- Earnings call transcript Q3 2022

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Operator

Good day, ladies and gentlemen, and welcome to the Sands' Third Quarter 2022 Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands. Sir, the floor is yours.

Daniel Briggs

Thanks, Paul.

are President our and today Patrick and call our Dumont, COO; the Rob Chairman Goldstein, CEO; Joining Dr. CEO Wilfred and Wong, Sands and Grant China; China. of Chum, EVP President of Asia of Sands Operations forward-looking contain Harbor Safe federal will call of conference statements we under provision are laws. that securities the making Today's The the reflected could in those from results company's materially forward-looking actual differ results statements.

the GAAP measures. reconciliation to In a financial are addition, and measures we A will definition press included in discuss most comparable release. non-GAAP the

an posted We the during the also We on website. the presentation of have Investor Relations earnings may our portion refer presentation call. to Q&A

For presentation so participants please we is now turn being the Please over the pose follow-up, everyone ask allow participate. one interest recorded. Rob. with I'll and Q&A session, call might opportunity the we this one to that that to question note

Rob Goldstein

reaching Thank have US$XXX today. and coupled in EBITDA in virus-related to Bay improvements performance. and Singapore and call with the for the with source A in we'll joining airlift, The of quarter financial few Sands recovery restrictions the this -- many this you, our move markets, performance thank and Marina financial of during improvement Q&A. comments Dan, million. enabled Relaxation of you continued brief property

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

currently Marina initial premium Sands strong. Bay these program at been has new underway response capital of amenities segment-focused in investment the suite has exceptional Our product $X resort. billion offerings to introduced The

investment MBS the year and plans to look including execute market the introduced suite of Additional substantially in this in throughout at as Singapore forward spacious expansion we will be ahead. We the our new years offerings, increasing our products, XXXX. remainder

operating the environment Macao, to remains difficult. Turning

from and one proposal to appreciate September. Importantly six have in of retail gaming gaming Macao resilient concessions with our premium have demand in customer tender spending in for restrictions submit We the been proven though, opportunity at mass both Macao to the and level relaxed tourism perspective. the

tender We program. much are now this the won't we such, further of able time. comment process as be And the at on in the consultation phase to

We a center leisure. world Macao and believers big are of in as tourism

operated in have We the investor over absolutely in and welcome the Macao. biggest two to invest more decades businesses the past non-gaming Macao. the in and products We opportunity been even offerings non-gaming

for tourism visitors. growth in We utmost recovery as our most diversification evolution of growth Macao's We and ideal leisure as long-term ahead. economic destination Asia its Macao's have to our prospects confidence be great and we our in existing consider its platform in and -- MICE years we'll support of an for portfolio do leading Asia's do to the resorts

develop In for We and to to today, I'll addition, you continue land-based turn the large-scale and we thank opportunities new both Asia. to U.S. questions. in your resorts destination pursue listening

Operator

[Operator from JPMorgan. Greff from Instructions] And first question the Joe today is coming

Joseph Greff

Rob, from you Bay without billion what namely you're rating do geographies, non-China contribution think China? some to the from EBITDA at or other say, XXXX you Marina a close in as presentation, EBITDA. year levels in, direct geography, China, referenced volume in seeing annualized without can to visitation the any slide regional next easing so Yes, Sands, you in improved with run investor get contribution And given you're point $X.X

Rob Goldstein

Joe, very think a we is Singapore place. unique in

great levels. XXXX I impediments referenced, now. as achieved And three easily we think you right we have

is obviously, limited. very We China to have tourism --

that, sleep think, because does comes that gambles that there, which at But eats Singapore running that into shops property, and tourist also XX% reference keep at the about high -- well, residual of seem there. odd MBS in there, that Asia, rest you to visitation from not in levels running we're We of occupancy. are may the the means mind

they hotels the the on think, having those the big all at full from Singapore there go business hurts slots protocol sleeping in for is numbers, per but I hurt, or getting business. and our they're win whether is on because It's there. huge visitors, we're the we're first us business not And That retail units upside the MBS not, achieving material. operating despite So a $XXX level. table by that,

Third rooms. XXX our sleeping is about XXX We units right now. impediment had down or

couple I is guys Singapore. One the that is think of party more with destination is going I for starting always getting the to is powerful the just than in Singapore, grow it's Singapore truth joke just beginning. The here, and is a ever. reasons.

from and terms Our very you of larger see building Asia, ability that. much China grow ever. than of one, rest when is getting six to better And our I the a looks in think than rebound with small

to going we of keep can we think the years billion recovers. $X couple the for in get market next it I right if

of ahead our the think I much So we like reflect Asian that And we currently, think days world. Singapore. years for destination as terms market in has tourism numbers much bit ahead. as the That numbers grown there's quite a that will better and

Joseph Greff

would Great. And I'm timetable government's When guess, what then be ask your to going on the or to from to about. process, maybe license expect can for be your us But bullet finalized? the And waste, and sort just of the all publicly of I'd hear my the over expectation the concessionaire to is I remind not conversations the you love then question terms result what during switching Macao, you for to consultation other me. communicated? and things to that's end government what renewals

Rob Goldstein

Gentleman, Wilfred, colleagues in a our correct? that online and in Asia woke up to let I'll sleep deep both participate. question. answer We them Grant

Daniel Briggs

Correct.

Rob Goldstein

you Are guys? awake,

Wilfred Wong

Yes, we're up.

Grant Chum

Yes.

Rob Goldstein

need question? Do away. the Answer you

Wilfred Wong

rounds discussion working the of And a government closely. has couple we've of been been with held. Well,

government round the we what's the is whether us towards the of the will another expect end discussion. remains the and there notification the for for next of waiting And timetable step. are some in notification, be to We progress, month Everything good next same. know

Rob Goldstein

Grant? additional add, any commentary, you have do Grant, anything to

Grant Chum

we to complete of right. process government. entire end expect the the the still And that's think obviously in do And progress the stated year, I the the by smooth we by as previously welcome No, process.

Operator

Bank. Carlo . The is from Santarelli next question coming Deutsche from

Carlo Santarelli

and guys wants of take to you mean, you're had significant and this, of provide? And put from strategically, mass you in kind roll is significant? whoever right or building revenue a in guys that just as that I has showing boost property? making color that's know Singapore VIP kind Any kind what's Rob of provide changed on the to could looking kind perspective. and numbers, Obviously, ADR. could mix up the now room gaming that namely I out of sound casino roll. you in Anything the that how in hotel ADR customers some both of a best obviously, the to of so at segment assume I segment that's comp

Rob Goldstein

Carlo, think, not significant most is one like XX%. I what's We're there. the things of running

You $XXX. see on page, reference Page ADR XX, the

of we're We not is in the half China terms -- just beginning. most I have there, of Asia recovery only again, think, is not there.

higher. better demand point higher and the and because better is, Our gets gets mix

and side Our win the is keep be getting But to to China that's the I I getting strong. recovery. the in great think the service be better. demand tables. the then rooms upside will where which market -- you a our enough what per variables: is just better And tables, on FIT two Rolling as could illustrates probably mall non-rolling level, being I'm going as new back. see for problem market, all what retail, slot a ascent non-rolling full waiting keeps the lift refocus but the and in the looks we whole one think of on great that Asia destination tables get will comes there's on demand tables rest pointed the And the unit casino. And Singapore for

it with higher is like we're could We keeps demand to side. at faced rates just the reality a -- right sell top that longer have resolve sad more real we because rooms be now, a lot a from hotel there lifting. $XXX dollar in FIT the as can So lot Singapore is number,

than have rolling from demand, better great demand We side. much pre-pandemic the

what's of growing print and going XXX our retail market. in segment. in the phase refocus as the in is lieu next keep again, of to years think So number, nice -- on I a best a you're Singapore mix of that our very see couple good we happening the But

room continue mix, I we've mean food beverage and is to we're right growing to right of the to rooms, to focus. harder going that. product, top-tier Our because measurably. want the be work a room part got destination mix, a We as Singapore

good in place very Singapore. in we're So just a

always a number small think the thought Hopefully, number. future. back, a obviously we looking one, nice very was I in six

Carlo Santarelli

Could you broader your clearly, bit have the Great. of process And the maybe could, talked York a and approach share process then underway. and kind in thinking you're you the past I perhaps around for thoughts York? as of about That's about guys thinking is how your development, timeline if the New New general helpful. on little perhaps in

Rob Goldstein

for begin. advice how Governor going that's to a will process Waiting to Hochul’s

As many you the been we've know, on always market years. focused for

right putting We it bid now. we're a have

the looks RFP. been together as And end really, day, license it's a a because for attention. the hopefully, think a table We have York Very one market. of at that, fight. that I have other bid put we're New the January But available bullish gets dog -- property time right now. than a very Tough I on one we think, like

we'll And It our think of be maybe foot with 'XX, sure. put density for the be forward, see and decision. in best perfect ethnicity. a would I in a that's market to sometime you population

Operator

from The next Farley coming UBS. is question from Robin

Robin Farley

a you visitation border and would start? is and package will sense of allow tour that for for still still Can the us visas, feel that is electronic -- that expectation you a expectation open what visas whether more like see moving something still and is your increased give there's when to forward November an

Rob Goldstein

that I'm former answer to question, Chum, to going Robin. colleague, your ask Mr.

Grant Chum

couldn't I Robin, repeat question. Can Sorry, that? you the quite hear

Robin Farley

were open expectations for to around be tour was on to little be border for early November the just more visa about by applications timing to in that the It your electronic and restart? Macao changes specifically anything visa packaged planned and a

Grant Chum

think, mean a in Yes, commence regards and on as four there I well groups Visa has application in or with provinces expected end to announcement the as also I two November. Shanghai positive the month been of the early relaxation to sure. Robin, electronic

a as Clearly, still visitation from past very gradual obviously the impacted different also a that's municipality. visitation concerned. welcome far few cases the in key months, And be the non-Guangdong for signal by especially it’s COVID as so provinces these weeks to recovery we relatively in And positive and obviously, provinces is being the in and going development. the

a seeing further into more out well-rounded measures, Guangdong the the visitation year. quarter predominantly see we're of Macao we're towards now these to what is as province. end get of the right coming we up recent mix hopefully, from start So fourth the building in going But to with

Robin Farley

then Okay. I And the on was also said XXXX, to -- extended for to that's quarter. know question you’ve said other before April you that had and start Singapore. this my construction deadline that

if you that have when wondering Just more would definitive anything about happen?

Patrick Dumont

Patrick. it's -- think I

and any in some unfortunately, of spending tourism And the our tourism the I said you're tremendous mind, we Rob the very great our I a potential. our news tremendous. really X of very right We're his and have We're consumer results. It's excited of is results in market and high-value as But just there in opening is in constraints. there seeing think really in The is X], Tower timing. strong. don't the power focused on now Singapore the now our the is, remarks has questions, about about that given [IR update it. performance think privilege the remarkable

a about we're on But of powerful little working work will our make on right progress think we're be We the very it. optimistic of project. it very to speak process. disclose We're a And it. headed. bit in We're as able we're about part as where to excited there, about the So we'll now, really further more we market.

have Now we an update timing. on don't

Robin Farley

of sounded ask the of pandemic timing previously question disruption the had and that? all like the was budget just that. on and because from the that Can of clarifying It one I

of of still If issue of that fairly a construction? is business gating the in sort point? kind Or recovered, are more uncertainty other this has commencing there factors at are level your the that

Patrick Dumont

just really It's process.

to go I to be steps there's that certain have we of able to through a think build. number

with being pandemic And some the that have very the of of pressing government so and delayed were we because those deal on because agencies of to processes focused matters.

really all of happen complexity to to things they're steps of just But begin. go path. scale make the timing reengage, So provide now necessary, process we in, There's get this that necessary building that we'll sort update. that it's approvals, an to a again on be to of things start it's a able location begin. and And that to in and able necessary lot we'll the the the related as steps follow have to with begin the to

Rob Goldstein

is Robin, how I learning the for -- say, we process. differently about this see and an would market thinking And more evolutionary is a We process keep more. as us learn

has there's of should our a we we and how important build gaming powerful Singapore now. want and from what on think changed, affected in been capacity, thinking be, thoughts who be very it's it's to how And good forth it customer years to ago but and so product. morphed it very, the size slower so it on it's was And end should be. of is our what think the I place the it five hold And I is.

Operator

Politzer coming Dan next is from The Wells Fargo. question from

Daniel Politzer

-- seeing now. just strength in are guys of you product lot of room a the So terms right

online You're that year? back? typical on the the consumer think renovation the can that return be room this return kind billion and of of product to think maybe or fully And should of next given even XX% $X we I Chinese you coming how higher do doing the absence in historically about get do your you project mean MBS.

Rob Goldstein

I think need let's a Chinese -- of we to be clear, need to our consumer. achieve at see return goals. point We these China couple happen, some to the we

there, there. if There's all Again, of because at. referenced isn't from when I our XXXX you the other people building, they're is earlier, up good, see to the need percent there's to thousands, need XX-or-so and there, the on full back Singapore number, also balance through walk which business. Asia of come as of staying hotels open We compared we tens hundreds thousand the

hotels other us. very are these So important to

happen. things two need we So

And complete. complete all that of the be difficult hopefully do we we think to in leaves should can't in 'XX. one to I'd our return? returns barrier can -- believe by we return. The to And the late innovation when Our of China Asian full. fat -- billion balance QX will we Singapore market can Singapore. get we $X get very into yes. But in to you Singapore tourism as believe answer goal happens, not Oh, that if a is like that's

beginning into a region a we decade with MBS. in keep evolution The it to ahead. I So years gaming premier I think but quarter. see really it's a hopefully the that now Singapore probably the mind -- a went we'll us nearly into think get that plus is ago. very different FIT we're Macao that not to right get million to of mentality $XXX market experiencing to return, needs that where in for But And the in to

put capital to opportunity. can't We lot a invest So has we terrific Macao, our I think to Singapore better very feel proven bullish. But and Singapore for and the will the place And be a now, be there. very than be of we're up very, yes, us. returns fence Macao. opportunity. Singapore That exciting a money very is good will right and confident in And open of

Daniel Politzer

Got it. pivoting just Macao. And then to

there the group Another think and parts of the for being resumed. can assuming in in business I Macao we you quarter, no coming one about work these to secondarily, is outbreaks? maybe on major and then the And a components big online, to positive mean the if XXXX? fourth frame these getting your back tours how business e-visas EBITDA returning path

Rob Goldstein

couple effect But years Macao now, that. because erroneous don't start know, be market. ask of predictions as on very we We had silly up should tomorrow who's not to us But and things that's team I right and hard, going will careful. think pontificate at without have been -- in gains and quarter visitors be for the know if close not to knowing of point. in COVID then Grant also these positive fourth how Sure, I'll it's EBITDA some for the come EBITDA. happen. of reference you think Could I open -- in know force returns. when last so kind could And difficult what it's visitation we we positive? happen will to It's been they'll tell be stopping to It's knowing zero positive the EBITDA the exact don't you for it's November to long. us going don't

is commentary? there's So certainly unknowns Macao difficult any Grant, guess. Wilfred, to in very

Grant Chum

the mean, prediction think is I I right. of tough. Rob, Yes, the Rob is future

I can for think we facilitate those varies package of about clearly, to numbers. application group visas, from With provision relevant province-to-province. respect helpful it don't to what But X/X provinces. application of the roughly the node availability of the we significantly the represented is the those absolutely tours Obviously, electronic visa that before past say visitation pandemic. the have is or

Operator

be America. of And Bank the next will from from question Shaun Kelley

Shaun Kelley

question what great basis you're trying versus pent-up I'm play that? of the bit little trying of markets some of a in of demand Maybe more. RevPAR, about seen a or of more core per than that is what a my gauge just the, seeing Singapore, we just to spend bit head. kind just on kind of, or we've triangulate yet little let's just Is out proxy you're Asia to the for see look to how a Is the going it, it's ask instance, consumer a trying don't in per to seeing to sort we sort call call it stay have let's about X% think what and a XXXX. at person better it, you're about Western think versus When little I behaviorally. kind of decent what on and on to pent-up about because seeing bit demand is first visit-to-visit

Rob Goldstein

that, thing, I to ask take but to different. much is understanding I'm Patrick to say want it's going to Singapore critical that one is

it's much of is because is opened, I or Vegas lot got you a lot Asia to up U.S. response different open, of problem. regional Well, the countries of in like take to think opening obvious the than other this that. fly that in Singapore buying and is a so different airlift get Burgundy, Las wine don't haven't in that there, had you regions to to different regions Burgundy. a there's obvious

we're hampered. really So

not you're really like It's remains regional back Singapore As on I nice power. Vegas Las for no the regionals. it's places. difference, to Macao as or China is depending XXX Macao held is what The other differentiate China the think airlift. that truth opens or full -- quarter, the getting when by and will up, be versus little The market hard there,

You airlift. can in come without right

You're not airlift-dependent.

in So I But number It's kind we in X.X the unclear, right of making know retail. billion, whatever is in full won't market. this see of do it We now nicely Singapore see We think annualizes. uncertain environment. slot the local rolling it what's coming this see I power play We you're strong think what happening. in FX. especially full volumes not because is of it is to seeing destination But still Patrick? the unleash and strong. power are is Singapore, yet everyone the

Patrick Dumont

interesting a question. It's very

I visit, think to the there are consumption quarter. coming data tourists during the that's And Singapore. and there a amount quality from of it's high that is the note key constraints when for tourism the were constraints thing there into point of

online that the had are coming the deck, We're beginning, the of One those we'll there. the very up renovation, be of terms to at approximately 'XX. that that. best probably end products to out the We get the of that is Rob is during once inventory are ever able note of rooms about at we the thing out rooms see trade think of tourism you rooms be from So as we've we'll done the XXX mentioned proud had. quality the we in completion

of have going So out process to the complete as of inventory Sands. and disruption more a quarters we're few take we to rebate renovation rooms

not that to note airlift is thing the there. other is The

full hotels have the of the of other do because capacity market some constraints. the And around Singapore labor not

potential can rate you So would as quarter. what from bit these removed an environment. would limiters, in But a recovery then this that are little still run I market idea act get a things of once of be call the the a true

earn. we to be potential that So we the fair, can there's we think the of sort as that run earn. these are limiting to some market fix of And way more things can

Rob Goldstein

third I XX, If Page the our $X,XXX, sales look on quality rolling foot at look gives I that Marina some running you if at as in, you we're as data in think $X,XXX at at the great Sands quarter. Bay coming. to mall volumes But days. you points retail indication again, you a kick those they early it are start get it's from also think the

way I recovery the is quarter it. think right the of approaching

Shaun Kelley

Super helpful.

to Slide to where the do Macao. not And down down want sort here, visit, which at But you this way I'm the win transitioning right the per And of valuable. XX to go it. slide path, same I sure look very exact over very, on you break mass find it's to be of kind

and level, you Just the was probably driven so, about we a kind what like two like -- two, saw better that over in last normal the eight premium activity for think saw these or this looked the sort either mass over back those back very business the right were quarters guide XXXX. might or kind quarters sort last lot Is quarters? Macao? eight like in we of look -- a the the a of is recent we which numbers Have one pullback where of as pent-up XXXX, from we think of more last demand of what

Robert Goldstein

to take that? you do Grant, want

Grant Chum

Yes, thanks that, Yes, the I'll for question. take Rob.

would the just quarters a that two the highlighted I I as eight, for of previous past you with several think function mix. say difference the really versus the interesting at it's looking prior trend regional you highlight the that quarters. it's

visitation. on result look COVID much into the at XXXX, mainly of a if bias more that's mix, a source the we've you of had the impact visitation outbreak Guangdong non-Guangdong and So various data,

then you're compare up pre-pandemic, clearly with much if think notwithstanding course, you broadly stands still post-pandemic, regional that's that I coming mix. the for very premium And the of then looking adjusted the it's, differentiator. faster. at provincial Asia mass back So And if period or

think I the point, it's a series. out still data and borne that's valid by

But the well. first regional the comes as back So obviously, back then an this and definitely, premium mix year, mass mass there's from comes impact later.

Shaun Kelley

you. Very helpful. Thank

Rob Goldstein

think is all we our going base difference to when in variable don't demand be. drive mass, demand our underlying the is door And to and will with COVID segment, no impactful agree we know only size, -- U.S. probably extraordinary. we there think to does I this going Macao's be thing. once there, going the know be the our footprint to how scale, in I But The happened believe junket that resolved. again, we pent-up missing is premium the again, open, mass

Operator

next coming Brandt Montour from question is the And from Barclays.

Brandt Montour

give can Singapore, the the rate? finished you us differential product legacy guys room at run between room the rate On and room product

Patrick Dumont

is Patrick. it's think the problem the -- I

our order of have we a suite that level things a The product. model. different. taking We've of lot delivery. lot out XXXX, this changed because there's after there a be is comparison much to in would larger create we not the were what service in the we'd There's be of to open are improve of is going yet. a and to you problem of the market keys team quality the is design, like out What service fair, to believe be noise we think is I giving the so renovation to fully new inventory

We're ensure delivery But amenities a number in food and we the really of is what want can the and get until that's you and high-value to the So product, tourism. that And very time. we and other that quote property capture in I in to over personnel run key beverage service investing sort see we're in high-value don't tourist. in focused training on takeaway and that room to you'll we're investing rate.

Rob Goldstein

day go to Singapore, think us, pictures you want plane just haven't done on to and is building done I we're you been will is unlike to one best a we've competitors. but see jump thing have it. do, some our The our listen you the there to spirit in this in understand what is thing any have it product

think our this be across in of I -- so view product. when to And board able the has terms people response perfect been

going the you to in much to Marina I respond because I Bay Sands to the we'll is pretty world think part good, impact at who's build spend anybody of we're something be what a that than it. would understand higher impressive. doing show is that day people and we encourage you

Brandt Montour

that was on Great. on helpful. That's And that in one of the Kong. days of you from narratives as the early share market the -- business reopening then groups again, convention Hong Singapore, was Singapore gaining of and

some market to of Is they're that is momentum And you of Or share? maintained market meeting to is planners months. As that trying your uncertain? out that, sense talk XX Singapore XX being too six, bookers and regain there in that months, that that is Kong a and looking with Hong sort the for business? starting to reopen

Patrick Dumont

So business. Singapore for open is

directly Hong return I because that don't of strong tourism, different. of which a we so leisure draw from means a we're way. can a Kong is with comparison tourism, which business and And in the benefiting return seeing think access we're

high-quality to way think a We look thesis. to at important it continue I is been MICE the a the always intend think tourism now the center. invest investment, because will this very I behind be financial it's it so Singapore So assets market. to of has strong And as

to do And so tourism. place generally it's very strong think business a we

in at think means. don't other Kong, Hong sort In that of run still what There's understand operation. really to terms There's I yet rate of restrictions. we're restrictions still COVID

more any return hard a going to be those to have think to So time, at normal I until it's all. view

Operator

is question next Stanley. Stephen coming the Morgan And Grambling from from

Stephen Grambling

from couple out in the the rooms trade-up You of those of renovated And maybe the from across coming remind and any just closed? split rooms headwinds to the rooms older over Can actions even of mentioned new us quarters? versus next quality talk uplift Singapore. of tying cadence coming from the impact and in rooms you in also and the net these

Patrick Dumont

to So it, towers fully let's tower we're be across Year circulation end of renovation keys by out anywhere X -- XXX up 'XX. five will And be have, next going the 'XX. then will And of from call the the the and by actually room to the ready New Chinese will quarters. XXX wrap fully

sort that's of the So cycle.

five have room going to of delivery we're have next going not we're during potential to full our So the quarters.

Stephen Grambling

Are rooms? pricing rooms in delineating currently of new the in between you the terms old

Patrick Dumont

are that on certain rooms so but some differentiation. variability is room time. are the some that in, depends segment is which the there, There within on yes, we out, depends suites also there certain that it Yes, have

a there is there. So blend

Stephen Grambling

Got Macao. And in market market quite mass? segments then of share The cadence recovery return, How in bit you've turning to how been and would a market in frame as evolve volatile. you described may has as there mass a different your premium it. then share a maybe mass

Rob Goldstein

to you that? Grant, do want have

Grant Chum

Sure. the Yes, thin. for because Yes, volumes the are is thanks now I volatile right it question. think so

side these there's there. going to we've out I'm think and forward, last But Obviously, the well. coming both also, meaningful premium think point. the the as So pretty looking coming being much I investment mass think But the arena the strong and off a expect Rob not now with we're quarters billion at those we comeback component. I I we during product $X.X completing this investments mass. in made implemented particularly is that And prior other a I perform sure are forward, pandemic with on that think past very history or going quarter looking this London segments, program at we've fantastic the referenced, of even

perform Londoner suites, the Parisian The I able Macao, segments, going front. to traction much these with follow and and starting so in the because feel three strongly these the with think people on already the The destinations gain visit locally is which also wonderful we'll now well. who to end up not and and market iconic to Seasons, been as well have Londoner that segment, we're with Venetian with of Four to mass segment, from just the premium also very the Suites to of very all at mass the share Across for we So Grand speaking the but

Operator

the from And Katz from is last in Jefferies. question coming David

David Katz

you I in all talk revenue may recovery just the this? Macao, mass role or play can. what little we is a VIP you focus. But premium could And know help the And of about should expect? past obviously, down quarter what in bit of you does if break mix learned so of sort streams, different have what about If in the us

Rob Goldstein

you Mr. awake? are still Chum,

Grant Chum

still Yes, going. Yes.

I think segment think -- between the between matrix I earlier, segment the mix as as a the the well business as breakdown. regional referenced there is I business

is we've by difference. back and by mass. first retail expect of then mass the also XXXX business luxury I again, And part at right and what you're But you is where premium is of XXXX then that of significant just seeing, forward, and we've similar the composition business trends, course, very most the So been is the have come segment. followed very, I you levels strongly this been especially regional then the XXXX, we're obviously the if going the for which should regional But of really fastest seen then the right true now like back And premium this luxury forward, it's retail clearly, at retail. volume, very numbers, mass. performance and yes, so. look it more think with now is very impact in has segment, retail to as Guangdong-dependent in year. going and follow versus think how be through we'll part But looking also and VIP impacted low -- of if less first this we And come the the even mass

Operator

like Ben Suisse. from Credit we in, did come from David. have Chaiken question another lost Looks We

Benjamin Chaiken

of to we close level kind as year. the want set Just

that's and out e-visas I Is quarter? mentioned Or end Macao of groups think we the November. think the a end early of as EBITDA the positive or breakeven fourth Shanghai, we or possible in for could realm tour have this that month of it few at into provinces do go you either expectations? of

Patrick Dumont

Yes.

I We're feel that don't continue We're these in and to and strongly X.X Macao's just leisure We've the very future is, to don't going know. but invest tourism think years. difficulty exist been for the know. there business we for Macao. conditions about we very hopeful. in opportunities We

going and concession. we're So and waiting we're as for to of now, opportunity patiently, we're the through just the upcoming right process, the forward looking

Operator

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

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

Las Vegas Sands (LVS) 19 Oct 222022 Q3 Earnings call transcript