Las Vegas Sands (LVS) 25 Jan 232022 Q4 Earnings call transcript

Company Profile

Participants

Daniel Briggs	SVP of IR
Rob Goldstein	Chairman, CEO & Treasurer
Patrick Dumont	President, COO & Director
Grant Chum	EVP of Asia Operations & SVP of Global Gaming Strategy
Joseph Greff	JPMorgan
Carlo Santarelli	Deutsche Bank
Stephen Grambling	Morgan Stanley
Robin Farley	UBS
Shaun Kelley	Bank of America Merrill Lynch
Chad Beynon	Macquarie
Brandt Montour	Barclays
Ben Chaiken	Credit Suisse
Steve Wieczynski	Stifel
Cassandra Lee	Jefferies
Dan Politzer	Wells Fargo

Call transcript

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Operator

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

and today Joining Sands and Wong, and Goldstein, of China; Chairman COO of Rob Patrick the President Operations, Dumont, Vegas Sands Wilfred call CEO; Dr. our our COO; EVP China. are President Las Chum, Grant Sands of Asia and

statements. will conference call Today's contain forward-looking

securities from be actual results company's making the the We forward-looking The reflected statements will those safe harbor differ materially laws. under those provision results in of federal may statements.

non-GAAP discuss financial will we Reconciliations in to press GAAP addition, In. comparable most measures. measure our the included are release.

on We website. have posted an earnings during may presentation presentation to the call. our that refer We

everyone we presentation pose for and so one being Q&A session, interest allow opportunity with question, recorded. one interest participate. to ask with Finally, is the The question please to follow-up the might those we

turn now Rob. the to call I'll over

Rob Goldstein

thank integrated our comments, future you, for largest the then Thank globally. move today. brief is to we you and Q&A. Macao's resort A remains few Dan, joining market bright, call

Our as a commitment unrivaled over world-class will the into market Macao of is tourism critical diversified improvement mass investing with IRs incredible wavered region. and the never as transportation infrastructure coming an continued mature in in in market years. vibrant, well to this

perfect capture positioning and SCL's scale are to the opportunity.

model positions well to us non-gaming IR segments, growth entertainment, beverage, and including with in diversified continuous investment live capture Our food MICE, hotel retail, suites, opportunity. the

gaming win-win. years. the to us tourists We in a in opportunity make enable record and XX uniquely to new appeal diversity, Our the next of operate track one the The appreciate concession as segments international non-gaming market those to cater positioned scale concessions Macao deeply to well. is all of

SCL. deploy expand more are capital at to We excited offerings non-gaming to

core as $X.X market destination industry the of or by to billion develop operating in the continues The markets. the more hope themed Macao. it a invest rest non-gaming commitment MICE, for commitment is our overseas investment whether positive strategy past two We sales for of investment be We to The grow. the and baseline. view is to entertainment attractions and just the decades, commitments and the marketing is SCL

is the restrictions tell underlying Over extremely but measure indications to lifted. true the pace It travel weeks, positive. the hard of of have too been past recovery, few are

We gaming significant have retail and occupancy. seen property improvement on visitation, volumes, hotel sales

on positive Seasons. in, remain Londoner investments Four We and The

will investments well Our position the especially also drive of market us tourism the the high-value The products our recovers. markets. as quality region, from new help overseas

and $XXX of to volumes Turning Normalized and the the EBITDA per XXXX now level XXXX. exceeding now win volumes quarter. the levels. level are our gaming to are EBITDA approaching back mass normalized is XXXX reached Singapore, million day for Rolling

MICE. have hotel, retail, and in all We non-gaming including F&B segments, strong mall, also across delivered performance

tenant per Retail is especially increase XX% noteworthy in foot square with versus sales XXXX. a

Our [Indiscernible throughout come online the product year. X:XX:XX] renovation casino program will is Renovated progressing.

Looking to ahead, airline Marina and of recover. is recover further markets and all our of for restrictions travel growth Sands free lift as Bay become continues poised

move Let's Q&A. to

Operator

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

Joseph Greff

either seeing in to I'm thus a Patrick, Hey, to per generating My is on GGR Macao. more as of love day you I'm levels, positive breakeven relative is to level far order January the Obviously, saw presuming in EBITDA us obviously, at morning going breakeven? to would either narrowing XXXX recently levels EBITDA. everybody, And Dan, and question, mass what some and of to or need XQ in to percentage early on of for afternoon. you basis good do first a Macao, it, you dollar presuming XQ. or expand good be be EBITDA at be maybe the on remind you're Rob, those what can a

Rob Goldstein

A pessimistic, we're moving We're ask past Patrick We're fine. doing now in the breakeven, towards positive color breakeven. territory. than to I'll think than give the issues, just breakeven. lot on very more more territory Patrick? I those So positive but Joe. us some

Patrick Dumont

Rob. Thanks,

So a couple of Mix here. things important to note. is

note and led as open. So mass This is market to think and premium be a key we're know, you investment thing is a I the the in market. is company. a recovery. Liquidity premium mass large-scale tourism really And the going to is

the full We that the benefit investment is And display. pandemic. during of invested on significantly

had up best scale products. new made showing the we've a market have Macao. suite have in There's fruit. opened property power long and investment investment bearing we we've in time, today. that non-gaming is is really the That think right new in We We significant that probably what now the -- is

And It's so great see it's the to coming great the volumes to recovery. see back.

career. really, about I fully lot demand witnessed earlier his we a interesting, It's Rob talked think, and is Singapore We a really now it Vegas, in Las here it rate years. Macao. experienced we're think strong. And places I that saw run pent-up has seeing in in and over in other it that in the He's at we're

key is think led the is premium thing going this to recovery. I a be

breakeven, don't a of terms anymore. think In that's I consideration really

it. past I think we're way

Rob Goldstein

very Yeah. direct. we be Joe, can think I honest and be confident,

positive very in keep territory upside. are moving and We

no base one our was questions X,XXX power numbers, per market. Hong one I mass base I our about that is bet. Kong the at remind mass the building ever as you Macao an in hand would opening to would thing think the I costs you in say looking I

mass USD. That's a a base business. it's So couple of bucks hundred hand the

right The XX%, now And to ETGs. running in occupancy problem the same applies the We're have slot XXX% buildings. in our those is games seat in games. a get you can't we

a you be color been very of it's everyone's question resilience see that? see some segment. see I coming And surprised big premium And Grant, The surprise. mass. to mass. premium about pleasant obviously you'll can the the thinking liquidity, you that when numbers can out is the think pleasantly in you'll And you'll add

Grant Chum

afternoon. all I thing morning that very the quality Yeah, right think of is we're good high is the segments. key patronage now Yeah. and Good seeing across

it's mass, just also the retail it's premium not So in segment. base mass, it's the

are So very per segment. seeing I one again, a extremely you're the any customer. numbers not on based. And think spend It's in what public concentrated seeing were in And strong in broad recovery we recovered. presentation that's

that And against I of think volumes we're seen where recovery, about for New Chinese were seeing and XX% XXXX, CNY is first we've XXXX, Year natural, is revenues three we're markets. the which outperforming in which for what visitation we other in days.

extremely So now. positive things looking right are

Joseph Greff

late you least at on at know revenue XXXX of perspective follow-up maybe the recently and I Can about from to if mass us was that Mainland in question. some on more you -- you. very then Rob, that comments strong. Thank mix? an of the guys. Chinese Can over total then where to percentage December at your switching talk obviously, a as you comments relative contribution there's a it your January, color, on little don't segment? far like levels. on look Great inflection And maybe gaming, And Obviously, sort for believe been want thus give Singapore my you forcing looking the bit EBITDA or a

Rob Goldstein

want you -- address that? Patrick let I'll Yeah.

Patrick Dumont

Yeah, sure.

demand in was I this think and into to that pent-up now thing Singapore is there the story important bonanza. blossomed full it's note on

every is seeing is working. And so what segment really we're

in $X hold. rolled a quarter And this where mass because of of considering north had play which unbelievable from. is lot noise the We we strong. so And of was very, billion, came very the we pretty

of room And almost so inventory out. had while XX% we were our doing this, we

we're for that go. at win you and XXX There's realize room lot and look a when of the rooms, to room And a at lot so our in number XX% there's of you leg out of look us rolling volumes here. mass

we when as get because to go our product, change we're to yield careful as And margins have to higher be we want we up, we as going tourism. up, that contribution online mix, about as through rooms the innovation, we price suite as so we and we value access talk we as I adjust change and as

because a to in really is get mix we're this sort thing what happened right. we adjust continue to of is going our it So than while this more quarter forward-looking

this better margin product, very So what a to VIP online, component course, and mass able being business both coming time, capture rooms strong in would of of more look I and, play better play. to over service is expansion

Rob Goldstein

in -- Joe, tours you throughout if hold I but -- great think a place. we're we're there's we're Asia that or page back the missing drivers, in the a rate We're jump back to the off to renewed come. of the lot abnormal missing two on XXXX -- But -- yet to particular. That's just and point, we Patrick's rolling. run the we're X.X China take thought to low drivers two out

we're -- in limited this we're China -- and participation. with haven't doing or China participation We all XXXX no

are handicap a mentioned, a fortunate with in very, we Patrick very as position And plan, physical MBS.

property. China a And get And see see of lot extraordinary. chance renovations, it's going business including the into a the think hope which back in to nothing $X future. I Asian billion a of a it our to become are own it's reemergence holding property, except it. I tourism, growth. I going for back, I be you believe And to the

have extraordinary The power this the It's we it. of -- capacity we're see more Singapore. year have in think lucky power only -- like you'll and the earning product, to MBS. regret to because is see have you'll an just I We -- of

Joseph Greff

spend just to XXXX, mix day? MBS gaming we a look that, your per back that, China day that -- a at we back mix had interpret or on Patrick, And if or to was Do comment. least spend yield revenue and positive per trip per patron

Rob Goldstein

I combination of think factors, it's a Joe.

But it. be obviously, wages there's always in a energy, There's powerful. and mean, all inflationary think issues the with this market there's factors, I markets. different China world these think, there, out undeniable, you've also to is cope I got -- cost it I

in rethink that is gamer that cost the will We're And pricing overcoming And can lot We the the MBS see segment. rethink to just our margin it's drive retail good revenues the MBS our insatiable going that across a world. room desirable. approach. and unique we gaming demand unrivaled fascinates and we We product pricing, it, pricing, we part from be about But floor, board every we're to That's board. non-gamer that that's retail, we board, product of margin with just overcome costs mix, a perspective. the by have across thing -- across the pricing, higher F&B in for pricing. a higher going our ADR push our believe the can the to revenues, very that think pricing, as revenues table close us

is the perspectives. of face lot market let's a from desirable favor. using it, very right now is our And Singapore

Joseph Greff

Great. Thank you.

Operator

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

Carlo Santarelli

evening. this, Rob, more good and negative, or whoever Thanks, change reopened, time China handle that Hey, just brief wondering, patronage MBS? wants pertains was positive behavior in or guys less have everybody. you the in as to to it I has any seen at or

Rob Goldstein

MBS, that's a good question.

it's both that I in going participation, we're us quickly think think it's to say. plenty too the of hard early to Macao too to and just it's as I and getting I predict. turnabout really of happened was early to see too But It see so rapid trying say that. Singapore. so

the I to going mass to way though premium share into in than moves going of customer get is business that the this direction, That in visit rolling Macao. and get we'll the more MBS. that our think we're segment to is fair more

that really business our in direction. I is going to split think

I very okay predictable happen think that. with we're here, going it's what's to and

top Singapore throughout of the region. tons demand each get will the mass of top. get China from places those the premium will and But So of

has capacity as rooms, desirable think I it's underestimate a thing, become China. has offer. got and to It's -- access, lots one It's the the also it of throughout Singapore, got place beyond it's got how Macao the people visitation everything. can got powerful it's lots

of I So to be be plan property, to is strong people We Macao Macao destinations see a international all products. our very push think to the into going aggressive ahead. very to trying

Carlo Santarelli

things looking kind of makes that a Rob. sense, But understand in backwards just XX% at I is and at And it's -- that kind XQ just somewhat right premium more when of stand revenues the you. XX, table now. a is looking think, pointless something like mass mass the bit little mid-teens, that. slide deck, premium like and mass Thank are follow-up, in Macao related as then That from base we're of it 'XX representing, your your base I environment does out

something normal mass lower else However, and that's is the than is diverge fourth a considerably year-over-year, mass historical then year-over-year. specifically? the on just quarter premium Is made steady the down whole whereas those dynamic is Or base recently kind volumes? there X that reasonably here, more of

Rob Goldstein

No, sure. issue. not It's a it's It's I issue. just whole visitation think a visitations

you're much I think out. too going heart. washes numbers that I to take to wouldn't find those

when you nonevent. away wish numbers be quite the January, think when all wash -- I I market, I are look out those won't Carlo. when there see nicely. your it will at a think enter won't into It It's you for QX, thinking, it

see you'll surprising those segments. think a I in strength both

in in be the strong, say going have We're to scale represented Macao, we're would because the I base very mass player. capacity. very we a

than bet. in And so It's base space in U.S. to And animal things the $XXX the the extraordinary a $XXX we bet, base mass again, capacity restaurant is I'll reiterate, in mass. base have gaming, retail, the do as different base non-gaming, a Macao

customer. So pretty special

represent going are We because scale. our of to

I hand, the our of with also other think mass all cetera, we'll leaders business. the on premium suite be et the product, But in

have always ahead future of commentary the us you're I if for call. market, rolling chuckle, Macao. a Macao in in a we the earnings negative very people, looking in strong So you're

Carlo Santarelli

Rob, VIP you volume that? quickly, share to willing are share you could like it, a volume, able percentage would And you in-house to the just direct extent to your as Understood. remind VIP of guys your something if us, XXXX, total, guys be then,

Rob Goldstein

We would, we but won't.

Carlo Santarelli

Understood.

you but won't. could, You

Rob Goldstein

we good to it, you. hear could just you. not we're We going thank But share Carlo, from do No, won't. that. to It's

Carlo Santarelli

Thanks, guys.

Take You as care. well.

Operator

Stanley. Grambling The is Stephen, you. question from is live. Thank next Morgan line Stephen your coming from

Stephen Grambling

okay? everyone. Thanks. me hear you Can Hi,

Rob Goldstein

ahead. Go Stephen. clear, Pretty

Stephen Grambling

Chinese uptick And why So markets? for recent behavior China? like out spending the way different near any recovery source Hong recovery data driver Hong and Kong to any been bigger in in the visitation. looks Kong Is between the these there and reason may has between Mainland visitation be parse

Rob Goldstein

to that. Yeah. answer Chum? a perfect And I've got Mr.

Grant Chum

Bureau. the versus visitation XXXX see visitation Tourism by numbers you about from Mainland the The CNY. Yes, at can been Chinese is published rate recovery XX%

recovery XX% ease result So with the as a Hong a Mainly, obviously, they've has with able with, go. recovery Kong higher. been a to has Kong to longer And the it Hong for just had as stabilized obviously, visitations, situation visitation pandemic. I think, relates which overall of been

of So I not think just from it's point a pure unexpected. visitation view,

of And only support bear the for the in opened Hong mind, visitor on January. the Kong eighth really transportation up

the said, referenced we too alluded increase Kong this I visitations. in made wouldn't well, been comments earlier recovery. a has Rob rapid that So to very as and Hong stuck visitation That I think I back to get on the

see back in think we're coming these the going a core The the I to premium as than customers bigger visitation. percentage come overall first. types much of customer reopening, back

very and visit I that in seeing the patronage New what So Chinese high. from the has quality we're of revenues all regions been very, think Year is

far property, market visitation the property outperforming I our recovery we visitations volumes XXXX. So numbers our the outperforming the And way in indeed, at are versus revenue. the overall is to in recovery look own visitation of in in rate if visitations terms and you our think recovery

Rob Goldstein

only comment was to visitation we There's person make one million. and here, not store. And easy Steve, GGR. And want said, need like confuse in again, me sales in people. Singapore, to I people, them to just, recently not Rob, one she I stores work. we of with nobody right retail way retail no $XX there's of she don't the an said our lot told our with store necessarily in I a walked the in the were the Grant's

the mass, right people we Macao, I happening up in reflecting think in and it's gained showing in that's numbers. what's the

out. that numbers see come You'll market the when

And early visitation that's the people a revenues. I there's for in think actual market the right to the confusion the are think why the I market. versus the adapters

Stephen Grambling

versus ultimately seen And sense. there, margins. as maybe Macao spend about visitor what a that in in drove thinking the follow-up a Makes related markets? much takes puts per been dynamic, stronger better are we've you How other there's and margins similar the in to U.S.

Rob Goldstein

margins? Grant,

Grant Chum

Yeah.

past I effort cost three years. or It's our two had unfortunately, over the good structure to shape. in in extra think been first we've -- is optimizing of structure the all, spend cost

very base So we've got a right now. lean cost

couple forward more terms In favorable perspective gross a simply margins slot be our mix, I a margin revenue, One things. just mix revenues going think of is from on will from majority vast a coming because the is of of gross obviously, the and non-rolling our segments.

then much And the we be that's non-gaming, expect secondly, and growing, to a margin. higher obviously

F&B, segments. We all to actually growing be hotel, non-gaming retail, expect the

the framework structural for the that's margin. So

the volume of in flow-through actual really the margin is this we obviously, on ultimately deliver dependent positive percentage recovery. But very structure rate the from

before to we we we to beyond towards mass you glad obviously, the XXXX. were flow at get and hopefully, recover to a in for is we then to level go through. where line working that, go and, So all to grow and to certain need non-gaming still continue this top in the hope that, least the market beyond And are segments segments

So very if happens, obviously, positive. margin should structure be that our

you we hopefully, margins structure gives think So sense going how about forward. the that of a of

Stephen Grambling

so Thanks Absolutely. much.

Rob Goldstein

Thanks, Stephen.

Operator

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

Robin Farley

more thanks. might business do Is seeing what I not some of same you VIP that in is to on Great, things mass VIP there's to been them too that way market -- after focused go that been to there. you've now had changes your soon competitors have the seeing the wanted differently the ask, focused, it been? mean? there that be very always obviously are But

Rob Goldstein

favors years which to has it this imagine market we clearly, our I visibility the at But we ground. any And have Grant new asset have the been base. but can't last defer approach a our into XX I scale. here, for that point. is, would I'll on assume since he's

story with cetera. and a mass retail et As you commencing, mass know, well premium Robin, it's

like things what environment. this it's have made tailor -- don't we we for So do,

Grant, will competitors adapt don't color Our that? to have and I But change. any know. on

Grant Chum

Yeah.

has Seasons, And the got [Indiscernible Grand non-gaming competition developing be, referenced and help facilities, Patrick the we've especially, for been in the all referenced. given as product segments I a to well really I at the mass competitive At tourism more the us of scale I years. to very think that think, segments Suites says, Rob on very premium intense. been the Four be same position last high-value lifestyle think asset think, X:XX:XX] And then premium Robin, always three overall the up mass. prime drive footprint we've continue time, as I The really to the advantage at you our the dynamics position think years, I for we'll coming just and us market outset, London for as, are hopefully, over to Macao well as

do tourism as to I about point international And well. as

think network well footprint strength I new to our high-value in position our MICE, bring marketing guests Macao to in really combine our traditional those and us well. as international with products very to

Rob Goldstein

be Just then of Great. into marketing made of Thank of like -- what that of things? Thanks. you kind overseas of be versus kind for percent might and give follow-up you ballpark? fall the kind a roughly Macao. the OpEx what might percent commitment just Kind and line, projects of split, question CapEx new Macao? dollar you've OpEx over that might of Can that that to color. sort next us invest rough for years sense just my on in And XX

Patrick Dumont

Sure. Yeah.

one be thing helpful. I that think would

some that. on you'll see If you in XX Page the turn details presentation, to

renewal that our it might behind actually commitments we refer it are and out, several pages to it best do be to because concession there those break what are. explain So pages

So the presentation. it's in there

Robin Farley

call. to earnings all tough always slides through your It's of before the get

Patrick Dumont

apologize. I

this long-term of Macao's to I investments, our market. that will achieve of we're committed think key and think think value excited these We're are here really thing will in in the goals drive Macao investment very additional investing economy. government. make tourism diversification We the we help that goals to the things is and the these very

it to actually. forward looking we're So

Robin Farley

you. Thank

Operator

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

Shaun Kelley

Good Good Grant. morning, afternoon.

New you're what maybe just the high could your just else be change So through latest would the setbacks probably whether of here? COVID going kind or what of here on to or Year And restriction-related But just things chance could it expect give opening any us is to Do of recovery seem look anything real you're ground? Chinese obviously, you or thoughts continue. that pace kind seeing seeing is time, pretty like level, you as on it's fantastic. the you linear of

from Any are the bookings months? see reason next couple to that, how up of the expecting patterns you reality? seeing over that would the be shape kind your and different Or you're of

Rob Goldstein

have what's news. they I'd thrilled like saying, demand just first to going all, don't of begin we're or seeing by happen the I be money insight to and any us have think we're making tell of open seeing. post-change aptitude to and you the --

when But mass, is confidence. a I we you market have think rebound. you real to longer have that And going mass. has see to a strong that do This base market strong get you -- that's are term, seeing premium see these this numbers to

the be be what's liquidity the some I fears side. was pushed the to those will resiliency, And about, think market of in fears like, it

think the the happens? how fast a What's and guess. have don't any make gumption to of us I trajectory venture it

-- open. operating. China better, than keeps getting is We're be believe think just has be think through fortunate trajectory don't the here we're U.S. silly. COVID going feel not it a I to We We would did we different gone it I in obviously, worse.

I But won't speak especially, to want place don't I if in speak in I somewhere that going XXXX, be they're be that But we'll half Again, in all very keep problem. think, going, the anything happy things of the can't a a like second year. hopefully, for.

on back Mainland gets Kong Hong China. resume, speed, patterns travel normal As

there's good I of future. lot way a and thoughts a our potential coming the of vis-a-vis growth lot think

international Macao strongly. our going this this very tell said assets We we're to We we don't believe very believe tourism you earlier, we strongly. I in in believe are that -- again, in not believe very We in in -- strongly as strongly.

money how happens. not we we're getting happens, and But were very in to to past looking term. about on be it what's investing it when going the Macao. couldn't can in the in happen where long happens, We how in positive. going positive feel the there Macao very we're we term, it in more So fast long And positive predict to back to

Shaun Kelley

more maybe Great. the then for dig Grant, little what But wanting bit and if one bit I a seeing Thanks more for in may. staffing in that, you're of right labor specific Macao Rob. And little just now. to on side a

level. talked levels about are structure the staff You of margin But high you fully that expecting to to return had pre-COVID? you

already employment even I since you above have optimized? found has those there? you it started. and elsewhere, many people grown Will what needed have the what's Kind we those where market of levels? Are them be of have know --

kind how expense FTEs XXXX? you do to think or relative run overall So rates maybe about operating of either

Grant Chum

more I the couple of productive efficient think, and also Shaun, years. become we've past through

So product also I back mix a it exactly bit think to we'll have a Londoner. of quite And through to wouldn't has XXXX. rethink changed be -- also referencing the necessarily

base high-quality more non-gaming as well. to have operate do We asset

So to and we the today, that give of manpower color, you a relative full short demand are operating relative capacity to we're to seeing. bit more

not the we're of one Towers So we speak. Sheraton as operating

through operate for our full at of we of in ability year, whole only in still all-suite hotel. our the operating we the terms which from the way high hotel. Court, opened we're capacity the operating capacity. rooms Londoner newest hotel end about not to minus We're two thirds manpower So soft X,XXX And that of are past

fill months, relative manpower at we're able we operate, going we'll think end because to at be next periods. place the capacity. clearly the the we the hopefully, mass So to I for and full we staff to short to these few and And to end, the a operate recovery. And at operating going industry are the especially to see peak hiring top gaps to in urge be progressively up the pattern, both as full is be of potential go demand our better within to whole through still

part. another that's And

hotels served you Rob the as the like for have early on We recovery. But crystal that, says indications CNY. no strong staging is post telling yes, the the of the ball demand a demand clearly, metrics is

to going obviously, And we're have X:XX:XX]. Thanks. [Indiscernible to

Shaun Kelley

very you much. Thank

Operator

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

Chad Beynon

Hi, areas elaborate I highlighted New question. was we talked for more good Singapore, development deck, wondering little if a talked bit which In Macao, of about, on. my slide could taking we principal about, just and the which afternoon. you Thanks York, you being which

part time. question of quiet other about a at Korea opportunities about know Asia a in going if that we ago like past, second I But Japan. the is, are those talked in years Wondering potential Thailand, talked you or this

on So I guess, firstly, then New Asian and York, secondly, potential opportunities? Thanks.

Rob Goldstein

Chad, revert your just. mind, I'll reverse it let's

all and no Thailand that has that's I think certainly possibility. we been at know And looking discussions there, in secret Thailand. that has been we're the press Thailand is a

presence at there to -- be future. in hard love Thailand. So the looking would we're have a certainly I

viable is you as of referenced, there. is today. to Korea not Japan, And nothing speak

the probably York, bidders, of millions you with only limited per amazing I people, be there. where only yet a of probably there casinos and market dynamic millions is and winning U.S. unique simple in just The it's units to huge a going bidder So the few have opportunity. It's And because casinos we'll win an of exceptional. a will place jump total. There's a very New there'll think of can or for which be extraordinary the be handful and an capacity. to opportunity

winner do lucky is well. very, very going The to

doing now properties three we product billion as a still have table with the approaching much machines. just by York the far think a at And right -- clear New It's the in evidence as is slot games. operating of the great capacity. market looking really don't I under room USD of just X it's not

not to casino, approach our it's is casino anchored a scale build So in approach, looking and a We're which quality. rather large the restaurants, convention will a community impact entertainment with hotel regional build grow huge not statement. LDH historical very looking transformational to much an spa LVS, a and but by of a a tourism which truly feature, powerful space, product, positively theater, dozens a is new

thing it, tourism looking of. not for to the Nassau. will all be transformational limited tourism good working in in, And do very drive We'll into very county people county in. proud the we we this way can -- outsized We're be think something way. they it for a the in And will we're if be in the be and it

is LVS Our space, on XXX,XXX very much non-gaming numerous of foot probably bid new with per thinking assets, meeting lots square traditional the of large-scale space.

rest the it's York population got much dozens Vegas. in in be and view Las very dozens alone. the There just local dozens huge a many basically of very of casinos, to a of unique I not but very here you'll casinos. United different couple We've millions -- and a It's market New So to the States.

And going to opportunity. be exceptional come again. so it's along won't -- it's an It very

I and think is this done. one

And number Hopefully, a opportunity. So we're we've trying but it do someone's been of hard. for trying very York it's is finally looks years, like to this New ours.

Chad Beynon

a that was confirm from transportation. of could the or I of really in what data Thank to continue trend towards Rob. in Peninsula market, mix you've modes Macao, Grant. we've much, -- if more one even or wondering that there's a had It that's than kind you I versus seen past. the seeing bigger versus on if of a that's like that just of I'm if Cotai Wondering ask could very sorry, some different an And wanted in another just to secondly, 'XX. the Peninsula you now seems shift reflection we're then

CapEx the not you to that, thinking And you. Peninsula your plan. part I how that's there's then about related CapEx the and asset of big know opportunities? Thank are

Rob Goldstein

Grant?

Grant Chum

I should Rob, that? take Sure. Yes.

Rob Goldstein

Yeah.

Grant Chum

any I split between the think data Peninsula. and haven't Cotai I on seen

think, to -- will think I structurally, half of we said trend the we we revenues primary stands more even mass will than it have from I continue. think And always reason, However, that already hub. I that were become and And pre-COVID, Cotai the Cotai. see

and destination, for that desirable resorts of of at Macao are next will as the different think, towards into have long you results But the issue of side, just I the Cotai. think structural and all balance there's And of a lot the from that over a cluster next all will main XX revenues lifestyle world these I what in of is of making integrated reason its generation continue I consumers to are even this, a think going on push heart, reasons. more that's looking over the Cotai to that investments those surely non-gaming are evolve time. continue the years, factors these structural the class basically

we one our majority it properties. still our majority reinvest have clearly obviously But asset Peninsula, asset. going -- will vast towards to we do the in -- of Cotai to regards on be the that the intend capital As

Chad Beynon

Thank you Appreciated. much. very

Operator

line Thank is from Montour is you. question Brandt, The Brandt Barclays. live. next from your coming

Brandt Montour

spend Good XXXX. be everybody. Hey, in visitor comparison, that's my quarter-over-quarter. to If it's you in days XXXX the same seeing in different was Starting I Macao Singapore. to looks you're morning. then helpful. sort of you and taking that also questions. way, that Thanks we if curve saw if the for into could would Las Vegas if per compare if holding curious And that on what up -- the early want there throw

Patrick Dumont

Yeah.

thing note really and markets. that think to to tourism all really offer. key that it's hard The about pent-up is consumer we compare experience products I it's demand, the between

high-quality those assets of for And of the sort nature tourism.

not different. it's story. are is really What the the between same. markets. similar fair thematically demand is consumer compare behaviors look So the The price points to different, It pent-up really are doesn't

strong still coming And see on in locations. Rob strong it's starting very saw a strong. said it Rob's in experienced seen in it's to in a -- it way. other Vegas and very Macao Las now as in and in I his career here we're and effect them before, We We in in way, Singapore

nature market. it's of the specific So the behavior consumer to think opposed price each in points as really I

Brandt Montour

Okay, that's great.

Rob Goldstein

of part of could higher be Vegas non-gaming. a It's market a just billion the historically. it's got think Las has GGR Singapore Patrick's -- it's capacity. is have -- point, billion, what to is strong Macao, $XX Macao market And got $XX then versus a much more very component, the a doesn't And Singapore gaming been GGR about

apples-to-apples. to impossible almost it's So

force in Singapore Mainland Macao market Macao. is in people the to in driving accessibility in is so of China, The scale huge adjustable -- the

so It's than hard when such the It's outsized anything. it's back compare capacity, at To and is the point, so to product. Cotai, the market -- great it enormous versus Peninsula, so And that it's powerful. to got capacity offering. hard just Grant's product full

Brandt Montour

Okay.

then if and Macao Okay. projects market? in the left enjoyed in commitments you've be the capital, able Thanks that looking recent that that in on long-term of Slide to for years think market to the side you that. And the done curious, to on going XX, I you've levels was slide, the plans XX achieve you're slide, next at for commensurate your return

Rob Goldstein

forget, a can seen bunch the We We've you're do. returns. been have sure in count people business for -- doing XX of we've non-gaming do. years, what we seen we and the talking Yeah, to

retail, our entertainment and and and our will EBITDA, the has future driven billions dollars of theaters, of in billions billions well. as Our they

additives commitments. no do a about They to visitation on market. getting now. more certainly right concerns going is investing whatsoever All business drive We return to and non-gaming they drive to are solid have more the the market,

a commitment going as this at that. look XX-year We starting and beyond

commitment there. as as can is we Macao to be Our long

And so market very, invest or considerable to hesitation no we a the have very return. show

Just Macao I pretty great non-gaming, our non-gaming. on The mean, investment past. out majority. done is mostly our well in share of look us. the for assets, in It's the lion's we've current worked

XX we're committed next think we Macao. So continue to trend, we'll that and years, and happy very very

Brandt Montour

so much, Thanks Excellent. everyone.

Rob Goldstein

Sure. Thank you.

Operator

Suisse. line Ben, coming is your Credit from question Chaiken next Ben The from live. you. is Thank

Ben Chaiken

everyone. Hey,

Macao really these should are the that? beginning Just how invest. Obviously, we thinking about you a Historically, been to just of But is still to days? for a important? areas capital quick ramp, return lot to and how me. think And of timing dividend Is so, you if has important about guys. there's that one

Patrick Dumont

were yay would Yeah. X:XX:XX], If Sheldon dividends. he [ph say, here,

put on someone us think I hold in Macao.

Daniel Briggs

about that. Sorry

Rob Goldstein

Brief commercial from Macao.

Patrick Dumont

as So dearly, yay, be saying, if he dividends. and Sheldon miss we would was him I saying, here, were

We're also I markets. is in key do most importantly, But company. think back large-scale growth we're development We're a Vegas growth. Sands company. We developments to a company. Las a returning capital

think we're we'll on our exciting. our returns we're Rob very opportunistically, the the hopefully to of new look business a that get term. as the chance think highest are. to capital that, There very I and do it's balance as of near the part we'll the to and friendly. day, about development. deploy you of things start operating heard to I where talk continue strength to cash And focused we we're see returns be and And And think dividend to fundamental I where the that But cash are at as shareholder very But flows, be the shareholder flow at up return of New of and point. other wait going again end strategy. will some ends our normalization And sheet York, see make dividend we'll in assessments going

Ben Chaiken

you. Got it. Thank

Operator

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

Steve Wieczynski

Yeah, guys. afternoon. Good

are any the are that much strong. is or I wants before? call pushed color if the look wondering the could And how coming it more as to around Rob can take just that. guess, being it, Chinese patterns so any if seem commentary these it savings color is of into that us whoever this, are spending last, And give pretty maybe the let's Or of start think has as there folks provide Year, of gambling folks they So New mean, we you over or like with these does you tell. high did early right around to visitation in market? too of some at just floor? I about it's to been Macao week Meaning, I spending non-gaming that I'm the levels now. or side the But Chinese

Rob Goldstein

have out just think spenders They're may who how gamers those good it's audience. And customers up. show right where the worked showing gambling, recoveries Yes. retail, very are that a the Yes. we I this spending they're Macao. spending, up most audience, historically strongly aggressive it's first. strong seeing referenced Yes. And the in is in in as spending they're we're in retail so a and It's very Steve,

You'll numbers out. see then market the come

that gratifying these are your coming Mainland them? is to to Macao been out of visitation even question these customers are big It's previously. of they numbers who some returned. I now return, not how point, pretty relative us think days three wait out to what We're years the question see those the real had terrible really for there. in the been getting of We're coming behind many along has Because mediocre China, is, And more and market.

and it. think it's retail, or both, choosing enthused think So they're we're they're funding don't eating I shopping and everything. doing gaming then and about very necessarily I -- not

typical to life their enjoying buying the people most shop So recovery -- wanted very where situations it's of these who spending they're and there again.

party Chinese Americans to a came no is just reopening years. I got are the getting markets and the started, start three themselves. different U.S. last think hopefully, to the and who the very this to And encouraging a enjoy continues we've after

any I color raise to do want you you can that add haven't? that, some issues Grant,

Grant Chum

and it's much We think in reopenings, as arrivals. customers high-quality versus tourist attract that's Southeast that saw the spend had the Singapore in nature The recovery will April said. as I the Singapore well. of overseas in stronger think just first, No, in you these we And the Asian recovery what it we're I seeing. in

except airlift, airlift, airlift advantage think the following support as bigger as and for similar, Macao much to but being by I has through able in the something regional also domestic And connecting and not China Macao also visitation, land just well international a has fact well. Southern by then sea

stronger seen you're it's a CNY I what far, does I pattern. like see the revenue think So recoveries visitation revenue. that let's versus that we've getting so think Yes, -- the in support -- much But the pattern of how pace recovery.

visitation. think I are you in

Rob Goldstein

last this great in on the one, that Singapore. think comment of Grant's, air that market that's I dependent a is like

You'll need the airlines.

mostly can both. ways, or to access You is Macao other vehicular come

the population conquers, huge point. to there's a gets impediments virus -- from more it's very think that massive Macao the growth Macao a coming to no China. situation visitation I positive So as in That's confident, advantage to for nothing

But Steve, and -- we every we're just are look, spending they're seeing we direction. pleased in

just very we up feel we -- So from ramp fortunate. continues very here. to it Hopefully,

Steve Wieczynski

me, Really appreciated. it guys. That's great color. That's for

Rob Goldstein

always. as you, Thank

Operator

Katz from David coming from Jefferies. is Thank next question you. The

Cassandra Lee

answered is getting so New everyone. Happy hope questions already, have Yeah, Cassandra on of think behalf my not to This it's Year Hi. David. repetitive. Chinese a of lot been I I

You've mentioned wages. markets, energy cost issues in in all especially

And are discuss you could level be we today? those versus might terms rating where permanent? in run So what to of EBITDA extent XXXX

Rob Goldstein

for EBITDA going a They're point, to worldwide for go are well vast It as We're them what know, think seen a an vastly. whole you've think with lot. -- I except Singapore. to discuss at not one that. way, think, issue deal energy I I is whereas not down you And be we'll see wages, It doesn't everybody. don't does do in I this going thing. coming

can are rating Again, That, also Singapore our and wages ability constrained -- our at strategy greatly. don't up our going decline in in the and to your be business our price price you up Macao. think, is resorts I margins. think capacity and I to retain will

I efficiencies, think then to alluded Grant important. and that's

We have thousands, in tens of a large the workforce, in Macao.

with all this we're that for do, the now. helpful. live So should the Patrick? wages and more structure doing appear we be point and efficient be to higher better in I what in But to think Asia, at going U.S.

Patrick Dumont

that business, nature our in have of by inflation. the of we is resiliency face think the the I key thing

amenities. of the our These long-term we non-gaming Rob rooms, mentioned, we lot operate we flexible not have beverage, pricing, contracts. gaming way pricing, hotel operate of food a and As that are all

We with have the market. ability to go the

some we products to are to at of the positioning increases products there inputs fair to same that structural experiences our time, we the use, have ability that the offer unique we around around price while the the So we of of be the have. wages, because nature

years they're a why many strong. reason the markets, invested We've lot both in over so

So inflation mind, in a thing. is real our

account over actually take business through to and our ability grow of the the work into have to time. margins we have it We but

Cassandra Lee

the to license York, versus if Thank make do you And how win shifting if what of New gaming expect kind you share investments publicly don't? Great. disclose you you. you to or

Rob Goldstein

retail, casino something the With Yeah, and MICE, in It's a we small thing. to a heads full-blown regional be This investment. billion. all will way real resort. business meant the billion tourism. of is biggest is restaurants, to will revenue in about be the it's time current the And thought going not think a in entertainment, generator. $X $X the not our transformational casino. is building terms this biggest, We're be the that drives Again,

Cassandra Lee

for Great. so questions. Thank my much taking you

Rob Goldstein

appreciated. you, Thank

Operator

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

Dan Politzer

was everyone. if a afternoon, [Indiscernible extent, good Macao. what Hey, of I VIP about thanks I your X:XX:XX] know And quarter I historically for guess, to on business. first mean, total form what up you customer this is seen this Or customer? return in showing it in type a has have any, direct a more and customer been credit, premium of mass? VIP

Patrick Dumont

that. So VIP one than lower was the is thing contribution much to note

call let's mass premium historically. We've So double digits, mass high it, and always driven. single low digits been

were much So it's business. our always -- fair, basis be they mass on VIP a than contribution junket the business, premium were and, different and to because structurally margins in for

by comments. being our So additional our and you tell basis to of the want we've base and to type how attract. asset to contribution speak a do said, mass some that led it And turn play for by on and tourism over mass play. can our been our always Grant customers I we That premium we

Grant Chum

is to is than direct. mass much, I business premium the is our And currently the rolling premium mean, Patrick. lot Thanks, all a Not add. doing think recovering faster second I in program. point of direct premium much

now. right I think that's seeing we're what

Dan Politzer

the given that we that mentioned, should curve just on to return? there New then And upside spend density there a of project XX% mean, billion investments reasonable York the investment, it. I that expect commensurate Got to think the to the of is a you've $X return -- per billion high you be unit, that on actually type could seen is $X there historical population, or Asia-based your in follow-up kind

Patrick Dumont

invested on very us, I focused we're for capital. think return on

best So that capital Rob return the outcomes. in and highest looks to everywhere the deploy really rest team we to of can try the

a New very there. And returns opportunity. it's interested York, so we think were strong potential didn't the in would think we We be if

every largest show we tourism about the drive We're market industry benefit and local that can enterprise. it's community, In create, routes, relationships community to we And partner jobs in, have. and this the support typically going small with community that so in we the we're can develop the the looking everyone. the really for we're about medium to be investment something deep trade we that us, about the is

we're So the think are it. we excited there. very Otherwise, about returns interested. We be wouldn't

Dan Politzer

it. Thanks Got much. so

Operator

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

for have Thank you disconnect time. You And lines participation. this day. a phone may your your at wonderful

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