Las Vegas Sands (LVS) 18 Oct 232023 Q3 Earnings call transcript

Company Profile

Participants

Daniel Briggs	executive
Robert Goldstein	executive
Patrick Dumont	executive
Carlo Santarelli	analyst
Joseph Greff	analyst
Robin Farley	analyst
Brandt Montour	analyst
Stephen Grambling	analyst
Shaun Kelley	analyst
Daniel Politzer	analyst
David Katz	analyst

Call transcript

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Operator

And welcome to the Sands Third Quarter 2023 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

Thank you, Paul.

are President our and today Patrick and call our Dumont, COO; the Rob Chairman Goldstein, CEO; Joining Dr. China. Today's the Ying China; Wai of Operations, and Sands will Sands COO Grant Chum, forward-looking Wong, EVP of President statements. conference call of contain Asia

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

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

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

Finally, ask follow-up, to being turn the please so to Q&A participate. interest for X allow recorded. I'll post now might to the is with everyone session. those with Rob. presentation over we and call the We X question opportunity interest This

Robert Goldstein

of entire non million early us both into the and will perhaps EBITDA and EBITDA ETG of slot only growth the $XXX Dan, for and believed Thanks, post-COVID of completed to to of million QX always thanks share now EBITDA. our that QX Macao nation. we reopen. We X [indiscernible] diluted power did nongrowing we the has exceed of in London at revenue QX million today. meet are take $XXX with $XXX quarter, EBITDA. lift ] gaming $XXX days. wind are and largest [ Look months began the the of market. SCO million rolling and forward tailwind, wind. earning is in for joining These We've

growth to it's be a food stellar $XX Macao. beverage, it $XX gaining A question much our to and have may grow years market can assets Whether billion, believers capacity, retail, all much that future investment and is occur confidence is have $XX relevant of Macao in capital drive that tethered programs underscores rooms, future and Our powerful by these anyone we will are There realizes. This about we GGR returns firm ahead. our which the billion our in in necessary billion, generated shorter will is speculation of growth assets. timetable the entertainment, and beyond, variables growth portfolio. the

stage growth of and term. LVS world. the few has growth I Macao mentioned. Macao, believers points important quarter in in in are market compared $XX reference quarters, is previous We billion the near the to as third represents long to market strong invested which EBITDA consider, land-based most A

USD $XX or drop with program. the our used a ATG and feature gaming, I our before as [ impact expectations are refurbishment. of and per the tables of more billion our power in $XXX our XXX expect EBITDA. ongoing business every can despite both notwithstanding exceeding There superb suites. the future reinvesting Hestler business is ADRs accelerated delivered an are quality of generate non-rolling desirable Singapore. all attract levels, escalating based that validates is building which approaching assets same testament decor MBS retail customers program, in prevail the on hitting the is the suites go, of Disruption How this MBS XXXX. Most our annualized lodging We have segment. billion MBS billion The retail $X indoor $X to on Slots annually, is follow and building Our reopening, Macao MBS Six far the far is pre-COVID numbers. million quarter. numbers. MBS will evident quarters service going thesis a gain exceeded a disruptive to portion the returns. no MBS trajectory renovation are denies XXX far At million refurbishment most sustained ] phases results and has beyond starts Singapore retail MBS pre-COVID and the of and [indiscernible] The that and X.XXX completion our future. day. of cylinders in component of from will iconic in was MBS assets perspective.

New for bidding we're a York. Finally, license in

process billion, secured from necessary have opportunity. the local appeal. unlimited We selling is strong receiving resort resort simply We're with a The us in move an extraordinary community. [indiscernible] Nasal enables to excess cost forward. and to local of of the gaining also support X-star develop requirements the This will $X but

prospect. are We the very about excited

compelling, as again. I'm call on bid us going before the the Q&A. award be ground we over move the in is turn to license Patrick some who Patrick? to Thanks as that joining we Our quickly for will possible. to

Patrick Dumont

your Rob. to we before questions. would get X like I to on topics cover Thanks, important

first our the we long-term structure expect The in business. Macao is margin

As from Macao improved to market naturally recover, the our margins revenues an will continue mix. business benefit

of Macao $XXX is the This points 'XX. which margin, of XX.X% an basis quarter, at a our quarter compared to EBITDA reached million XXX second increase

exceed As our XX% of XXXX. to we expect in the revenues business grow, to margin continue Macao

transformation quarter, property revenue the of margins margin strong the an that improved mix. Macao business recovery must the expanding grew The revenue $XXX The been operating fixed a points margin grew with of the EBITDA during visitors Macao. quarter, once XX.X%. strong with is [indiscernible] a have achieving created product of This example XXX Macao financial see the million to This with our business, EBITDA to is leverage for flow-through reflect sequentially costs that EBITDA XX.X%. $XXX Malaysian long for million, and a to term world-class reaching performance covered. The basis has EBITDA reflects reach to

XXXX, in have over future and expansion some naturally EBITDA We expect will time. disruption growth margin but we construction

Macao. that's So

update I an capital of the shareholders. to cover second our return is to item on plans The wanted for

dividends roughly $X and of and share form repurchases. returned a Directors billion XXXX to forward dividends share to X-year losses looking XXXX, Board the through period was which XXXX, capital XX% Our share restarting In repurchases, to $XX split we in has billion of we're program. repurchase authorized and repurchase shareholders over our of to [indiscernible] the from XX%

consider more over dividends share our fundamentally we compounding return, expect time dividends. reduce in repurchases more share as be benefit future they heavily in We we than capital weighted repurchases. accretive believe repurchase will the will long-term the denominator. We believe As of be

the that's update. return today, let's Q&A. [indiscernible] again to and capital move So

Operator

for and from Ladies floor now Instructions] question from you. is the Deutsche coming questions. And Santarelli gentlemen, Thank is Carlo [Operator open the Bank. first today

Carlo Santarelli

of the Rob premium converted But mass mass. Patrick, thank quarter, color. the for. additional sense. the you And It and tables think to do for the expect its premium you looks visitation base the best like forward? Macao maybe something makes you in some in kind count this mass anyone to footprint to you in of terms base Do or tables. Is in that obviously, about the mass with of point? have at as going guys what you in increases basically guys you over table terms premium that need

Robert Goldstein

we've our to The is got of model every to beauty plenty move do business X will of market. capacity the

on growth such anymore. which forward Grant accommodate is may is only premium. you I true what moved we market segment comedy color demand. happened of the the that saw saw most market the truth here. show As around very are we nimble. is and expect quarter, any that amount that's But in huge we're Grant? shows any versatile, table base this this, difference table in and market, can number both just in and with move tables the of we in in assets able strength some have grow rooms that's again, where built capacity, to in our into both to for But be that just The to we our me The future supply to a and

Unknown Executive

visitation Yes. of tables, our and just Thank for more of business. optimization quarter natural as rightly and the mass a increase base part big the I Yes, this you, repositioning summer between think the Rob. base a course, you towards mass saw referenced, that's the segments in

was natural And mass. just though can to mass, XX%. mass, repositioning substantially optimize in a the as see, that the premium win unit up you reorientated table base table a base count we towards can increased per sequentially, even So

by win per increased sequentially. We also X% the unit

think and will of in see on depending that actually clearly is well that quarter faster. numbers for optimize the segment the very change I capacity evolves again as So terms which we between pretty segments growing X market you table these can did the

Carlo Santarelli

acknowledging Great. and was And the period the But Patrick, I it's high number if in hold on that could just Venetian there of a small follow revenue. in kind VIP the up side. terms of relatively some on

flow you back incremental million property. revenue. period profile, of did any obviously XX.X% for we from getting quarter we about the of the to the time? think rivaled in of in the of there about And property being that take net margins margins out prove that sense flow-through annualized close gap, As think what could the kind to where incremental If third over revenue a 'XX 'XX you XX% property that about think, at down, versus I despite would net could it kind kind or other margin $XXX-odd on revenue kind you get perhaps XXXX. think at to levels of kind that How through,

Patrick Dumont

question. a it's So great

the happens us, first for cover if your is this what is thing base. fixed think cost I you

we our continue XX% were will base always was felt the fixed margin to and as in we as context. our Macao. levels, cover had we market recovered rate when run we recovered, which visitation So and in reach And to cost this tourism grow,

operation do is it to the that property level Macao period. we you more result. feel Macao going of example the was performance product what about result than very has in visitation visitors Venetian to less market. is strongly of mass run of XX% a run pre-pandemic, a X still is million see margins really reaching So continues in same and a that great an that we're visitation the Remember, the as the a to about rate ration pandemic down post is return And

understand on strongly margin very there's the market in margin. well, at in But proud of is to We're is, think operate it room going We the and what's product we're again, terms potential. in starting the to run. we very think see of lender. productivity So we product starting that feel as about terms results that to the about more

continue think to think into the as to to team they've So great the to to the strength businesses. done in revenue But come a it's visitation. these testament market we continues work there, grow margins be fair, there's through I

Operator

is from from JPMorgan. The next question Greff Joe coming

Joseph Greff

game to margin and base for Before table ranges premium mass games mass COVID, you table used guys department ranges. disclose

range that the is and that or aggregate does to I cause in premium in and XX%, ramp higher ramp and the that Londoner or cap. is middle think lower Are ranges XX%. base still the to margin ranges and does midpoint now, clearly viable? right was Or more end those XX% those XX% in mode the of math be the is

Patrick Dumont

So and us, of of because investing, of run mix I for we in think the the sort business where aggregate. business we're

at that and we the getting looking and is in basis the quarter margin how up visitation we're it margin more put as saw the what was, just Venetian in point XX% growth. So great discovered that the and market expansion the XXX started more Londoner

So think how that's we I Rob going provides for business manage the assets at said shift I us, really returns. Departmentally, and it. the best looking is most to as think segment we're that productive earlier, And to we're the overall.

really not total. really our looking for a as at of at guide. think overall I in productivity We're us, base we're that asset So looking

in occupancy we're that's per was more nights at to so Macao, But actually room same casino think period that's driving the X thing in interesting room. thing I XX% is consider interesting XX% 'XX. daily yields versus is, the higher in

what a segment, but starting used a the to Macao Masters strongly. support in come seeing X-year recovery, what mass hiatus. And we're is is our base so basically continue segment online you businesses back after that And see this to mass is recover the really to premium was

this drive more visitation growth, to and we'll base return mass see will increased normal So start a margin mix. to revenue

trying throughout. operating aggregate in how So kind to the I we're manage of wouldn't business, managing asset. the of look the at the recovery at would segments margin the we're That's look departmental I and

Robert Goldstein

we then look And at EBITDA.

Patrick Dumont

is we at the then most effect. important EBITDA, Rob. And which you, look Thank

Joseph Greff

Okay. more level consistent that look quarter was a And would respect at? the see, then there's do or minimum Patrick. per great you per as a to opportunistic? it you Do with Or as you look at at that consistent or that to episodic minimum level year buyback, look

Patrick Dumont

time. we're going measured think I to across be

in to think want We a repurchases think share we think there We effect in I reducing repurchases. the through there's a share return way. is benefit real think denominator. compounding capital to it's meaningful a We accretive.

a on authorization, us, forward of balance so the the you basis. looking determined. to see our it see And be for we're regular But The sheet do strength. size amounts to you

down business. cash And we're go the and amount to out we're in generating of going You flow see aggressive. be the

fundamentally in think look we majority had, and we're call us, for we story, I dividend. benefit. the it, think believe repurchases let's a split that get of I pre-pandemic that looking capital share you But that be to if return at of

And historically that a think at in way, so regular repeatable we've to again. if to look going I returned do we're you capital how look and

Robert Goldstein

Jill, it can't somewhat at but the look be as we opportunistic help market.

make trading COVID opportunistic. stock next $XX X that's to think not Our our to decade. billion, the is and It's in, we billion hard stock more $XX billions in look roughly and and buildings levels, or the at

consistent. other On long like we is be be the also hand, to term

today look But wants of Macao Singapore, half or not pricing mixture a but open at to we to to here and think opportunity, close have perspective. we're sit of also a kind Macao long-term it's both. there's and So if as it's

Operator

Robin is UBS. The next question coming from Farley from

Robin Farley

I really I issue to depreciation? some customer. RMB of wait us like levels no bottlenecks It Or that the kind could that you you of sounds lower something guess we anniversary longer in are the will for next transportation Is wonder that visitor It's segment? thoughts to that Macao. for holding if what of spending kind have back what think that the give kind spending lower change do year? on

Patrick Dumont

Yes.

interesting. think I it's

and this XX in If time. debate the deck all by you go we to way, the Page our

there the on on very it. team focused ground is the think I

XX%. you of in I think quarter, XX% is if the visitation see only back excluding is Hong XX% air is and but what XXXX the from Guangdong you'll London's Macao lift, at at that XX%. to capacity Kong was China, look only was Airport

get difficulties we're still Macao getting it's are easily they're meaningful not more better. difference back to the normal. but to before real, and frictional a can sport so they transportation in pretty So and still Customers before.

is see And some the so groups their to to which mass starting for positive, to earlier, starting of very increased what due store of I mentioned is, we're visitation. some the returning, infrastructure see volumes are

mass isn't higher-value and customers, the of customers Some the customers, IP great. airlift premium

this of coming of airlift was some some international. Macao of And some into and it's it's domestic

more So more and entire market people I not easily. [indiscernible]. think as in accessibility. of capacity also us, terms recover, to of going this course, benefit for to we able story And us, we're airlift only the But air see where think are start in here but I travel the is to terms see there get is recovery not fully of

I way, think it's the not on back. fully but it's

Robin Farley

I spending the I'm be from, and levels. think is coming will travel wouldn't -- necessarily air the thinking I lower to back rail, be that customer where guess pre-COVID high-speed

of it's there is anything needs you think Or I China? So outside -- is Mainland that else just transportation kind change, impacting to whether that if issue. that anything in policy of else

Robert Goldstein

to want in you here? do Brian, jump

Brandt Montour

Yes. Sure.

out some [indiscernible], the XXXX. the in look provinces, between at way of XX% are I differences are and regional visitation spending mean are Patrick the of Actually, actually lower of provinces XXXX above Robin, referenced there think, terms you higher I some than if

the that holidays this actually So I you is set what visitation and on very just COVID. to first of I go are whole regional then and think since I a forth, in there And think rooms factors of so the from and this cross in quarter. differences their hotel availability the their so depending acceleration transportation is some on to trips. nonrandom border mean ranging of propensity strong the summer see host

reflected lot mass that in is quarter that this up that a And up saw really sequentially. saw. property is visitations, base the increase we but over the visitations that China the So more in within Mainland we're XX% also XX% we revenue

pace So than base right it from it mass. the mass, but accelerated premium know, picking stronger up, which the came in just different back fashion as is a you the start from at a

actually think destination People is mass already inventory in to it Macao the driving and the the more improve propensity this the up as time base all the events I that is significantly nongaming back did and with will as over interest naturally market that think segment I are So know opening improves. quarter. investments

Operator

question coming from from is Grambling Morgan Stephen The Stanley. next

Stephen Grambling

may and on to a to bit color This love these would step customer maybe function of bit recently, I of seem hear move how more have categories a little kind the a has be trending driven that recovery how recovery big the Week but more in myopic, events Golden around pace different across historically. continued especially

Robert Goldstein

intact current don't that Steve, keep the We'll well. we traditionally about as talk here quarter.

the numbers But strength the I the in as evident we driven and the government market Lake to the numbers think if at the by other look inside never comment see the Golden quarter. print of you sources.

Stephen Grambling

Two potential enough. hear to be ..... love just maybe near-term to -- would specific more something Fair changing And around would anything disruption.

when be the that's to I in that when anticipate going reramp. can and think November that be fought and starting we most might then

Robert Goldstein

some to will obviously, through brew 'XX, it though results, feel disruption, Casino at future that Yes. that Grant, I'll and Brand the be we better initial still but of a and turn it. hope how X it as there are we're both we looking see these -- take prospects. seeing under as

Unknown Executive

Rob. Yes. Sure,

work we period And entire times in disruption managing I over over middle clearly, is minimize Tower started experience XX when year. think be London renovation guest Sheraton the XX, the on side the judiciously the methodically in I something during some next of hotel have months. think we next the that holiday this and over And the to impact you'll the we'll see conversion think into the business did the the we gaming many, on and the managed I that indeed, operations, will we years. but many XXXX

the really the on same done as but continue to quickly front, customer to possible. time, yielding get enhance as these works try to at the as So

I positioning. renovation Sheraton quickly make think and our the Londoner, entire sooner complete our we The possible. side repositioning the intent it everyone, staff, here the the guests, of as and and resort the resort, business south move the entire brand and for Pacifica Towers forward is our the will to the as Gaming the of better be

we the part So entire make we would the have the portfolio gaming is this note both side. lowest of is portfolio I on that only other part the yielding take the should of that the property point hotel and Cotai

do successfully we minimize able completion But disruption the to business. of we to manage other to hope the be first So in the on to half 'XX. to when get the side,

I enhanced. earnings significantly London power think Macao expanded the holistic through the That's experience and the and the goal. be will of

Patrick Dumont

Just very about, return about capital focused we're X and invested think thing X of sort Yes, to on so in think to growth thing Macao. on

anticipation will to by market to view. reaction the really those is our will us commensurate so helps that far meaningful returns on way, and we growth. drive product initial have this what's with so And online the brought that investments been these previously with his be And the really

customer in asset par the of our what the believe that Venetian. target with the the long when run, is. will will Given response it's done the on the performance and lender, be completed That's

Robert Goldstein

also Grant's I'd comments, the add Stephen.

us the flexibility. portfolio scale the of again, Just gives size, our

seems customers, too. We have to money XX,XXX rooms, other new is

to I very maybe exceed not in a And keep So deploy rest see intelligently. comment the important assets X other easy, are and those that. job the despite our of assets strong that the But in I likes hugely be we future. going to maximize 'XX, going while to think to assets manageable Patrick's to minimize to they'll be opportunity our those to deploy be it's the other portfolio think getting disruption business the in

Operator

Chad Beynon Macquarie. The from from next coming question is

from Kelley Chad Okay. next America. coming from come later. Shaun We The back question can Bank of to is

Shaun Kelley

margins I flow-through that quarter and a at If just the drove bit like some rates, now really retail that wanted Just sequentially that. get of it we terms mix in better kind the third flow nongaming that Was in to were back? normalized go sort and it do through discussion maybe look of look impacts on, it fully just could back which kind little Was in than look staffing? mix wondering color which a the second the good we that? of here are like it the to flowed the factors was base on in at sort maybe see to of the quite Macao, of Because does a bit amenities, through hotel, back as of little the maybe that impressive. mass if coming of some how you what does drove of some more.

Patrick Dumont

for and it. tell to the will that, increase I It's magic Thanks revenue that bit you a XX.X%. appreciate little question. there's called of

people It's had and grow. not continue will are it's to it and it's really for unbelievable just So the We is out, Macao. product, People a demand. it a covering recognizing for. and just is week. last growing. really starting at increased and great the base. product team fixed spending for more keep And us, really providing a showing cost great in It it known -- money I phenomenal customer figure looks is to was market. product it's for up, was The us, how going the get there to it highlight and mean asset to service a just it

was to the all That segments. us, just for secret so this And revenue really was growth across in it. really

Shaun Kelley

give as the of into a pretty my you then just little was its payout of want high a mean change. dig follow-up, couple buyback ratio. of and us to big parameters. the obviously, authorization, Could sort Great company I on strategic I pre-COVID, deeper overall kind a actually

project big program CapEx You the activity ambitious Singapore, a on pretty of certainly, capital and do -- obviously to want some on in Macao. potentially this across renovation New some in what have York, the you

could you're I've parameters around the us just underlevered put maybe And also given help possible? probably company just leverage, So that, think ratio? And and gaming should then payout we ever if about numbers we how most think covered. of some a medium-term

obviously, you lot where the complement firepower presents a big sit potential a there. but of at to it moment, So

Patrick Dumont

you, right to worth really Macao Singapore the system-wide. question. tell I the generative, cash at billion sitting commentary cash cash about appreciate generative. So we're very will very of $X.X become of now, is so is starting

concession So will we core those We'll able be obligations commitment be have our to and because and new flow, jurisdictions, to development do in and flows, this excess our we'll the then to York, we'll tentative the of of able do through able Macao core. able growth IR cash the assets. about invest capital hand we're able all think and it to be have assets. is to and opportunities to the and timing do and cash on other nature our markets we growth cash be to cash we'll New through we'll the be going in of organic pursue key timing the way due our to of we all We'll and growth do and of use redevelopment

before. we're heavily not terms as dividends towards the call, payout in addressed we be as in were to the going we of earlier weighted ratio, as So

on So if to we're dividend for both payout ratio, what sort about repurchase you were is to see Page well historically, XX, typically we guide really look looking flip on what taken, and like And our looking your but a return capital payout very prior dividends. share look to Page ratio, XX, weighted. And programs it. of on don't point the we point is you'll we of included were

majority on being very the up end because actually share is growth. to focused repurchases, going we're us, for So

grow share aggressively. cash we the we're shareholder have shrink, It's we're high-growth pursue guide in a to going a cash drive assets and through the it can program to got can and of the ROIC, hopefully company's do or got and an good balance We've thing We projects, grow off capital EPS the is going return allocations we've going really we we're to it. And you really future. do through of we sheet. historical So can good real on provide to center that it. launch

thinking it. how kind So that's about of we're

Dan. you, Thank thing. X Sorry,

important a is mentioned thing. You and very leverage, this

to most It prior the market flexibility the pandemic, years to in gives this but name. important. liquid gives debt about new drives projects. an the cost So spent long access provides transforming run a really be world. of we company our capital, the us also the thought largest, us X to We which was on It in returns very efficient investment-grade

having we we the financial also projects so And in propose. us jurisdictions have helps balance execute capability on sheet new this to investment-grade because

So a we for gross Xx Xx like before. leveraged us, We've said on to it being basis.

You've calls, heard changed. that think importantly, still benefits believe a key think that we it We all we through I on over for from more time just us grade But for our metric prior we described. the delever that's us, nothing's so expansion. EBITDA we'll maintain investment rating

thinking So that's about kind of how we're it.

Operator

is Brandt question Barclays. from coming next Montour from The

Brandt Montour

that that is to can billion actually asset, X you Bay momentum in that Marina are Sands in $X recover Tower So need for that -- do the to can show on under last Based that inbound run XX% rate you still feel while slide, guys you like And China around your fully first, that hit you of Reno? seeing happen target. flight capacity hovering XX% recovered.

Robert Goldstein

this want mean, happening. of diverse assets think very I XXX. just is it? be clear quarter, hate are you're isn't say bunch to question. Good what I But coming state happening, Singapore seeing more if I that. about that's let's a in countries. China, did What's business we We really all always together.

XXX, just XXX suite grade from thought place the never which -- of very pretty to extraordinary. I combination of When great it's product, us service. it is a food XXX and haven't get the the it's beverage biggest haven't we we've to a potent seen think goes you -- that enables story thing It been in now. $X flights open is you more it's goal our where before. I question when of totally when real billion X more talk you we The open about get about real quarters The question get you the is do think -- and future up beyond. China, is

the the first surprised you Macao. stages early caught turn And place We're of opened [indiscernible] anything a very up, certainly and see strong of all it now and Singapore we're up. it's Singapore, couple powerful is performed, it is it kind follow If we're hoping of in fire in the wasn't to sudden, it because trajectory Macao. quarters. along, of that how

If some you've a been there, it's real perspective. from got physical challenges

think all can your We We'll answer an to the to. just you more to places lot without So of It's more. to for want get. we take question, is this go X customers think asset. we get can we the user a

in We think getting a Do product we You'll coming all customers and opportunity it's trying at but product. retail have to for at don't the business have stronger. end to potential [indiscernible]. gaming a or pay the we're to think We just keep to. airlift this prefer X achievable? room in huge we going faith in whether just beginning, the up Yes, all in it in is the

important 'XX. understanding. very of of XX% X the So I I no about that more. look from a it to go? months But we coming in later We've a going it's benefit lot do QX how think cabin for to difficult January back dead gone much of [indiscernible] to stop at in the X they're times think

it's think telling happen in you Singapore, trajectory, very I look what's Macao. If at to going this

of illustration Page another again, think, XX. in on was what's I So happening

mall. not necessary luxury mean foot segment about is retail which is Macau, $XX a you all X,XXX I think a Manati have The and the in Macao foot. I the good it. to at a is of X a local in look luxury side guys in have time pretty foot is the to malls season you non-luxury just spent X,XXX $X,XXX

in to happen to now Macao. we end investments the happen So seems is have think the But And in in confidence our prove Rosadi works great your to the that's have Singapore I to many supremely happen spending opportunity in architecture, always retail future question, gaming the places we will buildings MBS. power The of MBS. of strong make us you great what and in the with huge seem service and follow in right first.

Brandt Montour

of we tables Macao, constraints to why wholly Great. second That's super the on win you'd quarter the that win there by earlier quarter-over-quarter, in which sort visitor helpful. down XXXX. why of want visitor it to quarters mass, the that sort the any of about around other it's that Slide saw And per hovering then in that per Or talked base is reallocation the XX, we explainable highlight of declined. that's call? on coming some is shows Is over

Patrick Dumont

Just as thoughts, quick additional number it thought visitation really on some Grant is the had visitors if color. But he to XX. This to Page averages of market by driven a that we're by would up any just like showing I comment the for down.

Unknown Executive

premium you're Yes. back first. mass Patrick. think coming the seeing Thanks, of I evolution No, is what

the And revenue the for the during especially quarters now visit historical Board after per mass, levels. shows, you saw reopened, So couple the Macao obviously has of which page base what versus getting you're skyrocketed summer. first the of is this the arrival, more

XXXX. it's customers So important you when are normalizing. But that compare the of mix with same a you are getting to quality that in much even still quarter note higher to you

XXX XXX see can in from same this XXXX. arrival visitor the quarter slide, you in versus this think quarter I in So

So July continues capita. base spend higher to But the and that per seeing getting now especially are those summer August base higher premium across the during segment, that every quality and accelerate, a the starting months. mass, between you mass narrative you're

Brandt Montour

Got it.

less, well-heeled is to that gambling at visit also slightly is to such? So base a just showing the clarify, higher might it? actually arrival so kind Is actually per you and XXXX. families quarter it's that that same the way like mix look of the revenue [indiscernible], sorry but customers to No, be than this mass in more

Unknown Executive

that the So is I'm through in shows referenced sorry, the the in that as now. segments of also prevalent spend market all suggest per well. Rob And in retail actually, right mall higher gaming. actually the that capita you

Operator

question next from coming Citi. The is George from Choi

Unknown Analyst

do EBITDA we we While the help more margin and expect accretive cancers be enhancing incremental to this specifically, believe dimension incremental associated about I can [indiscernible] both How should at expenses? And same revenues the guess concerts do in the month Macao. you the tenant the time? at to think get

Patrick Dumont

for opened places. is these and experiences in and good, they'll just the business. thing Macao London so get us, very of But is market, important a on allows drive in are X It's the only as successful premium venue in us, And us fact, other do programs we part I very also Singapore. in for entertainment the entertainment to not we that for they begin, in question. customers our recently So in Entertainment programs create feel that a that our visitation can't more to more thank high a with diversification brand-new Asia. for think thing the just scale. to think accretive. quality Directionally, and like you but We're get using as very focused very in

regions. brings to attainment would it an with think if see glow prominence But any associated to the cost a to comments guys and it. you an Grant turn entertainment to I and additional about it I over like

Unknown Executive

thanks, Yes, Yes. Patrick.

think a the Since the hasn't been has entertainment pursuing that always I better, and to strategy create attractive destination we've Board reopened. more stopped.

been redoubling arena the and June. as May efforts, London with opening in Patrick said, have we fact, In of our the

for critical believe on So this events the can XX show performances we if impact nongaming some also the both attractiveness XX a just And Londoner our did in with obviously, propensity changed. some we across years. diversification at in arenas we this where you the the show only look at so weekends also The and were Macao see intervenesian. quarter, the especially about doing are And and hasn't around done the business. actually the this XX come we the the quarter, third and but is not X XX weekends we've enhance of properties, our there different and to in destination, the driving and economics to to to

on there entertainment So being rental different the to get actual partnerships events, we versus in in investment calibrate return are promoter. also, us that just spending. know overall any types from pure the how that we do resource to entertainment we range the And of can the and

analysis we get the cost the visitation and well, partner to to get varies entertainment benefit that revenue or as want whether It's also they and that or invest it co-invest they versus us it's a between and we invest. So the the benefit calibration. us depends also on potentially

more in changed, now what we office. than But the actually significantly in for the live So any for are content changed a that doing getting music, a for increasing as the has been decade. really both and which have already London feedback is hasn't great that because but it is also the new quality venue we spectacular for we've audience terms of

Robert Goldstein

George, an my component experience, top-tier I any entertainment of always say, resort. is essential in

powerful like commitment. the wish never a just of [indiscernible] and we can't more X I been how true as so And Las come The they -- always to is worked. of at it's visit. was been true in package area powerful, underestimate honestly, it longevity, it's City. You because tolerable part for be the it's essential anybody reason it Vegas. as in us, customer, to so we an well. has regard have like true It It's that successful how was statement can want It why component retail, very ever and was been in Singapore stable. the just do

talented. because how So and we very this do it's question, and pays to me, of pays not stuff it of your course, more pays

Operator

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

Daniel Politzer

that? think to X. relative know property? think out But budget term the the a Singapore, CapEx, more and long probably how maybe bridge kind Or your for of that this been we First, is is million that's update higher longer-term than the when plans the about How there? get do and you was. $XXX on I maybe an this it at I pushed about to Phase should mean, we expansion initially

Robert Goldstein

good stronger. could externally dividends both last Phase the from product Frankly, architecturally, but it It's that as was X It's room happens a the commitment to the future, the necessary was going perspective, in it product II. was in Phase we to and product have what it finish perspective. It's because lacking as that size successful best spend to make a enormous also money

was the prevail lack of of good a business, space Boys just good that MBS our pizaz grow. very building. always felt And Some casino decade for Trevail, grow in great not as buildings, were as and I inside is and the just architecturally and

based it's money Phase to. push It $XXX I going than It's association and EBITDA doesn't all. we're connected MBS So the testament X-plus not We think reinvestment make Singapore on that $XXX It's money billion never product. wisely. money million, spent. at spend ago, a $X through to million to well you'd Patrick, beyond. have And built be very more billion to and is meant was that any a very with -- X. speculation years powerful

Patrick Dumont

standpoint, in accruals We're believe that's that to rules experience -- to so guest investment to that going year really be It the things just with with It's something think will a Singapore, unique design, going great the in we're on hospitality done, service, a in Yes, These have but had which is product-driven it. from to stand-alone done, to X the and X. scale said drive the to to sand just order for And standpoint on probably unique us, different. going focused It's allow and Marina haven't different with entertainment be and in be what From a food started. something in additive on. IR guest world. that's before. from is a experience It before, Rob as and focused also X retail have depending it's unique is beverage market something a going away a on to new spaces, us to Bay standpoint, we Sand. get will grow that venue months product be how go a really live development. Rob business, Sands, investment basically is we've new service seeing is you're to property to when we quality, is standard completed [indiscernible] what the our unmatched and And a properties. so fundamentally, follow and point, outside of it right? So a service. our Rob's over and levels Tower be things the a residential, in are in time. said, with Londoner. The it's right? returns for hotel Tower I innovation It's Bay X Marina And X best saying are luxurious. ever customer design they're at experience going we

will and have really really to before. further the doing work tourism so capability Grant now related never drive mentioned, we in power if Londoner tourism live venue at that Singapore that and the look you in And we're what drive do of entertainment could to that's with that Venetian the growth we to the that high-value to

growth we'll So been We've innovated of a time And for on us, of the completely sands think hopefully, potential. step different spending a chance get unbelievable function is product. lot thing. We it to a looking doing an soon, will a start forward it. but it. expansion be We're to of

Daniel Politzer

then it. moving Got just Macao. And to

just Is when to this so think sorry talking plus has to bigger non-rolling that ship -- the kind think range. been to function a win or I X and XX% of really XX% time a of different of XX% to we're up Or there but that last $XX market? harp X to about I'm of being billion. this your something we premium in quarters, piece the mix edging for on is in X%, XX% back should range? And kind over this mass

Robert Goldstein

points. at right all your on we I discussing about You're fast we the question think is a couple It's have you're team our was down don't its us phone to now very X.X an be and go one, used quite an million and sans excellent the night quite about honest with worth Macao something time, exactly to bit EBITDA. tell seems entire probably talking that things to a back last Hakon impactful. of we would hundred industry you X% be look why dollars the to On

a or that perhaps happen. it's can X. back. change. very point it believe on customer certain until we don't ties answer, flatback vote But would. of is Baccarat industry good for it need I'm that change, The to to our Is simple. or maybe. coherent trades ruble we -- change. and don't make like and sure I'd answer. the it's give I'd The want change it up can So the really But oil didn't games competitors payers We a math best a the we thing, response. mix? just you going have and a type We Maybe junket that.

hope our confidence we point want lot of is a So scratched we the certain don't answer with know consider answer A ourselves. we along heads I us until be have that up this people to We'd it'd a because with our $XXX quarter. at million we volumes, to thing incredibly probably turn will wonderful EBITDA. us be of impactful. for be it again XX the

I an question. don't So We're an excellent that working answer. Grant excellent have answer. to throw.

Unknown Executive

mass to truth, don't the I facility. Rob absolutely mean, still for a right add all the But think being have in exactly a we answer have And is drop be clear point evolving. the make There's higher answer is -- positive clear right. customers, theory, the more actually actually, the is a you're segments that. premium where that and mean recovery is, that to months We should I whole on into like in X I don't No, in in a and metric. just volatility theory, this only higher X, it the could but obviously mix also

think the it's non-rolling make premature on be also I range. So percentage pronouncements what specific to should

tremendous Rob a referenced, you difference different, So said the et point, even the right numbers the point But X makes the just margin, numbers, of as rightly now, are. to they not X.X as are what EBITDA, also cetera.

the closely versus give watching why before. we're So this, percentage terms clear of can is up in no but whole is so there's on that we where it

Robert Goldstein

understand. think I people new the Macao, in and Really world in really don't

game. know how X ago, for Vegas X.X months. the it, to is fast reopened. it's regionals open It's people Macao near you think problem I quickly open open quite going I the months, this simple but was mean I thing know understand a is while

happening and I time of to happened months turning, I a So us the Again, see things go to stroke back think it's think, are incredibly, you what that in look happen Singapore the quickly. open evolving X comparisons. after trajectory double watch it's interesting at it's

give certainty, And with I we market. 'XX But in be we're don't we back QX share know an you only wonderful think wonderful. do whole we'll this answer ourselves, evolving. the without in will which in be and happy clari is percentage to have we would don't we thing were

Operator

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

David Katz

I the levels this, sure that some were back level historical but the of X on looking you not margin And have just of discussed go detail. there's back Could Or and just which specific headwinds? in puts just Singapore, to I north to if X at you follow-up. about I'm quick again? if talk getting XX. takes wanted I'm then

Patrick Dumont

No problem.

points X tax I there that think percentage X and an highlight in there rate thing our a then X% was increase was GST. to is by

investment inflation impact going you margins, to our there manage push and revenue based there business pricing with better. and is market. We've see seeing the manage our the on to So in the what with market. be business manage along with be just is strong long that of But mix, to growth been able we're term expenses, the what of

best. think and So Obviously, like manage invested of we the return look at yield where capital. we our the margins do future sort on is But productivity and we is very strong. and business this going, we

David Katz

my you that And the your and follow-up, the not for very had, expect quarter coverage, it's just some in stuff, very, many macro as Understood. with our to good seems market but that an all providing validate would And it's our future. question anything of the point. or teams. almost for at seeing in Are pressure management anything macro obligatory this you any pressure

Patrick Dumont

you what's So tell interesting. I'll

reference earlier Rob productivity. You retail heard our

markets. very We fortunate are in

a tourist. to are things I going years think environment people as are and to a to exciting the do a Singapore its and there business It's investment has there just there. a and people going trade structure place of in place an to There's from unbelievable visit do of great It's Singapore benefited and is So business. lot great consuming.

there. a don't as down add we're market. physical hotel less than are in Macao, so rooms X,XXX the going penetration And we X% we in plant And have suites. huge I think more got We've

to to think be we're volumes that of successful. you we Because think of appeal need but narrower And business to staple we're our everyone, I a growth at a we've a consumer when we who great different and tourism I appeal impacted leisure I assets in cycles. don't look markets. the we're like both segment, see so for tourism and to opportunities, And continued know broad-based don't through that we

Operator

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

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

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