LVS - Earnings call transcript Q4 2021

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Operator

Good day and thank you for standing by. And welcome to the Las Vegas Sands Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. now for hand today, would to conference I speaker your Mr. Instructions] like the to over [Operator Daniel Briggs. Thank you, sir. Please go ahead.

Daniel Briggs

Thank you. Thank you.

for the and Executive China; Wilfred about Dumont, Chum, our on Chairman and us on Operating Dr. me call Operating I are Rob joining get starting are to Joining Grant call Goldstein, Officer. and late. Also Chief are President Officer Officer; Wong, our Patrick Chief apologize who the and connected and Chief today our of Sands

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

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

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

Rob Goldstein

you today. our Asia, colleagues afternoon for morning Thank in our morning good to for and very Thank and Asia. call a our joining good you, Dan, colleagues in good

and will right We go will to Q&A. we then some comments have brief

Singapore. this in to during both Travel in our the We the recovery to in the both for quarter eventual Singapore, and quarter. reflect visitation Singapore did good restrictions were all markets. Indonesia, in and of both carters in Malaysia, South a restrictions more the news the travel Omicron established travel Our recovery program part The confident markets The We late in and emergence continue Australia, the Macao some to initial DTO were generate EBITDA DTO Macao impact. and continue December. positive results obviously, many financial Korea, results of should over affect impacted pandemic’s the DTO variant remain rollout important robust the quarter. source and program, of contribute time. with Thailand

in MBS U.S. announce suite significantly is embarked to Singapore confidence pleased Macao, our program offerings Our that and meaningfully at premium to expand the enhance our Londoner have remains I completion. resort. near opportunity introduce renovation we project luxurious will in the will billion The and In customers. room $X suite a long-term am to new the deep appeal to product

growth recovers, Seasons and market segments. both premium As provide the will and -- the mass customer material Londoner in opportunities growth opportunities Four the both

it continue from look We footprint in public tendering participating process world’s ongoing. forward the largest to appreciate input to in and as process consultation in Macao, opportunity and on deck. mass and the XX XX gaming demand proven pages I as spending Customer in fruition. your have at the think, premium to outlined, both proceeds level Macao the greatest market, to We provide the in resilient perspective, retail have the and a

levels visitation We once great about returns. ability continue have pre-pandemic to our optimism

at and presence, scale both Asia, we we this the resorts cash to our confident we time appropriate remain large and future our as in pursue material we multiple Asia. three the build Vegas additional and flow important Las in continue at of and Singapore. time. You the portfolio the liquidity travel recover. provide And the are opportunities tourism may return to some optionality in know primarily Macao the being areas, as and Macao creates color company in we most strong is restrictions The and Singapore divided digital and U.S. will positive We land-based destination are will sale exploring eased

and you thank for your let’s So listening. to go questions

Operator

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

Joe Greff

morning, everyone. Good afternoon. Good

Rob Goldstein

Joe Hi,

Joe Greff

off next Rob in and Patrick, a the of or that rethink of return need about on do Does in liquidity/optionality in to is probably and thinking cause you return? mentioned I recovery really to U.S. would million before capital part if months. more can on near-term new you proceeds of $X and event I’d coming some of of you cash how topic Asia, I return that, like us? in in to start in are particularly you be that capital refresh both light that you gross capital the Macao a for But and capital of are see that that’s jurisdictions helpful think, the for sort you the know thinking Singapore return, couple you so initiate calculus.

Rob Goldstein

Patrick?

Patrick Dumont

I Hey, question. Joe. Yeah. am to. the I appreciate happy

us. our hard. the Sheldon really since about you we pretty of that long-term to in the of It’s development scale rest we our future. thinking. one that a the grow have Rob as very excited has beginning how capacity today think we opportunities of grow continues really business. think consistent ethos our working the And have with has that this from within large and entire followed It’s development scale group in additional been are day part plan, great he’s really front I large of been projects and in company. us to been some of to and developer opportunities I very think started team the I strategic our create been know, you

system the to to consummation really that’s So from the sale think Vegas capital is going see of come we the way into grow business. the I our

of dividend said we really shareholder quarter. share before, the always return strategy, part As and the our have the repurchases do being represent dividend

assessment consistent about forward about an cash scenario operational return want a what the return perspective we were as and flow, and the been return looking that have to from at that are we flow idea then really restarting during operations, really dividend something levels will we a pandemic a of trajectory, this to needs long-term do of and a see return the steady those capital have program. so as time. that’s and call view that look stable think, we opportunity make our still understanding basis, I get flows we sensitivity dividend we profit on and something and to the we of cash which So unfortunately, We out it, are said, to to But in. that cash quarter when the

Joe Greff

in follow-up from And question. chime on my Macao helpful. That’s Great. then the maybe gentleman can

draft broad maintaining order the to the can work others your how maintain the law, and thinking the talk in levels on what and specifically gross gaming clarification for on this Can about bill is the market revenues that’s count? you you table government talk a to or thinking it amendments me? the in will of specific broadly here and how Just about is you are framework gaming they how about Thanks.

Rob Goldstein

go Grant ahead?

Grant Chum

Yes. you Sure. Thank for the question.

amendment would potentially work the regulatory legislature. through additional I be to the gaming way final thereafter. details to be progress. take terms working further that need measures It’s the form its of in the think amendments We that will is there issued in wait and still will the

but used table to of direction So, we I productivity, general, our allocation, welcome linking and in the allocation in general, think, outlined. to always have with are your table be efficiently specifics, question, we yet

Joe Greff

Thank you.

Operator

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

Carlo Santarelli

Hey, guys. Thank you.

Rob Goldstein

Carlo. Hi,

Carlo Santarelli

a period, normalize tale it starting Rob, and of one, have course Singapore, kind to know maybe better bit more of of you could obviously, stuff the some like the pertains that of was of over about you shine some of if them during But the months. kind felt couple were restrictions comment things a as periods as you quarter you a to light, I it of could loose? seen little how the

Rob Goldstein

half Hopefully, demand going to opens very there’s The -- of Yeah. is up. indicates and is Carlo very thinking of happen. light see in it’s and the real government’s It there. -- a We the to established. Clearly, excited us. That were year. going the think was when I VTL And get in the positive it back we be what’s to VTL can it extraordinary. is first see predictor you rays place for

probably were open. VTLs than But I later. quicker Singapore, be Macao when there a evident think citing gets might shame. the think clearly It’s I the Singapore demand is

mean think all improving. a inevitable. the Omicron are I that’s I real the source important positive is Indonesia, Japan, crushed had we a momentum that Korea, by markets think up, going Malaysia, opening concerns. us. The around market I got just But

you can would should on just that some lot we see So in the non-recurring be to big Singapore. a to on in like hope I the… bounce you have are we quarter of. reference numbers we aware Patrick, had a income clear of illuminate,

Patrick Dumont

do to it. Happy Sure. Yeah.

So…

Rob Goldstein

of course? …Singapore,

Patrick Dumont

Yeah.

did course, is some Of it. we other million thanks And Carlo were to want scheme and during thing $XX do reversals, support happy items this to by of One items. the quarter, approximately impacted highlight that positively bonus including non-recurring job for we question.

quarter. look wouldn’t as I a So at this rate run

read would back run of The the so been $XXX of hard on quarter. conditions, problem to of about I is much. on during off real you that rate run comments call context. the think and these point It’s things rate real kind switched a million EBITDA that switched envelope have get some the it, calls prior I some our Rob to on made

I and we are in we overall, a is plays very really encouraging been and were quarters. to are step. see health. lanes, they really the of health And has public in what the the both encouraged big upcoming think leader the long-term way travel vaccine vaccine excited government, about think, the that public I approach But lanes a is travel approach which posture tourism very the towards their how out vaccinations

Carlo Santarelli

just for the quarter? million, you. in Patrick, all of one EBITDA clarity, thank And result was that That’s Great. helpful. that point $XX the

Patrick Dumont

run that was. referred previously. I back about we It why That’s talked was. to the rate It

Carlo Santarelli

Yeah. Thank you.

Rob Goldstein

We…

Carlo Santarelli

Thank you, Pat.

Rob Goldstein

$X.X billion referenced there. real. run Until have better until become travelings over things We rate these get

the it our the non-recurring? We over exuberant to by same about was. is It that point as not range impacted get are in still $XXX

Carlo Santarelli

you, Thank guys. Okay.

Rob Goldstein

Thank you.

Patrick Dumont

Thank you.

Operator

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

Robin Farley

little a Great. in I that how what been may talk betting your evaluating if could Can you impacted bit options was of the current talk year. are and sports changing about online you and valuation there’s a change for you and by thoughts of have a Thanks bit while the gaming be are little taking kind how wondering question. last valuations? a over you said for about,

Rob Goldstein

Yeah.

happening digital we in two the past, things same the But in all and interests market. think the have always are I these been interested have time. we said at that’s in happening

Our business, a stronger I think, place. to is coming back

as Singapore, we especially XXXX in finally, Macao, I see I that and think better. will think, well getting in

followed all and happening have balance we there. in digital struggle what’s equities Our for speaks sheet itself and the

I at gaming believe day will sports businesses there a and when the and we betting will to be opportunity. So online successful very are look continue

for years, remain make lot It billion for last a entry in I But to bread or to done this patiently. can’t of known a next point as Robin, will you in place think LVS. idea we think wait be see the bad business, hasn’t an will back makes based -- come is We we will We to so. evaluate consistent, for butter continue spill. sense eight as and shakes been six $X months know is you have year we out there’s going there and Asia to wait which land how blood and months a we still to replicate that our will

when first continue, for and is business continue open will difficulties we pristine, of the sure which does and and hasn’t following and question And will sheet that balance as eyes our closing. But worst that will point is situation markets it I for we is think the the see shake order making will that’s waiting get the possibility. things an entry been keep to the better? be valuations The our us So out. and change. to monitor idea equity But ears our now

Robin Farley

kind to your you not. forward go of follow-up you things on Macao, size question for you thoughts on of are more investment term? you what Thanks. us when can talked the kind times, Yeah. can the to in is, is your Definitely latest past? At in are latest the that? looking about remind the thinking of re-bid the size new of Obviously license Also you a remind what us investing

Rob Goldstein

are difficult I think what seeing, sure Macao the understand. have very months. been not we don’t XX may missing we like we We continue I despite a am Patrick, I have I -- market to last I mean retendering bullish it. the be on process.

We of the respectful process. are

time. amount to specific we want have Grant, and dollar approach the I in or We to are think or help don’t at a continuing this in? chime involved with mind be you a government. do Patrick

Patrick Dumont

it just comment will note, yet. Grant. one think I and it’s then Yeah. stages I over important I say thing still very the will to But to turn early

think things any don’t that don’t approach, can are Grant, going out. any details talk that about have I there’s shake you add. of where sort in terms it’s I known because to know our of So really you want we not other comments if to

Grant Chum

No.

I think right. that’s

the have our at billion approach, the just are our of reminding program stayed Macao. think Seasons Four end asset pandemic. I we Grand which in base reiterate and during worth the general ourselves continued The and And it’s course our we coming $X.X we in Londoner is really Suites reinvestment CapEx to

the we we during and supply well within the pandemic we coming overcome accelerated are works can, outcome. delighted have with challenges related budget. And we this to all have We the where chain are

government that a pointing of think good diversification. that particular the reinvest, indicator various the I in gives both the across direction towards is in our you pretty to but of domains to of resolve So our continue also appetite,

Robin Farley

much. you very Okay. Great. Thank

Rob Goldstein

Thanks, Robin.

Operator

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

Stephen Grambling

the guess I really Thanks. question question Robin’s and first earlier and a Hi. legislative on two on the follow-ups Joe’s proposal. is follow-up

clarity work You uncertainty pockets wondering have where your you but progress, mentioned a if still on through like based walk feel could there be you just specifically it us still I and the may is am language of you incremental where do in conversations. obviously, and

Rob Goldstein

that’s Grant, yours.

Grant Chum

question. for you the Thank

now duration think main number there concession. the been meeting the firmly the have of We details first but out in -- aspects of the lot But to and I just the legislation legislative, the key the the future stage. terms a are through in concessionaires out of encapsulated are the of legislature. the that one winning moving through laid to be and worked with of we

the we think but it point I form, this draft can that’s made. that been progress say welcome still really at So in is we

So it’s been launch we already in September, time are where and first this issue since committee review a short the the XX public draft. that in going so since are only the months of of the we observation rapidly at into stage

getting that But the of framework this So draft so hopefully, us I the in this think stage job remember a of to government the quickly to outstanding has is important with an in is lot we legislation process still clarified. coming await it done outcome, months. being and the final

Stephen Grambling

unrelated impressive an about think labor as here, margins as you the you about of well Maybe Macao, as difficult ultimate to cost inflation have despite in enough. Singapore continue made? environment. How reductions maybe thinking are you Fair some control follow-up cost recovery have pretty and we as versus a

Patrick Dumont

really over So, been think at this And to team hey, had the keep the with it’s that we Patrick. the focuses last that look core during I It’s pandemic together. our years two team. we one something a lot has of

-- in the to we I prior the together, business Sands our look in service credit do healthy Singapore at as a to continue it’s business. the about we get to and we upon ability we And pandemic. recovery, that look are everyone local where we are China at the really team to and focus, and safe. efficient working today, and right think think when keep everyone continue both group to And the recover margins and in were customers at to Singapore pretty back the teams I Grant, keep to to have able we So to

unbelievable and as did margins leading pandemic, the in grew costs Sands our of lot business at to team efficient up the taking a more an the of there. China out becoming look you business job years If our we

that which there into operating margins is of our those Singapore, And to margin are been more years, consistent to of recall in happens. margins same to Marina think for if have margins note I margins if Sands is the that one you will rate the cost account the mix. want really Macao, premium level believe impact rate you going to will less, the say that in matter, I so in I’d level. some that is a expect rate look going was business volumes thing run at to the given impact that even and a taking as would we will prior tax Bay from to don’t margin pandemic. like series be impact But lower business be -- with mass change, What a slight is forward. the exposure we There over is always The prior room we focused. true same be junket such focused. tax VIP Because when gaming will have that practical a as to there

we will structure recovery. upon margin our So would like to consistent be the believe fairly

Stephen Grambling

you Thank so Helpful. much.

Operator

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

Thomas Allen

I about and Thanks. future announced project then have on know And the that Can markets? Florida York, have considered you those that Thank market? talk looking comments you Hey. investments? you at just UAE when in potential been you. any yesterday, New

Rob Goldstein

the been it’s talking will the for and maybe take about you four-year to -- leave we have as years will I Patrick discuss UAE. I know, been Tom, so U.S. long. time

in believers The that announcement licenses big is encouraging. Governor by are three Hochul we York, New market. recent about

opportunity I metric the for market that any We overplay be. massive and are we us. wouldn’t want by might by be what our a should in market hand, it’s it so hunt. to the underserved massive -- But a have product current

deep are week. We last were we into it. So there

a it will through and say we that. That’s working team We on to ground are get I about have all a license. the hoping

our in Florida. newspapers followed the in efforts have You

appreciate an go are there. to a to process opportunities opportunity a the are in Same mode. a goes top-tier away a in But land-based how market really for Florida in exist We from down be not struggle it. We through. and much It’s hunt It’s for underserved easy is Florida. that be few trying Texas, all wonderful. years very gathering in signature material would we the Texas

there. We have been down

We have in market. the time spent

but decision. what place address the We probably does you it UAE, that market find to that over want from I if there people [ph] our away that’s you to the Wynn happen, think the trying Patrick, the happened do farthest have raised in yesterday?

Patrick Dumont

Happy Sure. to.

So a of couple thoughts.

have someone very at really And of markets, is company tourism in of the and it’s and investment, to them economic interest that understand the there, going I going special that there. you market, present on looking I First an that remarkable. the a And unique investment evaluating The is a different Wynn both the focused if are off, customers of you you who’s business, And go quality to -- as for and of and to It’s go would like. you, to center is tell on see terms really our things world. in what it why is markets UAE fair, competition has region. investments the be tourism lot very place. scale a tremendous It potential. would

of there we terms would there them to go. be opportunity, interest why in So for understood all

looking a of of look to will few. high Vegas capital at. watch we quality for Rob for quality we high that Sands Las developments. and options to continue referenced just keep continue And something are all to a it’s and going company, our are opportunities in our So available lot there markets that deploy open But to are

situation. view So sort our on of that’s that really

Thomas Allen

MBS your have you you. $X talking or for quarter. you now because but that just just just time, Perfect. Thank line? any deck slide guys time details it on billion the added And this to the you, disruption long it’s about then something Is been ready, potential It’s on more a renovation. Pat. Thank

Rob Goldstein

it’s a Well, moving forward. that Yeah. it’s step

are time, think underinvested the and in I into the point Thomas, a renovation. these at talked have deep suites we long about times rooms we

the all with think environment. we know I COVID

it. so risk. there’s at You chain always of nicely are very interruptions assuming not moving I But see no we can’t we or say I can’t seen that have really there, team, risk we supply labor the images have and pace the been the positive we and good either think we Patrick? But control. have moving it’s are a

Patrick Dumont

with I on interesting downtime. in area. help leader in Rob attractiveness the quality always to our what’s think our to very to think, tourism using Tourism some MBS I few and our And been customers the product you that offerings while their enhance on we and pandemic Board and products invest. reinvest for have about focus enhance We our time have I other And in a heard this amenities last suite of reference team and over the goals have achieve have property a and to it our while years it we there’s to Singapore to So, believe working before, customers. is Singapore increasing the focused that wanted high think of we is the we we really our some the been

have been is years. many so we that And something looking at this for

that a team really of have we ever our suites some high the have quality create in had design We system. best will

this so some and the we design We during and Macao some success we some feel great brought pandemic in level efforts of some and have new of capital high account at we a our is of terms like the to before, and a quality. really of with had Marina renovations both our online products into had terms with really to amount we investing level now product forward there suite are of Bay Sands in create of in level looking never

grow our Singapore laid will the the that us have tourism. address Tourism value in by out there, this business as high been as address the Board and So of some help government and well goals

that the over years. happen the something really So It’s really two objective. next will that’s

years. as looks the as hope We be soon and reality due possible. to in we to it materials are But underway now complete take it’s to two labor like and going

Thomas Allen

you. Thank Helpful.

Operator

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

Shaun Kelley

taking come my I question. actually everyone. we one, if that, guess, the Maybe sign a times Thanks it a really for I from color. because Wilfred it’s Hi. was Good up, little wondering good Grant hasn’t get of either just afternoon and or morning, just could

Just on there believe bit about and industry conditions tourism on and importance. milestones reopening looking its possible you government COVID the was the in talking a press actually the from be for? terms might I ground of little signaling of the

So maybe about a couple forward level we just high of your things there? to thoughts look can

Grant Chum

the Sure. question, Thanks for Shaun.

think on I it the September through could we if COVID have cases Macao last some October. in months, few local occurred describe in come that you to of sequentially, early at the end

So obviously, of impacted the month heavily during was business the October. environment

In entire in for lowest fact, that GGR month the was city. the the year the for

cases border as have and As and again, we had control we travel as going accordingly. recently, terms recouped end that things the move saw toward Most that to the Zhuhai, the hopefully, some other impacted volumes the of and we in under in policies Zhuhai and be have they the get year, local business you the board around and then are of improved done. Macao has which they of side through coming visitations

also out overall with forward, Year of government various the their things and government move describe have events we The both Chinese look as and positive in is COVID So of big the a to improve everyone in of events, the in traveling, terms terms Olympics. policies. as more would the travel. I the in cases are we these these understandably, of environment. accordance of domestic the and to being possible lot government, obviously, cautious well provinces not Winter in New terms picture And terms that cases more forward a as in way, changed exceptionally central has can control continue we And and it’s beyond it the obviously local

Shaun Kelley

just And then, tax rate. Singapore Patrick. Thank one probably for Patrick, the mentioned you Great. you. But

I think some we in picked local as of press that well. up the

a Just could on back bit the that change was curious how give plays license or through. actually tied Is if little more a us to that think this tie-in the different if correctly, that, I extension incremental you was color there I recall that, because to a something years? -- it’s this couple I is been was frankly, that’s from it’s but of or

Patrick Dumont

of just years. is into It’s This development couple been tied Yeah. was agreements. what a the of implementation the

prior going changed disclosure to may wanted that just consistent with That’s something as an forward. it prior nothing So highlight impact or on has But margins have discussions. all. I

Shaun Kelley

Great. Thank you very much.

Operator

comes the with line Dan question from of next Your Fargo. Politzer Wells

Dan Politzer

afternoon, everyone. Thanks my Hey. question. for taking Good

sports are focused consideration a just you outside betting this any analysis and U.S., or as that Have you really doing. U.S. that at the betting endeavors to or So quick are such the i-gaming point? just thought would opportunities sports on given on Europe, follow-up markets involve you

Rob Goldstein

markets, consider We yeah. all

are markets that We on have the table.

Patrick Dumont

Yeah.

highlight… to thing one think I

Dan Politzer

Okay. And just...

Patrick Dumont

Yeah.

to Sorry. highlight. One thing

So I think we just are sports not looking at betting.

but I think space. in markets, are digital of And variety the variety we at point, we a are not a of different looking Rob’s opportunities to in rushed.

building are we So teams.

We are making long-term investments.

We opportunities. are thinking about

can blossom through We a long-term of that meaningful. are into focused on it the return something at on invested capital. And strategy looking we are lens really

areas not we so, at peaked have are sort day. are certain valuations that chasing just And that of specific may the

we are for positive returns. present high growth looking long-term really opportunities think I that

of in not sports it’s just so at markets. different we are variety And looking different a wagering, it’s things,

Dan Politzer

capital question earlier a is from see from active to and more and recovery versus repurchase sale about proceeds in then on I on allocation really a Macao capital dividend, you recover And before a returning where the as think be to Venetian you get Singapore could more the front mean, that and it. clarification you you the a Got need starts or sustained beforehand? just there scenario do the

Patrick Dumont

conditions, with a capital our sort clarity markets very post-pandemic we before stable where shareholder of return of standpoint, are process. enhancing return return And for long-term see for us, and of a of our view begin capital. from think level we a flow in cash going I think I there’s to we operational to want

the a hope I initiatives markets, we for we of near-term. in both our hopeful investment making capital lot been There’s the a that and in health come and think something progress that things lot any and it’s of return are dividend public incrementally very this program will that of of are a sustainability it’s occurs in important soon. and of

capital. Las from so, start scale evaluate our once proceeds large of help Vegas new jurisdictions again, And we to resorts business. potential destination of permitting happens, view that develop return the sort grow to sale as the will we in But, to us

Dan Politzer

Got it. Understood. Thanks so much.

Operator

Your comes open. David, Jefferies. the is David your Katz with last question of line from line

David Katz

myself… Just I doing am

Operator

David, your open. is line

David Katz

Good wanted that you question. the about in is Singapore… two sounds EBITDA like I to, I from $XX of solely my afternoon. may, Macao, on Is that it’s that taking details include Thanks the in just the where million line. for and follow-up does earlier if that talked spread,

Rob Goldstein

Singapore. It’s just

David Katz

respect run just, Rob, with respect rate, have the $XXX may which correct? excluding …and January, in occurred is with is or to Omicron what Macao, to may not that it million

Rob Goldstein

Yeah.

I oranges mentioned apples and Dave, [ph]. think, we

further first in running MBS. today think, of and runs my are I same $X.X at up Patrick think We think, referenced calls, said, is we I that until stabilization. billion. and the Singapore solely I aware, which billion million annual $X.X you billion EBITDA day. is situation previous all, current was as are I want get -- run $X.X reference VTL And -- point on $XX we to down was the every rate My I

non-recurring all well. will one-time that was $XXX We as But half. Singapore optimism a referred Singapore XXXX, million in of and the that that’s that perhaps, have first to change lot related,

speculative. silly would to We are it’s to speculate not makes government making so that’s until predict rationally impossible something decisions on the -- be us Macao any the visitation. for in It anything

underpinning no fact. of have We

think once, to rate of the speculative explode market not again. back year, are decisions it the we Macao. a know? it’s second more run we of look, opens think I any in But half again, who’s up but then that So on I will when making believe

David Katz

quickly, very can for range, I just guide Macao, of the or a but with around… any Understood. business in respect makeup follow-up not a to looking If insight

Rob Goldstein

Yeah.

David Katz

… be how could VIP away, about recaptured thoughts what that mass? go business, which through premium tools perspectives be help us and think really may of portion helpful? to Any or would

Rob Goldstein

as just Grant opine quick you will and I Yeah. I want well. my to look, give

ways junket and customers junket when businesses not we that to these demand this are Macao, think years go in it the I -- is different many way goes find It having in all Therefore, away, read they away. going the It happening. in the in evolves that not necessarily business. U.S., different done segmentation. It the other a It’s in any to of just goes that will just back doesn’t just segments any and to mechanism going believe just in casino for away. away. segment go and to materializing resurrect will new because go the disappear segment always

are that a we business positively segments be XX% pretty a was more that’s bullish the X%, my profitable So of could resurrection so and yielding take. much that as

is segment business Grant, junket you the that just not belief any do add? to only think thoughtful. want I

Grant Chum

Sure. Yeah.

on I have that, has distribution because you the it. just of between think, Rob, on end spot to the and demand distinguish

the clearly, the are exactly going into shift get and there. because end segments portion just we of will demand proportion what I So, the demand other is not think, some that’s natural into drawn to the and end

sustainable Now, first in the that will dissipate it of place, the event. and any portion that’s that’s in some disappear. was but not also portion Sure, probably

opposed end demand between that over as So distribution I underlying through the customer the and system. segments core way other should to its will distinguish think time find end we the

David Katz

Perfect. very much my Thank for you taking questions.

Operator

and XXXX participation your gentlemen, conference you earnings Sands fourth we Vegas Las the call. thank Ladies quarter conclude This does for today.

You may now disconnect.

Las Vegas Sands (LVS) 27 Jan 222021 Q4 Earnings call transcript