Las Vegas Sands (LVS) 29 Jan 252024 Q4 Earnings call transcript

Company Profile

Participants

Daniel Briggs	executive
Robert Goldstein	executive
Patrick Dumont	executive
Carlo Santarelli	analyst
Grant Chum	executive
Shaun Kelley	analyst
Brandt Montour	analyst
Daniel Politzer	analyst
Chad Beynon	analyst
Joseph Stauff	analyst
Steven Wieczynski	analyst

Call transcript

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Operator

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

Thank you very much.

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

We'll materially Today's statements making forward-looking from of securities results under conference actual company's provision those laws. harbor subject be The forward-looking safe results call contain federal will statements. the may statements. differ

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

We presentation have our on an posted earnings website.

Q&A. the We Instructions] will presentation recorded. call that is refer the I'll Rob. presentation to call over during finally now to turn for the This being [Operator

Robert Goldstein

to joining today. economy in fourth our are the you X us Dan, will to revenue the year revenue assets $XX grow ago. quality built grow the exceed as none with to to market should QX Macau can grow well. enable market every Gross quarter billion thank grew Thanks, believe in X% gaining continued of Chinese XXXX. to XXXX of Macau We'll and grew the The in in grow scale and we've grow. access and us to than continue position second and and XXXX market to will X% when compared the faster the segment. in revenue Macau. for gaming begin Mass of quarter market The We Macau compared

Our business and strategy remains clear constant.

in ahead. that investment programs to will We market be we also scale. capital the in our ensure are have years investing high-quality leader We've assets that designed the

long generate of in enable from capital. industry-leading us the to Macau the term our will share and will EBITDA Our returns invested market grow faster approach in

retail, success profitable the strong The our While confident assets customer inventory and us to on to tell and give Macau, future attract entertainment most a offerings our Our cope us scale quality with advantage. room dining enables in completive is we're like market sets. so

available our that despite to will we week September by -- ] Londoner once Grand Macau, Grand quarter or And EBITDA have the and in completed the XXXX. of Cotai, results solid for logon quarter delivered last opened in Londoner rooms the Casino we of the is [ second Suites the in Turning operating fewer XX% XXX having court. we the

as We suites to Londoner a be we May service of service will approximately the introduce suites more XXXX leader during Londoner X the XXX of complement begins, date, To and next by will full rooms quarters. X,XXX Londoner us suites finally. X,XXX and ] [ have in a

the of SCL market non-gaming revenue continues to lead and in share gaming and EBITDA. market

Our high-margin capture our value, to tours. objective is

more our a be in product advantage [indiscernible], a advantage unique of offerings will the them. upon following of the to product We competitive diversity our scale, have terms Londoner of completion pronounced

strong to [ slowing quarter in $XXX Singapore, million XX% $XXX a quarter, of adjusted ] million growth mass quarter Moving growth and program the entertainment in another lifestyle hands Singapore tourism, our event and of growing investment the high impact destination appeal Results ago. a year reflect calendar. advanced property reached just a the on fourth growth the of a in EBITDA, in capital rate-base XX% X robust the quarter, is gaming and XXXX of by positive value is reflecting as

Thanks and call will the for be growth. the a for you the investment joining through in the before Patrick go considerable to programs runway take XXXX, first our As of half Q&A. can of we balance Patrick? there

Patrick Dumont

EBITDA quarter. If in anniversary the $XXX [indiscernible] administrative celebration before Macau the and the the mention impacted get we China. region something special that I are XX.X% of fourth was in XXXX. we ] EBITDA million. [ was fourth Macau the of XXX Macau marked have would have market points or quarter. want adjusted segment, rolling down higher to the December EBITDA hold the held quarter been details been our tourism XXth basis to the There's compared The with properties, Londoner, our events as in quarter from Rob. Thanks, had for to rolling million the our the lower-than-expected $XX expected When margin would for by by portfolio program, excluding of

the million turnover Our were XXXX $XX fourth in than the of Macau rents quarter. in lower fourth year prior quarter

the at directly in impacted by room quarter. margins inventory the were Londoner reduction during Our elbow the

renovation. rooms was the We Grand by XX.X%. on XX% this and suites while complete the Four and Cotai at as the Plaza year rooms will we ] have and approximately approximately Venetian XX.X% and Londoner [ May more at Seasons Margin XX% Londoner of at margin was

revenues to our expect managing better our market advantages as grow refining margin to continue as the we optimize flow. scale our we play reinvestment improvement address in on as our including the use and unrated costs cash focused We

program. rebation position mentioned, our ever. are Rob competitive the As than of stronger be Upon our completion we will Londoner completion, Grand nearing

We expansion expect margin in future. growth EBITDA the full and

to Turning $XXX came EBITDA million. MBS' Singapore, at

expected of would Assuming strong market-leading million been our investment XX.X%. would segment, financial to high-quality The approximately have $X been in in our have rolling results Play and MBS's growth held EBITDA products play, expected Had our high-value hold reflect EBITDA tourism. as in lower. rolling margin we the impact

this billion May year. of We substantially reversement our at will program $X.XX MBS have by completed

benefits We these of realizing are products. of initial the the still stages in new

as continue enhanced Singapore We our expect offering. to high-value to with we growth product in tourism attract the future

share. million to to quarter return capital dividend our of quarterly paid to and stock Turning $XXX shareholders. LVS $X.XX our recurring the during repurchased we program of per

$X.XX $X per year. dividend the calendar annual per quarter Our to share for XXXX or increase will

in the of China XXXX, and purchased $XXX during LBS Sands bringing equity Sands approximately China million of in stock In XX.X%. interest quarter a addition, to approximately year we

returns call Thanks company's return continuing the the to We joining look to increase forward shareholders to utilize in the future. program for today. to capital

take Now questions. let's

Operator

The Instructions] Santarelli from Carlo [Operator question today first Bank. Deutsche coming is from

Carlo Santarelli

perhaps stock of stock. respect look when allocate China dividend today, increase, with shares? maybe kind the at the the active capital, has your coupled SCL around in advantageous all of being Sands the you announcement that Patrick, forward guys more And to with looking at you thinking way the changed obviously, of valuation have been you the

Patrick Dumont

in our more future see to business SCL and you'll own to we also our Look, active we We us, in asset massive look against and in I more there. We there. want way beyond the show through through in story. We've been not I is think program, we've view Look, shares. there. years. want grow of we you our over acquiring base investors for market investment is that for And at only think the the investing been create our And big if in strategic for that shares growth that. execute advantages and believe and our growth And there's in to owning the it's XXXX really really SCL be believe think in Macau designed us every the do growth segment. time We real value SCL. to but to

going to that against exercise so thesis. And we're

Carlo Santarelli

rumor very the the across relative you and the of revenue a much Very of know, I or on of slot that how some put the how that? revenue nice in onetime you to think of don't quarter, in much And want going -- MBS, maybe in table all looked the acceleration to just maybe a at as side, on the in versus the side, of is when side, on of follow clearly, XXXX. -- kind good. you over I don't all doing it's market whether of growth drop mass exogenous guys fourth that the much year-over-year but been drop could not, if do of change things to then that And the the you've property, fruits a the other up there's the of successes been it result is say models, lot things clearly relates capital saw

Robert Goldstein

event a not causes keeps event accelerating. say, onetime that knowing would I thing no one One

also assets you're favor. right, it's bring think to win good And think and market, If we under coming numbers, discrete non-rolling I very I things and discounting. is $X few I look a strong at to win a these is billion One a slot fruition. observation.

the right onetime is he It's when comes we're there the be huge a you been that you're year-on-year something is It's invest there we're right right, exceptional. amazing recently, products. market, or to place, right acceleration time final summer. all really headwind it right of peaked. will The a Singaporean But with it just But together. this right I get place think that thing, and in place, he on the keeps an the product the right beginning going. So the growth not at thing is the time surge

Patrick Dumont

of showing up about terms Rob Singapore, thing It we've is this and want say quality in unbelievable turn market is One of The there. key value match is highest investing to calls. the the you've team really quarter that to of the focused talk thing the do of about and and rest And heard turf. me high-quality thing I the many Singapore been on quality about key about very the assets tourism. of an in of the

validates thesis. going of this of available market to in for the think I the because strength us the us, on this area. the what's investment catchment in quarter And that's growth

strong there, There's look when business and tourism infrastructure. high incredibly continued a population. There's Singapore growing it's There's investment market, as you net worth there's And and of at and visitation. so high-value desirable. activity a a strong growing lot

that in standpoint, quality a flow we it's really We in cash believe industry. from think So our and market, the unique very highest it.

Operator

The Robin question next UBS. from from Farley will be

Unknown Analyst

for you And And feel if the Macau take could base levels Chinese quick minutes could I don't importantly, your are holiday? overall upcoming of recovery? COVID wondering Arpine Robin. that I a you are follow-up. in return indicators more the see the to seeing this to you is you for quarter, terms a what I the about consumer on talk take the year? you that How us but do give do consumer, This was in know current macro have bookings then there few

Patrick Dumont

still world. to off, that very market for like GGR the into grow it's think, It's the looks strongly talking We in market. for it future. I the foreseeable It's reason. growing. the been been largest $XX investing to we're I first So It a market. billion continue about We've going think this in strength

for such the is into penetration it's our our indicator point us think market, to consumer a small Chinese business of is we for that an of since a which level hard specific core represent China. I very indicator to

do do Wilfred, our our say Chinese we investments we look Chinese any overall, so of or sort that's think at beneficiary see produce to an happy very stronger direction standpoint, investment. market, the the to. regarding think hopefully, thing yes you will be of from question? cash But I other would have the of better with we're stronger easy business, time a with And progress I guys our a this over comments and And flow. our more as things economy Grant economy?

Grant Chum

and consumption against Macau in we are of had the Yes, as best GGR think for opening E&C premium look throughout see I market, business the year in than still the referenced Rob was that there sales And very GGR since the saw you side pandemic the And been X%, were up universe, our much other strong very remarks. And whereas think where October, has parts XXXX retail in resilient. at last year, for which I some down been. GGR. you year. his of if retail the the reflected weaker the the what throughout you of the the has month prior are gaming business,

Robert Goldstein

mass the actions believe we didn't and we wouldn't putting And Macau loud We're investing, as we buying [ the believe. we Massimo return in well big investing in We the we believers. will base be continued dollars in billion as in ] believe into of keep speak strength Macau premium of Is $X the China. our believe grow. ground

difficult still as So a do back. alluded to but in pin going it's put billion environment don't can't it's techonomic I we or believe we the $XX to, face a very day Pat we at macro. a think, yes, And of market come time, handicap -- a

we we -- We be investment to to talk just when. at back. in So our keep It's come are going loud of But it. believe investing billions very the actions of it. to going dollars

around we come. the believe will So turns a the

Unknown Analyst

how on you license of there late years New X I quick the your thoughts return thoughts as potential Could in that follow-up. York a of let's just say, an construction, be casino into could have a legalized changes iGaming your that market? assumption share profile

Robert Goldstein

my You've asked and answered concerns.

time. deceleration a I long First, market. York is very pump believe New a strong with in a of

gaming dilutes land-based comments disruption think I gaming sportseting, -- product. the faced iGaming market that the have has your to the -- which so could tool, of to mean, be possibility value date, end read agree the that sometimes However, you and I has i-gaming meet high during sea inevitable competitive the with you

So out that's well, underscore or the Pennsylvania or and of that and results of far states in you neighboring said -- as concern. our it -- Michigan ways Jersey New coming

So future. caveat to coupled the an question, is why we deal sometime don't the to market, inevitable ongoing I The you like threat, know the be asked there. gain answer in which you great land-based to have of lot a with be you've the betting, especially you appears wouldn't how do in properties, states with sports --

So we that's our concern as at that market. look

absolutely You're correct.

Operator

Shaun from will be America. from question Kelley Bank of The next

Shaun Kelley

thought. a of walk your a process that about behind But thoughts differently ramp everybody Obviously, think up Londoner. in Robert, how next here? I of And from your us about to of about ramp could should Patrick, kind quarters, just you if through should you big little think margin help the property probably I disruption it? bit thought want the on maybe timing could? think pretty maybe couple just came rooms the It's the of we in understandable But than just how it's margins. us with hotel start pretty impact drag some given

Patrick Dumont

Yes.

and in rooms to They our generating with this interesting a I really think phenomenal out. EBITDA being did I quarter to much it's this the because a hand have it disciplined reinvestment job in team Macau. actually

at inventory an room -- are inventory-driven model. reinvestment a We

So the product, reinvestment the on of ecosystem, of our our experiences. of we diversity of room scale quality base quality the amenities, the

impact expense and a XX% change. carry doesn't you're meaningful productivity. be the And payroll, so We when largest your is down second inventory, of will your base, right? into expense there that Our

was less less had the just sell inventory. There we wasn't so quarter. there And to in inventory disruption,

the the I scale for to and about we quarter these given about the resort, Venetian the X/X has the were credit productivity competitive think So the start X/X across rooms with that team not it Venetian the But the of this When think of has, and number that room Imagine And it X,XXX quarter rooms, market, the get that these Venetian. they case tables the of count the to dynamics. it's back you if that the creating of did Londoner. in now think Macau and that's available. on rooms it,

online. And news The so were they create to this without performance able that inventory. good is it's coming

that Some Londoner be have to as of X of opening the should an better now, history and the in renovation, I that rate. is which of to in and mentioned our in productivity now creates online best rest because for opportunity and business. than properties our run it ultimate well But available the completed that which May, we've to Venetian the maybe have us position rooms by the the are mind, key get properties is day, we there The one it goal, of is should to the of And count. increase does outlined our our the equivalent now that remarks, think really becoming the X this

And we're because did that We really not saying it. think just we good. it's

think to from I the the seasons. Londoner, Venetian, we X standpoint, have have So have we we have our

Parisian. the have We

grow online back sell. will enhance the getting because positioning, have now us the rooms this flow but and carrying to these EBITDA portfolio expense high-quality we're have inventory cash and anyway, we'll competitive also allow We to and our

I you up. they comments? it for think do Grant, the pretty there want have put to credit any do was give quarter the but So to I that team meaningful,

Grant Chum

Lunar so have the inventory room we for further suites. last and we fourth to the Like Yes. the Patrick. for Londoner Keys you said the year-end, it this Year. around at New And was during quarter. then point to low whole December. lowest the licensed point and And shortly the quarter, November continue XXX we quarter, reached X,XXX and after Grand suites Like got in said, keys XXX for

disposal on. use We have keys now from to at just a X,XXX over

rooms full continue to for the X,XXX quarter operational can on we that of achieve by the at Week, well culminating ramp-up continued track. We expect We're to licensing matter a yes, throughout the first goal believe second and Golden keys the first May of and the that is quarter, the construction-wise. the part in we point. have It's this statutory

Shaun Kelley

we include York And casino did follow-up, notice did figures. in New then quick back to casino maybe New state York. just Rob, not as the or licenses license the the budget downstate a that going

timing may, were the very year here just for, slipping that of it So third is especially I as date further, for curious, many the this that on does process down the given us focused least kind imply license of fiscal LBS? are the at we of think,

Robert Goldstein

I Hard you're I speak if but you can are, wrong. to say. don't know right or

was was it answer the I it that. don't think the I renew in budget.

be to curious a it's been you. determination because as saying, of about haven't and this know with on by a this time. honest, to the you're see what year-end. wait I to keep hard have license clear hard I June so -- to So with they Again, long it's

Operator

. from The question from will be Montour next Brandt Barclays.

Brandt Montour

open? of specifically any producing are activate sense Can follow-up correlated natural be imagine it's that a flow floor, sort Pacifica floor. a the get Or you a in way hotel before And all quarter. many how in of get create Londoner especially sort almost Sean's the rooms you asset you on to how with which I I can if you is in last the rooms and activate the buzz it on give on casino of floor own know it, actually the September hard in and batch? you have Casino that casino would question rooms opened but foot So to without to up us fourth X,XXX enough the

Robert Goldstein

do [indiscernible] or where whether in below you. you gaming get it's have me Las Macau question you you industry, Vegas Where our simply. sleeping to is -- [indiscernible] is above where years the pretty or

still the keys is correlates gambling. people. it So rooms, our more X,XXX more

I think that as can key. increase a more but you as create buzz, obviously will have buzz

So spring I'm to than the XXX better but and good it it's having to point, a that your with only begins in not than X,XXX quarter this is sure Lunar goes X,XXX is again, XXX, better is very is get of year X,XXX to better group there, I than the other adjacent of and else. this in even through rooms it Londoner, more on same to and you any And get believe. course, then, have X,XXX, most places place hotels plenty

I for themselves. and from process So head, results is asset -- drive this hard and long speak we a is team think results always that coming has that over believe there believe probably This a extraordinary. assets the been to we

this And Marina will for yes, see May in buzz haul in be placed Sands Bay we'll see of legrformers like the March, long and you'll over asset a did February, [indiscernible]. and [ cakes and some but world-class some more ] so Londoner alongside

Brandt Montour

of other? of then level second opportunities are to and really they relation sort opportunity. coming it's X far Thailand those versus Okay. to could that That's markets that high investment early but be I on maybe done vis-a-vis think work that about so sort have about plenty question totally considered each on wouldn't And have know separate large And how And talk you in be follow-up if other? the of you super opportunity just each market. your helpful. Singapore build-out in a would you I'm guys sure

Patrick Dumont

things So here. couple of a

our of think culture, attributes, enormous It food, news beautiful great between tourism-based place Singapore. resorts destination and great there choice to to back it Do it's environment, overlock So time? people Is that argument add a in is first there's ecosystem a the an within has Bangkok an there's sure. it great is to actually separate from large-scale And I Absolutely. that. Thailand all already, visit. thing because terms a the who Singapore our people I there. has strengthens and great It's have and just unbelievable and desirable opportunity great more argument people create Is there The that. go very go industry forth for very center. there off, think, an

different think I Although say I would both they're offerings. that

in look it's air. level place. I you look the think that both type there to have turn at and if highest and in consumption of and environment rarified specifically tied type we high-value business that takes the of When Singapore, It's tourism. that's what of you who's leisure

I think in Thailand, it's a completely market. separate

overlap a That visitation that of want said, excited it's that to some lot where how for we we're before But fair, the they be are But inevitably will great to from population separate learned and have it we it sides. of our people inbound to given has as that distinct lot and see be see it. practical there and being to and going be can both it. a the about today for be that's has possible. think on a a matter, there's and terms it's evaluate. base, something tourism, people great industry because all I done are coming in us if be to would opportunity,

Robert Goldstein

X is billion I States. to ] about United about about you billion X comment which second. think Think more [ in people, a about Asian Can . The those think X I your markets. mix this say entire about for the of on There's

there's window Las all As of look there Asia. Vegas I in Las more casinos the than in here at is Vegas,

gamble, Asian strip all do the as a, Okay? much year it in I and say, I'd the well. extraordinary of casinos, will XXX and to worry time doing very just in wouldn't know, was an casinos Vegas point is for to money about of years kind Las Asia. well. the don't lot make people and very very, being high of There's kinds there's know well but in there, my will in Again, all every to the I So country second XXX quarter market possible. do Asia, is propensity Singapore there's very The shell a as point about of like too noncapacity

people cannibalizes very, to So billion Asia will necessarily well even very about aegis Thailand [indiscernible]. at to not the think about looking X do Singapore valid so it in go. a concern place but

Operator

be will Wells next The Fargo. Dan Politzer from question from

Daniel Politzer

First, talk property on your there. arena like a some that little about on bit with to slowed Last other opened of properties market? of the to volumes a it relative I wanted you in I Can there. bit And recently mass going couple think quarters, touch Venetian. looks have maybe the also, what's

on So any been kind incremental of that's details how trending?

Patrick Dumont

and of half great the on quarter, first remarks, XXth I In there what [ things Venetian mention, One thing want margin because flow. do accelerating. going things of do the there and disruption second which of lot I Londoner earlier it. I visitation on to the the us think really is capacity quarter, a and focused mentioned some for in has very benchmark were And half of the ]. to think maintaining to growing the the Venetia was in Macau, prepared and to we're In and in were cash the is generating revenues it we anniversary

a And so mass was one going XX-day most there of and of things were And that meaningfully base that the that this that on things period. by impacted quarter. lot by is went event on in

have as know I with going would add? at the look associated And this don't else the forward. you representative if necessarily mass run of to Grant, base so not quarter rate anything I Venetian

Grant Chum

there. strong the think a think have with that of that's the full Venetian, mass, seasons in premium And together largest to Yes, with very the Also, the you I for be I to it most complex segment. that right. business consider as plays I think continues

see prior can in segment strong full past quarter, non-rolling the seasons year. was you So XX% this how against the up

properties. look move you in So the -- quarter. then base think during as of said, quarter between softened first half Patrick affected very the a patrons and strong the as around X a composite should mass had the it was I thereafter. at But We

regards we had in upgraded November. to like quarter. concerts. in during arena, some launched We of more events, few fourth warm-up events a arena late the As Venetian We've a had them fully a

years. also then collaboration announcement of And we accompanied game the next legends the the NBA NBA hosted with that over few the strategic

product So at sporting example program our think, the this really, London And arena. facility Venetian NBA is be same in the advantage to concerts entertainment, arena scale we'll us, and very the the London as strong calendar well games use time, program mice hosting the diversity major we how the another that I in to We've October scope arena for the to We'll XXXX. as have. content And some continue in groups. gives of learned events, successfully.

X it's going So full the that the have types we'll for venues we of growth business benefit flexibility events and of having believe support and these the different programming in beyond. great and to of XXXX

Daniel Politzer

Got it. follow-up. just helpful a And That's then color.

the be to And of other teens? properties more premium this in be? -- mass at do see for timing you think you do And about centric? this, if market How invested the $X then in and some high the in that the why business ramp? think the that around would base you come invested you've you'll do not, property into I your need And Londoner all billion. I think that the in, with certainly how given have mid- making to about, guess, of -- consistent return mass terms on is back this

Patrick Dumont

Yes.

So think IRR I key period the thing measurement long your note to is is. on how here depends

a of at think it had rate run the think, And us, ramp-up if property, at of we opened it sort period $X.X I when first looked it where so EBITDA. out, was billion peak for I you

reinvest be your that, off which need sort trend overtook of would drew if we investment. realized reposition, it we and Then you so did. line an events that unbelievable And measurement, to we and

and anymore replicatable like do, return asset, its this So and this feel we XX-year amenities as think cash given high which generation potential if a theming, Macau, out in the asset. its is of we you very which of its positioning, not a its this is look you structure, at asset, flow potential

And that's why we put the capital into it.

it you and the If to support high it very didn't then I our like look And amenities provide the of will the right? major if at running the it. it market like floors work, how of this the be room way. you structural assets the we this you around casino count, returns have you structure, organization retail we have done of Otherwise, But its and look there's wouldn't at so over happened. if activity feel patrons, and at lift. would the asset view the model time. nothing we've we depends to look done it But on how think the

to carry we we're this forward come. shape So in think good asset to years for

Robert Goldstein

of not how it's view pressure ticential Patrick basement, gaming. And and well, segment do BMS think to comment said a think buildings London the so they additional successful the centric, have an can't makes not Venetian, be couldn't made you scale a everyone. And they market comment I far beyond better buildings they well, world to since this segment the get special all They've get Londoner wouldn't pretty answer well. it the everybody. overall they've lodging Dan, billion. because these you would and as got roots. numbers issue got competitors, the they We is market. open kinds to that than capacity. powerful obviously of like is in Londoner I versus in some market do is disagree to and the competent got time get It -- the withstand and sleeping one capacity very our I entertainment, the Londoner pick hit and have retail, its the this capacity. This are to it will got Patrick. met $X We What that grinds makes

logs kinds That's notes just of of is with drawing beverage. all fully as at this to there simply mass, when with kinds building all billion of that's high It's than gets in the well to least base down base get premass it. mass kinds $X plus do poker, everything. on been Londoner, food all get dollar it didn't raw less the we there's to retail, will operation. and log They model how like the

Operator

next Chad from Macquarie. The Beynon be question from will

Chad Beynon

have may all believe, the that much rent. was decline in Rob, at remarks Seasons. that looks you mentioned been there your in the like I a It prepared Four pretty turnover of

Singapore The properties nice year-over-year. other increases Macau in had and some in

that, there just of to was next last kind to anything the secondly, wanted now? right structural was the visitation that about market retail some GGR VIP the put And in lid property? anything is model year. that if be are then related year, a to everyone that in I terms with business of Is the up maybe base where know ask firstly, and So would in given happening expecting something what's there

Robert Goldstein

Chum, should question. Grant? Yes. answer I'm to going defer Grant this who

Grant Chum

related in sales largely was turn spend. full Yes. mall. Yes. seasons out record year, post-COVID rent that should more I retail high of Thanks, for all-time terms XXXX, full the That Rob. the that say, change of Last is seasons was a or of the to The year. an coming

way the year-on-year after turnover it's think comparison, look impacted And you the 'XX, down nothing straight rent just one-off 'XX at when macro the structural. year-on-year. at of So the sales Seasons there's 'XX, And being cells against softening by I the There's course, the environment the thereafter. pandemic. is about heavily Four evolved nothing

over next retail strategically we're very the months. well XX the for XX, think sector I positioned

are opening across a We of number number flagship stores brands. a significant major very the of

seen also flagships openings. with store [ first with and these the November will largest significant House, other You've in Asia. seasons opening the of in continue That in automotive full some AP ] the XXXX major

that mix very for hopefully, now positions feel offering it. strengthening come us between retail recovery with So in you're of and 'XX, sales that end that macro product further to well the we the in a the going the and will And the in the eventual see and tenant more.

Chad Beynon

legislation on back the of changed Great. where know in Texas, opportunities. your the terms of and few things that or talked I to positives about potential kind view then timing U.S., stand Anything we down a there? And of

Patrick Dumont

So session this nothing as we great a business, potential market think report before, this began, at has Texas as how but there's see to for a we'll our it just and said really goes. we point

Operator

Stauff Susquehanna Joe ]. from question next from will be [ The

Joseph Stauff

the Rob returns second really heavily had X question I'm investments biggest One, -- I please. longer MBS towards X the particular for customers, from the for stays, Patrick metric, Grant. you is And on spend. are seeing if higher on then the, early thus longer-term wondering where it's far. questions a weighted my new say, a basis your MBS, more for towers.

EBITDA, where comment Singapore certainly what and term, rarefied think think had we air. about could is these the to the is mentioned in you you Patrick, you But on EBITDA? you As investments for ramp longer new biggest opportunity ramp

Patrick Dumont

So really appreciate question. the

Sands sort to see do into that habits the biggest purposes. there or utilizing in facet diverse, very us, still assets inventories. there. diverse business done and to leisure I for And markets the business, think Renova our the want they phenomenal everything have very it's for you of And you'll Singapore powerful. are want growth look in is every credit quarter think go who put the production spending work in I I around base were to don't and that this customer across as all They've team Singapore,

at growth. And both in the in absolutely phenomenal. tables. key the if and non-rolling It's is you segments, And so think here look gaming our slots thing sort particularly terms I of on fantastic, of been side,

on been a it's also rolling basis, very strong. But

I is thing if other side, look think the you extraordinary. been it's at the non-gaming

retail If retail Macau. the well. across -- things performed question We at you in board, look and the resilient. very if a to incredibly incredibly shown performed Singapore, just you about had But the at well in it's have look be

one measure point the can't to properly. say really think the quite to to is way addresses offering that market strong, investment. the it's And I So the I there thing

Rob holistic I all that we earlier segments. think it's approach. mentioned a very addressed

And with and is of very a unique. I variety is address think we experience ecosystem with something amenities in really not our high-value Singapore, that's in replicatable. fill that tourists the market

you get other And completely the of benefit there's done. the is room EBITDA online we think think the Tower And I the of fully of X this room so when I in think get to rest I we we and see come. in that. investments And our quarter. the some get I results think more And to

to the you'll it I see think start power figure of out. this building as people

Robert Goldstein

[indiscernible]. that you've you here a think see I building been

Patrick Dumont

[indiscernible]

Robert Goldstein

Okay.

room there's sweep gamble who It's there a afford just beverage, got think lot a see it's at to the the terms unique like If for you not and product, It's just all. can be Singapore And people it's in It's nothing it's in of experience epicenter got want affluence retail, of a people of food building, buy, capture place the got going And Asia. it. itself. the you the product. I very also to in wonderful and it all people. to those

right I to the is we're And is soaring. you're yet and of measured right is think Singapore just the the beginning come. to mean, growing profitability time keep think I in its So I we're just -- place, that. the profitable the obviously, But best run. and

to, the replicate. cetera, assets of it's extraordinary, alluded the to and Patrick and hard et are As quality finishes,

So see and of how just they the a call Internet and of be. of the people the is awareness publicity just to strong very this the newspapers, magazines I think beneficiary exceptional not is brand of great it is Lots the it the It's powerful, to going real countries also not now. thing, in at driving us of MBS, it's lots a way on an we is Singapore have beginning every end we're confidence aberrational. market. very asset

story as summer. I at So Again, growth the very a very, Singapore of strong. exceptional think assets future I this in think is you're the mature beginning the

Operator

question Citigroup. next be will The from from George. George Troy

Unknown Analyst

late the is rates a would new follow-up. to longer come background please on potential on whole you then comment have I since noted in First term? introduction some September you popular And Macau? impact and all, how And of of have be a

Patrick Dumont

you you got to with tell me. George, very they're popular

great. they're think I

Robert Goldstein

one. reality you wages It's story the which a know side profit partly like do But Of appreciate very possibility. course, think betting. know, more sports best question. a more akin George, something powerful a as the a you people very, the yet. shot the you had I I the are It's type It's gravity of avatar that, it. long on event, to not

the the than fighter house payer. is the know than advantage higher usual flatbed much You time

the the we're It's take higher It's be towards could they this very, for will type those you forefront bets. industry, business. primary It want yet at early as long-run great come, most So And our very know, days in them. years we so powerful house, to borons of of customers yet. But the come us. to decide benefit got potential. the bets hopefully, this offer to do the customers the

betting the Oracle about to There's parlay recently sports journal bedding akin on the and as that. it's

those that cure it the for like if that hopeful we're drive very Vegas companies have partake helps So Las in and bought who you centric more advantageous Sands. people will

Patrick Dumont

early thing Yes, thought. just days additional I key sort And it's the is to think of here yet.

goal and But to to adopting those utilize think how the so bets. . actually market And evaluate is I we'll is our choosing continue to see.

Unknown Analyst

to opened at after encouraging very wondering I'm Londoner you just year-end. learn obviously, opened the mass And had have that XXX Grand. most capacity premium if the in Grand new Londoner you

Robert Goldstein

floor? gaming the On

Unknown Analyst

Yes. Yes.

Unknown Executive

Year, to the opened a mass Grand. we on we premium opened new we around Yes, Level did salon yes, Londoner just of -- Lunar time X just New

side gaming sync in ramping on the we're the So up obviously with [indiscernible].

Operator

And the next from from question will Steve Wieczynski Stifel. be

Steven Wieczynski

go well. coming that is next couple property even the the you months. or online over And Londoner. the Grant, back of back competitors as Rob maybe Obviously, or back coming have Patrick we know in if So that market to your online obviously,

coming have is, your in market question from any the in promotional the changes online? So activity anticipation you the in of back property seen competitors that

Patrick Dumont

of we've I promo in goal people we be around, leveraging to by think, invest disciplined the evolving. we very practical to a move competitive this Casino, visitation some which, drive We're has But the very think there prior this always market, ever matter. face been that. to the closed in about experience. promotional. on disciplined. it's focused and PX in and term assets was the I team's we patron us, I I long way, off, to credit call. the incredibly there, for for been the talked is the first the that think think think And Macau in very I and they've customer mentioned is quarter's When And there

think I favor, And today. If thought what you invested and back different were that's we different decade, segments more people go opportunity. against the that about segments there are a those ways than that have in

we market we've as have had. very competitive I a think always

is will But has which model a we create great way the pretty and I Grant, . And think levels on do focusing and are investment same they you'd I flow. comments drive them. been you about great think segments have for we're against the to doing the people way most consistent, thing. in margin our investment service that other cash profit can the us, add? that product, in the for like team, investing think any

Grant Chum

think we you out necessarily focused profit look if think I said continue see think I third from who the profit EBITDA results strategy. operators, we into it the results gained remain all the on quarter all the those shed with didn't think came at when gain. it revenue I of well, And I translate our you generation share And and share. that

Londoner I think we're that bringing or regardless whether of suites not. I think Grand changes. competitive remains don't it online

to then the May inventory having from place deliver and that of into and rest the the what products, I summer and that online of opportunity hope leveraging quality strategy. And we for see us look scale think in for home is that our forward we the the constant full leveraging that's for a constant to so for year, really really Week -- we Grand us. to Golden our drive and of perfect is core the remains our strategy Londoner really coming have the to and rooms

Steven Wieczynski

Patrick, Okay. I'm President's during guys from the that. the going visit visit that up do impact you frame? estimate your you And then you're on in But on to not properties or sort was to of obviously some time wondering if potential sure real December. able brought quick, his just if have be what this

Patrick Dumont

really is a are our great noticeable an you a is we're I good assets there change. where thing about tell looking positioned. about that excited We estimate. that All 'XX. Unfortunately, But give forward I was feel the really you can to important the can't opportunity. We're

We have a team. great

it. can looking service forward in great that inventory. excited have now We're assets finally about . We what we of and levels, to back getting all we're do our we're

Operator

conclude There no and This ladies today's are does this Thank call. at gentlemen. you, time. questions conference

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

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