Las Vegas Sands (LVS) 17 Apr 242024 Q1 Earnings call transcript

Company Profile

Participants

Daniel Briggs	executive
Robert Goldstein	executive
Patrick Dumont	executive
Stephen Grambling	analyst
Kwan Chum	executive
Carlo Santarelli	analyst
Joseph Greff	analyst
Shaun Kelley	analyst
Robin Farley	analyst
Vitaly Umansky	analyst
Chad Beynon	analyst
David Katz	analyst
Daniel Politzer	analyst
Colin Mansfield	analyst

Call transcript

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Operator

Good day, ladies and gentlemen, and welcome to the Sands First Quarter 2024 Earnings 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

Paul. you, Thank

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

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

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

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

on We website. have posted an earnings presentation our

We will presentation the call. refer to that during

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

the over turn now Rob. call to I'll

Robert Goldstein

it and Macao us XXXX, thanks grow the reopening joining continues in has to of rate X reaching $XX $XX Since billion, revenue. the has run and now for billion, grown each Dan, year, billion quarters. $XX then today. in in $XX the annualized $XX early market Thanks, The last of every annual of past billion the gaming to market QX billion in from quarter as

then ] [indiscernible]. supremely million remain ahead. confident, billion, future in the growth and of market. years in We [ beyond the I past, market $XX confident billion, will $XX $XX then the Macao Macao in the said have grow to

assets and Macao. our in scale confident equally to market-leading in the remain strategy in the We invest both of our business quality

years in will investment be programs market to ahead. leader capital that we continue Our ensure the

share to EBITDA term than returns to invested generate to capital. in the the Our grow market over grow and us the faster investments on industry-leading market long of our position

quarter current financial of the disruption programs. the ongoing despite results delivered Turning for to capital in investment solid our we result a Macao, our

we market EBITDA. and will and of our in to non-gaming share investments, of most market-leading run. SCL high-margin the tourism Because the over in gaming market the long revenue capture continues high-value, lead importantly,

scale, quality a phase We have Cotai unique offerings. Upon product of be of competitive ever. of advance Arena second and redevelopment product diversity completion and than substantial Londoner more our the terms of in program, our will position the

delivered industry. We record product the is team an believe extraordinary has Singapore. We superior and in it's what a to a record market. for a happens quarter. proper The Turning job, this is the when located done

Our Singapore appeal calendar to and entertainment in lifestyle and tourism the robust The the contribute Singapore financial the at results capabilities. in of programs also event reflect as our growth of investment impact service capital a our destination [indiscernible].

complete we there in of a be the growth the As balance for lot investment future. programs, more runway our will

for joining Patrick Thanks turn us detail. today. for it more I'll to over

Patrick Dumont

our by of XXX Rob. in our segment, the expected program, been have higher million. had million. up margin Thanks, If as basis rolling would held the would XXXX. was When been at the and to of in rolling in January our programs for and points XX.X% adjusted reopen Arena our $XX this on have on Macao an for is and Londoner had we November. was EBITDA the This or investment The Arena $XXX quarter. compared first impact profitability. The significant renovation EBITDA year. focus the to quarter this lower-than-expected hold ongoing the our highlights at After discipline in Cotai capital expected arena reinvestment closed cost Cotai results renovation, EBITDA

Londoner Sheraton the will of completion We year May plan reopening for the In of on the the now second of terms room and Londoner, the tower of phase commenced of by casino the of year-end the first May side the the Golden with December of schedule of XXXX. Week renovation in in XXXX. commence The on tower [indiscernible]. we by the have renovation second the this

our there diversity these before. be quality than first ongoing will stronger of from of between will be market. 'XX and will 'XX, online products of will the position product offered have the better in half we scale, end ever. ever They be projects, While and The these as unmatched competitive capital come disruption be than the

Turning at MBS' property $XXX EBITDA to for for and million, record came the an Singapore. in all-time the industry.

Our impact market-leading high-quality investment strong the results reflect and of products.

segment, as we would EBITDA held million held Play higher Had Had as segment, points Rolling we margin Rolling expected have lower. XXX the basis been would than been QX XX.X% of expected Play $XX XXXX. in MBS have EBITDA in or our in

hotel X and of now Tower Sands completed Tower have Bay the Marina both refurbishment. We X

original substantially products. While new benefits we stages the of initial in still we are the have of these program, completed $X CapEx billion realizing

growth have be completed by beyond. now the that and of million Tower at in Sands, phase capital Marina $XXX program year. next support the to X our will investment the includes XXXX Tower We next Bay commenced quarter is further X. renovation scheduled This of second

capital of to $XXX our stock Turning return LVS quarter. shareholders. program the to during repurchased to million We

our also recurring paid We quarterly dividend.

of addition, in stock, XX%. of company's to has In SCL completed the announced which million approximately previously increases the parent $XXX LVS purchase SCL interest ownership

to see in repurchasing return program return We utilize increase ownership to the the future. continue in our value LVS in both stock interest SCL. We to forward to to company's look increasing and shareholders continuing capital

Thanks joining today. again call the for

questions. some take let's Now

Operator

Stephen [Operator from is coming first Stanley. Grambling question Instructions] from And today the Morgan

Stephen Grambling

in for direction. going market went margin looks You and thinking the talked actually operating about through in But that flow-through EBITDA quarter should like we other Macao the market? to the flow the be this in in How expenses Macao. much forward higher and

Patrick Dumont

just turn to over thing I it we want Grant. Yes. before say one to

disruption do has experienced with that to we quarter. the with I of some during this some of Macao think the

in have take an peak we entertainment arena our the benefit did a of during So we lose when January, period. impact. That the programs

a with started year, it our for we operation So asset. and you to renovating Chinese went last started This very a pandemic, it powerful and while we rooms took out did coming we felt our unfortunately, to And the last of Year QX some this really of we're the get when hotel revenue year ourselves, QX compare has It's arena. unfortunately, of arena year, the side. of at It look period. lots entertainment, visitation on where out and to out, New the through again.

before, said market as we've do grow, as continues to So the we will well.

invested We in non-gaming have product. the best assets. the We've most

can't very We and in and of have we tool the which the patrons is arena, offer Unfortunately, full in have Arena. [indiscernible] only that quality it important. with entertainment, the Cotai good, most beverage, this to Londoner had our which very diversity amenities to quarter they're is We food didn't swing. high compete diversity but

in Venetian for continue seen line as grow as will revenues fall revenues think the well. are And as need to see as the margins quarters, I they So our us, you line. fall you've to in that where the be, prior the in in margins

the quarter. from performance this margin So headline that's the sort of

I do has to want Grant to he over to turn see it if color. any additional

Kwan Chum

end Thanks, And in most the range GGR be still growing operating think the Patrick. is think And EBITDA margin there. Yes. point GGR margin. to we're think should looking mid-XXs in we at of at at I I market. high important I of Yes, low this if the the our at look level the is right -- profitability, you

revenue Obviously, to each relating the seasonality quarter, mix. the different the parts of business,

is I So XX.X% the underlying in number. good a margin terms of really think, first quarter,

is remarks. one going capital that our to also renovations opening in XXXX think and be Patrick I by the is that impacted referenced works his

keys in first We increase about have obviously in will of that started the XXX half XXX but -- the of the further will We're quarter probably and first rooms third in in hotel, average down the renovation hotel second that out of quarters. inventory number be Sheraton. the on

you in that core of And a first Arena, always we big terms year, shows share there's we offer difference. shows our obviously, compared with content been And difference. big is capacity, as at -- XX quarter, the compare had just number the just shows quarter able last plenty a Londoner And of a the course, the were part of offering. had XX programming, referenced, of had but fourth Cotai in we arena, shows to we that's Patrick content if

So well. in the was obviously, the fourth attendance higher per much show, quarter as

disruption gives renovation. hotel out with renovation And see the in couple more is for being the in the said, going you and quarters. ongoing, keys on I of hopefully, next closed had as our the some arena color business So terms to of that inventory that you're of

Stephen Grambling

would clarification. I haven't than it. I maybe the one mass in the Got not maybe actually do And is slides. I faster overall you or on be quarter from are VIP of I'm presentation industry-wide, base kind about in here. -- this thought But this touched little quarter, the the about missed bit, sure a grow seen guess, in the but mass know of industry-wide how industry? thinking the first process? And you versus kind mass curious premium for I

Kwan Chum

Rob, should I take that?

Robert Goldstein

[indiscernible]. please Yes,

Kwan Chum

right. you're Yes,

at you mass look the the think I and our X% X% around for sequentially. at quarter overall the if grew GGR -- revenues slides, sequentially

mass So grew yes, as Q-on-Q. in the VIP the revenues market than revenues a faster the whole

this is the think things us our quarter. slightly difference you and it for that the not I think I versus from can in faster for so But percentage [indiscernible] of terms again, grew base forth. account when in premium mass you material see slides, mass, mass whole premium

our and say business growth divergence least in the at mass wouldn't premium base I a there's the So between material for quarter. for rates mass,

Robert Goldstein

obviously, doing will long-term -- on obvious, that important to like more have I or whether [indiscernible] note We visitation that millions playing an to be will it I much our the there's we people itself. We the versus believe situation of than that happening Singapore. And I think important note extraordinary We ] believe asset, has that seen, still prevail. XXXX believe share. visitation is believe market promotional it's Londoner it [ still that changed, once ] come is [ will And be assets game, grow, Obviously, the it's will fair I'll base be. did [indiscernible] the say to the premium like numbers. resolve get GGRs visitation starts we've in things. everyone think not

to execution and from in visitations [indiscernible] same of in this will. be The fully continue assets and can business it are the Macao will results Singapore and perspective. Singapore share in our will as will, our promotions shows done be fair extraordinary. a program a the have right happen EBITDA and think accelerate prevail it GGRs over We'll numbers I assets. we kind in Singapore, get margin-focused, what in reflect focused done and is and the developed our our they accelerate time even

Operator

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

Carlo Santarelli

probably Just fourth that rent fairly turnover similar. flow-through. and comes If I the are of on the high up looks following kind and quarter, element quarter in at for then very of big example, like extract look first margin. It the margins obviously

lot Or So it a am Is missing front. something I else doesn't like that seem accurate? on changed there? that seasonally

Robert Goldstein

quarter, You know, the -- add you're me interpret you correct. for to thing it's want material. fourth that's Well, Grant, occurs it first do to the -- and you that? primarily to -- as

Kwan Chum

Yes, it's accurate.

You're right.

Carlo Santarelli

million I $XXX Great. this on capital could, And of follow-up just over buyback allocation. in if Obviously, one quarter.

capital the budgets you around and stuff guys think balance you forward, is you want As pace this as where and that stuff you've and this be the obviously year? look the whatnot. needs that to throughout Do the like here at being announced, feel contemplated is going of adequate you about looking

Patrick Dumont

Yes.

view for first about think, in bullish in both opportunity have. And given I we have assets just we see we opportunities to want So just both equities. very value we market-leading I the investments our and that market feel how our a in growth, the think say off, long-term markets I

before, be going said to we we're overweight, share as So repurchases.

return, want that are shrink dividends are capital repurchase heavily more and be to denominator. the we we time, As going dividends. future to more we about over accretive share and repurchases weighted be going think towards think We than to

bit look And think so are time. million to the the be the in I in levels. market. and XXX to represents little make may LVS going the with going we're think you I by purchases mean an share look consistent opportunity But We to interesting opportunistic. We a think think with this shares, I to prior that moment we'll share to think I Board repurchases. our vary continue aggressive see we're SCL just authorization And with it I be a practice.

happen going We we're to very advantage to balance to so And a strong it. have try sheet. of take

it and lot to We have a liquidity put of to tend we use.

shares. So to it. we're where goes has I continue more happy going repurchase us see far, and we'll with But year. taken we're pretty to look so And to across think the program the how we'll use it

Carlo Santarelli

I'm looks Guys, posted error, quarter. that aside. not they posted first one It yet for yet. could certainly sure like the it Just user the haven't slides actually are but be

Daniel Briggs

working on We're it. Yes.

Operator

Greff coming is question next from The from JPMorgan. Joe

Joseph Greff

I impact help do maybe was renovations you to renovation do terms know And EBITDA the Arena? that help And it, X up. hoping you're see the going could at that then when see and the one from kind in of everybody. I of Towers for Londoner helpful how the quantify kind you when Cotai disruption open of accelerating? about renovation you seeing would and impact revenue to on start impact that But of decelerate? talked they I be think, understand you

Patrick Dumont

we impact know Yes. what we accurately I we that was know the because can don't quantify displaced. necessarily can't what

in the a missing Cotai and describes shows of of number shows You to typically number the Arena. heard people go will the Grant

type we the that And is entertainment. of patron live it sense of in, get You have bring high-quality when we impactful. a

QX a impact difference is and think to entertainment. for see QX, for quarter the typically powerful that you very as is got us had I the

the We run, take of from entertainment. we quality then in the that decision and highest it in we Asia, long arenas made make benefit the will it a do one and the if offline arena

it And quickly as as decided to so possible. do we

year so and it that meant this November. offline And taking by done to it January get in October, trying

high-quality do never we an arena going have incredibly once amenities so we've that, that And had to we're before. with

core will more actually count both base high-quality tourism asset market new markets. it And about and will high-quality competitive visits from additional in drive quantify more also make entertainment amount, not of is from exact we're offline. excited it immaterial. customers. We're this the markets us. the from you allow repeat realize some but to that started help our So will customer for and in opportunities the you other and present year. high-value our Unfortunately, very it's drive us take It Grant traditional tourism I to January hear pain going really the this while from that can't and

And the good, when of is good. are believe be to level. then both in the very than The it's actually Sheraton the we And that that very our The of food of design of side casino a the that tower connectivity other we're the additional existing results of be Londoner beverage it a going quite I And Sheraton The why bit Venetian. will pretty quite when good. and the think taking towers will it's They're done layout the high better we're out. be fundamentals good or the exceed done, we're driver best be a not. The will properties little Macao. property. reason one or be side, are future confident amenities will results could add. that for That's the that

we had we're doing opened to summer really worst we're that it So key going out us, Cotai the we're I because disruptive. think now. The across for taking be then in since take count Sheraton Central -- the have be we've out. Sands is lowest going was the going when It to to we is what

cash And flow. then drive be And more come to have October, as this set disruption as to so going across tourism create we across of the hopefully the get but the back, more and phasing. keys much we'll of assets a arena back powerful let's online call November, it, it's summer,

going there add So I it that? be you'd know can't you will I Grant, don't to it's be like have for to to but quantify not you, disruption. anything if immaterial.

Kwan Chum

I covered think perfectly. you it

entire us Londoner thing Phase a gives and high-quality Phase that's that of only I'd as what really product well supplement quality is and the of in of earnings product successful us as repositioning think share I gave when elevation of transformed. the diversity scale rebranding that be the think very the But fundamentally the X is will and resort X power it this property. I of

Robert Goldstein

and market X dominate X of -- ahead not [indiscernible] the the XX for I that believe -- sure arena to I'm X, X. both and the is of far. [indiscernible] the resorts in X and those #X [indiscernible] Londoner but have we largest Joe, once years is unique us we gives positioning resorts think terms assets by couple in done,

Joseph Greff

Great.

follow-up level prior that talk You maybe indirectly been about the something your change question front? Has trend pretty what market's premium is any consistent of may how seeing But the Or talk margin Grant could is about. have of answered kind can me. for levels? finished? that on reinvestment you commentary. on there this the my all That's in And the the mass you're first year quarter year-to-date of and versus . end

Kwan Chum

Joe. Thanks,

margin profitability, despite salary our to there. inflation the consistent due very of increases. quarter-on-quarter, changes that the to the described, through question obviously yes, significant had a holiday us, and quarter-on-quarter that And every No very obviously margin a some the actually, that payroll structure, fed which we in consistent. earlier For is pay segment, result in costs

Joseph Greff

My I premium explain question, year-to-date of The from of end you characterize How mass would your didn't that level reinvestment clearly. year? it that versus the competitors? last maybe

Kwan Chum

talking you're now. the about overall Sorry, market

Joseph Greff

Yes.

Robert Goldstein

[indiscernible] customers.

Kwan Chum

promotion and intense the right goes But goes up levels it has are it think think -- market, I promotions. and be so. to Is downs. the relatively I higher and now. of in too this on than comes activities there is don't I any quality think ups QX? market The isn't time, supply aggressive supply, But exceptional. really necessity demand supply over constrained and

very making, us, We is, big that our becomes entertainment offering. the go in to quality talked product-based like referenced, over a programming, that. million big less off is of have with that which of beliefs -- the in Arena. being And contributor core about, And we to content are issue time. That's we're the rises, base, driven $XXX strategy, an the our GGR programming services it Rob matter. the and addition for stick as the we're that this to even We of as investing assets upgrades why that asset we Cotai in upgrade and doesn't the

So to said yes, rise. that when believe continues we done, it's GGR and all

that. is Our going we a and compete execution only asset basis way our the than of ever. service based that base is profitable with on And compete. the that's on better we before and can think that's really to quality be than way better to and the And go sustainable going the product we're

Robert Goldstein

how the Macao remain completed, obviously we're of We will I happening we'll scale be our and for capture and go on and the more that's play remain of the Joe, promotions. going of that greater. grow certainly steadfast, believe product, in think don't market one it's keeping most where our promotions. what's keen fair focused to. not The aware business we're [indiscernible] our The are. we who environment our superior. of margins on share will chasing referencing, once We're We and on $XX is EBITDA to game

an will We're we've [indiscernible] assets to leading, scale. just And with leading Macao. time want once be be market asset-driven in in And arena proven and company and assets again, is again. Londoner margin quality done, that time

Operator

from The Shaun from coming next Kelley question is Bank of America.

Shaun Kelley

get view. Sorry and high onetime I'll to it margin non-gaming really but -- trying expecting here. about a mid- it maybe of on get little XXs we're a I'm sort it for mix? the kind the very of seeing of take of if sense some longer-term renovations the margins and revenue? now My Or commentary, here, it, bit to back just what give to, high but around high-margin balance about want of 'XX did stick mid- the today more just lost call-outs increasingly call is dead customer would to let's Is to what horse beating question to is a I with

Patrick Dumont

So right it's ask. it's interesting a and question, question the very to

so upper run be reach properties full the they potential, XXs. margin [indiscernible] these as as reach So their rate, should

Sorry, please I someone at think Sand hold, on put China us. us excuse

margins So about upper think XXs. the we in

had and right? the that's by the Cotai again, but to mix-wise, was impacted a more also Venetian, being -- a there the pre-pandemic, it It good that's benchmark, look Arena, you mass fair, be play in this and higher entertainment little If at bit of performance not margin. quarter the

so mass And play, capacity increases, returns, so for plenty we has as tourism of more visitation it. as which have and

asset of a we we it. look the lot scale you the positions beverage base, the have and the if at have, have, of food our amenities accommodate do we And we So to the mass can assets, play.

revenue us, traditional as to towards -- will an they up to will margins for more back and will normalize a on shows mix. take ready visitation so our upward continues visitation, are And assets trend, and grow grow, that

also a lot That the the opportunity tourism. has Londoner of to being bring said, high-value

members. carrying team expense we So So the base without revenue, we're the the right? have

that all fully operating, the yet. We have that you we're have going things -- not but the on have we fully it's operating

to are right. not going So the margins naturally look

as as the only So rest will as in, of is come in, revenue amenities completed visitation the the and the hotel it's normal. problem the as is a that patrons comes look and comes more in in as 'XX. The are done,

with So we get to we little time through have bit have of that investment. this a

Are margins word But that's in of we the the for have all assets Arena and then be be our of full far that recover, count. high-value there. the true. the position. power going to the true ] that get the and we're mass have a we of and see creating missing to in very have, to executed our that to execute be to or yes, look we helpful visitation we're It But continue. you with at assets to we when out, that's fully their experience That base will line, that's we'll and you'll a need the entertainment there. and so there that margin how that [ have, they've will ease high great asset things we And will we Venetian. key be become the there, investments, margins the we're are And to the team get so some believe need get ability Cotai the base asset for because finished helpful Londonerized Sheraton that these to these

we lifestyle a program high-quality amenities. within We have that run

simply If travel what do experience thing. It's place Macao, not It's And can't been really that and haven't encourage in I you they simply It's it. to on all haven't to get been it customers would seen not retail. one simply our not ecosystem not done, simply allows hospitality. an we've It's you It's you to gaming. any continue an it get to of else. around we that's it's our and it's and what have invested And assets have will offer unique. better.

So and we're for not promotional our us, as development, we're Rob will drive that said, chasing activity, success. chasing asset

Shaun Kelley

Thanks, the Patrick, and insight. I appreciate

quick out activity think believe, was the a fruitful Chinese But visa change broadly and being policies called whoever [indiscernible] also, you looking onetime just some a in, mean, There As for event rate one market, Swift, $XXX then run was with I think, quarter obviously, at a for appropriate, follow-up that I million. were market. things is above probably I Singapore, speaking. Taylor there that I a in breakout potentially

mark? run So rate? of of do number the that even it agnostic, million notwithstanding think, what's little question races above are disruption? a $XXX we and event sustain again, we X big just sounds you right could the here the to And kind fact activity off like here is that And the Tower included the maybe bit

Robert Goldstein

is note first you the the think still should building is thing under renovation. I that

market thing important not believe the X I it's growth Singapore is doable as the cetera. just destination desirable order. events, Taylor there quarter a [indiscernible], Show. and it et very is It's a think things. And annualized most attributed has It's in accelerated. This that's you million note become think is to And the should entertainment, $XXX in juggernaut. Swift, I And endless become Hamilton FX. government and very really special program The short [indiscernible], the it's a happening, we it's very more. a

Singapore sustainable. as will highly that in the more is Taylor very -- continue. was that pipeline there's And as desirable. And make Swift a lot yes, that's So good

think of have XX XXX. in almost We may and $X we'll an non-rolling. our this suites. we bullets sweet of spot more of can't billion less as rolling The has Upon there a Secondly, capacity. I out is slot building the market. is super-premium excess -- But we completion, top-tier be get mass a special when premium than very market -- we approaching mass

keep building is importantly, know XXX if be. a it to is and growing. This We're to be excellent that [indiscernible] didn't We're XXX, But a team they're building. Our there. a special great Look, by doubt don't in I happen lucky luck. place ]. the assets most XXX, the very is is this going lucky to supportive [ government place.

make lot spend doing customers a -- assets of again. and and those are superb We to time money sure time back are the come

suites, to this has suites. is question and real going what later And happen they're it We're again, year wound. that couple -- That's building to tell When are we're about The phenomenal under is And I early happens when Macao great [indiscernible]. think, frustrated difficult. we're the they're the building by you X more what to it is of construction, operating environment self-inflicted XXXX. A would. can, and those [indiscernible], fleets rolled and trying a out Macao.

once we're I lot a real will we've to the trying of and [indiscernible], neck Macao, and in Singapore, a to emulate supports for grateful about recently nice increased government us tourism the tourism, Londoner to neck done [indiscernible] drive increase entertainment. prevail. and in to things recognizing think they're a increase [indiscernible] market. that same thing talked we Venetian about But the And and again, government

a do places. very and do great XXX. yes, And very, it can a X about asset a not great Singapore It's team about can locking We're running special XXX, It's market, Taylor it. Swift.

Operator

UBS. coming Farley from Robin next The from is question

Robin Farley

circle to wanted just I back.

were You were commenting up yet. earlier slides in not the

to rate if wondering you mass similar recovery. there's color mass So a just premium through add better speaking, has them, been were sounded anything in but go sequentially. your I seeing that at I'm saying able any that it sequential haven't been growth market to both were and like premium generally the around since

add Just there? any color you'd

Robert Goldstein

take I Grant, Grant? you should think that.

Kwan Chum

know don't is I up. Robin. if Yes, the deck

Daniel Briggs

Grant. now, up It's

Robert Goldstein

now. up It's

Daniel Briggs

guys. up, It's

Kwan Chum

Yes.

at there. factors. difference earlier, mass and look I X% point mass I is think, X% be win quarter-on-quarter. premium down were think to here of, you and if could non-substantive But my number we're So any the quarter-on-quarter related up base It

I mass. as versus So did mass a better trend. just slightly this this describe in wouldn't quarter, divergence But in base premium we

the grew our well. property sequentially visitations Visitations [indiscernible] see market growing, actually wider as

So significant the remark segment on terms in divergence. nothing of to

Robin Farley

just Great. there? new around to your and Okay. any York timing there New sort expectations And then add of That's helpful. thoughts anything

Robert Goldstein

was happen for to a mean Yes, I we're New see. long very York. in we've working there been time, 'XX that thought going disappointed we it we'll by and

'XX Now they're of but we've clarity, to because a lot York have time or of work and it's 'XX, think and disappointing with real New it. any lot into I don't a confusing you, saying honest be got in and we

So I what don't insight. tell guidance, with to know really but [indiscernible] you no I have

York. it figure don't New And just let us we it's out Just -- know about the don't know. know. and We -- just wish

turn that hopeful there. we'll So around remain things

Operator

The next question from Seaports. is coming from Vitaly Umansky

Vitaly Umansky

constraints that going are of to I billion at point, first trying the some getting can they rooms the up of hotel kind of in? already what to about where done. we think to many at to rooms the potentially about talked property, And we're maybe the of if value Singapore. as theory, this how $X.X kind have you with of $X.X in customers. in continue see quantifying the billion, kind filled Because do then be about expand. being at renovations done rooms switching fill a property in we renovations If over today phase and to reach ADRs, the we about the we're once effect Rob, property think and limit look rates built higher look to talking At you occupancy

expansion, think how and constraint can we -- get the is do when we think get that So about we to where before there? quickly you

Robert Goldstein

question. It's a good

go. the bucket. reached I tell the kind COVID, growth think, us unfortunately, they're more powerful quickly much that the it's environment on of call that this premium we've billion drop in probably $X we dreamed we an in never answer the as in after epic that. that we [indiscernible] levels -- to and the seen that There's slots still there's seeing the dreamed masses property a that we're never We so of approaching

premium come will And so growth rolling, non-rolling. mass the I the out both of think super

going that you we're I hope this as actual more the is company be many very decade product have in that very won't The the gaming And ahead. think million reach goal tenable that $XXX this to I our It's just a is only building [ product [indiscernible] will progresses we're ] This someday, -- hopefully, good exciting. all days we quarter ADRs exemplary. almost are when for -- don't customers. stimulated. sell think impactful very to I and as suites a because rooms, rooms. is mostly

caps But the for the capacity. on terms already problem a machines. us slot of in It's

Singapore had a wish This place special building to We does lifestyle, problem. gravitate room to as you very exposure very, grow. is more that have as a people place We exciting as demands And product. Singapore more on for entertainment, its to. visit, job

these We so it Once so there. market we'll have days quickly is be see [indiscernible] it's very concern there. things capacity the how I slot only have the we think get in Singapore obviously, want But many we we get ahead. have unleashed bright I gain only there, we'll more fleets why some in rooms, are can't exposure. too. I you and have That's we're to So many machines. constraint. And disciplined. building just think don't

Patrick Dumont

to one the welcome Vitaly, and thing back call.

a as of think strong key looking investing billion And have dollars for in so the we quickly property. we're I strong couple the us we're in is we Singapore, a success future as can. thing very of view that [indiscernible] this

is of the strong, And policy. this We result And businesses be investment, seeing to of government, stable great make that in infrastructure, Singapore, great the it. business that it's from fair, Singapore, benefiting many you're our lot great factors a think market Singapore. as only

And so Singapore more indicator. helpful very that drive importantly, goes that's visitation. more investment a will other help further I into think the But

strongly there. So already that of question add that mass hotel the critical feel rooms very has more in. we'll infrastructure Singapore help tourism the already go real to are more will is hotels today. The the how added We is many

at affluent Asia, -- a very of And new to of to Bay they new look creation lot substantial. the during Singapore even been Singapore and have to X and on successful, offer. meaningful. are they're going and and take customers they in the pretty Marina want thing has there it's you that last wealth are If around pretty pandemic the years, The advantage want Sands, to and Singapore consume Southeast

And We it's right you going so to an that to we the it peak What and now. about When are see strongly We demand. right? constraint, see feel we come trying activities about is very strongly the really who's at we supply question, of interesting the investment. look future is in think future Singapore visitation don't there. It's Singapore. very feel on, a where

Vitaly Umansky

about Macao. base kind you a premium the And strong the competitive I Macao, seen the kind Maybe obviously, is about available quarter But direct of the which similar business. in follow-up, and base VIP in growth about very think very to just if mass in scale, in have from little is you're Sands in a talked just business, view, gears overall, strong talks Grant, mass. then and switching margin you've higher mass think premium. of my very the you massive advantage, base a the you to bit But your you're where

the If you agree if end strong look Can mass, the quarters you to much Sands why to it in to And not the of think that of is, you with to base others relative change does explanation need I order back, would in get think as stronger as overall change an premium has base which maybe then at as in some the statement? market. been mass the of benefit give over more recovery you a way? next that market how couple that maybe or

Patrick Dumont

Grant, you go to want ahead?

Kwan Chum

take Patrick. sure, Yes, I'll Yes, it.

I think scale point speaks agree, think we advantage all -- advantage you first is huge the segments. to the But I our scale. have with a I

company sense all think especially core of at been a the making, scale, but in advantage, we're really with have if the product has that scale how the mass is the the base you absolutely, we capital look on the our has premium developed, Londoner quality unprecedented. historically investments describe that I of of these in how we

our my I in segments, view. will scale all advantage apply So think to

too is but dissimilar mass. now missing in terms of more the revenue base rate in you patron if since break Actually, we're mass, of base out from of it mass at our between restrictions. look terms actual base recovery that numbers, we on and through count, true reopening premium they're customer the it COVID from the recovery a Specifically the not after still mass and the house, perspective, way volume

many is to really for patronage So One significantly in I to is of that risen there that there, higher obviously, and be base economy obviously patron is the events tell the think hard think all of -- that things the revenue per the content X and you. when and growth events, as that over visitation progressive And assets And out are specifically attribute than best of because especially of non-gaming to are quality it's recover. reasons, I secondly, the destination base that and capture you'll has room think distribution actually factors. a the placed products or I the people still comes. will COVID. and distributed revenue attractions segment all of improves, time, and we X X to mass also, the see mass terms -- improvement -- I on before lifestyle, the think I further there think to But

Operator

Beynon The from next question is coming Macquarie. from Chad

Chad Beynon

Slide maybe what that all Thailand posting of as for discussions talked Singapore, thanks interest decks, the recent New ahead Macao, integrated through past flags some the been could remain slides. of York couple the Japan. the open seen even resort even and some we've you've same On and around XX, There's And these. Thailand, in an of think in

could views, on early, generate enough, you views you for cash if could know Any look a wondering be the but big this there? enough flow could meaningful your So at market to resort guys market? I opine the

Robert Goldstein

We quicker Yes. To Japan. have absolutely your than interest it could happen point, in Thailand.

early the worriness and and work lot the travel levels, still destination have Asia. a the think accessibility receivable. days of size I very, Thailand It's to just think, It's in [ understanding the it. a resort we in of numbers market is population, I very sheer people it's #X do of city exciting obviously, though, to and ] in

interested. very it I it's your -- faster we're But with So it's than agree Japan, days. comments impossible. could be early again,

work government a usually and pent-up towards there's lot Certainly, desire this. of from to business both

sense for we'll So and the we're doing there, We're you find to posted. us interested. listening. We're keep work makes what out

Chad Beynon

stock just tax looking are EPS, I is And a increasingly then was in on statement, benefit you're the believe given investors generating Could kind of what QX. and the trading. where at P&L your in And what the of there talk Singapore to to terms tax rate any benefit? look additional mix we color will then and years saw that potential start in similar to of prior Macao? given you

Patrick Dumont

I'll It $XX answer more was more the for will It forward. was rate item. reverse for reverse. tax to will normal normal. going it million Macao, look this in Yes, look a related onetime

Operator

The question from from Jefferies. David next Katz coming is

David Katz

view Or think we referral next about this of the people Macao your look of them programs And we should dial those that talking how credit until what's year, how the we year? about, on are sort about think in do at strategy year? When reinvestment on that renovations are back going it? philosophy this you

Robert Goldstein

question? thought sure programs we're I'm the our [indiscernible] understand question, not back renovation? I under Is because your investment that

David Katz

versus of That's of right. conservatism and sort aggressiveness you're how [indiscernible] Level

Robert Goldstein

be not not been believers back. our best-in-class. building not that a approach, know -- in make believers We're We're talked the not has now, the bit. -- going pressures we some -- we're the We aggressive to quite front just were we in do right of dial may on competitive about as as you promotional

that's just we that. the We'll scale, participate will in adherent the an and be believe have part important We of grow, long we'll very, lifestyle. margins, We good GGRs in term business. have to our very

our reinvestment it right the back We But strategy. won't won't now. current necessarily no, to market in dial dial compete we either up

the reinvestment will Londoner, of consistent. this Patrick as to stay be the going Grant a arena we're both pull alluded if to So and year anything, back, but and will not

David Katz

about updated slides Perfect. Any a how maturities and you're one And of that's I of where you forthcoming approaching thoughts or [indiscernible]? 'XX, wanted sort 'XX. when about the to show this, just your ask

Patrick Dumont

Page should those That's with XX, LVS and short 'XX. -- So we're maturities, look then you going in if to so you intent. at with the August kind I And in to if -- think order. we deal to you're look deal referring our to of go

given that time. the $X.X We SCL those borrowed we see total during wanted due at address at the we'll you to that pandemic. down have debt billion that SCL we the in our bring level We level, mentioned

there. So see the us that quantum of you'll reduce

MBS of part IRX facility, as the start. the with then credit of And course, we'll that address along

So with our kind structure. we'll deal how of that's capital

that out previously. You'll done term us we've as see

Operator

Daniel Politzer will be from from Wells Fargo. question Next

Daniel Politzer

kind that's share market mass Is really customer maybe just market this driving that Or promotional quarter one heightened But disruption, -- in was a a the maybe This we're row, your declined think there little kind second the there shifts or seeing more color. give different difference shares something in bit that levels? a I is you us is if Macao. this factors side? the quarter. coming little could the seeing lot into Obviously, mass First else a on you're a of altogether bit. of the on of

Patrick Dumont

to out question because Grant that before of less we'll revenue share. do point less Yes. when disruption, we market I answers have have want this

and out that slightly So of impacted the because revenue lower less I same some be share it's impact to do hotel out being the rooms want the margin having our market point arena with that will with thing. out because

I'll it just that, Grant. with So turn over to

Kwan Chum

Yes.

it's have talking and that to hard mean, think factors, have I been I promotion about there out that Rob say referenced. a you which environment people

time encountered and also there. it's we've But a here on own other at very the You that because period hand, obviously the have looking our of short disruptions just projects.

there's quarter, for to But have the So would been were that much closer quarter, X%. mass also X%, and flat grew the rate. way we during the lot could revenues and have growth our factors our a yes, of swung market market the

So a that. I wouldn't from draw big conclusion too

historically at we always The range we've EBITDA fluctuate, low to pre-pandemic. but look of sustained up market that in terms back EBITDA shares end of share. you If in how our mid-XXs share

had let's were share where we be a to in the the as in XX% longer of share, at yet, time well of scorecard against fair, look margin, were XX%. We And EBITDA leaders GGR share bigger the revenues of non-gaming achieved XX% the frame, much at EBITDA We we GGR a let's leader market. but a share XXXX. look as for

But if So fluctuations there discussed. in year, has the been will be just EBITDA, at solid. we obviously, aggregate, revenue, you that look gaming, performance quarter-to-quarter, on non-gaming I for factors our think depending those

Daniel Politzer

And Got just the then it. follow-up. for

Is gone puts goes have some guys maybe stake? think an up to of maybe you that I talk I you and over where upper takes ownership there that share the to time? can XX% of limit about XXXX.HK, mean, there? And increasing

Patrick Dumont

of of So I limit by the equity exchange depending think on the XX% there's an although the name. on give upper size based rules, they do waivers

ahead is lot future the and of bright think, I future, before, we'd SCL for as like of it, a own has more us, it. a I to said For investing

see us see we meaningfully. stand, be stock where we today you'll think in I value And the aggressive. So

is our So we you of what before, think but conviction. a that understand of said sort repeat I

Operator

coming Mansfield next The is Research. question from from CBRE Institutional Colin

Colin Mansfield

there? potentially about on China. thinking Maybe question of Sands but quarter. parent, an the down capital just refinancing, then follow-up the the I Congratulations to thinking subordinated at up updated there's ratings. term grade following on taking down guys David's on one a about And about structure getting are last to the the on maybe how have know lot liquidity during at And out rating of investment thoughts that I you how up loan the you're of timing

Patrick Dumont

Sure.

and LVS see deal very like favorable financing down SCL. allows high-quality [ around before favorable think with LVS it Parenco the ] the subordinated have benefits maturities to a One thing out rate. you XXs deeply see It's SCL. to and SCL us term activity a I'd you'll point that is loan loan at I them

from we to ], standpoint, Parenco and But need. I there. from we what with it go we'll are is [ and how ample see 'XX, maturity what needs So have do goes of that up their at liquidity SCL kind and the think we believe,

Colin Mansfield

I the development be obviously, change have do with just then as guys ratings. relates financial you grade the pipeline And I'd target mean, company to ratings. the of sort one investment on ahead follow-up you, Great. I of how now. And just it thinking on any back curious think fully policy about you're that

is could so I one get companies the think desired. to mid-BBB that this guys eventually of if you

cost have relates pipeline guess, relative balance how of of So to you obviously, as of any the yourselves? capital level to, of do ratings those development to you I desire guys have ahead sort it

Patrick Dumont

Thanks.

working provides debt as grade. liquid It actually pre-pandemic, gives for access important very I new investment world. look in back in very So most us We us flexibility, which think largest, we capital, to efficient be spent we on to gives towards grade. cost investment years it's us X returns a but really the projects. the us It run drives the long market think of

sheet. new It We balance have helps this rate jurisdictions. in investment us

You heard Rob talk about several of them.

We have these capability the on financial to execute projects.

has that between always We've been changed. to view. nothing's we leverage X Our many financial for years, be really It's gross consistent policy this and Xx. said like our

going we're I expansion. time, because EBITDA to think over of deleverage

occurred. If is our And as to having MBS, belief will that it at well. continue you occur Sands it China look at

and statement, levered very basis grade practice. is forward on consistent favorably for I a looking with us, actually leverage investment development. prior X we're very And prior the a we're Xx important. net think I basis. new doing So some That parameter And gross think to on of to gross is

leverage within on about of progression discussions and fit funding development. based of I prior EBITDA had think that that sort the we've our profile will

think that's it. in new all That's focused our very sheet. and we're healthy on capital these goal, our So our investment return existing investment-grade our an program, things while a have we very We developments, balancing having our balance can on and view. and handle assets

Operator

does call. conference conclude today's And this

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

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