes…

Rob Goldstein

That go ahead. -- concludes

Operator

today’s Thank for participating. concludes you conference This call.

You may now disconnect.

Rob Goldstein

you. Thank

Las Vegas Sands (LVS) 22 Jul 212021 Q2 Earnings call transcript