Las Vegas Sands (LVS) 24 Jan 242023 Q4 Earnings call transcript

Company Profile

Participants

Daniel Briggs	executive
Robert Goldstein	executive
Patrick Dumont	executive
Joseph Greff	analyst
Kwan Chum	executive
Grant Chum	executive
Stephen Grambling	analyst
Carlo Santarelli	analyst
Shaun Kelley	analyst
Ying Wai Wong	executive
Chad Beynon	analyst
Robin Farley	analyst
Brandt Montour	analyst
David Katz	analyst
Daniel Politzer	analyst
George Choi	analyst

Call transcript

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Operator

Good day, ladies and gentlemen, and welcome to the Sands Fourth 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.

are President our Dr. and today Patrick and call our Dumont, Chief the Rob Chairman Goldstein, CEO; Joining Operating Officer; Wong, Sands of CEO Chairman will contain Asia Executive and call Wilford Chum, statements. Grant Operations. Today's Sands conference and and China China; of forward-looking EVP of President Vice the those of harbor federal securities be making safe We'll laws. statements under provision The forward-looking statements. those results reflected company's in actual results may differ materially from the

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

We earnings an have website. posted our on presentation

refer to will that We call. presentation during the

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

Robert Goldstein

of completed a even will have perhaps the margin. ETG since of we continued COVID million. need thanks table as non-gaming in joining million in share QX, X share million Most importantly, It's win and and QX, the own win, $XXX did been coming. would have lift power QX in we Macao delivered and for the quarter. if the keeps We of market did EBITDA look Dan, EBITDA. the largest higher rolling end forward expected to $XXX which $XXX non-rolling slot London held revenue, nation. just earning million today. for in began exceed to year wide the Macao we of and We The $XXX the us we believe largest in million, growth had in with been number win. the will both only We gaming EBITDA of In segment. our Thanks, Macao. by the growth rolling and continues table $XX market. SCL of

as program. There entertainment, to whether is food reinvestment which rooms, gaming these growth powerful years beyond. This is Macao growth retail, and ahead, $X.X will capacity, assets that future ongoing returns an $XX market even we We it billion billion ongoing portfolio. speculation the assets. by will Macao. our our complete billion, have it's of that believe [indiscernible] in stellar $XX confidence $XX in growth capital tethered get will. the the grew in programs future Those Londoner generated underscores billion, we assets, we investment and better Macao beverage, the Our drive in to even of

date. $XX are EBITDA, growth in previous quarter Macao Macao in in to the staunch the to to points most world. considerable and important market land-based when billion growth the quarters. the represents of Macao market has term. LBS hold on fourth near rolling compared few play believers consider, is invested the We long expected reference A assuming in

to has already the in continue follow I business as Our exceeded Macao the retail pre-COVID path in same accelerate gaming our far expect force XXXX. on and numbers. to business Singapore

iconic exceeding in run the rate. is a the MBS the of based cylinders and tables ongoing into notwithstanding largest $XX all history renovation. a Let's sustained feature superb levels, the it with delivering impact in the retail component The and will building results pre-COVID which our approaching go. all, service has returns. delivered of on perspective. assets phases its decor day. gaming, validates was X X both is every building can retail billion quality desirable no pivot XXX per the is Singapore. annual ADRs customers MBS far billion million are of program, most previously How the is on XXX despite $X our future. numbers. MDS million less suites, disruptive $X.XX MBS hitting had segment. of denying we At MBS the our beyond is of $XXX a the Disruption power this completion for in Slots the reinvesting far in lodging generate building. MBS assets quarter quarters prevail suites. our of drop Non-rolling escalating quarter. ETG's the MBS evident are attract than EBITDA to and renovation reopening, There and will This the and are MBS

start beyond per billion Our and expectations EBITDA future $X at in year.

the which bidding massive The true X-store $X us As in license to building enables unlimited This cost strong is develop be with support. you billion a know, receiving a resort local opportunity. for will of we're range, New the York, a we're in [indiscernible].

prospect. about are the We enthused very

compelling. as the is before license, today. the bid Patrick call I'll to we over move in be possible. Thank we'd Q&A. you to receive the for joining us If Our on ground we as quickly turn

Patrick Dumont

our materials our quarter Thanks, These forward. wanted volume understanding for materials. releases, of in materials SEC supplemental to changes for an review that the of our and impact being that longer of operating financial will we analysis hold We and reporting we press benefit to filings made provide segments in presenting discussions any for highlight going in from and expected our typically results will reported our earnings this quarter. Rob. We the quarter rolling changes the the in for believe results. SEC, continue to no EBITDA hold-normalized adjusted with some property our and are the After be

to Please of earnings of our overview segments provide presentation volume in for presentation hold X the format. X expected Pages rolling continue see We in the new our earnings an will our and for impact materials.

we would another EBITDA held expected Bay XXXX We A $XX in fourth margin operating as held adjusted we XXXX, fourth held quarter generated have lower our Rolling For as in MBS Macao, been volume to as X.XX% Marina have property we quarter to the quarter It had our that $XX and been At by higher $XXX rolling our we our our X.XX% for Macao we expected third hold held the in Macao. this rolling was in segment rolling volume our margins in ended of if MBS, note by result. of compared segment. XXXX, segments as held is basis have an address in expected XX.X%, our in million is EBITDA, structure Macao in had expected It in EBITDA our rolling as would XXX improvement Singapore. In At of quarter million segment. our segment. in important segment. segment strong generated had strong would line XX, points to the held Sands XXXX, rolling Singapore. million also we as of important quarter, rolling expected in $XXX adjusted in been in of for December our as the result. million Macao. EBITDA we property very in

XXX fourth generating EBITDA been both and basis sequentially. Our when to we revenue quarter note for an that segments, considering growth increase margin Sands points rolling XX.X%, have Macao margin of It's important expected volume growth, Singapore, and hold are Marina in XXXX would in Bay expansion.

drive over quality on our the properties revenue are investment of to focused time. to offerings our visitation high-value very on our margin We the and further expansion on resulting growth

are markets, Looking for our we in focused our term. progress growth ahead, are about long we on excited the and

the to of portion our Let's Q&A Thanks. move call.

Operator

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

Joseph Greff

sort if talk quarter? just month-to-date And hoping about I base coming. mass this out growth is the if overall I of hopefully for sequential And performance mass can pickup. as significant base premium base seeing that mass. before, the market January exceeded the progression of can was said had what throughout was seeing nice growth we're and the then fourth recovery the you in we're Macao and mass anticipated -- of mass relative of a about in you hoping segment. Obviously, whole, January Rob, clearly, information the you pickup as growth talk in keeps the

Robert Goldstein

Thanks, Joe.

we appreciation has for so on The don't [indiscernible] the current know, published, been you encouraging very numbers far quarter. a in continuation As a December. market January comment the of themselves speak thus

for performance about premium of QX, and Grant As the talk turn base Grant? in I'll mass. acceleration our to to

Kwan Chum

Yes, growth Rob. base growth sequentially segment Joe, mass you. the on quarter, premium XX% mass. in fourth and differential Yes, growth in X% we had Thank the

great I think was through just mass mass base premium So quarter. that that. had nicely performance the It's a progressing that exceeded

Macao at of XXXX during on quarter, the to you visitations. recovered almost visitation levels trends XX% If the fourth look actually

think continuously has progressing infrastructure is improving. Transportation building mass base been I up. and the So

of I whole the think the nongaming demand events stream desire advantage have the been the across that across been very to coming on take come, to I but think properties, industry, our effective. have

you continue. growth expect pattern think I So should that to

Robert Goldstein

the to to ability why market It to after ask I if getting the daily. Grant fair whole seems it is the transportation get Macao improving is fair supplies also desire the but lubricant and COVID. [indiscernible] Is as that there, also year ability better that is say? Visa, say the Grant that me into this to say --

Grant Chum

clearer. there get the has to desirability improving, is of ability been the even but The Yes. destination

domestic that recovered quarter key You but of the to XX% our of mainland the in we can all flight our airports passengers carried Area And XX% ferry but capacity. at you fully fourth if see statistics, look pre-COVID, recovered. has only sailing Greater to that Bay

overseas, But also think, countries before enthusiastic are foreign great very people the the transportation even XX% the from that's I connectivity see Asia, quarter of fourth back was into quarter, fourth the the to that's gratifyingly to is capacity for up. recovered catching is clearly, Macao. pre-COVID. recovering. from despite And flight recovered visitation the up still now from especially visitation direct the So XX%, flights haven't it in what Macao, XX% coming dramatically still Southeast And clear, that's despite getting versus about in by, even and though

Joseph Greff

And Great. then follow-up... my

Patrick Dumont

before we this. mass a into the have been to since to to come talked as note important continues it one base market. capacity Joe, actually absorb it's But follow-up, about Joe, the business we also, thing wall

continues about the of to attraction that terms mass and the beverage, So that the beneficiary of base we'll that. entertainment, not that the in fact property customer, ability that of it's made grow, the the have, that investment to market customer because food shopping, amenities, terms is capacity the yet. as but capacity when in market to note portfolio have for we the we've service at important you the And we think tourism be also

as absorb So it. have to base mass the come visitors we'll ability this more segment, in

next your question? what's Sorry,

Joseph Greff

you level of past in volatility My the view Do next you, it's price is activity see there's buyback that billion a Obviously, this quarter. huge as unless level? some for question share sustainable $X nice Patrick. to

Patrick Dumont

there quarter, benefit the I think said to return, opportunity. we and before, fair, When some think the our levels be the the we fundamentally repurchases, heavily was the there of think activity we shrink, and an was about I denominator. be share we benefit at more our I of the in expect of compounding, weighted during I as share repurchase believe so as think value kind looked of will price [indiscernible] we into think long-term -- future capital share share that trigging the

I across In terms measured amount, think time. be of we'll

sheet, a we're If going run of aggressive in this free we every going sort quarter look -- program I to generate, acquire the look at over I when our And But we necessarily think we'll don't that balance that you buy cash to time. can. going at where flow I forward consistently you look we bought same be shares to amount we're to quarter. know think the look we

Joseph Greff

Grant, one me. for Okay. your on all congratulations, thing, That's And then final promotion.

Operator

is question Stanley. Please from Grambling Your Stephen go next ahead. Morgan coming from

Stephen Grambling

Here.

you Sorry, me? hear can

Robert Goldstein

Yes.

Patrick Dumont

Yes.

Stephen Grambling

that. about Sorry

for about disruption maybe on renovation, in the how compare to a but may Cotai think help remainder and we will you of contextualize contribution? Can the this of Sands you Central/Londoner. both terms have So up just little touched renovations [ that then first coming bit, ] the as

Robert Goldstein

Yes.

grant that to Londoner? Grant, think I over for turn comment. we'll

Grant Chum

of will go whole hopefully holiday XXXX, the the process little could Hotel, will Rob. a to especially some complete the works that I of half the given we'll Thanks, impact for quarter approved depends I at I the think terms first in continue Sheraton can of Sheraton. That the London time Thanks we the there line, as sometime we we that commence And and that the first have year. floor casino our whole in on when second time also when XXXX. as we'll side And the already did the renovation through of well at question, into keys Sure. the the are the as be of the from converted and as the starting this any bit said, number we be on managing of the we mean, Steve. be yes, say disruption, XXXX. commenced in and in Sheraton into phase just in think of construction

the So well used of portfolio. be rest to we'll yielding the

at is the Sheraton portfolio. the side the than of getting building rest know, the of lower the you As we're yields

statutory be will by this position rest the the pending been will at miss and this is is disruption that So entire throughout still going whilst opportunity any point, some are going second the is the approvals. expectation little half. Londoner. we're XXXX, schedule then see we not the the But half expect and But a just works renovations. Right trying a in be we've something building these portfolio into existing to our yield of normal be to doing some of elevated then relative first to different now, dramatically on. in terms to And bit fluid, the

bulk the external casino keys and that in in the You of the retail Well, only we Phase we but Phase floors, of and the the I X,XXX one Phase contribution. work and areas the mall X,XXX the done have asked the I two touched and facade about have. public out II we

main that on is the other floor going So have side. main we Phase Sheraton address of course, the difference hotel the inventory terms of of gaming in majority and the to renovation the is that II

Robert Goldstein

to London Stephen, market point. comments. follow the on It's valid about Grant's a concerned I understand just is disruption.

transformation the accelerate see that continues for thoughts think market the it But to think I Londoner, in seeing eventual X on perhaps secondly, a One the assets the overcome comment, using like other when you portfolio. we with juggernaut [indiscernible] will of I that market However, can Grant's by par is be you. to we're January or beyond. numbers, if

'XX, on market gives assets #X that us in come. by gives in to make it us that's disruption for in $X that 'XX probably #X are themselves. something assets in The X So we X can think and while billion unique Beyond market. assets And years there's

worth the may disruption result market be can is some maybe the think there end overcome that, well So but force but I pain.

Stephen Grambling

Maybe super unrelated helpful. all That's Singapore. on follow-up an

but to at Looking seeing reason coming least what it sequentially the yet that an we you're at building was the seeing EBITDA customers data, like into next I revenue back best, are China at thinking initial standpoint, market? from how seems about guess, it you visitation still market grow should mixed be from that year? Any

Patrick Dumont

ahead. to give think go -- Rob. I say happy ahead, Go You I'm

Robert Goldstein

follow Go ahead, Go Patrick. yours. ahead. I'll

Patrick Dumont

Yes.

of Singapore the it's think I So is about key thing quality really about tourism.

So focused investment. on been very we've

higher-quality couple If on you really calls of is, that's last will heard us higher-quality investment attract, assets what here. over thesis and full the our the that tourism we have, display and the

population. and market, about got business So It's family that that we're very political market we're of incredibly fact overall moving strategic offices It infrastructure, lot in. Singapore things There's has drive the helping tourism as lot are growing a a it's not look benefiting strong net there. all business it's a activity if the There's of at It's tourists location, right? of you those high-value there. getting there's the stability, a the not about it's high a Singapore attractive, quantity. worth There's full recovery.

a And lot true. to That's so for It's ramp us, there's from visitor a XX% more But let's arrivals. still, on go. been there's it, call China. still

results will way suite that be, and we'll the key attractive of hurt. 'XX. You heard under have amenities Which was this see just in -- really no that, halfway a complement going its some at may it market, through can't occurs. that have But official have a construction really but there's hopeful didn't in how point, this and it have that We're I exactly that really very in building that visa-free know is to they're 'XX quarter to think it go year. thing the a full lot but the didn't you that actually

can I of to the building the and really speaks capability market think this where go.

high-value go. look determining really number heard the tourism. it of about a remarks just business and visitor of this Rob his business, the it's factor very as I at for about it. our arrivals trajectory wouldn't can we're absolute on where think You But use of bullish I in the view

Robert Goldstein

are Patrick's spot I Steve. on, comments think

we rooms XXx have constrained We we have limited we which as suites, but MBS. -- we got building Unfortunately, only many don't. so in have much, capacity

tourism $X market the tourists market. as asset We in us today blesses in end once annualized mass look asset finalize the is a $X important government the right another plans believe government we XX% and to billion our decade at then X this billion So of next over can as to we but make hopefully, grow that, as a by building, the can believe EBITDA, this to years. XX% it X Singapore. open the that projected And us EBITDA we later could year the with

So X going and just [ $X ] obviously see growth [ It's growing at in We we ] hampered it is but up to billion. eventually see asset. [ ourselves COVID, growing. We ] to XX, beginning. ], now XX watch by [ to stepping got XX, huge this

have more in that deal Our X building space next valuable a the until accelerate II. X only and in hotel we just tell in probably disappointment in can a ever have to world desirable years don't we you most the Phase because it's market [indiscernible] very a the finality, will built X, and hopefully, building just

Operator

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

Carlo Santarelli

spend in over it be Sands. on just ton a product with little parts Phase do Returns there? end the the of but the but and at update your that X on Bay was the returns I was kind else, an moving around a of your there how on $XXX and And last million there? scale projects everything think I wondering, billion to larger to COVID expect wondering Rob, very about you into favorable, you and when timing XXXX touched of comments, at you have Marina point XXXX. there's bit to there, perhaps then obviously, $X look

Robert Goldstein

as much is I'll $X market. new we just when Singapore building believe late My in retainable comment about in actually how We reiterate decade. the we opened a believe billion. this

been that. update, As middle right for the in Patrick's of the

take it away in Phase please Patrick Singapore. of So II terms

Patrick Dumont

Yes.

I think it's an interesting comment.

key the think we more So the investment-driven an will service pricing, that the to have for margins we're the invest we're high-value thing EBITDA right? and going differentiate high-quality have going the our in to are we product, tourists us I our better we're levels more and is have more grow. going assets, more story, we more the the to

real you're so And seeing that happen Singapore. in time

the for the finish so think next And Year to year, I that go we'll us, that be $XXX some by million New of 'XX mid renovated, be We'll in. amenities the of tower done across effect, rolling parts third Chinese and to but have to -- building. what saw brand-new It's suite 'XX, by to going going on will you'll have basically we're get the of side. a part full fully see is, power product the in

get customers premium all positive have, of lifestyle program very of shopping, and to repeat base be get all the our see the that the terms that and visitors. quality You want mass all entertainment, to that else. power the amenities the premium any place we are the in these adding we're mass the things of amenities These you can't things

these why supportive. drive the to reason very And that so do we for and will board willing That's was high returns. the reason investments why were us,

not the we're see now, of You trajectory can done. even EBITDA

terms So will investment. of be we accretive in think very Tower X

soon. the close mentioned. where parts And building, IR in many have just confident very approvals, everyone moving significance. we'll sure to national This been We've Rob in of of of of and where those progress. lights proper government next We making We've lot are. get we've the that going. then is X, that in we the everything hoping to that's want very we we able and numbers. and with next There's we'll project we need et strongly, going be numbers over but terms X should quarter here, get confident very discussions very a be the to that with We're able feel is it we heard make to a and We comfortable done. satisfy. in all we And green get we'll lot be we're been visiting or months. been feel things a You good Singapore, all the the hopefully,

Operator

ahead. Your Kelley America. next Shaun Bank coming from question from is go of Please

Shaun Kelley

with environment. well. quarter I last as Grant my you congrats to think promotion a a it I maybe And Grant just big the bit the of And of now? whoever, at speaking offer what are little or seeing, premium margins is this sort them came or in to question expected right for of and below ranges? our end mass Or upper the out could market consistent if little to promotional that mean, what mass theme on particularly premium I just the on a they promotions, you're of general, would take pre-Covid wanted bit segment quarter recover? still comment your that? And the

Robert Goldstein

Grant?

Kwan Chum

segment. a drive opening look if at and our on improvement underlying if our structure, a do think and it of to premium at you margin to and across progression, to at we very good the look put another driven basis if actually that elevate the saw business But is that which We in competitive before, think I sequentially. Patrick's think margin our look visitors is way the events attract sectors margin is whole I points. the back different mass And mass really grew of and at range drive margin to also the you from we've that no the at I product content landscape, course, you patrons. comment, XXX intense

margin we but product in trump end, living and strongly of can the you And we've way are does. million is Swiss points good up fluctuations exiting of the Grand else. will everything as is testaments product at content that run put this in we at product we the structure in the resort were advantage in profitable at be going margin same we Seasons going a So evolving calendar to done argument, time. should as with end that And true a you into and level can Londoner revenues Four XXXX. and continue to to Londoner year. any that to grow, intensity as a in wins logically is with close the And as are service we we through at and market sustainable that are already growth, and as where It to expect see competitor believe to back competitive see improve segments QX are But wins. we are it going, have there were intense And the still then dealing competitive already was you the different what sustainable in rate continue competitive that that $XXX to the particular to the and exceed therefore, in XXXX.

Robert Goldstein

prevail. Shaun, on comments. experiences the just of My always up market, can always buildings Grant's I follow great experience same. been Regardless and has the

in those have Macao. We

contenders be promotional which undermined. I at If here which our power there, QX, EBITDA our quite advantage, our to There of a combined, next in can't in be the X end, and will have we a structural you EBITDA so issues look occasionally the is believe our exceeded buildings. statement

us that We and bunch, basis. gaming food have [indiscernible] avail lodging, a margin and and to retail EBITDA for more capacity a entertainment both will enable and and beverage, by capacity

really it there as concern far yes, there, shouldn't be so business. and our promotional And issue as will a but occasionally here

dominance in remain Macao. margins in intact intact, all segments our Our remain and

Shaun Kelley

I little think seeing quick again, if one broader from last Wondering Mainland the a through Grant, recovery of we an and comments quarter, we're as in where were any travel update recovery of but if the just bit of the some of Seems reopening. out Because maybe that about of your was of of on other you a situation continuing macro as or follow-up, kind one sort then markets that to unaffected of there, seems uneven signs China? in bit is air January. an to give continuing uneven some China so responses, source And coming broader relatively of Macao sits be like see your I the it mentioned, a just trajectory, one. wanted could or far,

Grant Chum

Shaun. Sure,

if I even bit. quite think you did quarter, at look a it have fourth

markets. well foreign River the you the uneven you much if you think an quarter, catching. the terms started non-Guangdong recovery I in in non-Guangdong. is But at region breakdown the still non-Guangdong. And are particularly province, Guangdong, against some as then out Guangdong higher. actually recovery bans overall, versus the the pre-COVID the also, at up sense nearby Yancy look said, the see on significantly in versus evening Delta even the slides by versus it think recovered if rate out rate of have from in catching visitation think the accelerate overseas, Thanks, That source visitation Guangdong can look in Yes. levels of wealthier way country that recovery beyond Dan. fourth I also of We're visitations, I to the and is even rate provinces,

the of seeing anything economy. a to don't if I think, progressive side on think I China all are know free. have the So the terms in maybe will know, source you don't markets. across I I add improvement

Ying Wai Wong

period. Yes, is cover the Shaun, China recovering what And is actually has -- trending the is still tough but well. evident been company's performance from quarterly

noncon as to, the in alluded from number the of region. visitors, healthy We seen have especially growth Grant

Chinese one travelers is destination the from travels short-haul recovered, tourist when Macao not for a has fully that long-haul Now observation drivers top is as emerging mainland. of Chinese

Operator

from from question Chad next Beynon is coming Your Macquarie.

Chad Beynon

now? continue to you collected, that. right spend improve particularly thinking you out portfolio. retail Asia do seeing and And and put that you space, getting just not as about the are one, little in based ask think retail? customers bit kind been Are I guess, retail in to you're in seeing could on wanted in in that the overall hearing I the a rent there turnover about luxury how this recovery We've 'XX? the visitation of the But numbers you of you the or pressure just improves and 'XX

Robert Goldstein

XXX,XXX-foot XX blunt it, a Page $XXX the a retail almost XX seeing numbers, [indiscernible] foot [indiscernible] growing. X,XXX be answer Asia and You and a a it the pretty XXX,XXX a XX, of at could of contribution look more retail half think portfolio at and $X,XXX in at Four non-luxury, our your foot MBS. our the and be almost deck course, so it portfolio approaching foot at look how that's on, good at is we feet with of these are tons Seasons about it's on you gives I million in $X,XXX

But [indiscernible] looks to globally. that a better We is continue at course, I like spoke our a It better out me slowdown see retail Of retail David retail discussions to get long believe opportunity go. the way remerchandise to segment. that it to we feels and still the and there's to expert. [indiscernible]

Our value other Singapore higher buildings as different that the and both lack retail we little attract of a customer than supply you in and in reference are a Singapore. Macao

It mall buildings, upscale. In work in So appreciating more some every just cut and kind on be we not I for there got us Parisian. more it keeps There's have the yet done, and XXXX. out very it luxurious, these just in million accelerating. with compares some to favorably results, $XXX you keeps day, that re-merchandising of more effective we've with think our of keep of Macao, contribution, but to argue work be

a [indiscernible] we'll I do. stellar I portfolio. So retail And and stellar prospects. for lot it continue and are think, we work. work got read takes remerchandise reassesses He's think our about of constantly very numbers, come. be But years to again, David things feel the the to bullish to

Chad Beynon

in any And that here just it's the Has kind talk there sense. been Chinese terms random you Makes then of speaking game of difference terms the X or terms of hold been of now Singapore, or in recovery play high unlucky. of the in from but understanding luck And hold, of about quarters. kind for I'm consumer. has

the there could of in years? maybe in kind to Or we anything of hold and that that seen in we've should term? elevated prior is the near lead to quarters So the market that expect mean kind an reversion

Robert Goldstein

ongoing volume an X Singapore a people bet I safe $XX take take it's we trend of world, this business million runs dark in The as in highest be I on miss and lots There'll by say the mathematics forever. think always to mathematics. the wouldn't players will who prevail, money. because quarters day

goes and it some days, someday And you doesn't. it with

caution This betters think I quarter, the changing. us. obviously, are I went you, in don't that But Singapore would with

of how Macao And In point of the we're But may be more them, fact, betting patterns quarter. Grant, of it. elevate change whole it. out quarter you a back and handle the million $XX enough can or on see in coming will and It always. mean hurt any to the Singapore there's jurisdiction in would affluence don't to think That's do any higher all probably a either fortunate more that of if to come have comment I capacity Asia, percentage. the I do that? have have next will revert you bad and

Grant Chum

Marina at impact fourth low from on That's of is exactly people But there Rob. the And adjustment downward right, relatively in $XXX have hold Sands. the plus short XXXX, Bay memories. quarter like million

a very over say, deviate hold. scale X, prevail. short X always to the But So stay I expected size actually business, of should random of X years, range. you year, potentially it's much over even think our I for the given very X quarters X, we fair the that X, from yes, in And time not mathematics is time think X expected to get or results normal the and sample period relatively

And where As first above you X.X%, be. reversed. whole at as year, we we expected had hold exactly up quarter saw the for significantly then it about and in we Macao X quarters mean to is expect well, the the holding fourth which end

Robert Goldstein

back row ago, of had horrific quarters years to them. Indonesia number just due in to of few I back, or obscene X, players, we don't money after Chad, going And a XX think, a quarter know, lost a find Malaysia yes, we to amounts I and quarter maybe going was

there and and the way. that then we the board these emotional Asian matter. were stay interesting is some be about back entire don't as gambler and magical Macao while games be comfortable. winnings and people And therefore miss in belief ever and it's the goes their end, people And can that to this always get beaten And some. concerned ties It consistent, quarter, Singapore they the were overachieving. very the But on -- bets see I want But and think could straight too do lost a to pairs versus everything, looked they she at change of or he a we're our quarters talk sure. very customers. we you on And the We views and special. the consistently I let success your up don't. shows few great they're is wouldn't [indiscernible]. a of mathematics

So thank you.

Operator

from question from Your is next UBS. Farley coming Robin

Robin Farley

is latest York. with it upcoming for I New your Great. crease And comments if of New a Cole-related Two then could on anything that? One questions, just just Year approaching any trends in timing decision Chinese in. expectations

Robert Goldstein

this true. think The have happen. the if we've will we we making And or slightly I'll as for a I have tell hope if working long win year. first, We week New know, very Robin. hope. our Governor something this compelling that's in comments. bid. positioned But the seeing on New I great We're lose governor, sure commented was a been governor quite 'XX. take get insight governor's time. our beyond year I you -- we And think way, -- York [indiscernible], any it be it'd happen hope York is insight any calendar will think either don't that But That's correct. --

one, Will there -- really New Grant, for I you the that. that? of getting just believe give we I be year think guidance a Do any project. building? on bring dragon couldn't I we give this but he'll very Chinese good the -- think of we hard you We the anybody don't beyond chance to worked Year. any you have

Kwan Chum

the comment current short But even booking Robin, you Well, holidays from peak on though ramp-up tremendous. during the China holiday. in and Hong peak was end But other big periods is parts region. not Kong of It a demand mean, see think December in quarter windows the those of we periods, the and I I can some are obviously, really holiday December here. the can't in these is

be So as hopefully, Chinese replicated media this through will that well. into

be optimism lot and is a one, strong a there this So yes. that of expectations will

Robert Goldstein

Chinese was closed in market again, -- that Robin, I you just December Robin, tell see think the numbers were happen And great numbers January. I think might for December what terrific. really

us So that Dragon of the a year for into we're the year hopeful very market. is huge

Robin Farley

role. the Great. And on Grant, congratulations new

Operator

question coming is from next from Montour Your Brandt Barclays.

Brandt Montour

on of total year the like quarter-to-quarter the disruption through Phase flow us that in in look cadence could So exiting and maybe specifically regards year what I II, overall the the remind count room will then Singapore and how the was terms wondering to is with if you P&L?

Robert Goldstein

Pat, grab want do to you that?

Patrick Dumont

Yes.

So yes, sure.

So probably be I we're we construction really finished in to TX, of yield. in get Tower to when were think QX, now next X,XXX available X, peak But right the mid-X,XXX around it's those to and of disruption. the down rooms because going we the keys year, our year our have lowest are going smallest

will the on up of the impact the yield yield hopefully, be because we'll higher-value and the building. be performance So quite to compression renovated been Sands we'll in customers. you The good, minimal, portion of and think able be to to today able has

Sorry, what was rest question? of the your

Brandt Montour

the and key all normal and then ending done rooms? when with suites so sorry, And said is count

Patrick Dumont

] It's . [ XXXXs mid-

Brandt Montour

just follow-up, quick broader question. a as then a And Okay.

I spending. into update if evolved outlook really talked on spend? give on that front as haven't profile sort an for we and you could nongaming efforts your about We your us was 'XX just return the has on maybe curious how nongaming go of

Robert Goldstein

talking hotels? you retail, be can about and specifically nongaming, say you When beverage, more food

Brandt Montour

about with to regards Of agreements. that. the course, concession Yes, sorry

Robert Goldstein

Oh, I see.

aggressing I let I Grant are years going been to this people believe bit terms entertainment different I'm been in I'll important other than the than animal value for it. say a huge terms little before we on but money add. other we rest to of that, it's we've of forever think, take and doing are of again, note, spending things. different Grant our We competitors it let concession XX But would Macao handle a Okay. a the welcome in it's the concession. We've question mandate. specifically. We

very I Grant? beneficial company. think been it's to our

Grant Chum

the for concession. committed that XXXX, question. non-gaming on think investing Thanks went Yes, in Yes. across we we very in of categories to the all intensely I the

involved in have Rob of these categories in a that very As investing been said, long for we are time. many categories

XX show [indiscernible] Londoner. concert the [indiscernible] I the So XXXX we end churn amazing a and during and at shows that with look put Jacky Hong in attendance. towards Kong the run some whether think then record runs Arena, of in you Obviously, the we XX firstly, on had Cotai across entertainment, almost with had Cheung great year,

would as in making. to exceeded the Macao. And to been in say, to in for Wilfred, our we're -- those you again chance in set gastronomy. know I and looking during themed don't XX we've we're suffice we original greatly if to So non-gaming a the if add And well. precedent board, to to in and heavily. year residencies it's many investing other versus Across forecast But of XXXX. been first we've for so do probably want the so we events then investments to across should XXXX. mice, what invest years, that categories concession in a I of in projects culture, some that attractions heavily and give standard new and speak investing the also

Ying Wai Wong

Yes.

just And investing We areas the in the long been have, by leader a are we heavily off, in that the the past market. described. mice in years, way Grant

still So presence mice seeing of a we very in our are strong properties. activities

For that cultural helping us of from non-gaming, destination, just lot the apart have for Macao from art apart been promote to Therefore, a not exhibitions, put we competitors. as the shows, other we've gaming. a really shows

Operator

is from Your from next question coming Jefferies. David Katz

David Katz

focus call, And and the family's last spoke there's you your and earnings some and would well. Texas. of long-term or family -- takes relate but repurchases, or think I you'd both not been I'll could the chat. if and follow on ask activities And view as about on the time? helpful asking how over much thesis awful stake might share about views might lot could how the activity when like Patrick, second, how what about that where one be since a just in be that thinking shareholders, on If to evolving up to an around they company we of on we then an how share

Patrick Dumont

Sure.

think I see value off, both we first think I equities. in So

on and as Grant bullish. for very going allocation Singapore From investment in see margin we're programs, tourism revenue a you expansion. described as amenities just our success and to in in be of growth. diversifying before, our the high-value continue in aggressive, Do by standpoint, we're said in company you growth So focusing long-term creating Macao both driving capital to

on return cash free investment to focused very flow and flow, we're So cash to able free being for a use in capital the of we'll generate to future anticipate said, generate we be we that lot shareholders. growth. That to

So share shareholders. think we time and over aggressive to the return measured I to capital through be repurchases as share company look will

a dividend we've pandemic. always is the had not from think I

like going our it's I helpful dividend. repurchases. an think returns. think think shareholder to it's that for having shareholder overall be to We said, We being we're overweight strategy. important we value a component share of But

Texas and most terms through Texas, integrated actively of important in the Sands Vegas resorts trying State to gaming. is Las the think of In is I development thing that facilitate of of the the liberalization

we're a an but as time, about excited to very great hope assets, it's a very to a focused like specifically the great think company, We've we're be it unbelievable Over that's tell on it's it market. on can't going we would so one. develop we very think when some be, in And market. very Dallas. focused We And it. opportunity you happens. it. I that opportunity we the unique We been and tourism think there

integrated community very Texas bringing resource would terms the and the decimate of focused the development in very business very activities Texas, in about to on part like we of But investment there. the excited opportunity family's that We're the think state. OVS, it. look there. of We're obviously exist and I terms to of State our we'll be resource, In with we're happy there.

Operator

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

Daniel Politzer

I it wanted relates as on Sands follow and to China allocation. to up capital

than debt you your obviously, It kind you And as be to stake bit there Your is a through Xx should resuming the up up little lower there, way through leverage think, that much parent? net XXXX. about repurchase. those make went payments I through then your this do think point. of the subsidiary quarter How dividend at the around

maybe up sooner that So later? does than incentivize some those coming dividends of

Patrick Dumont

I'll okay. that it's If take one.

in mentioned as as think as mentioned, investing the key I very term long Wilford question, Grant mentioned, the prior in Macao. and I here, the committed to in we're thing just

so are growth. our be free being as is in That capital cash there quarter. And there for we generating did deploying last going said, primary focus we this to meaningful flow

leverage I the put that of think what you'll look we to see some the on decease. that balance is will the over time sheet during pandemic

that in is of up we leverage come of So over stands our in is naturally down some bring to We'll to leverage coming as front really look in in 'XX. to maturity our a have terms going of EBITDA quantum, but goal refinancing. decease the then And is time, which our our also expectation.

terms in and So an at scale think there. in in very determined strong ahead. business investment-grade of scope to there think to a the years is goal And return in pre-pandemic. it's I going I But That's the dividend to Sands level. see. grow become invest that was the name we'd the we'd to to there, begin I like that's we're through that rating, once the years capital prior payer dividends that investment-grade And keep dividend and our think again China begin dividend future like shareholders there. then It excess Board to the that something occurs, overall, to by be to looking start something going

So that's the plan.

Daniel Politzer

then we've And the improvement, it's or more just quarter-over-quarter. XXX basis a follow-up, my bit less, the as talked and it. Macao, about about margins Got been you about points think for

kind know from levels to about get point, think the in I at this operating on how back out? do you structure maybe think on improvement? that you're of benefit you XXXX here, really those about And we of expense should is trajectory you pacing pace place As here and to from think the should scale

Patrick Dumont

it We've couple have times I comment quick to and past of quarters. turn mentioned a this the few Grant. to I'd in one like

on Macao of is growth. expansion margin in revenue story the based be think to I going our

entertainment they lab, as of online, high-value recover experience continues offerings market to and come tourism more continues tourists the high-quality as As to they the the recover, see types amenities the our be that referenced to revenue will to grow that that Grant pricing, lead expansion, customer earlier, And base. will to will to lead expand growth. and going continue that we're to

So over because from we is I because to margin just standpoint, that investment he it has Grant comments. turn the our of expansion long-term if what described. But I'll additional think to of see view some and

Grant Chum

you think I it well. Patrick, covered Yes,

a more we I growth think revenue a than continues full trajectory. market as grow, in margins will the will and market participant positive growth. that have it's dependent The to on be

a and than have obviously we in efficient more did we more today and XXXX. cost productive think structure I XXXX

-- costs. the and we revenues So you from are fixed as on get we benefiting that operating grow will leverage the

revenues is grow, We will I will to it our think much about so. very from upside. margins grow have revenues do continue here. further And And as how

Daniel Politzer

it. the Grant. on promotion Got And congratulations

Operator

Your question is Citi. next from coming from Joy George

George Choi

questions us earlier, do but guys expect a remind a were answered My the for how normal overran That properties. when housekeeping you mechanism have a the [indiscernible] quarter? in uptick you please received rent? question. the we Would works is at Macao Should

Robert Goldstein

again, yourself? Macao? you I'm It sorry, try some repeat George, --. was Can difficult I think Could missed unclear there George, about that. was we you

George Choi

Apologies.

a So I ] mechanism how it the Is that turnover fourth rate? wonder properties. quarter in just term your Macao the receive event? when Is works you rent [

Robert Goldstein

to the handle quarter to want retail. you do fourth Grant, turnover

Grant Chum

annual turnover on on that there there rents and are leases leases rents. that are monthly are George, turnover are

turnover third what we as the hit be targets. the quarter, we more end quarter fourth will those of rents obviously turnover annual as historically, annual rent we the recognizing for those leases So the happens the of and into sales quarter, is third get

the will than of So revenues seasonally first half. you half rental expect be higher should second historically, the retail the

Robert Goldstein

to about recognize out is Vice years a the Wilfred reach and X and Chair. been great finalize with contributions has I want us now hired made to Executive of who we call, Wilfred at Wilfred he deserved. Wong, ago, Before the win time. enough many low-based Executive big Chair. the Grant contribution. We well Grant great congratulations that on Chum, old years Vice was the the concern casino

years aged him Over we've the sufficiently.

a Congratulations company. and very We're be team many terrific years I'll guys your more proud built forward look casino. you you're working Both to for efforts to of and there. together. our [indiscernible] So too. have in Thank you for you to grateful over time the now interest your Grant. [indiscernible]

Operator

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

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

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