Las Vegas Sands (LVS) 21 Jul 222022 Q2 Earnings call transcript

Company Profile

Participants

Daniel Briggs	Senior Vice President of Investor Relations
Robert Goldstein	Chairman and Chief Executive Officer
Patrick Dumont	President and Chief Operating Officer
Wilfred Wong Ying-Wai	President & Executive Director of Sands China
Grant Chum	Chief Operating Officer of Sands China
Joe Greff	JPMorgan
Shaun Kelley	Bank of America Merrill Lynch
Carlo Santarelli	Deutsche Bank
Chad Beynon	Macquarie
Brandt Montour	Barclays
Robin Farley	UBS
Steve Wieczynski	Stifel Financial Corp.
David Katz	Jefferies
Dan Politzer	Wells Fargo

Call transcript

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Operator

Good day, ladies and gentlemen, and welcome to the Sands Second Quarter 2022 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode.

So we will open the floor for your questions and comments following the presentation. It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands. yours. is floor the Sir,

Daniel Briggs

Thank you.

under laws. from conference contain President the are statements. The Officer those results and Operating of Goldstein, differ and Wong, materially Chairman making Sands today company's anticipated Executive Today's Joining Officer; harbor Chum, Officer; Operating Wilfred Chief Rob Chief and results provision Patrick forward-looking our President China; that we forward-looking call Dumont, actual Chief Sands of Dr. Grant China. safe statements of the in call are will the federal securities could our

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

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

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

Robert Goldstein

Thank joining today. few to property related markets in EBITDA our source has comments The of the you thank million. A relaxation MBS move you, financial Singapore in pandemic improvement at its in Q&A. restrictions MBS. than the call we Singapore enabled performance recovery quarter of with and brief The and at Dan, during for this accelerate encouraging reaching many $XXX

in online more Singapore as and relaxation expect the additional measures robust the airlift comes time implemented. over are region the We further recovery in

remain opportunity long-term the steadfast. conviction at Singapore might Our

product travel added has to capital new underway focused the highest as one level introduced seeking be remainder billion premium resort, XXXX will Sands more the experiences. suite Bay at throughout And properties $X 'XX. this customers Marina premium is the the amenities segment of and exceptional offerings investment and Our appeal

to Sands substantially execute outstanding forward the look Bay market Singapore addition, as investment expansion investment. for the market in remains an in Singapore ahead. increasing In Marina our our years and additional we plans, in

The environment in periods restrictions resilient have mass The and difficult Let's customer spend when at there a operating remains Macao in level demand to lifted. been the gaming proven turn perspective. Macao. both have from a and premium the retail very

in and forward investment As in the Four billion appreciate London re-tendering of eventually to opportunities our look provide segments. clarity law it We growth $X.X program in outstanding premium We the Seasons the as participating market mass recovers the we'll June. in both at concession customer gaming revised the proceeds. process

would to to -- We We we market. footprint the perform returns. largest optimism the to and pre-pandemic Macao incredible additional ability in beyond invest once made in were visitation continue we billions of our this to and great retain have levels opportunity dollars the welcome Macao.

in and believe our ahead outstanding to in now be to can destination the opportunities additional is large resorts ideal growth market for continue and Asia. Macao We the to Asia land pursue additional portfolio in We of an for base resorts years continue in additionally other U.S. platform investment. see

Let's Q&A. go to

Operator

Joe, Ladies question you. first Joe is the coming is gentlemen, Instructions]. [Operator live. now from And Greff Thank open for the questions. and JPMorgan. from line floor your is

Joe Greff

everybody. Hello,

Robert Goldstein

Joe. Hi,

Joe Greff

other which quarter? throughout look even there the segments versus at was segments, to the in than the here. the within the throughout were look back encouraging. mass at When in you notable in premium Love with you the a start recovery How month-to-month XQ, other with And trends one the obviously Singapore anything seasonality. the quarter segment VIP

the seen that improvement? here lastly, you've days number July so can question you here? about driving are one you. geographies What in improvement? markets talk then driving source what thank XX multi-part, And with first far about talked in You my

Robert Goldstein

A the out quarter. of Joe. We're questions break lot to going not there,

think be both the to consistent base strong the either mass, back I outshine say and suffice in premium the position movement that obviously in we're in there we right don't pleased -- fundamental it growth think from direction. we'll other comes one I Singapore. is the And

think opening the we're the seeing still biggest Singapore a most is is remains remains Airlift to recovery. I be to part -- the challenge. And the thing also of the that is airlift up. be challenging

the especially You deck, were numbers XX% airlift think that still getting the out opportunity see they of what were visitation a there's monthly are lot think our I relatively of pre-pandemic. Indonesia, lot but region, business of you'll in Malaysia, as returns. a than of good Changi the more I at And less

the reflect So the numbers optimistic and We delighted in although with really it's think months that. ahead. Singapore, we're

Joe Greff

And great to follow-up… make

Robert Goldstein

[Indiscernible] Joe. question,

you keep I to more that's If want I is think you say, where just it? to heard there

Joe Greff

you talk about far trend I, seen mean, just can in I that No, continued? what July? Has you've so

Robert Goldstein

do more QX. in Sands I going not going July, again, I real the to a regional what Story Marina to a I, in but think that, that And and the we're you about talk think, gives I is visitation. Singapore or as think sense story of deck as happened numbers We're not think, place that. Bay good gets I story

but and that slide XX like not in there, reached XX% I deck we've was it's of Page of you presentation capacity, think if see you'll XX%, 'XX. it Changi May look on your even

need to And think, unfettered these we're U.S. still to. very there's still the airlift. is I is where with get fly numbers back unlike to place transportation, So this doing markets, airlift a ability distressed regional very, you to a

story And can so airlift use recovery. the to hamper the

to quarter We're -- now we've run, up think But to more a I what more plus we in do. this there's and room upside Japan, foreign the dependent think Korea, a more on million market lot the like $XXX markets. pleasant into opens travel. thought really as places right is So closer I in

Joe Greff

it. Got

Patrick Dumont

that not Bay to look when be. Rob's thing the that if at is, to at And of Marina by you But think Patrick, we're capacity. I coming mean to one what you look can I we're airlift where relative Singapore, And point, amount levels other know are at XXXX. it's one to very Joe, that is in thing strong it it's at Sands, not

If to at, to you the And really together. have mass from speaking this the look premium grow. going are only news the we which is volumes, only segment not our our team catchment area, is good

some the together of fortunate and pendency demand the We that. keep to necessarily to luxury One that's operators capturing normalcy many pandemic, coming of out segment the enough is pent-up things pandemic. didn't of slowing and the on were of fact of the really some the that the been growth throughout do their team return

And to so respond. now our team is ready

to we So of it plenty capacity have the comes in. growth as absorb

a that this room run. good have start, but is to So we more our view is

Robert Goldstein

Patrick's a I They Joe, one hotel month to disturbing is things To haven't to point, even so XXX%. luxury business. you able guess ago. thing One is more were the make get We open or there, aware. the been brands

running capacity, personnel. into Marina because at have And adequate XX% XX%, So they Bay that don't I'm Sands. obviously feeds

we airlift as they open, with that of get pre to think lot market pandemic returns, There's to returns we'll employment that. open fully I here So and grows, room get fully a numbers. if year, run grow this as place that as

Joe Greff

during recent Average just Great, about talk closure Can most cash daily thank there. Switching has expense? there. been rate thoughts what you over operating your burn this for your to you casino average Macao.

Robert Goldstein

awake? Grant are Grant? you

Grant Chum

Yes, we're here.

Robert Goldstein

it? Got

Grant Chum

Good morning.

Sorry.

running lost momentarily Joe, Just think million were obviously, Yes, quarter, second you. loss. $XXX I EBITDA we this at

So we'll basically just over a million a day.

environment of local into half casinos third June, quarter, well. the outbreak went COVID in slower a is has we have second of we the of it as the as therefore, last [indiscernible] revenue into been especially the Clearly with than second the weeks Macao, and Now in the quarter.

from back the region. year. In you that rate, cash daily a But have think little look since were very that's to I I moderated of expenses very, our ballpark we tourism take XXXX. middle environment in can terms of And bit think operating burn that a in the then. where actual although So low the in it

Joe Greff

Thanks, guys.

Robert Goldstein

Thanks, Joe.

Operator

line of America. live. Shaun, is your Kelley And you. coming Shaun from the next from Thank question is Bank

Shaun Kelley

can are Hi, the I guess good just sort of Las Vegas good going gaming about guide for pretty Rob, the exactly The do, everybody. a moment. you're all I the and think afternoon, to more interesting. guidance. visitor, XX% Asia that and airport, we're levels, Changi give of do levels visitations down little per spend your math, if We've per of visitation all but I demand, we already obviously I'm but productivity could bit for, XX to spend U.S. really back good Singapore that's you from struggling right. think numbers sort a going And across where of a is pent-up seen thinking regional and extrapolate little rise know obviously, just very strip. a bit us what just going obviously, is, that property XX% if the those or numbers Is visit don't to want to levels

Robert Goldstein

it'd already from, struggle Bay rest factor we you sleeping think the That's who to occupancies at hotels the I come the over a not not -- high think running shop, the be getting where cetera. could of a eat Marina levels with I us, of other rooms, recovers. impactful I but are shop, down the getting, extrapolating, happy I why seeing, they we're is market to be the we lots to careful hotel in are with our high referenced in gamble, extra without road, we're here recognize Well, we're occupancy happy don't coming in getting benefit luxury very unnecessarily think terms Sands, that with people we're and very sleep end bit of when us, spend to we're gamble that that's lift, we're et

as markets. we're levels. think that's I of play driving other the also out visitation be So I better think and in where these helpful to spend there'll trying levels point

raise as might you XX, over Page and Vegas sales indication in power the happening you the even and will There yet see happening without Las here there. will and what's So regionals. millions rise million to The retail per to in better. can't not access properties like visitation, know. and that, It's is back levels here versus are numbers back can in it make don't look have you I the Asia, case some that are there And MBS you clear -- in over is The impact pre-pandemic. fact XXs is of you're May losing how versus I'm visitation here the don't a can't I not just lose point U.S. numbers. in you month, But people different high where and I ignore is want people that benefit square how foot up? that powerful on some question get as prepared is is full the think not the answer recovery of in how is three spend these

So news the profitable, is we we're if us lot the more people better growth, a Changi. more is good there of can news into access be we're getting we're seeing ahead might

more and have visitation around yet. inventory. So there not hotels see a hotel full our It's

Shaun Kelley

and on back to different levels as impacted was we very get about segments other a there thinking you market there revenues the to the, about just right change on without bit a just some analyze, come think, the can revenue of Because stabilized that and some along? been side, puts Great a follow-up and back as but margins kind tax takes about the things. recovered I basis it's little hard of maybe in Singapore, my now being online, talk there

So, could just impact business and could margins basis? pros us you about segments a help that stabilized on of or cons think

Robert Goldstein

to Pat, that? want take you

Patrick Dumont

sure. Yes,

So a couple about. of things to think

and increased non-Premium by March tax as gaming just the our in you mentioned, off, Premium X% the both side. First after X,

impact does margin. X% that So

to high Now is economy Singapore, gone think in things of there's other on so environment expenses some the some market up I high There's used, are other operate that of continues demand inflation there's seen in. the high things a as marketplace that for some costs there are you've have higher It's up. that work grow gone so in that seen quality in labor, costs we in labor in buy. that markets Singapore, quality there's scarcity utility impacting going other because wage some our the There's to a labor inflation increase. also we've some to just have

not So the we're revenue margins. basis some cost side impacting this that flip from our is are yet. there's a side of full But at things

before, value we back the believe normal So as suite return as long in were like we they of revenue these and services we operating grow investments to we margins higher just to be as where towards make that offer and our we under grow in patrons need run, our some products environment. we'd the to

called expenses. to to revenue and to is starts have I related what's our to they some to get get were, us our still for back fits goal take there. where And margins think but some going we So start-up, it's some growth

Shaun Kelley

clear. That's thanks. both. Thank Great, very you

Operator

Thank your line coming Bank. next question is from is you. Carlo And Carlo, Deutsche the from Santarelli live.

Carlo Santarelli

Thank my maybe could you. taking questions. you Hey, for here. help Well, thanks guys, Rob

thereabouts, that VIP and the about I Just of baseline, environment, kind when in in current terms I to least. channels, does Marina least Mainland about the of is China we at of though think a close Bay forward? recovered levels, a as that, 'XX as number the curtailed some XX% of think QX assume in to mentioned, the you you Sands, -- think would But at as clearly obviously, new feel move extent of forward are moving to it Korea, as say Japan, some that's like to that stability kind that's you

Robert Goldstein

a quarter's You mean, this current results baseline? being

Carlo Santarelli

to I'm of kind referring ownership of segment volume more the VIP of and the market? stability that

Robert Goldstein

we're think a over in the to absolutely it. what's very in going I right, that for a very happened us I We together, building, that's Singapore, building, run, the finish. room is and think the that can people think ever appealing deserved, product, about Yes, referenced to we've obviously putting destination of component never FF&E appeal a not you the let's but -- very it growing reasons. referenced of of been is is airlift, a It'll we're I good there think the billion it's But more of lot segment desirable airlift China's be desirability be clear To these as of I a there's Singapore room next you're there. And glossed I I in months, hopefully had XX together and as now that helpful. think lot more operated. I the in lot in we than always it'll Singapore there. than the be with do. product beginning, run, was look to the place as in the XXXX. were glossed putting suite has any as rethinking think there mean, in I room things that you blunt over We I It's at begin $X ever that product. there's and but it destination, the yes, return add FF&E a China,

is also we us. and Macao the to more less state Singapore region. going is the competition continue more to can, we think have because this I is in the point. of operating City at think and business grow not people I to region, But Singapore Obviously, come desirable, very this

is we with Japan, opening impact a So was the that belief by with of lot better a of building you with because previous referenced have add more the it opening it we our airlift, every cumulative in all, have and I size can the there's drive here Singapore the cost Patrick think I call. China, Korea grow. as can desirable to segment the with Sean at of drive --

with we revenue the Singapore And So very in our think privileged there, and segments very, both to what's will destination position all building we'll and very But it. now. attuned in we in drive happened were itself. be right a I

Carlo Santarelli

the Great, be an rooms, have able there expansion you on I into construction Is share? then that begin that it to firmer I it around not of had the the construction I'm plans that's if you and extension and of, there to cost just year, guess kind guys next had pertains believe new you'd helpful our as guys start, what to QX anything XXXX you was that mistaken.

Robert Goldstein

Yes, Patrick, want do you to?

Patrick Dumont

Sure, absolutely.

be expansion. did fit environment of So, of Rob fit begin. to one to the visit opportunity in to that fronts, spent necessary sort very of excited We're of process. a things Singapore, think IRX And around have very approvals lot had we it visit down lot complex time get to the considered to think and to requirements great was to are the the dialog referenced in a to continue very it to things our building. that pandemic our it There's I begin, on a I we unfortunately all that make the was that busy slow the just this the

a And and soon. on able the date, be so and that working a hope get something begin with I coming about that months more in chance currently we're working we're now. firm it's the hopefully Government to about excited we'll think And but that we'll we start get to it

Carlo Santarelli

thank you guys. Great, Patrick. Thanks

Operator

the next Macquarie. is from Beynon Chad, your And you. coming Thank Chad from live. is question line

Chad Beynon

afternoon. this of question for not and for your considering you about ask to taking are the environment. a opportunistic But given in gaming How you And the cash kind Thanks just guys. Good position, across thinking maybe your my leisure M&A lodging that's Wanted Thanks. strong space. across sheet know multiples some normal compressed looks about I questions. flow, world? balance

Robert Goldstein

Patrick?

Patrick Dumont

one and So, really how capital, allocate that as drive you And development of part what use past the our of capital the is and the always alternative on. think ground do have we're focused a company we in that pandemic, highest highest from shareholders. I we new may up. pandemic best returns focused the and say of the heard on how we've And things for that's

it's large of delivered If success jurisdictions. way new of in the focused on. we're resorts returns exploiting company, in building scale is integrated And outside you what the history that's shareholder look and the strategy at a

are, record the we rest team developing have experience who opportunities his we decades we resorts. these the And track for think of decades of Rob and in long to experience, has with so us, I of have unique a

we're matter, practical look going look and long-term I don't I And over we're we're we anything, do we're develop, a and look are to that think markets, the interested think going something, for idea think And would as durable sustainable returns the always for look do. new I that's I and business. create we're think before that, shareholders. invest our there's if scale, our so returns. But be what an driven a for to And greater to to interested, build we M&A not create never is way to really us, to to seeing priorities to buy at look in going

that as So that there's in valuations particularly now that But everyone up side, see will it to compelling time. the of I a any really matter, be long-term, variability, over That's digital development. for there's else them lot up us. people based come the things understand opportunities as we're practical may at going like that for who makes a have are. on sense it, some see look land perhaps focused there's we ground if may But

Chad Beynon

some it market does because promotional between competitor Thank once up? as on you. back changed you promotional change that different MBS kind Macao Thanks. environment at time? and as environment the the just margins, to you it in pieces was the feel expect or rational a pre-pandemic, then of again, versus of on And from anything your you of do And opens that, touched about

Robert Goldstein

plenty revenue, or There'll usually challenge see either. have happens that a always opens and I lack think of of Macao either. it Macao But not in his Macao. to been will revenue promotional lack my future not be will in don't think we sense in driven. Singapore. controlling environment demand lucky what got when to and I activities, And the I be be We've wait don't is is

good pretty feel about I So it.

Chad Beynon

Thank it. Appreciate you.

Patrick Dumont

Chad. Thanks,

Operator

is coming is And Brandt you. Barclays. your question from line Montour live. Thank from Brandt the next

Brandt Montour

thanks taking everyone, Hey, questions. my for

of And a there scenario Singapore was would last your that competitive over? come I'll that that in operator look But landscape? more Singapore change specifically. one -- of out the the First in potential different competitor would in heard which, any Is way for in main follow-up take just in in terms that question. you a the and Singapore chatter we've the that interest bunch market, on on And there at market?

Patrick Dumont

without have a way. impact already duopoly government We'd make either decision. up been it, to that see don't it the it's having But I market. that's And

Grant Chum

just we one And the that's note mind, to I an it continue the Bay important Yes, opportunity thing as time. think and best building unbelievable world. is Marina and to building over Sands invest in view the in operate that grow our it's

is So I absolutely don't very any We we're And, think investment the there. long-term differently. think market we Singapore it to committed view opportunity in unique.

us, and as continuing property to it, But to sure I'm who for owners the up for of we're focused that not business. just we to Singapore our the grow can. market that's the it So government develop and on, operates matters, us, best

Robert Goldstein

the product, a market, to even the to The as I'm reiterate you will we of better, grow at we has us be and improve and things getting competitor. place room X is What a I well Singapore, it thing we'll Look at years sure And like Changi that feels better. mark our was for get still XX% that our that than even capacity. would say look to about again, ago. And just before, stronger. offerings said the we're has started better lot Phase just if keeps such XX%, it from is desirability evolved run, doing, at it running

muscle. me, the feel market to it's just to that's So beginning

Brandt Montour

the flexed do that like the that along incorporate But helpful. see. up that the sort can MBS that guys $X not a the that there of fast then does for you you XXXX is like is great. I is And baked seem put what seem of on that million know can ramp for something just some number Singapore exactly for Okay, it now we a property Thanks. that's as airlift think that doesn't from cake as ton for and constraints, be how rest $X recover. necessarily would Board the of think of that, how about make million or are into 'XX. recently The international a here, Changi That's think? lines That Tourism about follow-up yours it to to visitation out would

Robert Goldstein

going the not for to what speak numbers I'm say. their government or

opportunity capacity think other reengage airline think I countries Singapore on but and it's them. depended to for not themselves open itself, more speaks wanting the on to I the the and

think be welcome more if airlines more the get surprise I of airport in these going wouldn't open I'd the Singapore up can more, the It's access requisite obviously the these major lift flights. capacity. a to in have question way. and getting employees countries

in think And it's want world than can that, lot If opportunity forecast hard get like more I remains I'd be to a airlines we're happen. of government's change the make to engage but every it different. employees to the day is the there's a and seen. to if think

I demand think there gained to absolutely demand -- get there. the ability just underlying is

Brandt Montour

Great. Thanks so much, guys.

Operator

coming live. question Robin, from And from next your Robin you. the Farley line Thank is UBS. is

Robin Farley

related looking Hi, about thanks. sports and just past what if know online on I investments. don't had talked introductory to there? catch a one if Thanks. the Great, more betting quick in gaming on an you of update at your and any I'm comments you've didn't BXB missing kind comments, I

Robert Goldstein

And the Singapore what's focused is at continue so normalized to We which course, look looking The there. remain didn't But Singapore. wasn't in liquidity. a and are been just importantly, of potential dealing We the in upside We is on the we think busy Right to recovery, We we paramount. return made to opportunity. that. didn't focused environment strides most mention, that process we're that this and some based this market. your our major on right land operating story Macao and licensing in at Singapore, and now digital of Macao committed focus of without we're for us terms have of company reopening we enough right digital. in now, investments The on now, happened.

so We investments, focus a continue in you right on know, few a to past, as the now just land simply invest, we made based.

Robin Farley

has then York timing change there And last been expect spending Great. New quarter? a since project, a in potential also, and for you what Okay.

Robert Goldstein

about I New sorry, you York. -- I'm missed

Patrick Dumont

spend. of Timing

Robert Goldstein

it spend? what's this timing early -- the in to that happening Oh, of year hopefully believer or remain market. I we come than I would. know taking think No, there. we'll hopefully it'll process a longer thought is But next, And

still York market appealing Now capacity And New access can it's the mind, competition. many very We're and hunt remains the it there. lack of ethnicity. a in in of and lot if of makes my get one of density in still a there the the is population we premier

nothing plan we in place wait RFP a to want have So executing new to unfold. we're for it report, to the

we're York. So New in new nothing

Robin Farley

Okay, great. Thank you.

Patrick Dumont

Thanks, Robin.

Operator

coming Thank you. live. next of from your the question Steve Steve, from Wieczynski Stifel. line And is

Steve Wieczynski

Yes, hey good guys, afternoon.

I world mean, going of virus there hearing Grant, you've the if be really fully reopening And point for zero October these policy, of get will harsher understand, around China case if anything helpful? citizens, Thanks. heard? I think answer. for is with But non-Chinese I election? never probably a start the the to the don't to you're and rest relaxed the going some a respect to is probably at work. where help around us, toward to this guess I knows stances is which very, to process. be is what know Or are anything this Maybe question So guess, you there probably can Maybe at it's that us guys before. be I the watching? maybe understand, you it's tough it's could to for Grant, very timeframe would difficult us even But, extremely

Grant Chum

Yes, thanks the for question.

with to, timelines speculation as in changes. on help any not can much terms think of alluded you or I that we there's

I is, in we're happening focused on Macao. think what what was

with government COVID help so the So overall that quickly ourselves I And neighboring actually what's the back the as we things means, that and prevailing with right city we think, Macao get that reopen And policy can happening Mainland that make that's effect possible. now. I a we that's aligning think safely to as sure do is in fully can Zhuhai policy.

a so the week. I in the add will in really know focused if That's Wilfred past facilities coming future the we're had And be policy. health speculate changes all to not what hopefully, over more that. on of to really has overall place on close we've that on. And to don't the we weeks, progressively reopening on it's

Wilfred Wong Ying-Wai

also right. government I this we No, can country return you're is evolve. this in whole to that And local Grant, trying think to in our obviously, the in employed is think normalcy. stage, And Macao At order that best support Macao policies I COVID will situation.

Steve Wieczynski

And seem to whatever are regulations, guys. pros Macao of Okay, obviously, the favorable. any want laws, regulation some emerging movement that or cons great. those? viewing guys and pretty way actually think Thanks for regards that from to see it's maybe some Rob, wondering about you how the But new you there's been been you those with which changes, then it, gaming

Robert Goldstein

Well, the clarity for we're grateful the government. from

process well. the think eliminated. I of lot been very think concerns, people haven't a And I some moving is

going due we're pleased. in process into So to but just complete and this to course, hoping obviously, all go thing we're

a all are how the think we're conclusion. operators this playing is pleased for out. positive I hoping And

think have I as Grant fears it. can comment, a going that's as I lot take of Wilfred to the been is or far erased.

Grant Chum

Rob. right, that's think I

Wilfred Wong Ying-Wai

absolutely. Grant, go Yes, ahead.

Grant Chum

the the passing and execute towards the end to were COVID the appreciative just this were extension us time and going that add during difficult of able of this also the government six June, obviously, forward very front, the year. I'll of that in to move legislature that, to complete able we the to Yes, that law to month we're end on the revised gaming takes

is said, participating tendering in process look forward expeditiously. the moving to we think the forward as I process. And whole So Rob

Patrick Dumont

us than we're through years we've company, I ample would Vegas Las as sale Steve, now But it's know, the Asia more difficult say of gives in been one you thing an most been has liquidity. than more because completed couple awfully focused. our

four thing positive Now to but what's continues. or for It's waiting waiting grateful better that days thing and and money what very, a see Macao, does come. in better The last a play Singapore thus to that is We very the does that's when three making for initially, But have we're there's happens? know. up just the is more zero a COVID happening Singapore. place, ahead. get the much to when lot it licensing a concerned. been the company far. it same pretend end, it's the referenced process we're of worked of out? Macao Don't it know. lot a you our in government feels how people survived Hope was don't is everybody the manner But back which We And for like the out way in we've achieved. to rethink for are

So on to on press Macao. and advise continue for reopening of we'll to a us the with wait government patiently license the

Steve Wieczynski

great. Thanks, it. Robert. Okay, Appreciate

Robert Goldstein

you. Thank

Operator

your next The Katz from is is you. line from Jefferies. question David Thank David, live. coming

David Katz

have physical private of Number And Macao. I then think plant taking are about Thanks and ask a and afternoon. kind questions. How rooms the one, do VIP. that another Hi, wanted in recalling my historically that to have in forward layout spatial number just follow-up about significant of a used those we for planning that, I were going direction? for

Robert Goldstein

you because views, you do want Grant, take think that I have but to I should. own my

Grant Chum

sure. Yes,

future. been I think watching evolving for and the planning has also we've market as the been

that we've projects. applies Macao suddenly developed of and and part lot Grand salons London the the Four at as of a to think that new and Suites salons Seasons, the The I

could premium that really premium rolling they're the whether different mass. salons, premium think salons applicable and used VIP the be or the gaming by segments I that's

may premium products. the the into be the the think feel a as products direct as as I segment over look redeploys at towards overseas we for the overall, Rest lot operator mass we're gaming and Macao of redeploying also those we've over in concerned clearly pretty of developed their segment. spaces each the years, how also But past attracting about positive two premium the assets. far those new relooking But Asia, especially So, we time, markets that future

segments. future currently redeploying those even of the things planning as the as rooms non-Rolling as going months, a we've and through that. of those But XX market to evolves were normalize, exercise Rolling on segment, get deployment been able some around past areas. more the we've the definition assigned But that be of So we'll been to the to

Robert Goldstein

biggest thought I space biggest redeploy. market, us that gaming back challenge make real our world's gaming And we margin ability premium based is money, new focus and of footprint. coming the as always in the think space and have the going junket know ever we business. more to we mass thing I a no all a to to business, still is expands land this grateful, can additional Macao more the actually mass, we're we David, one feel on Hey base bad

Grant and well. premium opportunities mass, for and as we premium Wilfred premium I think So it direct that as mass and as as this space, the team, rethink all base of adds kinds

because margin capacity still, population, new is transition the me, be growth to for to enables a a road, opening. I be penetration sub it's us Singapore, the casinos that business, going mean, valuable market, are focus the think issue to I very down again, China an there Macao, higher a there's So Chinese X% will to

prove lucky the be that back hopefully valuable in think space, profitable may as can to get But very year, have road. we we I all this that or more extra to a way in next. we're work down redeploy think Macao, So space I

have to So back. it happy

David Katz

so Understood. what And MBS a just But not we lot think of do headroom we directly It ADR when still $XX you that I'm I higher. roll evolving as sure as cover was about that looking there. sort and XXXX, there's you of, my better to at follow-up, than some you've we had. this back How it done forward? did was XXX obviously, see far look the Singapore the ADR

Robert Goldstein

to Pat, that? take you want

Patrick Dumont

not as to has demand across in fully quarter, some to other Yes, not the of as the because sort note all sure. MICE there that of is think and much FIT sort startup with across I of we segments, to, recovered is do think different had it's it things XXXX. Happy I one with the of

that. spread But will to is higher. time, be most So as ADR you're investment a product from going referenced making dollar I important billion see over think we're to Rob thing the ADR there, note some in our our

of XXX have six let's suites And of new that sort going a to suites on the across are 'XX different And done going the next Year ever at before. we've time focus New company. highest we we're So quality quarters, ADR. of 'XX, to in and for Chinese they're as drive end the had we've never

of at couple it we've going we've this out lot of representative. had while a out the through XXX period, of things got a on now ADR started inventory, suites building, rooms So look I wouldn't is we're

look different the choppiness, then project over we're of you'll 'XX be is the be And done investment, really ADR quarters, full when time couple of it's across have 'XX, next out and so have our into inventory, of rooms some attract a and there's really a we is and by for can basically going It's but complete as spaces to will strongly, redo be tourist the of more we believe the amenity going It's goal. and have. very substantial. our value of a And for and lot some higher fundamentally spaces we hope Towers common that's and Towers that they'll experience completed, getting value under going getting to what good which to because X a X it, it guests. -- the pay the a

Robert Goldstein

ADR get either can in be continues, issue. have Changi the issue back is to or we always its above seeing the with levels and been And I infancy in back markets, well. we the hope here it'd rooms be And as rooms. biggest problem that be There'll where capacity beginning. that won't climb sleeping get that do back. ADR fact, direct the just constrained enough ADR Our in more can as demand game, casino it's we'll to days The casino and not no need assured problem our recovery much accommodate driving pre-COVID is we getting better biggest you're convention. all ADR through as MBS, come ADRs customers passengers in will recovery can or casino putting and problem MBS in be That's ahead the our to be to cash the as demand,

David Katz

so you thank much. Perfect,

Robert Goldstein

thank Sure, you.

Patrick Dumont

Thanks, David.

Operator

you. last Fargo. line your from coming Thank question from is And Wells live. Dan, is Politzer Dan

Daniel Politzer

thanks question. Hey, my for taking

that getting you're and path of pre-COVID, still do the recovery So, the how EBITDA in in is doesn't the billion momentum the of to event China line given do its have you about kind back seeing China to get you of do $X.X in you near given open, think or sight getting the what absence reopen a to to long-term Singapore level the infancy, back get now, there need of you're seeing reopening? China to to or close in

Robert Goldstein

this dismiss China as in still we it to not. still I powerhouse And without think mostly importance terms would you good a we market. ever till watching as like get any then visitation. we But well, of would our question. a It's China's wouldn't in let's have think, of done underperforming with we're never dismiss million a the not powerful are, of Changi businesses, again, have thought having I I $XXX consumer And quarter should China,

source that's high those good, returning, Vietnam is over there. It's up here. retail So, waters coming There's or as see would anybody for here -- market and very, or make But participate China I never to could want hotel come And But in. depends And feel we're Indonesia. markets very the business, is China in were on could without be China that uncharted new. is question, know I think U.S., like a together. business. the dismiss can in the of the they we you do to outperform, out I wait markets I importance you to visitation drivers makes and just in and lot Thailand and pent-up of in if from feel Indonesia, demand the a will Asia. over the Korea know business, what don't see see open and there up have indexed the everybody will critical of how there what question answer us any casino don't that us good that, our market, other wait Malaysia indexing and opportunity we again,

markets like on comes for been feels it's online. that But we'll next as like it's our I strong. we'll you indexing have The print and answer feels coming quarter, very better impactful numbers. it non-China a we revisit renovation, Our of over think

Daniel Politzer

then And follow-up. actually just I have in it. Got COVID rising been Singapore a know lately. cases

you reopening, additional and working the see living Given being than the of or I government coming your their with with do any COVID other stage and back put risk your restrictions with place? experience in standard guess and of perception,

Robert Goldstein

do that? to grab you Patrick, want

Patrick Dumont

as a at this shown, lot of they're history I And think Singapore it that the along, health and think of Yes, a all health their all is broadcast sure. Happy point, significant laid leadership, shown optimistic be can think they hospital system about investment their do proceeding said, to, infrastructure. they've have what they public out. I we I they've have public followed they in posture and they

the flexibility respond the but this know. know. and in continue way is I this situation. moving their to in something their But to we needed in initiatives, right don't think that to here of endemic we this an is sit as where in And at involved said we've obviously change don't like do, to they're I we're they move heading visitation, could have is economy right think continue going the now, with But government forward future? shown support growth it time, which as So We the to direction. seems they're be the

Daniel Politzer

you. Got it, thank

Operator

Thank ladies you. conference Thank call. does you, this and conclude gentlemen, today's

participation. You We may and have you day. a this at thank wonderful phone for disconnect lines time your your

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