Q3 2025 Las Vegas Sands Corp Earnings Call

October 22, 2025

Speaker #1: Thank you for waiting. Your patience is appreciated. Please hold the line, and we'll be right back with you.

Operator: Thank you for waiting. Your patience is appreciated. Please hold the line, and we'll be right back with you.

Speaker #2: Thank you for holding .

Operator: Thank you for holding.

Speaker #3: Good day , ladies and gentlemen , and welcome to the Sands . Third quarter 2025 Earnings Call . At this time , all participants have been placed on a listen only mode .

Operator: Good day, ladies and gentlemen, and welcome to the Sands Q3 2025 earnings call. At this time, all participants have been placed on a listen-only mode, but we will open the floor for your questions and comments following the presentation. It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands. Sir, the floor is yours.

Daniel J. Briggs: Good day, ladies and gentlemen, and welcome to the Sands third quarter 2025 earnings call. At this time, all participants have been placed on a listen-only mode, but we will open the floor for your questions and comments following the presentation. It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands. Sir, the floor is yours.

Speaker #3: But we will open the floor for your questions and comments following the presentation. It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands.

Speaker #3: Sir , the floor is yours .

Speaker #4: Thank you . Paul . Joining the call today at Robert Goldstein . Chairman and CEO Patrick Dumont President and Chief Operating Officer . Doctor William Long , executive Vice chairman of China and Grant Chung , CEO and president of China .

[Company Representative]: Thank you, Paul. Joining the call today are Robert Goldstein, Chairman and CEO, Patrick Dumont, Vice President and Chief Operating Officer, Dr. Wilfred Wong, Executive Vice Chairman of China, and Grant Chum, CEO and President of China, and VP of our Asia operations. Today's conference call will contain forward-looking statements. We will be making those statements under the Safe Harbor provision of federal securities law. The language on forward-looking statements included in our press release also applies to our comments made on the call today. The company's actual results may differ materially from the results reflected in those forward-looking statements. In addition, we'll discuss non-GAAP measures. Reconciliations to the most comparable GAAP financial measure are included in our press release. We have posted an earnings presentation on our website. We will refer to that presentation during the call.

Daniel Briggs: Thank you all. Joining the call today are Rob Goldstein, Chairman and CEO, Patrick Dumont, our President and Chief Operating Officer, Dr. Wilfred Wong, Executive Vice Chairman of Sands China, and Grant Chum, CEO and President of Sands China and EVP of our Asia operations. Today's conference call will contain forward-looking statements. We will be making those statements under the safe harbor provision of federal securities law. The language on forward-looking statements included in our press release also applies to our comments made on the call today. The company's actual results may differ materially from the results reflected in those forward-looking statements. In addition, we'll discuss non-GAAP measures. Reconciliations to the most comparable GAAP financial measure are included in our press release. We have posted an earnings presentation on our website. We will refer to that presentation during the call.

Speaker #4: And GDP of our Asia operations. Today's conference call will contain forward-looking statements. We will be making those statements under the safe harbor provisions of federal securities laws.

Speaker #4: The language on forward looking statements included in our press release also applies to our comments made on the call today . The company's actual results may differ materially from the results reflected in those .

Speaker #4: In addition, we'll discuss non-GAAP measures. Reconciliations to the most comparable GAAP financial measures are included in our press release. We have posted an earnings presentation on our website.

Speaker #4: We will refer to that presentation during the call . Finally , the Q&A session . We ask those with interest please pose one question and one follow up question , but we might allow everyone with interest to the opportunity to participate .

[Company Representative]: Finally, for the Q&A session, we ask those with interest to please post one question and one follow-up question, so we might allow everyone with interest the opportunity to participate. The presentation is being recorded. I'll now turn the call over to Paul.

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

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

Speaker #4: Presentation is being recorded . I'll now turn the call over to Rob .

Speaker #5: Thank you, Dan. Good afternoon, and thank you for joining us. Marina Bay Sands delivered EBITDA of $743 million. We had forecast that MDS could do $2.5 billion annually.

Robert Goldstein: Thank you, Dan. Good afternoon. Thanks for joining us. Marina Bay Sands delivered EBITDA of $743 million. We had forecasted that MBS could do $2.5 billion annually. It turns out we were too conservative. We should easily exceed that figure in 2025. MBS is currently over $2.1 billion of EBITDA this year, with a quarter still to go. Mass gaming and slot wins are a record $905 million, reflecting 122% growth from Q3 of 2019 and 35% higher than last year. We are in the right place at the right time with the right product. Singapore is a highly desirable destination, and our product is superb. It's difficult to find superlatives that describe the magnitude of this result. Operating performance at MBS is unprecedented in the history of our industry.

Rob Goldstein: Thank you, Dan. Good afternoon. Thanks for joining us. Marina Bay Sands delivered EBITDA of $743 million. We had forecasted that MBS could do $2.5 billion annually. It turns out we were too conservative. We should easily exceed that figure in 2025. MBS is currently over $2.1 billion of EBITDA this year, with a quarter still to go. Mass gaming and slot wins are a record $905 million, reflecting 122% growth from Q3 of 2019 and 35% higher than last year. We are in the right place at the right time with the right product. Singapore is a highly desirable destination, and our product is superb. It's difficult to find superlatives that describe the magnitude of this result. Operating performance at MBS is unprecedented in the history of our industry.

Robert Goldstein: Thank you, Dan. Good afternoon. Thanks for joining us. Marina Bay Sands delivered EBITDA of $743 million. We had forecast that MBS could do $2.5 billion annually. It turns out we were too conservative. We should easily exceed that figure in 2025. MBS is currently over $2.1 billion of EBITDA this year, with a quarter still to go. Mass gaming and slot win was a record $905 million, reflecting 122% growth from Q3 of 2019 and 35% higher than last year. We are in the right place at the right time with the right product. Singapore is a highly desirable destination, and our product is superb. It's difficult to find superlatives to describe the magnitude of this result. Operating performance at MBS is unprecedented in the history of our industry. Macau delivered $601 million of EBITDA for the quarter, which reflects improvement in our financial results.

Speaker #5: It turns out we were too conservative. We should easily exceed that figure in 2025. GM's is currently over $2.1 billion of EBITDA this year, with a quarter still to go.

Speaker #5: Mask gaming and slot was a record $905 million , reflecting 122% growth from Q3 of 2019 and 35% higher than last year . We are in the right place at the right time with the right product .

Speaker #5: Singapore is a highly desirable destination, and our product is superb. It's difficult to find superlatives to describe the magnitude of this result.

Speaker #5: Operating performance at MDS is unprecedented in the history of our industry . Macau delivered $601 million EBITDA for the quarter , which reflects improvement in our financial results with typhoon negatively impacted our reported EBITDA by about $20 million .

Robert Goldstein: Macau delivered $601 million of EBITDA for the quarter, which reflects improvement in our financial results, with Typhoon negatively impacting our reported EBITDA by about $20 million. We have underperformed in the Macau market for the past few years. We believed our buildings would be enough to compete favorably. We were wrong. We've adapted to the market and changed our approach in the second quarter of 2025 to enable us to be more competitive. Our mass market revenue jumped to 25.4% this quarter, up from 23.6% in the first quarter of 2025. We expect additional share gains and EBITDA growth in the fourth quarter. Our assets remain the strongest in the Macau market. The Londoner is moving towards $1+ billion of EBITDA, and we have meaningful opportunities for growth improvement throughout our Macau property portfolio. Importantly, the Macau market's GGR is growing.

Macau delivered $601 million of EBITDA for the quarter, which reflects improvement in our financial results, with Typhoon negatively impacting our reported EBITDA by about $20 million. We have underperformed in the Macau market for the past few years. We believed our buildings would be enough to compete favorably. We were wrong. We've adapted to the market and changed our approach in the second quarter of 2025 to enable us to be more competitive. Our mass market revenue jumped to 25.4% this quarter, up from 23.6% in the first quarter of 2025. We expect additional share gains and EBITDA growth in the fourth quarter. Our assets remain the strongest in the Macau market. The Londoner is moving towards $1+ billion of EBITDA, and we have meaningful opportunities for growth improvement throughout our Macau property portfolio. Importantly, the Macau market's GGR is growing.

Robert Goldstein: The typhoon negatively impacted our reported EBITDA by about $20 million. We have underperformed in the Macau market for the past few years. We believed that our buildings would be enough to compete favorably. We were wrong. We've adapted to the market and changed our approach in the second quarter of 2025 to enable us to be more competitive. Our mass market revenue jumped to 25.4% this quarter, up from 23.6% in the first quarter of 2025. We expect additional share gains and EBITDA growth in the fourth quarter. Our assets remain the strongest in the Macau market. The Londoner is moving towards $1 billion of EBITDA. We have meaningful opportunities for growth improvement throughout our Macau property portfolio. Importantly, the Macau market's GGR is growing.

Speaker #5: We have underperformed in the Macau market for the past few years . We believe our buildings will be enough to compete favorably . We were wrong .

Speaker #5: We've We expect additional share gains in EBITDA growth in the fourth quarter . Our assets remain the strongest in the Macau market . The Londoner is moving towards $1 billion of EBITDA .

Speaker #5: adapted to the market and changed our approach in the second quarter of 2025 to enable us to be more competitive , our mass market revenue jumped to 25.4% this quarter , up from 23.6% in the first quarter of 2025 .

Speaker #5: We have meaningful opportunities for growth improvement throughout our Macau property portfolio. Importantly, the Macao market's gross revenue is growing. When you couple this fact with our assets and our recent marketing changes, we believe we'll continue to improve in the fourth quarter and beyond.

Robert Goldstein: When you couple this fact with our assets and our recent marketing changes, we believe we'll continue to improve in the fourth quarter and beyond. Let's hear from Patrick.

When you couple this fact with our assets and our recent marketing changes, we believe we'll continue to improve in the fourth quarter and beyond. Let's hear from Patrick.

Speaker #5: Let's hear from Patrick . Thanks , Rob . Macau EBITDA was 601 million , we held as expected , in our rolling program .

Patrick Dumont: Thanks, Rob. Macau EBITDA was $601 million. If we had held as expected in our rolling program, our EBITDA would have been lower by $2 million. When adjusted for a higher-than-expected hold in the rolling segment, our EBITDA margin in the Macau portfolio of properties would have been 31.5%, down 160 basis points compared to Q3 2024. We are focused on delivering revenue and cash flow growth at The Londoner and across the portfolio. Margin at The Venetian was 35%, while margin at The Londoner was 31.9%. We expect growth in EBITDA as revenues grow, and as we use our scale and product advantages together with targeted incentives to better address every market segment, we see opportunity in every segment. Now, turning to Singapore, MBS's EBITDA for the quarter was $743 million at a margin of 51.7%.

Patrick Dumont: Thanks, Rob. Macau EBITDA was $601 million. If we had held as expected in our rolling program, our EBITDA would have been lower by $2 million. When adjusted for a higher than expected hold in the rolling segment, our EBITDA margins in the Macau portfolio properties would have been 31.5%, down 160 basis points compared to the third quarter of 2024. We are focused on delivering revenue and cash flow growth at The Londoner and across the portfolio. Margin at The Venetian was 35%, while margin at The Londoner was 31.9%. We expect growth in EBITDA as revenues grow and as we use our scale and product advantages together with targeted incentives to better address every market segment. We see opportunity in every segment. Now, turning to Singapore, Marina Bay Sands' EBITDA for the quarter was $743 million at a margin of 51.7%.

Speaker #5: Our EBITDA would have been lower by 2 million when adjusted for higher than expected hold in the rolling segment . Our EBITDA margin for Macau portfolio properties would have been 31.5% , down 160 basis points compared to the third quarter of 2020 .

Speaker #5: For Q3 2025, we are focused on delivering revenue and cash flow growth at the Londoner and across the portfolio. Large Venetian was 35%, while margin at the Londoner was 31.9%.

Speaker #5: We expect growth in EBITDA as revenues grow and as we use our scale and product advantages, together with targeted incentives, to better address every market segment. We see opportunity in every segment.

Speaker #5: Now , turning to Singapore , Ms. EBITDA for the quarter was 743 million at a margin of 51.7% . We had held , as expected , in our rolling program , our EBITDA would have been lower by 43 million , with this quarter's results , we are putting in place a new methodology for the theoretical hold percentage on rolling baccarat play for the quarter .

Patrick Dumont: If we had held as expected in our rolling program, our EBITDA would have been lower by $43 million. With this quarter's results, we are putting in place a new methodology for the theoretical hold percentage on rolling Baccarat play for the quarter. This new approach has been enabled by the introduction of smart table technology on our Baccarat games in Singapore. This technology has now been in place at our rolling Baccarat tables in Marina Bay Sands for over one year. Please see slide seven in the earnings materials for more detail. We have provided theoretical hold rates for rolling Baccarat play for the last five quarters at Marina Bay Sands. There will naturally be fluctuations in theoretical hold rates in any specific quarter driven by player betting preferences.

Patrick Dumont: We had held as expected in our rolling program. Our EBITDA would have been lower by $43 million. With this quarter's results, we are putting in place a new methodology for the theoretical hold percentage on rolling Baccarat play for the quarter. This new approach has been enabled by the introduction of Smart Tables on our Baccarat games in Singapore. This technology has now been in place at our rolling Baccarat tables at Marina Bay Sands for over one year. Please see slide 7 in the earnings materials for more detail. We have provided theoretical hold rates for rolling Baccarat play for the last five quarters at Marina Bay Sands. There will naturally be fluctuations in theoretical hold rates in any specific quarter driven by player betting preferences.

We had held as expected in our rolling program. Our EBITDA would have been lower by $43 million. With this quarter's results, we are putting in place a new methodology for the theoretical hold percentage on rolling Baccarat play for the quarter. This new approach has been enabled by the introduction of Smart Tables on our Baccarat games in Singapore. This technology has now been in place at our rolling Baccarat tables at Marina Bay Sands for over one year. Please see slide 7 in the earnings materials for more detail. We have provided theoretical hold rates for rolling Baccarat play for the last five quarters at Marina Bay Sands. There will naturally be fluctuations in theoretical hold rates in any specific quarter driven by player betting preferences.

Speaker #5: This new approach has been enabled by the introduction of smart tables on our baccarat games in Singapore. This technology has now been in place at our rolling baccarat tables in Marina Bay Sands for over one year.

Speaker #5: Please , please , please see slide seven in the Earnings materials for more detail . We have provided theoretical hold rates for rolling baccarat play for the last five quarters at Marina Bay Sands .

Speaker #5: There will naturally be fluctuations in theoretical hold rates and any specific quarter driven by player betting preferences . The record financial results of Marina Bay Sands reflect the high the impact of high quality investment and market leading product , and the growth in high value tourism .

Patrick Dumont: The record financial results of Marina Bay Sands reflect the impact of high-quality investment in market-leading product and the growth in high-value tourism. We believe we are still in the initial stages of realizing the benefits of our investments in Marina Bay Sands. Turning to our program to return capital to shareholders, we repurchased $500 million of LVS stock during the quarter. We also paid our recurring quarterly dividend of $0.25 per share. Our board of directors has approved an increase in our quarterly dividend of 20% for the 2026 calendar year, or $1.20 per share per year, or $0.30 per share per quarter. In addition, during the third quarter and in July, we purchased $337 million of SCL stock, increasing the company's ownership percentage of SCL to 74.76% as of today.

The record financial results of Marina Bay Sands reflect the impact of high-quality investment in market-leading product and the growth in high-value tourism. We believe we are still in the initial stages of realizing the benefits of our investments in Marina Bay Sands. Turning to our program to return capital to shareholders, we repurchased $500 million of LVS stock during the quarter. We also paid our recurring quarterly dividend of $0.25 per share. Our board of directors has approved an increase in our quarterly dividend of 20% for the 2026 calendar year, or $1.20 per share per year, or $0.30 per share per quarter. In addition, during the third quarter and in July, we purchased $337 million of SCL stock, increasing the company's ownership percentage of SCL to 74.76% as of today.

Speaker #5: We believe we are still in the initial stages of realizing the benefits of our investments in Marina Bay Sands. Turning to our program to return capital to shareholders, we repurchased $500 million of stock during the quarter.

Speaker #5: We also paid our recurring quarterly dividend of $0.25 per share . Our board of directors has approved an increase in our quarterly dividend of 20% for the 2026 calendar year , or $1.20 per share per year , or $0.30 per share per quarter .

Speaker #5: In addition , during the third quarter and in July , we purchased 337 million of SL stock , increasing the company's ownership percentage of SL to 74.76% .

Speaker #5: As of today, we believe that purchases of equity through our share repurchase program will be meaningfully accretive to the company and shareholders over the long term.

Patrick Dumont: We believe repurchases of LVS equity through our share repurchase program will be meaningfully accretive to the company and its shareholders over the long term. We look forward to continuing to utilize the company's share repurchase program to increase returns to shareholders. Thanks again for joining the call today, and let's take some questions.

We believe repurchases of LVS equity through our share repurchase program will be meaningfully accretive to the company and its shareholders over the long term. We look forward to continuing to utilize the company's share repurchase program to increase returns to shareholders. Thanks again for joining the call today, and let's take some questions.

Speaker #5: We look forward to continuing to utilize the company's share repurchase program to increase returns to shareholders. Thanks again for joining the call today, and let's take some questions.

Speaker #3: Thank you , ladies and gentlemen . The floor is now open for questions . If you would like to enter the queue to ask a question , please press star one on your telephone keypad .

Operator: Thank you. Ladies and gentlemen, the floor is now open for questions. If you would like to enter the queue to ask a question, please press star one on your telephone keypad now. If listening on speakerphone today, please pick up your handset to provide optimum sound quality. Also, we ask each participant to limit yourselves to one question and one follow-up. Please hold a moment while we pull for questions. The first question today is coming from Dan Politzer from JPMorgan. Dan, your line is live.

Daniel J. Briggs: Thank you, ladies and gentlemen. The floor is now open for questions. If you would like to enter the queue to ask a question, please press star one on your telephone keypad now. If listening on speakerphone today, please pick up your handset to provide optimal sound quality. Also, we ask each participant to limit yourselves to one question and one follow-up. Please hold a moment while we pull for questions. The first question today is coming from Daniel Politzer from JPMorgan Chase. Daniel, your line is live.

Speaker #3: Now , if listening on speakerphone , please pick up your handset to provide optimum sound quality . Also , we ask each participant to limit yourself to one question and one follow up .

Speaker #3: Please hold a moment while we poll for questions. And the first question today is coming from Dan Pulitzer from JP Morgan. Dan, your line is live.

Speaker #6: Hey , good afternoon everyone . Thanks for taking my questions . So first Singapore , I want to go back to the hold rate .

[Analyst 1]: Hey, good afternoon, everyone. Thanks for taking my questions. First, Singapore, I want to go back to the hold rate. You know, obviously you guys raised it to 4.2% for VIP. Is there any impetus or desire or potential to raise the mass hold? Because that one's been going up too. I guess, one, is that directionally similar in terms of the benefit that you're seeing from the smart tables? Two, is that something you would ever give, you know, a hold range for?

Daniel Politzer: Hey, good afternoon, everyone. Thanks for taking my questions. So first, Singapore, I want to go back to the hold rate. You know, it obviously, you guys raised it to the 4.2% for VIP. Is there any impetus, desire, or potential to raise the mass hold? Because that one's been going up too. So I guess, one, is that directionally similar in terms of the benefit that you're seeing from the smart tables? And two, is that something you would ever give, you know, a hold range for?

Speaker #6: You know , it . Obviously you guys raised it . The 4.2% for VIP . Is there any impetus or desire or potential to raise the mass hold because that one's been going up to .

Speaker #6: So I guess one is that directionally similar in terms of the benefit that you're seeing from the smart tables ? And two , is that something you would ever give , you know , a whole range for ?

Speaker #5: Yeah, I think right now what you're seeing is a rollout onto the floor where we can get accurate rolling table data.

Patrick Dumont: Yeah, I think right now what you're seeing is a rollout onto the floor where we can get accurate baccarat table data. So we're not there yet to give you data on the mass floor because remember, it's a mix of games. So it's not just baccarat. So I think that's an important point to note. And the other thing is we don't really normalize mass hold because of the volume of play that that size and getting to the, you know, let's call it the theoretical. So for us, it's much more meaningful to deal with the rolling program because of the volatility of the hold in that segment.

Patrick Dumont: Yeah, I think right now what you're seeing is a rollout onto the floor where we can get accurate rolling table data. We're not there yet to give you data on the mass floor because remember, it's a mix of games. It's not just Baccarat. I think that's an important point to note. The other thing is we don't really normalize mass hold because of the volume of play, the bet size, and getting to the, you know, let's call it the theoretical. For us, it's much more meaningful to deal with the rolling program because of the volatility of the hold in that segment.

Speaker #5: So we're not there yet to give you data on the mass floor. Because remember, it's a mix of games. So it's not just baccarat.

Speaker #5: So, I think that's an important point to note. And the other thing is we don't really normalize mass hold because of the volume of play.

Speaker #5: The bet size and getting to the, let's call it the theoretical. So for us, it's much more meaningful to deal with the rolling program because of the volatility of the hold in that segment.

Speaker #6: Got it . That makes sense . And then just turning to Macau , this is more of a high level one . You know , London does seem like it's turned the corner .

Daniel Politzer: Got it. That makes sense. Then just turning to Macau, this is more of a high-level one. You know, London does seem like it's turned the corner. You guys have been marketing broadly across the portfolio there. Can you kind of talk about that path back to $2.7 to $2.8 billion of EBITDA that you kind of laid out as maybe a soft target last quarter? How are you pacing, you know, in terms of getting back there? You know, would you say that you need the market to kind of pick up from here to get there, or can you kind of do this independent of the market health?

[Analyst 1]: Got it. That makes sense. Just turning to Macau, this is more of a high-level one. You know, The Londoner does seem like it's turned the corner. You guys have been marketing broadly across the portfolio there. Can you kind of talk about that path back to $2.7, $2.8 billion of EBITDA that you kind of laid out as maybe a soft target last quarter? How are you pacing in terms of getting back there? Would you say that you need the market to kind of pick up from here to get there, or can you kind of do this independent of the market health?

Speaker #6: You guys have been marketing broadly across the portfolio there. Can you kind of talk about that path back to $2.7 billion, $2.8 billion of EBITDA that you kind of laid out as maybe a soft target last quarter?

Speaker #6: How are you pacing ? You know , in terms of getting back there ? You know , would you say that you need the market to kind of pick up from from from here to get there ?

Speaker #6: Or can you kind of do this independent of the market health?

Speaker #5: I would say , Dan , you can't do it . Independent market . You need market growth , what you're experiencing . Thankfully in Macau , the overall markets could be next year , 33 , $34 billion .

Patrick Dumont: I would say, Dan, you can't do it independent of the market. You need market growth, which you're experiencing, thankfully, in Macau. The overall markets, you know, could be next year $33 to $34 billion. We need; everyone needs market growth to make Macau numbers work better. But we also had to make changes. We've been making those changes the last, I don't know, four or five months and adapt to the market, which has we did not participate, and we are now participating. Probably we're halfway there. Another half to go. But I think when you marry the market growth to our assets, to our new marketing programs, yes, we can get to our target. But, critical to the market growth, that's essential for all of us. Otherwise, we're just the same customers that are circulating. But you're seeing we're come off the bottom here. We're growing. We're getting better.

Robert Goldstein: I would say, Dan, you can't do it independent of the market. You need market growth, which you're experiencing, thankfully, in Macau. The overall markets, you know, could be next year, $33 billion, $34 billion. We need, everyone needs market growth to make Macau numbers work better. We also had to make changes, and we've been making those changes the last, I don't know, four or five months and adapt to the market, which has, we did not participate, and we are now participating. Probably we're halfway there, another half to go. I think when you marry the market growth to our assets, to our new marketing programs, yes, we can get to our target. It's critical to the market growth. That's essential for all of us. Otherwise, we're just the same customers that are circulating. You're seeing with, you know, we've come off the bottom here. We're growing.

Speaker #5: We need everyone needs market growth to make the numbers work better . But we also have to make changes . We've been making those changes for the last .

Speaker #5: I don't know, 4 or 5 months. And adapt to the market, which we did not participate in, and we are now participating.

Speaker #5: Probably we're halfway there . The other half to go . But I think when you marry , the market growth to our assets , to our new marketing programs , yes , we can get to our target .

Speaker #5: But critical to the market growth that's essential for all of us . Otherwise , we're just the same . Customers or circulating . But you're seeing , you know , we're come off the bottom here .

Speaker #5: We're growing . We're getting better . Probably 620 is the right number . If you take out the typhoon , it's a respectable quarter .

Robert Goldstein: We're getting better. Probably $620 million is the right number if you take out the typhoon impact. It's a respectable quarter. It's not our goal. Our goal, as you know, is to get to $2.7 billion, $2.8 billion. We're not there yet. I think we're making progress, and we're going to keep putting down the, the team has to stay in sync with the market to deliver those results. Right?

Patrick Dumont: Probably $620 is the right number. If you take out the Typhoon, it's a respectable quarter. It's not our goal. Our goal, as you know, is to get to $2,728. We're not there yet. I think we're making progress, and we keep putting down the team has to stay in sync with the market to deliver those results. Grant?

Probably $620 is the right number. If you take out the Typhoon, it's a respectable quarter. It's not our goal. Our goal, as you know, is to get to $2,728. We're not there yet. I think we're making progress, and we keep putting down the team has to stay in sync with the market to deliver those results. Grant?

Speaker #5: It's not our goal . Our goal is , you know , is to get the two seven , two , eight . We're not there yet , but I think we're making progress and we keep putting down the team has to stay in sync with the market , deliver those results , grant .

Speaker #5: Yeah , I think .

Grant Chum: Yeah, I think this quarter, what we saw was, I think, some of our reinvestment programs coming to fruition in terms of productivity. Across Londoner, yes, because this is the first quarter we've had the full deployment of the Londoner Grand Rooms and Suites. And on the product side, that definitely helped us. And then to Rob's point, in terms of our marketing strategies, responding to the market dynamics, we've obviously adjusted our reinvestment rates across the portfolio, not uniformly. Obviously, some of our smaller properties have had a bigger boost in our reinvestment ratios, as you can see. And we're seeing the results of that. You can see that both year on year and sequentially, we are outgrowing the market for the first time in a long time when you look at the mass GGR.

Grant Chum: Yeah, I think this quarter what we saw was, I think some of our reinvestment programs coming to fruition, in terms of productivity across The Londoner, yes, because this is the first quarter we've had the full deployment of The Londoner and Grand Rooms and Suites. On the product side, that definitely helped us. To Rob's point, in terms of our marketing strategies, responding to the market dynamics, we've obviously adjusted our reinvestment rates across the portfolio, not uniformly. Obviously, some of our smaller properties have had a bigger boost in our reinvestment ratios, as you can see. We're seeing the results of that. You can see that, both year on year and sequentially, we are outgrowing the market for the first time in a long time when you look at the mass GGR.

Speaker #7: This quarter, what we saw was, I think, some of our reinvestment programs coming to fruition in terms of productivity across London. And yes, because this is the first quarter we've had the full deployment of the London and Grand Rooms and Suites.

Speaker #7: And on the product side , that definitely helped us . And then to Rob's point , in terms of our marketing strategies , responding to the market dynamics , we've obviously adjusted our reinvestment rates across the portfolio , not uniformly .

Speaker #7: Obviously, some of our smaller properties have had a bigger boost in reinvestment ratios, as you can see, and we're seeing the results of that.

Speaker #7: You can see that both year-on-year and sequentially, we are outgrowing the market for the first time in a long time.

Speaker #7: When you look at the mass GRT .

Speaker #5: I think, you know, the weak links in our portfolio are in Paris and San, especially. Paris is coming way off the highs and about 50% of what used to be because of the EBITDA performance.

Patrick Dumont: I think, you know, the weak links in our portfolio are in Parisian and Sands, especially. Parisian has come way off the highs, and about 50% of its what it used to be in terms of EBITDA performance. I think we have a lot of value in that property. London, as you referenced, is fine. Venetian is okay. I just think we've got to come off the bottom and Sands get that back to being competitive. But, you know, it's underway. It's progressing. It just takes a lot of work and a lot of focus.

Robert Goldstein: I think the weak links in our portfolio are in Parisian and Sands, especially. Parisian has come way off the highs and about 50% of it's what it used to be because of EBITDA performance. I think we have a lot of value in that property. London, as you referenced, is fine. Venetian is okay. I just think we've got to come off the bottom in Sands and get that back to being competitive. It's underway. It's progressing. It just takes a lot of work and a lot of focus.

Speaker #5: I think we have a lot of value in that property . London , as you referenced , is fine . Venetian is okay .

Speaker #5: And I just think we've got to come off the bottom and say , get that back to being competitive . But , you know , it's underway .

Speaker #5: It's progressing. It just takes a lot of work and a lot of focus.

Speaker #6: Got it. Thanks so much, and congrats on the nice quarter.

Daniel Politzer: Got it. Thanks so much, and congrats on the nice quarter.

[Analyst 1]: Got it. Thanks so much, and congrats on the nice quarter.

Speaker #8: Thank you .

Patrick Dumont: Thank you.

Robert Goldstein: Thank you.

Speaker #3: Thank you . The next question is coming from Sean Kelly from Bank of America . Sean , your line is live .

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

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

Speaker #9: Hi . Good afternoon everyone . Thank you for taking my questions . Do you ever wants to take it ? I want to go back to Singapore because the smart Table initiative is super interesting .

Shaun Kelley: Hi, good afternoon, everyone. Thank you for taking my questions. Whoever wants to take it, I want to go back to Singapore because the smart table initiative is super interesting. Can we just unpack a little bit, though, about, like, what's the underlying betting behavior or change that would sort of be driving such a material increase? I mean, obviously, on your numerator, you know, this type of change in hold would suggest some sort of underlying behavioral change or mix change. So is it mix of bettors, you know, and we're maybe getting more casual bettor, or is it a, you know, mix in, again, what, you know, what games or in what bets they're making? Because, I mean, historically, we think of baccarat in particular as being extremely simple, player, banker.

Shaun Kelley: Hi, good afternoon, everyone. Thank you for taking my questions. I want to go back to Singapore, because the smart table initiative is super interesting. Can we just unpack a little bit, though, about what's the underlying betting behavior or change that would sort of be driving such a material increase? I mean, obviously, on your numerator, this type of change in hold would suggest some sort of underlying behavioral change or mix change. Is it a mix of bettors, and we're maybe getting a more casual bettor, or is it a mix in, again, what games or in what bets they're making? I mean, historically, we think of Baccarat in particular as being extremely simple, player banker. How is the smart table piece evolving in a way that we're seeing an actual underlying change in behavior? Thanks.

Speaker #9: Can we just unpack a little bit, though, about what's the underlying betting behavior or change that would sort of be driving such a material increase?

Speaker #9: I mean, obviously on your numerator, you know, this type of change in hold would suggest some sort of underlying behavioral change or mix change.

Speaker #9: So, is it a mix of bettors, you know, and we're maybe getting more casual bettors? Or is it a mix again? What...?

Speaker #9: You know, what games or in what bets they're making. Because historically, we think of baccarat in particular as being extremely simple: player, banker.

Speaker #9: So, how is the smart table piece evolving in a way that we're seeing an actual underlying change in behavior? Thanks.

Shaun Kelley: How is the smart table piece evolving in a way that we're seeing an actual underlying change in behavior? Thanks.

How is the smart table piece evolving in a way that we're seeing an actual underlying change in behavior? Thanks.

Speaker #5: Just to be clear , the smart table is just the scorekeepers . The umpire referee . It doesn't make this stuff happen . What makes it happen is , as you alluded to historically , has been a two , eight , five .

Robert Goldstein: Just to be clear, the smart table is just the score keeper, the umpire, the referee. It doesn't make this stuff happen. What makes it happen is, as you alluded to, historically, Baccarat's been at 2.85%. You know, when I began this industry, Baccarat was a boring game. It was a sub-3% pull percentage game. There was not much cloud of juice in it. It stayed that way for decades. What's changed in Baccarat is not the smart tables. That's the score keep. What's changed is the game itself offers a lot more opportunities to gamble different ways. It's analogous to sports betting. The side bets and sports betting, the prop bets, the side bets, honestly, the low percentage bets for the customer play in your favor. This is simply mathematics. This isn't casual bettors. This isn't sophisticated bettors. This is everybody gravitating towards side bets, they're house advantaged.

Patrick Dumont: Sean, just to be clear, the Smart Table is just the scorekeeper. It's the umpire, the referee. It doesn't make this stuff happen. What makes it happen is, as you alluded to, historically, baccarat's been at 2.85%. You know, when I began this industry, baccarat was a boring game. It's a sub-3% hold percentage game. There was not much juice in it. And it stayed that way for decades. What's changed in baccarat is not the Smart Tables. That's the scorekeeper. What's changed is the game itself offers a lot more opportunities to gamble different ways. It's analogous to sports betting. When you have side bets and sports betting, the prop bets and side bets, the, honestly, the low percentage bets for the customer are playing in your favor. And that's; this is simply mathematics. This isn't casual bettors. This isn't Sic Bo bettors. This isn't everybody gravitating towards side bets.

Speaker #5: You know , when I began this industry , baccarat was a boring game . It's a sub three percentage game . There was no lot of juice in it , and it stayed that way for a decades .

Speaker #5: What's changed in baccarat is not the smart tables . That's the scorekeepers changed is the game itself offers a lot more opportunities to gamble different ways .

Speaker #5: It's analogous to sports betting and the side bets and sports betting . The prop bets and side bets , the honestly , the low percentage bets for the customer are playing your favorite .

Speaker #5: And that's this is simply mathematics . This isn't casual bettors . This isn't sophisticated bettors . This just means everybody gravitating towards side bets .

Speaker #5: Their house has advantages, and that's what's happening here. I don't think we tell you it's 4.1 or 4.2. That's what the smart tables tell us.

Patrick Dumont: The house has advantage. That's what's happening here. I don't think we tell you it's 4.1 or 4.2. That's what the smart tables tell us. The scorekeeper said, "Hey, these guys are making these bets, and that results in this result." The game, as you alluded to, has changed dramatically from the old days where it was kind of a stay game. It's a very interesting game now. Lots of opportunities to lose your money in different ways. People, especially in Singapore, we're seeing all levels, not just casual, but seasoned pros seem to want to bet these side bets. It's become very powerful. In a company like ours, which is baccarat dependent, it's a powerful driver of revenue and EBITDA flow through.

The house has advantage. That's what's happening here. I don't think we tell you it's 4.1 or 4.2. That's what the smart tables tell us. The scorekeeper said, "Hey, these guys are making these bets, and that results in this result." The game, as you alluded to, has changed dramatically from the old days where it was kind of a stay game. It's a very interesting game now. Lots of opportunities to lose your money in different ways. People, especially in Singapore, we're seeing all levels, not just casual, but seasoned pros seem to want to bet these side bets. It's become very powerful. In a company like ours, which is baccarat dependent, it's a powerful driver of revenue and EBITDA flow through.

Robert Goldstein: That's what's happening here. I don't think we tell you it's 4.1% or 4.2%. That's what the smart tables tell us. The score keepers said, "Hey, these guys are making these bets, and that results in this result." The game, as you alluded to, has changed dramatically from the old days where it was kind of a staid game. It's a very interesting game now. Lots of properties that lose your money in different ways. People, especially in Singapore, we're seeing all levels, not just casual, but seasoned pros seem to want to bet these side bets. It's become very powerful. In a company like ours, which is Baccarat dependent, it's a powerful driver of revenue and EBITDA flow-through.

Speaker #5: The scorekeeper said , hey , these guys are making these bets . And that results in this result . It has the game , as you alluded to , has changed dramatically from the old days , where it was kind of a staid game .

Speaker #5: It's a very interesting game now . Lots of opportunities to delusion money different ways . And people , especially in Singapore , we're seeing all levels , not just casual but seasoned pros seem to want to bet these side bets .

Speaker #5: And it's become very powerful and and a company like ours , which is baccarat dependent , it's a powerful driver of revenue and EBITDA flow through .

Speaker #5: So what you're seeing in Singapore is simply not the smart table helping us, but the game deviations have helped us, and the customers willing to bet those deviations have driven this thing to over four percent, which is astounding when you think back to what used to be a very boring 2.5 game for years.

Robert Goldstein: What you're seeing in Singapore is simply not the smart table helping us, but the game deviations that help us and the customers' wins to bet those deviations has driven this thing to 4% plus, which is astounding when you think back to what used to be a very boring 2.85% game for years. That's a simple factor. This isn't an anomaly. It's just the way the market's proceeding. I think you'll see it happen in Macau as well. For this company, it's a massive, massive change in the opportunity to make more money.

Patrick Dumont: So what you're seeing in Singapore is simply not the Smart Table helping us, but the game deviations have helped us, and the customers' willingness to bet those deviations has driven this thing to 4+% , which is astounding when you think back to what used to be a very boring 2.85% game for years. But that's a simple factor. This isn't, you know, an anomaly. It's just the way the market's proceeding. I think you'll see it happen in Macau as well. And for this company, it's a massive, massive change in the opportunity to make more money. I think you have to give credit to our gaming innovation team for their willingness to really look at the customer experience and add the opportunity to enhance that experience through some higher volatility bets, which the customers are actually using. And it's their preference, right?

So what you're seeing in Singapore is simply not the Smart Table helping us, but the game deviations have helped us, and the customers' willingness to bet those deviations has driven this thing to 4+% , which is astounding when you think back to what used to be a very boring 2.85% game for years. But that's a simple factor. This isn't, you know, an anomaly. It's just the way the market's proceeding. I think you'll see it happen in Macau as well. And for this company, it's a massive, massive change in the opportunity to make more money.

Speaker #5: But that's a simple factor. This isn't, you know, an anomaly. It's just the way the market is proceeding. I think you'll see it happen in the CAO as well.

Speaker #5: And for this company , it's a massive , massive change in the opportunity to make more money . I think you have to give credit to our gaming innovation team for their willingness to really look at the customer experience and add the opportunity to enhance that experience through some higher volatility bets , which the customers are actually using .

Rob Goldstein: I think you have to give credit to our gaming innovation team for their willingness to really look at the customer experience and add the opportunity to enhance that experience through some higher volatility bets, which the customers are actually using. And it's their preference, right?

Patrick Dumont: I think you have to give credit to our gaming innovation team for their willingness to really look at the customer experience and add the opportunity to enhance that experience through some higher volatility bets, which the customers are actually using. It's their preference, right? They could choose not to use them. They seem to be very popular. They create a better gaming experience and better enjoyment in the game. We are very fortunate that our team continues to innovate and try these things. The market has received them quite well. I think the smart table system has helped us measure these bets better, but as Rob said, it's about having the bets on the table and having the customers enjoy using them.

Speaker #5: And it's a it's their preference , right ? They could choose not to use them , but they seem to be very popular .

Patrick Dumont: They could choose not to use them. But they seem to be very popular. They create a better gaming experience and better enjoyment in the game. And so we're very fortunate that, you know, our team continues to innovate and try these things. And, you know, the market has received them quite well. And so I think the Smart Table system has helped us measure these bets better, but it's a practical matter. It's just, as Rob said, it's about having the bets on the table and having the customers enjoy using them.

They could choose not to use them. But they seem to be very popular. They create a better gaming experience and better enjoyment in the game. And so we're very fortunate that, you know, our team continues to innovate and try these things. And, you know, the market has received them quite well. And so I think the Smart Table system has helped us measure these bets better, but it's a practical matter. It's just, as Rob said, it's about having the bets on the table and having the customers enjoy using them.

Speaker #5: They create a better gaming experience and better enjoyment in the game. And so we're very fortunate that our team continues to innovate and try these things.

Speaker #5: And you know , the market has received them quite well . And so I think the the smart table system has helped us measure these bets better .

Speaker #5: But as a practical matter, it's just as Rob said: it's about having the bets on the table and having the customers enjoy using.

Speaker #5: .

Speaker #9: Very clear thanks . And Rob , you kind of went where I was going to take it , which I think is the next logical place , which is the ability to expand these types of bets or these types .

Shaun Kelley: Very clear. Thanks. And Rob, you kind of went where I was going to take it, which I think is the next logical place, which is the ability to expand these types of bets or this type of table to, you know, other markets, obviously, Macau being the big opportunity. So can you just talk a little bit about either where you're at in rolling that out, what segments? I mean, I would assume, you know, given that sort of the junket-based VIP business, you know, is no longer a thing there, but perhaps, you know, in-house VIP or premium mass, you know, would have some real opportunity. So where are you at? What inning are you in? And then just maybe super high level, is this technology or these bets, are these proprietary to you all?

Shaun Kelley: Very clear. Thanks. Rob, you kind of went where I was going to take it, which I think is the next logical place, which is the ability to expand these types of bets or this type of table to, you know, other markets, obviously Macau being the big opportunity. Can you just talk a little bit about either where you're at in rolling that out, what segments? I would assume, you know, given that sort of the junket-based VIP business is no longer a thing there, but perhaps in-house VIP or premium mass would have some real opportunities. Where are you at? What inning are you in? Just maybe super high level, is this technology or these bets, are these proprietary to you all? I know there's kind of open secrets in gaming, but are you developing these in-house?

Speaker #9: This type of table to other markets. Obviously, Macau being the big opportunity. So, can you just talk a little bit about either where you're at in rolling that out?

Speaker #9: What segments ? I mean , I would assume , you know , given that sort of the junket based VIP business , you know , is no longer a thing there , but perhaps , you know , in-house VIP or premium mass , you know , would have some real opportunities .

Speaker #9: So where are you at one inning ? Are you in ? And then just maybe super high level , is this technology or these bets or these proprietary to you all ?

Speaker #9: I mean , I know there's kind of open secrets in , you know , in gaming , but I mean , are you you are developing these in-house .

Shaun Kelley: I mean, I know there's kind of open secrets in, you know, in gaming, but I mean, are you developing these in-house? There's not, like, a third party that's kind of brought these to you from a sort of just pure optionality perspective?

I mean, I know there's kind of open secrets in, you know, in gaming, but I mean, are you developing these in-house? There's not, like, a third party that's kind of brought these to you from a sort of just pure optionality perspective?

Speaker #9: There's not like a third party that's kind of brought these to you from a sort of just pure optionality perspective.

Shaun Kelley: There's not like a third party that's kind of brought these to you from a sort of just pure optionality perspective?

Speaker #5: Yeah , we probably were the initiators as much as a decade ago . We started this process with someone we grew that team .

Patrick Dumont: Yeah, we probably were the initiators as much as a decade ago. We started this process with someone. We grew that team. The team has now expanded. So we were the initiator. It's not proprietary. We can't. We don't have control. People can copy these bets. They are copying these bets, which, by the way, it shouldn't be a problem. It's good for the industry to grow. Yes, we're moving towards this in Macau. Yes, the Smart Table system will be there as well as a scorekeeper. And so as the Macau market has more opportunity, you're seeing it happen already. I think you'll see the pros go up there as well. It's been more advantageous thus far in Singapore, but we are moving it into Macau as is the Macau market. You go look at the layouts now.

Rob Goldstein: Yeah, we probably were the initiators as much as a decade ago. We started this process with someone. We grew that team. The team has now expanded. So we were the initiator. It's not proprietary. We can't. We don't have control. People can copy these bets. They are copying these bets, which, by the way, it shouldn't be a problem. It's good for the industry to grow. Yes, we're moving towards this in Macau. Yes, the Smart Table system will be there as well as a scorekeeper. And so as the Macau market has more opportunity, you're seeing it happen already. I think you'll see the pros go up there as well. It's been more advantageous thus far in Singapore, but we are moving it into Macau as is the Macau market. You go look at the layouts now.

Robert Goldstein: Yeah, we probably were the initiators as much as a decade ago. We started this process with someone. We grew that team. The team has now expanded. We were the initiator. It's not proprietary. We can't, we don't have control. People can copy these bets. They are copying these bets, which, by the way, it shouldn't be a problem. It's good for the industry to grow. Yes, we're moving towards this in Macau. Yes, the smart table system will be there as well as a scorekeeper. As the Macau market has more opportunity, you're seeing it happening already. I think you'll see the PERS go up there as well. It's been more advantageous thus far in Singapore, but we are moving it into Macau, as is the Macau market. If you go look at the layouts now, they're fraught with side bets all over the place.

Speaker #5: The team is now expanded . So we were the we're not it's not proprietary . We can't we don't have control . People can copy these bets .

Speaker #5: They are copying these bets , which , by the way , doesn't it shouldn't be a problem . It's good for the industry to grow .

Speaker #5: Yes , we're moving towards this and yes , the smart table system will be there as well as a scorekeeper . And so as an account market has more opportunity , you're seeing it happening already .

Speaker #5: I think you'll see the purse go up there as well . It's the more advantageous thus far in Singapore . But we are moving into Macau , as is the Macau market .

Speaker #5: You go look at the layouts now . They're fraught with side bets all over the place . In fact , some of the times you can't you can't find the flat bed .

Patrick Dumont: They're fraught with side bets all over the place. In fact, some of the times you can't find the flat bets. It's so busy with alternatives. But yes, moving in that direction to Macau. No, it's not proprietary. Yes, we did develop it. I think we've initiated it. But, and again, the confusion is sometimes people think it's a Smart Table, which is not true at all. The Smart Table just gives you a better measurement stick to know how many bets they're making on the side and what that means to the mathematics. And I think what Patrick's alluding to with the 4-1 or 4-2 is we have good evidence that these are this is not a, you know, a guess anymore, gee, it should be this. We usually wrestle with what's the correct hold percentage. There is no correct hold.

They're fraught with side bets all over the place. In fact, some of the times you can't find the flat bets. It's so busy with alternatives. But yes, moving in that direction to Macau. No, it's not proprietary. Yes, we did develop it. I think we've initiated it. But, and again, the confusion is sometimes people think it's a Smart Table, which is not true at all. The Smart Table just gives you a better measurement stick to know how many bets they're making on the side and what that means to the mathematics. And I think what Patrick's alluding to with the 4-1 or 4-2 is we have good evidence that these are this is not a, you know, a guess anymore, gee, it should be this. We usually wrestle with what's the correct hold percentage. There is no correct hold.

Robert Goldstein: In fact, sometimes you can't find the flat bets. It's so busy with alternatives. Yes, moving in that direction, Macau, no, it's not proprietary. Yes, we did develop it. I think we've initiated it. The confusion is sometimes people think it's a smart table, which is not true at all. The smart tables give you a better measurement stick to know how many bets they're making on the side and what that means to the mathematics. I think what Patrick's alluding to with the 4-1 or 4-2 is we have good evidence that this is not a guess anymore or, "Gee, it should be this." For years, we wrestled with what's the correct hold percentage. There is no correct hold. It depends on that quarter what those people bet. We could have a quarter that comes in at 5-1 or come in at 3-8.

Speaker #5: So it's so busy with alternatives . But yeah , it's moving in that direction . Macau . No it's not proprietary . Yes we did develop it .

Speaker #5: I think we've initiated this, but again, the confusion is that sometimes people think it's a smart table, which is not true at all.

Speaker #5: The smart table gives you a better measurement stick to know how many bets they're making on the side and what that means: the mathematics.

Speaker #5: And I think what Patrick's alluding to , the four 1 or 4 two is we have good evidence that these are this is not a , you know , a guess anymore .

Speaker #5: It should be this for years , he wrestled with what's the correct hole percentage . There is no correct hope . Depends on that quarter .

Patrick Dumont: It depends on that quarter what those people bet. We could have a quarter that comes in at 5.1% or come in at 3.8%. Depends on what the players at the table bet at that time, and every bet is calculated. So yes, it's going to move towards Macau. And I think it's very helpful for not just this company, but others to make the gaming more interesting and more diversified. And I don't think it's tied to the high end, by the way. Mass customers love it too. Small bettors, large bettors. When you bet the sports book, the biggest prop bettors are the small guys. They're guys who are betting $100 a game. They love betting props. And I think baccarat is similar to sports betting in that regard.

It depends on that quarter what those people bet. We could have a quarter that comes in at 5.1% or come in at 3.8%. Depends on what the players at the table bet at that time, and every bet is calculated. So yes, it's going to move towards Macau. And I think it's very helpful for not just this company, but others to make the gaming more interesting and more diversified. And I don't think it's tied to the high end, by the way. Mass customers love it too. Small bettors, large bettors. When you bet the sports book, the biggest prop bettors are the small guys. They're guys who are betting $100 a game. They love betting props. And I think baccarat is similar to sports betting in that regard.

Speaker #5: But those people bet we could have a quarter that comes in at $5.1 million or come in at $3.8 million. It depends on what the players at the table bet at that time.

Robert Goldstein: It depends on what the players at the table bet at that time, and every bet is calculated. Yes, it's going to move towards Macau. I think it's very helpful for not just this company, but others to make the gaming more interesting and more diversified. I don't think it's tied to the high end, by the way. Mass customers love it too. Small bettors, large bettors. When you bet the sports book, the biggest prop bettors are the small guys. They're guys who are betting $100 a game. They love betting props. I think Baccarat is similar to sports betting in that regard.

Speaker #5: And every bet is calculated . So yes , it's going to move towards Macau and I think it's very helpful for not just this company but others to make the game more interesting and more diversified .

Speaker #5: And I don't think it's tied to the high end . By the way , mass customers love it too . Small bettors , large bettors , you bet the sportsbook .

Speaker #5: But the biggest prop bettors , the small guys , the guys betting $100 a game they love betting props . And I think baccarat is similar to sports betting .

Speaker #5: That regard .

Speaker #9: Completely get it? Thank you both.

Shaun Kelley: Completely get it. Thank you both.

Speaker #3: Thank you. The next question is coming from Stephen Grambling from Morgan Stanley. Stephen, your line is live.

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

Robert Goldstein: Thank you.

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

Speaker #10: Hey , thank you . So so you've upped the the dividend for next year and you keep the pedal down on on buyback at the same time you had the disclosure around CapEx is coming down as well over the next year .

Stephen Grambling: Hey, thank you. You've upped the dividend for next year, and you keep the pedal down on buyback. At the same time, you had the disclosure around CapEx is coming down as well over the next year. One thing you didn't touch on that you talked about in the past is just maybe a willingness to, you know, buy back some of the shares in Hong Kong as well. I'd love any thoughts that you have there or other capital allocation opportunities.

Stephen Grambling: Hey, thank you. So you've upped the dividend for next year, and you keep the pedal down on buyback. At the same time, you had the disclosure around CapEx is coming down as well over the next year. So one thing you didn't touch on, I guess, that you talked about in the past is just maybe a willingness to, you know, buy back some of the shares in Hong Kong as well. So I'd love any thoughts you have there or other capital allocation opportunities.

Speaker #10: So one thing you didn't touch on , I guess , that you've talked about in the past , is just maybe a willingness to , you buyback some of the the shares in Hong Kong as well .

Speaker #10: So, I'd love any thoughts that you have there or other capital allocation opportunities.

Speaker #5: I think the best thing is we are a capital allocation story and a return on capital story. You know, you look at the company's history, we've been very shareholder friendly.

Patrick Dumont: I think the best thing is we are a capital allocation story and a return to capital story. You know, you look at the company's history. We've been very shareholder-friendly. We allocate capital with growth in mind. We invest for high returns. When those high-return investment opportunities aren't available, we return the capital. We try to do it through dividends in a prudent manner and through share repurchases. I think that's where you're seeing us today. We did buy back SCL for the last little while. If you can kind of see where we're at, we're basically at getting close to the limit, where it's 74.76%, I think the number is. You know, we can't really go past 75%. I think for us right now, we're kind of where we are at SCL.

Patrick Dumont: Oh, I think the best thing is we are a capital allocation story and a return on capital story. You know, we look at the company's history. We've been very shareholder-friendly. We allocate capital with growth in mind. So we invest for high returns. But when those high return investment opportunities aren't available, we return the capital. And we try to do it through dividends in a prudent manner, and through share repurchases. And so I think that's where you're seeing us today. We did buy back SCL for the last little while. If you kind of see where we're at, we're basically at getting close to the limit where it's 74.76%, I think the number is. And, you know, we can't really go past 75%. So I think for us right now, we're kind of where we are at SCL.

Rob Goldstein: Oh, I think the best thing is we are a capital allocation story and a return on capital story. You know, we look at the company's history. We've been very shareholder-friendly. We allocate capital with growth in mind. So we invest for high returns. But when those high return investment opportunities aren't available, we return the capital. And we try to do it through dividends in a prudent manner, and through share repurchases. And so I think that's where you're seeing us today. We did buy back SCL for the last little while. If you kind of see where we're at, we're basically at getting close to the limit where it's 74.76%, I think the number is. And, you know, we can't really go past 75%. So I think for us right now, we're kind of where we are at SCL.

Speaker #5: We allocate capital with growth in mind, so we invest for high returns. However, when those high-return investment opportunities are available, we return the capital. We try to do this through dividends and in a prudent manner, as well as through share repurchases.

Speaker #5: And so I think that's where you're seeing us today . We did buyback SCL for the last little while . If you can kind of see where we're at , we're basically at getting close to the limit where it's 74.76% .

Speaker #5: I think the number is and , you know , we can't really go past 75 . So I think for us right now , we're kind of where we are at .

Speaker #5: SCL . But our goal is to continue to return capital . Both to SCL and as the parent code , a friendly way for shareholders .

Patrick Dumont: Our goal is to continue to return capital both at SCL and at the parent company in a friendly way for shareholders. You'll see us continue to do that.

Patrick Dumont: But our goal is to continue to return capital both at SCL and at the parent company in a friendly way for shareholders. And so you'll see us continue to do that.

But our goal is to continue to return capital both at SCL and at the parent company in a friendly way for shareholders. And so you'll see us continue to do that.

Speaker #5: And so you'll see us continue to do that.

Speaker #10: Makes sense . And maybe changing gears a little bit , just going back to Macau , we'd love any any further color you could provide on kind of characterizing the strength that we've seen in VIP .

Stephen Grambling: Makes sense. Maybe changing gears a little bit, just going back to Macau, would love if any further color you could provide on kind of characterizing the strength that we've seen in VIP. I mean, it's been quite a while since we've seen this level of growth. Is that really just more semantics around where customers are preferring to bet, or is that a new customer who's coming in?

Stephen Grambling: Makes sense. Maybe changing gears a little bit, just going back to Macau, would love any further color you could, you know, provide on kind of characterizing the strength that we've seen in VIP. I mean, it's been quite a while since we've seen this level of growth. Is that really just more semantics around where customers are preferring to bet, or is that a new customer who's coming in?

Speaker #10: I mean , it's been quite a while since we've seen this , this level of growth is that really just more semantics around where customers are referring to Bet or is that a new customer who's coming in ?

Speaker #7: Stephen, let me take that. Yes, I think the VIP has outgrown the mass gaming revenue over the last few months.

Grant Chum: Stephen, let me take that. Yes, I think the VIP has outgrown the mass GGR over the last few months. In some cases, some months, it's been very high rates of growth. I think it is driven by some concentration of super high-end VIP players, as well as increased liquidity in the market. This quarter, we haven't participated as much in that segment, but we are going to be getting more competitive in that segment as well. We have introduced our re-enter the junket market this quarter. The growth of that segment in the past few months has also driven the rolling market. At this point, it still remains a low margin segment, which typically is going to stay around 12% to 15% of the overall GGR. We're also focused on growing that segment. Obviously, the bulk of the profit growth is going to come from the non-rolling segment.

Patrick Dumont: Stephen, let me take that. Yes, I think the VIP has outgrown the mass GGR over the last few months. In some cases, some months, it's been very high rates of growth. I think it is driven by some concentration of super high-end VIP players as well as increased liquidity in the market. This quarter, we haven't participated as much in that segment, but we are going to be getting more competitive in that segment as well. And of course, we have introduced our we entered the junket market this quarter. Of course, the growth of that segment in the past few months has also driven the rolling market. But at this point, it still remains a low margin segment, which typically is going to stay around 12% to 15% of the overall GGR. But we're also focused on growing that segment.

Speaker #7: And in some cases some months . It's been it's been very high rates of growth . I think it is driven by some concentration of super high end VIP players as well as increase liquidity in the market .

Speaker #7: This quarter, we haven't participated as much in that segment, but we are going to be getting more competitive in that segment as well.

Speaker #7: And of course , we have introduced our reentered the junket market this this quarter . Of course , the the growth of that segment in the past few months has also driven the rolling market .

Speaker #7: But at this point, it still remains a low-margin segment, which typically is going to stay around 12% to 15% of the overall GGR.

Speaker #7: But we are also focused on growing that segment . But obviously , the the bulk of the profit growth is going to come from the Non-rolling .

Patrick Dumont: But obviously, the bulk of the profit growth is going to come from the non-rolling.

But obviously, the bulk of the profit growth is going to come from the non-rolling.

Speaker #10: Helpful . Thank you .

Stephen Grambling: Helpful. Thank you.

Speaker #3: Thank you . The next question will be from Brant Montour from Barclays . Brant , your line is live .

Operator: Thank you. The next question will be from Brant Montour from Barclays. Brant, your line is live.

Daniel J. Briggs: Thank you. The next question will be from Brandt Montour from Barclays. Brandt, your line is live.

Speaker #11: Hey everybody . Thanks for taking my question . I just wanted to double click on that on that comment . I mean , I think that , you know , we all kind of see the premium mass led , you know , inflection since midyear .

Brandt Montour: Hey, everybody. Thanks for taking my question. I just want to double-click on that comment. I think that we all kind of see the premium mass led inflection since mid-year. It sounds like, and even looking at your slides, base mass per table was up nicely. I guess, Rob, for you, the question is that for the market to grow, what you need the market to grow, 33%, 34%, when you think about that growth, does that require a broadening out of the depth and breadth of base mass? Are you seeing early signs of that inflection for that particular cohort?

Brandt Montour: Hey, everybody. Thanks for taking my question. I just want to double-click on that comment. I mean, you know, I think that, you know, we all kind of see the premium mass led, you know, inflection since mid-year. But it sounds like, I mean, and even looking at your slides, base mass per table was up nicely. And so I guess, Rob, for you, the question is that, you know, for the market to grow, you know, what you need the market to grow, 33, 34, you know, when you think about that growth, is that does that require a broadening out of the depth and breadth of base mass? And are you seeing early signs of that inflection for that particular cohort?

Speaker #11: But it sounds like I mean , even looking in your slides , base base mass per table was up nicely . And so I guess , Rob , for you , the question is that , you know , for the market to grow , you know , what you need the market to grow .

Speaker #11: 3334 you know , when you think about that , that growth is that does that require a broadening out of the depth and breadth of base mass ?

Speaker #11: And are you seeing early signs of that inflection for that particular cohort ?

Speaker #5: I think it's impossible to say where it comes from . I'll be honest . I don't you know , the junket , the rolling and rolling , the mass , it's very hard to define .

Patrick Dumont: I think it's impossible to say where it comes from. I'll be honest with you. I don't, you know, the junket, the rolling, the non-rolling, the mass; it's very hard to define. I think what's important to see is happening. I mean, the market looks to me like it's we don't know if October comes in. I'd say it comes in 7%, 8%, 9% year on year. But it feels like there's a stronger trend over there. Macau's recovering in different segments. Obviously, we like a base mass recovery, but there's nothing like premium mass. I don't have real insight to where it could come from. I assume it comes. Because I think the key thing for all Macau, for all the operators, for profitability and growth is to see this GGR acceleration. Grant, maybe you see it differently.

Robert Goldstein: I think it's impossible to say where it comes from. I'll be honest with you. I don't, you know, the junket, the rolling, the non-rolling, the mass, it's very hard to define. I think what's important to see is happening. I mean, the market looks to me like it's, we know October comes in. I would say it comes in 7%, 8%, 9% year on year, but it feels like there's a stronger trend over there. Macau is recovering in different segments. Obviously, we like a base mass recovery, but there's nothing with premium mass. I don't have a real insight to where it could come from. I just hope it comes. I think the key thing for all Macau, for all the operators, for the profitability and growth, is to see this GGR acceleration. Grant, maybe you see it differently.

Speaker #5: I think what's important to see is happening . I mean , the market looks to me like it's , you know , we don't .

Speaker #5: October comes in , let's say it comes in seven , eight , 9% year on year . But it feels like there's a stronger trend over there .

Speaker #5: Macau is recovering in different segments . Obviously we like a base mass recovery , but there's nothing like premium mass . I don't have a real insight to where it could come from .

Speaker #5: I hope it comes because I think the key thing for all Macau , for all the operators , for profitability and growth , is to see this GR acceleration .

Speaker #5: And maybe you see it differently.

Speaker #7: I think that's right . And it is obviously helpful , especially to us if the base class grows faster because of our advantage in that segment .

Operator: I think that's right. And it is obviously helpful, especially to us, if the base mass grows faster because of our advantage in that segment, but also the margin structure in that segment is very favorable. I think if you look at this quarter, you're right. Year on year, our base mass actually grew 18%. But part of that reflects the fact that a prior year, we had the closure of the Pacifica Casino, which is now the Londoner Grand Casino. If you look at sequentially, premium mass, we still grew faster than base mass, 11% versus 7%. But yes, I think the summer was positive for base mass. But again, I would characterize the bulk of the growth in this market, even in the non-rolling, is still dominated by the upper tiers of the value segment.

Grant Chum: I think that's right. It is obviously helpful, especially to us if the base mass grows faster because of our advantage in that segment, but also the margin structure in that segment is very favorable. I think if you look at this quarter, you're right. Year on year, our base mass actually grew 18%. Part of that reflects the fact that a prior year, we had the closure of the Pacifico Casino, which is now The Londoner and Grand Casino. If you look at sequentially, premium mass, we still grew faster than base mass, 11% versus 7%. Yes, I think the summer was positive for base mass. Again, I would characterize the bulk of the growth in this market, even in a non-rolling, is still dominated by the upper tiers of the value segment.

Speaker #7: But also the margin structure in that segment is very favorable . I think if you look at this quarter , you're right . Year on year , our base mass actually grew 18% .

Speaker #7: But part of that reflects the fact that in the prior year, we had the closure of the Pacifica Casino, which is now the Grand Casino.

Speaker #7: If you look at sequentially premium mass , we still grew faster than base mass , 11% versus 7% . But yes , I think the summer was positive for base mass .

Speaker #7: But again, I would characterize the bulk of the growth in this market, even in a non-rolling, as still dominated by the upper tiers of the value segments.

Speaker #11: Okay . Thanks for that . Just a quick question on Singapore . Obviously really strong results in the third quarter . And Mwbes and that was without the F1 race , which , you know , usually falls in September .

Brandt Montour: Okay. Thanks for that. Just a quick question on Singapore. Obviously, really strong results in Q3 at MBS. That was without the F1 race, which, you know, usually falls in September. It's still in October this year. You didn't have that in Q3. What, you know, what order of magnitude or how should we think about how impactful that event is that sort of has now moved into Q4 for you now this year?

Brandt Montour: Okay, thanks for that. Just a quick question on Singapore. Obviously, really strong results in the third quarter in Marina Bay Sands. That was without the F1 race, which usually falls in September. It fell in October this year, so you didn't have that in the third quarter. What, on what order of magnitude or how should we think about how impactful that event is, that it has now moved into the fourth quarter for you this year?

Speaker #11: It fell is fell in October this year . So you didn't have that in the third quarter . What you know what order of magnitude or how should we think about how impactful that event is .

Speaker #11: That sort of has now moved into the fourth quarter for you now this year.

Speaker #5: First off , it's a great event and it's a great event globally . And it's one of the most important one events . And it's phenomenally attended .

Patrick Dumont: First off, it's a great event. It's a great event globally. It's one of the most important F1 events. It's phenomenally attended. It really helps Singapore. We're actually really supportive of it and involved in its presentation. We're very happy about that. As a practical matter, you can see the demand of Marina Bay Sands as a product and that even with F1 in a different part of the calendar year, we continue to perform through that. I think F1 is helpful, something that we really enjoy having in Singapore. It's great for visitation. It increases the prestige of Singapore by having such a prominent race there. It drives a lot of high-value visitation, much of which ends up at Marina Bay Sands. We're very happy about it. Where it falls in the calendar is okay. We're fine.

Patrick Dumont: First off, it's a great event. It's a great event globally, and it's one of the most important F1 events. It's phenomenally attended, and it really helps Singapore. We're actually really supportive of it and involved in its presentation, so we're very happy about that. As a practical matter, you can see the demand of Marina Bay Sands as a product, and that even with F1 in a different part of the calendar year, we continue to perform through that. I think F1 is helpful, something that we really enjoy having in Singapore. It's great for visitation. It increases the prestige of Singapore by having such a prominent race there. It drives a lot of high-value visitation, much of which ends up in Marina Bay Sands. We're very happy about it. Where it falls in the calendar is okay. We're fine.

Speaker #5: And it really helps Singapore . And we're actually really supportive of it . It evolved in its it's presentation . So we're very happy about that .

Speaker #5: As a practical matter , you can see the demand of Marina Bay Sands as a product and that even with F1 in a different part of the calendar year , we continue to perform through that .

Speaker #5: So I think F1 is helpful , something that we really enjoy having in Singapore . It's great for visitation . It increases the prestige of Singapore by having such a prominent race there .

Speaker #5: It drives a lot of high value visitation , that much of which ends up at Bay Sands . So we're very happy about it .

Speaker #5: But where it falls in the calendar is okay , we're fine . I got to say that the last couple of years we've had all these people point to F1 , Taylor Swift or I don't know , I don't think it matters all that much .

Patrick Dumont: I got to say that in the last couple of years, we've had all these people pointing to F1 or Taylor Swift or, I don't know. I think Singapore has taken a whole new we can't figure out just how high it's up. This thing just keeps getting stronger and stronger. And the reason to me is very simple. It's the most favorable location for a lot of people high net worth to come to, whether F1's there or Taylor Swift's there or whoever's there that week. I think the place, the building, is extraordinary. The place is extraordinary. And the events certainly move the customers around. But in the end, Singapore is the driver. That place is, you know, just well attended, well visited, very desirable.

I got to say that in the last couple of years, we've had all these people pointing to F1 or Taylor Swift or, I don't know. I think Singapore has taken a whole new we can't figure out just how high it's up. This thing just keeps getting stronger and stronger. And the reason to me is very simple. It's the most favorable location for a lot of people high net worth to come to, whether F1's there or Taylor Swift's there or whoever's there that week. I think the place, the building, is extraordinary. The place is extraordinary. And the events certainly move the customers around. But in the end, Singapore is the driver. That place is, you know, just well attended, well visited, very desirable.

Robert Goldstein: I got to say that in the last couple of years, when we've had all these people pointing to F1 or Taylor Swift or I don't know, I don't think it matters all that much. I think Singapore has taken a whole new, we can't figure out just how high it's up. This thing just keeps getting stronger and stronger. The reason to me is very simple. It's the most favorable location for a lot of people high net worth to come to. Whether F1's there or Taylor Swift's there or whoever's there that week, I think the place, the building is extraordinary. The place is extraordinary. The events certainly move the customers around. In the end, Singapore is the driver. That place is just well attended, well visited, very desirable. It's become the place to go to in Asia for people who want to gamble at a certain level.

Speaker #5: I think Singapore has taken a whole new turn. We can't figure out how high is up. This thing just keeps getting stronger and stronger.

Speaker #5: And the reason to me is very simple . It's the most stable location . A lot of people high net worth that come to where F1 is there , or Taylor Swift there , or whoever's there .

Speaker #5: That week . I think the place , the building is extraordinary . The place is extraordinary and the events certainly move the customers around .

Speaker #5: But in the end , Singapore is the driver . That places , you know , just well attended , well visited , very desirable and it's become the place to go to in Asia for people who want to gamble at a certain level .

Patrick Dumont: It's become the place to go to in Asia for people who want to gamble at a certain level. I think that's really the real driver is the unique asset we've built, unique room product. And the gambling we provide there, the opportunity to gamble what you want, how you want. So as much as I respect F1, I respect Taylor Swift. I respect all these drivers. I think Singapore has just gone to a whole new place. And you see these numbers. I thought we were ambitious at 2.5. We probably this year get to, I don't know, 2.7, 2.8, 2.9. I don't know what it gets to. But the numbers are there. And it just seems like it's getting more and more desirable for the high end of the market. So extraordinary results. I think no one could have seen these kind of growth.

It's become the place to go to in Asia for people who want to gamble at a certain level. I think that's really the real driver is the unique asset we've built, unique room product. And the gambling we provide there, the opportunity to gamble what you want, how you want. So as much as I respect F1, I respect Taylor Swift. I respect all these drivers. I think Singapore has just gone to a whole new place. And you see these numbers. I thought we were ambitious at 2.5. We probably this year get to, I don't know, 2.7, 2.8, 2.9. I don't know what it gets to. But the numbers are there. And it just seems like it's getting more and more desirable for the high end of the market. So extraordinary results. I think no one could have seen these kind of growth.

Speaker #5: And I think that's really the real driver is unique asset . We built unique product and the gambling we provide there . The to gamble what you want , how you want .

Robert Goldstein: I think that's really the real driver is the unique asset we've built, unique room product, and the gambling we provide there, the opportunity to gamble what you want, how you want. As much as I respect F1, I respect Taylor Swift, I respect all these drivers, I think Singapore has just gone to a whole new place. You see these numbers. I thought we were ambitious at $2.5 billion. We probably this year get to, I don't know, $2.7 billion, $2.8 billion, $2.9 billion. I don't know what it gets to. The numbers are there. It just seems like it's getting more and more desirable for the high end of the market. Extraordinary results. I think no one could have seen these kinds of growth. I don't think it's that tied to special events as much as tied to the place itself.

Speaker #5: So, as much as I respect F1, I respect Taylor Swift; I respect all these drivers. I think Singapore has just gone to a whole new place, and you see these numbers.

Speaker #5: I thought we were in business at $2.5 billion. We probably, this year, get—I don't know—$27, $28, $29. I don't know. But the numbers are there, and it just seems like it's getting more and more desirable for the high end of the market.

Speaker #5: So extraordinary results . I think no one could have seen these kind of growth . And I don't think it's that tied to special events as much as tied to the place itself .

Patrick Dumont: I don't think it's that tied to special events as much as tied to the place itself.

I don't think it's that tied to special events as much as tied to the place itself.

Speaker #11: Great . Thanks everybody .

Brandt Montour: Great. Thanks, everybody.

Speaker #3: Thank you . The next question is coming from Robin Farley from UBS . Robin , your line is live .

Operator: Thank you. The next question is coming from Robin Farley from UBS. Robin, your line is live.

Daniel J. Briggs: Thank you. The next question is coming from Robin Farley from UBS. Robin, your line is live.

Speaker #12: Great . Thanks . Just going back to your comments about kind of what you hope to achieve in markets here in premiums . I know you talked about upgrading the Londoner would kind of give you the the assets to do that .

Daniel Briggs: Great. Thanks. Just going back to your comments about kind of what you hope to achieve in market share and premium mass, I know you talked about, you know, upgrading The Londoner would kind of give you the assets to do that. You said something earlier in the call about how you're kind of only halfway there with what you hope to do or plan to do there. Can you talk a little bit about what other steps that you'll be taking and sort of what timing when you think about that? Thanks.

Robin Farley: Great. Thanks. Just going back to your comments about kind of what you hope to achieve in market share and premium mass, I know you talked about, you know, upgrading The Londoner would kind of give you the assets to do that. You said something earlier in the call about how you're kind of only halfway there with what you hope to do or plan to do there. Can you talk a little bit about what other steps that you'll be taking and sort of what timing when you think about that? Thanks.

Robin Farley: Great. Thanks. Just going back to your comments about what you hope to achieve in market share and premium mass, I know you talked about upgrading The Londoner would give you the assets to do that. You said earlier in the call about how you're only halfway there with what you hope to do or plan to do there. Can you talk a little bit about what other steps you'll be taking and what timing when you think about that? Thanks.

Speaker #12: You said something earlier in the call about how you're kind of only halfway there with what you hope to do or plan to do there.

Speaker #12: Can you talk a little bit about what other steps you’ll be taking and sort of what timing you think about that?

Speaker #12: Thanks .

Speaker #7: Hi , Robin . Let me take that . Yes , I think when you look at the progression in market share , clearly we come off the bottom in Q1 when we're down at 23.5 , 23.6 .

Operator: Hi, Robin. Let me take that. Yes, I think when you look at the progression in market share, you know, clearly we come off the bottom in Q1 when we were down at 23.5, 23.6. Now we're two points above that, which is great. But as Rob said, I think we're only halfway through, if that. We started tweaking our programs and changing our marketing programs in the middle of Q2. And that ramped up throughout each month in Q3. And you can see we were improving month-on-month within the quarter. But I think it's important that we're also considering how each segment has different requirements. So we are marrying the tactical incentives with the product advantage that we have.

Patrick Dumont: Hi, Robin. Let me take that. Yes, I think when you look at the progression in market share, you know, clearly we come off the bottom in Q1 when we were down at 23.5, 23.6. Now we're two points above that, which is great. But as Rob said, I think we're only halfway through, if that. We started tweaking our programs and changing our marketing programs in the middle of Q2. And that ramped up throughout each month in Q3. And you can see we were improving month-on-month within the quarter. But I think it's important that we're also considering how each segment has different requirements. So we are marrying the tactical incentives with the product advantage that we have.

Grant Chum: Hi, Robin. Let me take that. Yes, I think when you look at the progression in market share, you know, clearly we'd come off the bottom in Q1 when we were down at 23.5%, 23.6%. Now we're two points above that, which is great. As Rob said, I think we're only halfway through if that. We started tweaking our programs and changing our marketing programs in the middle of the second quarter. That ramped up throughout each month in the third quarter. You can see we were improving month on month within the quarter. I think it's important that we're also considering how each segment has its different requirements. We are marrying the tactical incentives with the product advantage that we have.

Speaker #7: Now we're two points above that , which is which is great . But as Rob said , I think we're only halfway through .

Speaker #7: If that we started our tweaking our programs and changing our marketing programs in the middle of second quarter . And that ramped up through throughout each month in in the third quarter .

Speaker #7: And you can see we were improving month on month within the quarter. But I think it's important that we're also considering how each segment has different requirements.

Speaker #7: So we are marrying the tactical incentives with with the product advantage that we have . So in the Londoner that you can see it very clearly , what we're doing , not just London , which is newly open , but also leveraging the other side of London .

Grant Chum: In The Londoner, you can see it very clearly, what we're doing, not just London and Grand, which is nearly open, but also leveraging the other side of The Londoner on the super high end. We're seeing good results there. I think in the smaller properties, we have adjusted our marketing programs, but also reset our distribution team as well in terms of our composition and the number of people. We should be seeing better results from the distribution side over the next two to three quarters, because so far what we've benefited most from is, I think, the launch of London and Grand married with these customer reinvestment adjustments. I think, you know, there's still a lot to be done, but we're confident that we're going to be progressing month by month and quarter by quarter.

Operator: So in The Londoner, you can see it very clearly what we're doing, not just Londoner Grand, which is nearly open, but also leveraging the other side of Londoner on the super high end. And we're seeing good results there. I think in the smaller properties, we have adjusted our marketing programs, but also reset our distribution team as well in terms of composition and the number of people. So we should be seeing better results from the distribution side over the next two to three quarters. Because so far, what we've benefited most from is, I think, the launch of Londoner Grand married with these customer reinvestment adjustments. But I think, you know, there's still a lot to be done. But we're confident that we're going to be progressing month by month and quarter by quarter.

So in The Londoner, you can see it very clearly what we're doing, not just Londoner Grand, which is nearly open, but also leveraging the other side of Londoner on the super high end. And we're seeing good results there. I think in the smaller properties, we have adjusted our marketing programs, but also reset our distribution team as well in terms of composition and the number of people. So we should be seeing better results from the distribution side over the next two to three quarters. Because so far, what we've benefited most from is, I think, the launch of Londoner Grand married with these customer reinvestment adjustments. But I think, you know, there's still a lot to be done. But we're confident that we're going to be progressing month by month and quarter by quarter.

Speaker #7: The on the super high end . And we're seeing good results there . I think in the smaller properties we have adjusted our marketing programs , but also reset our distribution team as well .

Speaker #7: In terms of composition and the number of people . So we should be seeing better results from the distribution side over the next 2 to 3 quarters , because so far , what we've benefited most from is I think the launch of London , the Grand married with these customer reinvestment adjustments .

Speaker #7: But I think there's still a lot to be done. But we're confident that we're going to be progressing month by month, quarter by quarter.

Speaker #12: Great . Thanks . And maybe just as one follow up on a different topic , I don't know if I if we've heard your thoughts too recently on any potential opportunity in the UAE where there may be other licenses to give out , is that something that that LVS is interested in and kind of actively engaged with ?

Daniel Briggs: Great. Thanks. And maybe just as one follow-up on a different topic, I don't know if we've heard your thoughts too recently on any potential opportunity in the UAE where, you know, there may be other licenses to give out. Is that something that LVS is interested in and kind of actively engaged with? Thanks.

Robin Farley: Great. Thanks. And maybe just as one follow-up on a different topic, I don't know if we've heard your thoughts too recently on any potential opportunity in the UAE where, you know, there may be other licenses to give out. Is that something that LVS is interested in and kind of actively engaged with? Thanks.

Robin Farley: Great. Thanks. Maybe just as one follow-up on a different topic, I don't know if we've heard your thoughts too recently on any potential opportunity in the UAE where, you know, there may be other licenses to give out. Is that something that Las Vegas Sands is interested in and kind of actively engaged with? Thanks.

Speaker #12: Thanks .

Speaker #5: I really appreciate the question . So , you know , we're always looking at opportunities to deploy capital and grow our business . And I think you've seen us be very disciplined and be very patient .

Patrick Dumont: I really appreciate the question. We're always looking at opportunities to deploy capital and grow our business. I think you've seen us be very disciplined and be very patient. The UAE is a tremendous tourism market. There's been billions of dollars in investment in the UAE to create tremendous tourism infrastructure. Some of the best hospitality and food and beverage products in the world are located there. It's a lot of fun to visit. That being said, it's not a market we're looking at at this time, but we're following.

Patrick Dumont: I really appreciate the question. So, you know, we're always looking at opportunities to deploy capital and grow our business. And I think you've seen us be very disciplined and be very patient. The UAE is a tremendous tourism market. There's been billions of dollars of investment in the UAE to create tremendous tourism infrastructure. Some of the best hospitality and food and beverage products in the world are located there. And it's a lot of fun to visit. That being said, it's not a market we're looking at at this time, but we're following.

Speaker #5: The UAE is a tremendous tourism market. There's been billions of dollars of investment in the UAE to create tremendous tourism infrastructure. Some of the best hospitality and food and beverage products in the world are located there, and it's a lot of fun to visit.

Speaker #5: That being said , it's not a market . We're looking at this time , but we're following it .

Speaker #12: Okay, great. Thank you.

Daniel Briggs: Okay. Great. Thank you.

Robin Farley: Okay. Great. Thank you.

Speaker #3: Thank you. The next question is coming from Lizzie Dove from Goldman Sachs. Lizzie, your line is live.

Operator: Thank you. The next question is coming from Lizzie Dove from Goldman Sachs. Lizzie, your line is live.

Daniel J. Briggs: Thank you. The next question is coming from Lizzie Dove from Goldman Sachs. Lizzie, your line is live.

Speaker #13: Hi . Thanks for taking the question so clearly , you know , incredible results in Singapore again . And you mentioned , you know , for this year , 272829 .

Lizzie Dove: Hi. Thanks for taking the question. Clearly, you know, incredible results in Singapore again. You mentioned, you know, for this year, Q1, Q2, Q3, who knows? It feels like it's four phases, like you said, not tied to one event. How should we think about the long term? Is this sustainable? Can it, on a whole logistic basis, grow next year? How are you thinking about the kind of longer tail to this sustainability of growth in Singapore?

Robert Goldstein: Hi. Thanks for taking the question. So clearly, you know, incredible results in Singapore again. And you mentioned, you know, for this year, 2.7, 2.8, 2.9, who knows? You know, it feels like it's all based, like you said, not tied to one event. But how should we think about the long term? Like, is this sustainable? Can it, on a holistic basis, grow next year? Like, how are you thinking about the kind of longer tail and this sustainable growth in Singapore?

Lizzie Dove: Hi. Thanks for taking the question. So clearly, you know, incredible results in Singapore again. And you mentioned, you know, for this year, 2.7, 2.8, 2.9, who knows? You know, it feels like it's all based, like you said, not tied to one event. But how should we think about the long term? Like, is this sustainable? Can it, on a holistic basis, grow next year? Like, how are you thinking about the kind of longer tail and this sustainable growth in Singapore?

Speaker #13: Who knows . You know , it feels like it's broad based like you said , not tied to one event , but how should we think about the long term .

Speaker #13: Like is this sustainable . Can it on a hold adjusted basis grow next year . Like how are you thinking about the kind of longer tail than the sustainability of growth in Singapore ?

Speaker #5: Well , those guys say we've been wrong all along . For starters , we've under forecasted this thing we thought we were very ambitious at 2.5 .

Robert Goldstein: I'd say we've been wrong all along, for starters. We've underforecasted this thing. We thought we were very ambitious at $2.5 billion. Like I said, we're at $2.1 billion plus currently with a quarter to go. With a big quarter, you could do $2.8 billion, $2.8 billion, $2.9 billion. Is it sustainable? Hell, yes. It's very sustainable. You're alone over there, and you got one competitor, which is, you know, it's just, it's a duopoly. It's a market that has tremendous support from the government. If you've been in the building, it's incredibly well done. I think the team did a great job of building out a one-of-a-kind asset. Yeah, it's very sustainable. The question I can't answer is, does it get to $3 billion next year? Is it a $3.2 billion down the road? Does it get to, I don't know. We've been wrong all along.

Patrick Dumont: Well, Lizzie, I'd say we've been wrong all along, for starters. We've under-forecasted this thing. We thought we were very ambitious at 2.5. And like I said, we're at 2.1 plus currently with a quarter to go. With a big quarter, you could do 2.8, 2.8, 2.9. So is it sustainable? Hell, yes. It's very sustainable. You're alone over there in Asia. You got one competitor, which is, you know, just it's a duopoly. It's a market that has, you know, tremendous support from the government. And if you've been in the building, it's incredibly well done. I think the team did a great job of building out a one-of-a-kind asset. So yeah, it's very sustainable. The question I can't answer is, does it get to 3 next year? Is it a 3.2 down the road? Does it get to, I don't know. We've been wrong all along.

Rob Goldstein: Well, Lizzie, I'd say we've been wrong all along, for starters. We've under-forecasted this thing. We thought we were very ambitious at 2.5. And like I said, we're at 2.1 plus currently with a quarter to go. With a big quarter, you could do 2.8, 2.8, 2.9. So is it sustainable? Hell, yes. It's very sustainable. You're alone over there in Asia. You got one competitor, which is, you know, just it's a duopoly. It's a market that has, you know, tremendous support from the government. And if you've been in the building, it's incredibly well done. I think the team did a great job of building out a one-of-a-kind asset. So yeah, it's very sustainable. The question I can't answer is, does it get to 3 next year? Is it a 3.2 down the road? Does it get to, I don't know. We've been wrong all along.

Speaker #5: And like I said, we're two one plus. Currently, with a quarter to go and a big quarter, you could do $28,282,829.

Speaker #5: So is this sustainable ? Hell yes . It's very sustainable . You're alone over there in you got one competitor , which is which .

Speaker #5: You know , just it's a duopoly . It's a market that has , you know , tremendous support from the government . And it's if you've been in the building , it's incredibly well done .

Speaker #5: I think the team did a great job of building out a one of a kind asset . So yeah , it's very sustainable .

Speaker #5: The question I can't answer is, does it get to three next year to get to the three, two down the road to get to, I don't know.

Speaker #5: We've been wrong all along. Here we are in 2025. Had you said two years ago that we're delivering $700 million quarters back to back, I would have said that's very ambitious.

Robert Goldstein: Here we are in 2025. Had you said two years ago, we're delivering $700 million quarters back to back, I would have said that's very ambitious. It turns out it was done easily. These last quarters came along pretty well. I don't think anyone should question the longevity and sustainability of Singapore. If anything, what I can't figure out is how deep is the well. I've been wrong, and I'm pretty aggressive by nature in forecasting the demand over there. Slot win is going to break $1 billion, it looks like. These table wins are extraordinary. It's coming at us from all sides. I think shrinking the building, having all suites versus mostly more rooms is a very good idea. Yeah, I think it's very sustainable. The question for me is not sustainability. It's how high is up. Could this thing hit $3 billion, get to $3.2 billion?

Patrick Dumont: Here we are in 2025. Had you said two years ago, we're delivering $700 million quarters back to back, I would have said that's very ambitious. Well, it turns out it was done easily. These last quarters came along pretty well. And so I don't think anyone should question the longevity and sustainability of Singapore. If anything, what I can't figure out is how deep is the well. And I've been wrong. And I'm pretty aggressive by nature in forecasting the demand over there. Slot win is going to break $1 billion, looks like. These table wins are extraordinary. It's coming at us from all sides. I think the shrinking the building, having all suites versus, you know, mostly more rooms is a very good idea. So yeah, I think it's very sustainable. And the question for me is not sustainability. It's how high is up?

Here we are in 2025. Had you said two years ago, we're delivering $700 million quarters back to back, I would have said that's very ambitious. Well, it turns out it was done easily. These last quarters came along pretty well. And so I don't think anyone should question the longevity and sustainability of Singapore. If anything, what I can't figure out is how deep is the well. And I've been wrong. And I'm pretty aggressive by nature in forecasting the demand over there. Slot win is going to break $1 billion, looks like. These table wins are extraordinary. It's coming at us from all sides. I think the shrinking the building, having all suites versus, you know, mostly more rooms is a very good idea. So yeah, I think it's very sustainable. And the question for me is not sustainability. It's how high is up?

Speaker #5: Well, it turns out it was done easily. These last quarters came along pretty well. And so, I don't think anyone should question the longevity and sustainability of Singapore.

Speaker #5: If anything, what I can't figure out is how deep the well is. And I've been wrong, and I'm pretty aggressive by nature in forecasting the demand over there.

Speaker #5: Slot wind is going to break $1 billion . Looks like these tailwinds are extraordinary . It's coming at us from all sides . I think the shrinking the building , having all suites versus , you know , mostly more rooms is a very good idea .

Speaker #5: So yeah , I think it's very sustainable . And the question for me is not sustainability . How high is up ? You could this thing hit $3 billion , gets a 3.2 , I don't know , but I didn't think you'd go from what we used to , a $1.6 billion asset pre-COVID to now looks like a $2.78 billion asset post-Covid .

Patrick Dumont: You know, could this thing hit $3 billion, get to 3.2? I don't know. But I didn't think you'd go from, you know, what we used to be a $1.6 billion asset pre-COVID to now looks like a $2.7, $8 billion asset post-COVID. So it's hard to forecast something that feels so powerful and right now feels to me like it's got more growth to go.

You know, could this thing hit $3 billion, get to 3.2? I don't know. But I didn't think you'd go from, you know, what we used to be a $1.6 billion asset pre-COVID to now looks like a $2.7, $8 billion asset post-COVID. So it's hard to forecast something that feels so powerful and right now feels to me like it's got more growth to go.

Robert Goldstein: I don't know. I didn't think you'd go from what we used to be a $1.6 billion asset pre-COVID to now it looks like a $2.78 billion asset post-COVID. It's hard to forecast something that feels so powerful. Right now, it feels to me like it's got more growth to go.

Speaker #5: So it's hard to forecast something that feels so powerful and right now feels to me like it's got more growth to go .

Speaker #13: Definitely , definitely . I guess on that subject , you know , just one event , but making it bigger picture , I guess on Golden Week it looked like there was a lot of outbound visitation from China into Singapore , and it was up a lot year on year .

Robert Goldstein: Definitely. Definitely. I guess on that subject, you know, just one event, but making it bigger picture, I guess. On Golden Week, it looked like there was a lot of outbound visitation from China into Singapore. And it was up a lot year on year. So, curious what you're seeing really, even just beyond Golden Week, of just any changes in visitation trends and whether you are, you know, versus Macau seeing that kind of higher-end, you know, Chinese customer visiting Singapore at the expense of Macau and whether you think that might continue.

Lizzie Dove: Definitely. Definitely. I guess on that subject, you know, just one event, but making it bigger picture, I guess. On Golden Week, it looked like there was a lot of outbound visitation from China into Singapore. And it was up a lot year on year. So, curious what you're seeing really, even just beyond Golden Week, of just any changes in visitation trends and whether you are, you know, versus Macau seeing that kind of higher-end, you know, Chinese customer visiting Singapore at the expense of Macau and whether you think that might continue.

Robin Farley: Definitely. I guess on that subject, just one event, but making it bigger picture, on Golden Week, it looked like there was a lot of outbound visitation from China into Singapore. It was up a lot year on year. Curious what you're seeing really, even just beyond Golden Week, of any changes in visitation trends and whether you are, versus Macau, seeing that kind of high-end, higher-end Chinese customer visiting Singapore at the expense of Macau and whether you think that might continue.

Speaker #13: And so curious what you're seeing really , even just beyond golden week of just any changes in visitation trends and whether you are , you know , versus Macau , seeing that kind of high end , higher end Chinese customer visiting Singapore at the expense of Macau and whether you think that might continue .

Speaker #5: Yeah , we're not we're not really getting into current quarter . But just overall Macau and Singapore are very separate markets and typically the catchment area for Singapore is very focused on Southeast Asia , and Macau is primarily Hong Kong and China .

Patrick Dumont: Yeah. We're not really getting into current quarter. But just overall, Macau and Singapore are very separate markets. And typically, the catchment area for Singapore is very focused on Southeast Asia. And Macau is primarily Hong Kong and China. So different businesses, different tourism base, different assets. But, you know, we'll talk about this quarter on the next earnings call.

Rob Goldstein: Yeah. We're not really getting into current quarter. But just overall, Macau and Singapore are very separate markets. And typically, the catchment area for Singapore is very focused on Southeast Asia. And Macau is primarily Hong Kong and China. So different businesses, different tourism base, different assets. But, you know, we'll talk about this quarter on the next earnings call.

Patrick Dumont: We're not really getting into the current quarter, but just overall, Macau and Singapore are very separate markets. Typically, the catchment area for Singapore is very focused on Southeast Asia, and Macau is primarily Hong Kong and China. Different businesses, different tourism base, different assets. We'll talk about this quarter on the next earnings call.

Speaker #5: So different businesses , different tourism base , different assets , but , you know , we'll talk about this quarter on the next earnings call .

Speaker #13: Got it. Thank you.

Robert Goldstein: Got it. Thank you.

Lizzie Dove: Got it. Thank you.

Robin Farley: Got it. Thank you.

Speaker #3: Thank you . The next question is coming from Joe . Steve from Susquehanna . Joe , your line is live . .

Operator: Thank you. The next question is coming from Joe Stauff from Susquehanna. Joe, your line is live.

Daniel J. Briggs: Thank you. The next question is coming from Joe Stauff from Susquehanna. Joe, your line is live.

Speaker #14: Okay . Thanks . Good afternoon . Rob Patrick . Just wanted to follow up , Patrick , on your comment about , hey , the opportunity in Singapore in particular is still essentially in the early innings .

Daniel Politzer: Okay. Thanks. Good afternoon, Robin, Patrick. Just wanted to follow up, Patrick, on your comment about, hey, the opportunity in Singapore in particular is still essentially in the early innings. Obviously, you know, maybe an expansion of other questions. I wondered if you could just maybe talk about Q2 and Q3, you know, the strengths of the volumes, maybe the things that you learned that surprised you. And then as we think about the opportunity set going forward, I understand it's hard to put a number to it. But maybe some of the bigger layers of opportunity, is it, you know, is it a strategy such that, you know, you'd expect to get a higher level of average spend? Is it geographical reach? You know, are there any puzzle pieces you can give us from that perspective?

Joe Stauff: Okay. Thanks. Good afternoon, Robin, Patrick. Just wanted to follow up, Patrick, on your comment about, hey, the opportunity in Singapore in particular is still essentially in the early innings. Obviously, you know, maybe an expansion of other questions. I wondered if you could just maybe talk about Q2 and Q3, you know, the strengths of the volumes, maybe the things that you learned that surprised you. And then as we think about the opportunity set going forward, I understand it's hard to put a number to it. But maybe some of the bigger layers of opportunity, is it, you know, is it a strategy such that, you know, you'd expect to get a higher level of average spend? Is it geographical reach? You know, are there any puzzle pieces you can give us from that perspective?

[Analyst 2]: Okay. Thanks. Good afternoon, Rob and Patrick. Just wanted to follow up, Patrick, on your comment about, hey, the opportunity in Singapore in particular is still essentially in the early innings. Obviously, you know, maybe an expansion of other questions. I wondered if you could just maybe talk about the second and third quarter, you know, the strengths of the volumes, maybe the things that you learned that surprised you. As we think about the opportunity set going forward, I understand it's hard to put a number to it. Maybe some of the bigger layers of opportunity, is it a strategy such that you'd expect to get a higher level of average spend? Is it geographical reach? Are there any puzzle pieces you can give us from that perspective?

Speaker #14: Obviously, you know, there may be an expansion of other questions. I wondered if you could just maybe talk about the second and third quarters.

Speaker #14: You know , the strength of the volumes , maybe the things that that you learned that surprised you . And then as we think about the opportunity set going forward , I understand it's hard to put a number to it , but maybe some of the bigger layers of opportunity is it , you know , is it a strategy such that , you know , you'd expect to get a higher level of average spend ?

Speaker #14: Is it geographical reach ? You know , are there any puzzle pieces you can give us from that perspective ?

Speaker #5: There's a lot there in this question , so bear with me . I'm going to try to get through it all . I think the the first thing is the way we got to Singapore today in this performance was very deliberate , and it started probably five years ago .

Patrick Dumont: There's a lot there in this question. Bear with me. I'm going to try to get through it all. I think the first thing is the way we got to Singapore today in this performance was very deliberate. It started probably five years ago when we first started charting out where we wanted to go with the asset, given where we thought the direction of growth and high-value tourism would be. We started off by building a great customer experience by focusing on the physical asset, which took time to both design and then ultimately implement. We redesigned our service teams so that we could better service our customers in a more complete way. That was also a big lift. We focused a lot on how we sold, how we attracted customers by developing larger and more geographically spread out marketing teams and sales teams.

Patrick Dumont: There's a lot there in this question. So bear with me. I'm going to try to get through it all. I think the first thing is the way we got to Singapore today in this performance was very deliberate. And it started probably five years ago. We first started charting out where we wanted to go with the asset, given where we thought the direction of growth and high-value tourism would be. And we started off by building a great customer experience by focusing on the physical asset, which took time to both design and then ultimately implement. We redesigned our service teams so that we could better service our customers in a more complete way. And that was also a big lift. We focused a lot on how we sold, how we attracted customers by developing larger and more geographically spread out marketing teams and sales teams.

Speaker #5: We first started charting out where we wanted to go with the asset , given where we thought the direction of growth and high value tourism would be , and we started off by building a great customer experience , by focusing on the physical asset , which took time to both design and then implement , we redesigned our service , our service teams , that we could better service our customers in a more complete way , and that was also a big lift .

Speaker #5: We focused a lot on how we sold , how we attracted customers by developing larger and more geographically , spread out marketing teams and sales teams and all of that come together with a very strong management group over time , with lots of investment produced .

Patrick Dumont: All that come together with a very strong management group over time with lots of investment produced this result. This was not something that happened overnight. It was planned. It was a strategic decision. It was investment over many years in both human capital and physical capital, along with the philosophy with a service focus and a customer experience focus. We focused on a lot of different amenities, how we enhance our entertainment, how we enhance our retail mall, how we enhance our food and beverage, and how we bring it all together so that gaming customers can come in and get a lifestyle experience that can't be replicated anyplace else. For us, that was really key. The question is, how do we grow the business more? First off, I think people are just getting to know the new Marina Bay Sands.

Patrick Dumont: And all that come together with a very strong management group over time with lots of investment produced this result. So this was not something that happened overnight. It was planned. It was a strategic decision. It was investment over many years in both human capital and physical capital, along with the philosophy with a service focus and a customer experience focus. We focused on a lot of different amenities, how we enhance our entertainment, how we enhance our retail mall, how we enhance our food and beverage, and how we bring it all together so that gaming customers can come in and get a lifestyle experience that can't be replicated anyplace else. And so for us, that was really key. So the question is, how do we grow the business more? Well, first off, I think people are just getting to know the new Marina Bay Sands.

And all that come together with a very strong management group over time with lots of investment produced this result. So this was not something that happened overnight. It was planned. It was a strategic decision. It was investment over many years in both human capital and physical capital, along with the philosophy with a service focus and a customer experience focus. We focused on a lot of different amenities, how we enhance our entertainment, how we enhance our retail mall, how we enhance our food and beverage, and how we bring it all together so that gaming customers can come in and get a lifestyle experience that can't be replicated anyplace else. And so for us, that was really key. So the question is, how do we grow the business more? Well, first off, I think people are just getting to know the new Marina Bay Sands.

Speaker #5: This result . So this was not something that happened overnight . It was planned . It was strategic decision . It was investment over many years in both human capital and physical capital , along with the philosophy with a service focus and customer experience , focus , we focused on a lot of different amenities , how we enhance our entertainment , how we enhance our retail mall , how we enhance our food and beverage , and how we bring it all together so that gaming customers can come in and get a lifestyle experience that can't be replicated anyplace else .

Speaker #5: And so for us , that was really key . So the question is how do we grow the business more ? Well , first off , I think people are just getting to know the new Marina Bay Sands .

Speaker #5: Remember , the renovation has not been done for that long . So we have a lot of customers who maybe experience Sands . A decade ago and are now surprised by what's on offer today .

Patrick Dumont: Remember, the renovation has not been done for that long. We have a lot of customers who maybe experienced Marina Bay Sands a decade ago and are now surprised by what's on offer today. I think the other thing is the quality of tourism that is coming to Singapore is continuing to elevate. There are also a lot of people who are engaging in commerce out of Singapore, and that's growing. We have a lot of people on the leisure and on the business tourism side that are experiencing Marina Bay Sands, and it's only growing. I think segments that we look to in the future continue to bring high-value tourists in from different parts of the catchment area. We're working on that. To be fair, at some point, we're going to run out of capacity, and that's where IR2 comes in.

Patrick Dumont: Remember, the renovation has not been done for that long. So we have a lot of customers who maybe experienced Marina Bay Sands a decade ago and are now surprised by what's on offer today. I think the other thing is the quality of tourism that is coming to Singapore is continuing to elevate. There are also a lot of people who are engaging in commerce out of Singapore, and that's growing. So we have a lot of people on the leisure and on the business tourism side that are experiencing Marina Bay Sands, and it's only growing. I think segments that we look to in the future continue to bring high-value tourists in from different parts of the catchment area. And we're working on that. And to be fair, at some point, we're going to run out of capacity, and that's where IR2 comes in.

Remember, the renovation has not been done for that long. So we have a lot of customers who maybe experienced Marina Bay Sands a decade ago and are now surprised by what's on offer today. I think the other thing is the quality of tourism that is coming to Singapore is continuing to elevate. There are also a lot of people who are engaging in commerce out of Singapore, and that's growing. So we have a lot of people on the leisure and on the business tourism side that are experiencing Marina Bay Sands, and it's only growing. I think segments that we look to in the future continue to bring high-value tourists in from different parts of the catchment area. And we're working on that. And to be fair, at some point, we're going to run out of capacity, and that's where IR2 comes in.

Speaker #5: I think the other thing is the quality of tourists that is coming to Singapore is continuing to elevate . There are also a lot of people who are engaging in commerce out of Singapore , and that's growing .

Speaker #5: So we have a lot of people on the leisure and on the business tourism side that are Marina Bay Sands , and it's only growing .

Speaker #5: I think segments that we look to in the future are continuing to bring high value tourists in from different parts of the catchment area , and we're working on that .

Speaker #5: And to be fair, at some point we're going to run out of capacity, and that's where Ur2 comes in. Someone asked us earlier about how we feel about the sustainability of Singapore as a market for us.

Patrick Dumont: Someone asked us earlier about how we feel about the sustainability of Singapore as a market for us. I think the biggest statement is that we're investing $8 billion to continue to grow our presence there. That, to me, is the biggest signal that we're very serious about long-term investment for the success of Singapore. I think for us, it's going to come from continuing to attract high-value tourists, continuing to bring in high-value business and leisure tourism activities, great entertainment, great retail, continuing to lead in amenities, the investments that are necessary to stay at the forefront of tourism and attract high-value tourists from different markets. We'll continue to grow. That was the strategy, and we're executing it now.

Patrick Dumont: Someone asked us earlier about how we feel about the sustainability of Singapore as a market for us. And I think the biggest statement is that we're investing $8 billion to continue to grow our presence there. And that, to me, is the biggest signal that we're very serious about long-term investment and the success of Singapore. But I think for us, it's going to come from continuing to attract high-value tourists, continuing to bring in high-value business and leisure tourism activities, great entertainment, great retail, continuing to lead in amenities, the investments that are necessary to stay at the forefront of tourism and attract high-value tourists from different markets. And we'll continue to grow. That was the strategy, and we're executing it now.

Someone asked us earlier about how we feel about the sustainability of Singapore as a market for us. And I think the biggest statement is that we're investing $8 billion to continue to grow our presence there. And that, to me, is the biggest signal that we're very serious about long-term investment and the success of Singapore. But I think for us, it's going to come from continuing to attract high-value tourists, continuing to bring in high-value business and leisure tourism activities, great entertainment, great retail, continuing to lead in amenities, the investments that are necessary to stay at the forefront of tourism and attract high-value tourists from different markets. And we'll continue to grow. That was the strategy, and we're executing it now.

Speaker #5: And I think the biggest statement is that we're investing $1 billion to continue to grow our presence there . And that , to me , is the biggest signal that we're very serious about long term investment of the success of Singapore .

Speaker #5: But I think for us , it's going to come from continuing to attract high value tourists , continue to bring in high value business and leisure tourism activities , great entertainment , great retail , continuing to lead in amenities .

Speaker #5: The investments that are necessary to stay at the forefront of tourism and attract high value tourists from from different markets . And we'll continue to grow .

Speaker #5: That was the strategy and we're executing it now .

Speaker #14: Thank you for that . Maybe just a quick clarification . You know , earlier in response to a question on smart table deployment , you know , for the the mass tables and games area of Singapore , are you six months .

Daniel Politzer: Thank you for that. Maybe just a quick clarification. You know, earlier in response to a question on Smart Table deployment, you know, for the mass tables and games area of Singapore, are you six months? Are you nine months behind, you know, kind of the process that you went through with the rolling tables?

Joe Stauff: Thank you for that. Maybe just a quick clarification. You know, earlier in response to a question on Smart Table deployment, you know, for the mass tables and games area of Singapore, are you six months? Are you nine months behind, you know, kind of the process that you went through with the rolling tables?

[Analyst 2]: Thank you for that. Maybe just a quick clarification. Earlier, in a response to a question on smart table deployment for the mass tables in the games area of Singapore, are you six months or nine months behind the process that you went through with the rolling tables?

Speaker #14: Or are you nine months behind? You know, kind of the process that you went through with the rolling tables?

Speaker #5: It's not that we're behind . It's that we have it on some games and not on others . Remember our casino floor has baccarat , has has a bunch of other different gaming products that are there actually including crafts like we've got different types of games out on the floor .

Patrick Dumont: It's not that we're behind. It's that we have it on some games and not on others. Remember, our casino floor has Baccarat, has Sic Bo, has a bunch of other different gaming products that are there, actually including craps. We've got different types of games out on the floor, and not all those games are ready for this digital table system. Over time, we'll get there. Remember, we make most of our money from Baccarat, and the area with the most volatility was the rolling programs. We started there.

Patrick Dumont: It's not that we're behind. It's that we have it on some games and not on others. So remember, our casino floor has Baccarat, has Sic Bo, has a bunch of other different gaming products that are there, actually including Craps. Like, we've got different types of games out on the floor. And so not all those games are ready for this digital table system. So over time, we'll get there. But remember, we make most of our money from Baccarat. And the area with the most volatility was the rolling programs. And so we started there.

Speaker #5: And so not all those games are ready for this digital table system . So over time , we'll get there . But remember we make most of our money from baccarat and the area with the most volatility was the rolling programs .

Speaker #5: And so we started there.

Speaker #14: Understood. Thanks very much. Great quarter.

Daniel Politzer: Understood. Thanks very much. Great quarter.

Joe Stauff: Understood. Thanks very much. Great quarter.

[Analyst 2]: Understood. Thanks very much. Great quarter.

Speaker #8: Thank you .

Patrick Dumont: Thank you.

Speaker #3: Thank you . The next question is coming from Chad Beynon from Macquarie . Chad , your line is live .

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

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

Speaker #15: Hi. Good afternoon. Thanks for taking my question. I just wanted to revisit the comments around the reinvestment program. You guys have been very open and honest in terms of your strategy and your competitors' strategy in the market.

[Analyst 2]: Hi, good afternoon. Thanks for taking my question. Just wanted to revisit the comments around the reinvestment program. You guys have been very open and honest in terms of your strategy and your competitive strategy in the market. I guess here to date, in your decision to change that, have you seen any change with those competitors that maybe are now on a level playing field from a reinvestment strategy and maybe they don't have, you know, the product or the service that you guys have and they could potentially step outside of the current zip code of what's being provided to players? Does it remain pretty rational? Thank you.

Grant Chum: Hi. Good afternoon. Thanks for taking my question. Just wanted to revisit the comments around reinvestment program. You guys have been very open and honest in terms of your strategy and your competitor strategy in the market, I guess, year to date, and your decision to change that. Have you seen any change with those competitors that maybe are now on a level playing field from a reinvestment strategy and maybe they don't have, you know, the product or the service that you guys have and they could potentially step outside of the current zip code of what's being provided to players? Or does it remain pretty rational? Thank you.

Chad Beynon: Hi. Good afternoon. Thanks for taking my question. Just wanted to revisit the comments around reinvestment program. You guys have been very open and honest in terms of your strategy and your competitor strategy in the market, I guess, year to date, and your decision to change that. Have you seen any change with those competitors that maybe are now on a level playing field from a reinvestment strategy and maybe they don't have, you know, the product or the service that you guys have and they could potentially step outside of the current zip code of what's being provided to players? Or does it remain pretty rational? Thank you.

Speaker #15: I guess year to date in your decision to to change that , have you seen any change with those competitors that maybe are now on a level playing field from a reinvestment strategy , and maybe they don't have , you know , the product or the service that you guys have , and they could potentially step outside of the current zip code of what's being provided to players , or does it remain pretty rational ?

Speaker #15: Thank you .

Speaker #7: Yeah . Let me take that . I think in general , the competition remains intense and we don't foresee that to , to to to slow down .

Operator: Yeah. Let me take that. I think in general, the competition remains intense, and we don't foresee that to slow down. I think what you see is basically constant action and reaction. And we have to stay very alert to those changes, which we are. And like what Rob said, we're going to be laser-focused on basically responding to the market with the right offer. And I think you can see the benefit of that change in our marketing strategy over this quarter. And that will continue. As to what other people are going to do and how they will respond, I think that's just an evolving picture that we have to monitor. And you would expect that the market to continue to be very competitive. But the positive aspect of the market is that we are seeing GGR growth. And I think that helps all of us.

Patrick Dumont: Yeah. Let me take that. I think in general, the competition remains intense, and we don't foresee that to slow down. I think what you see is basically constant action and reaction. And we have to stay very alert to those changes, which we are. And like what Rob said, we're going to be laser-focused on basically responding to the market with the right offer. And I think you can see the benefit of that change in our marketing strategy over this quarter. And that will continue. As to what other people are going to do and how they will respond, I think that's just an evolving picture that we have to monitor. And you would expect that the market to continue to be very competitive. But the positive aspect of the market is that we are seeing GGR growth. And I think that helps all of us.

Grant Chum: Yeah, let me take that. I think in general, the competition remains intense, and we don't foresee that to slow down. I think what you see is basically constant action and reaction. We have to stay very alert to those changes, which we are. Like what Rob said, we've got to be laser-focused on basically responding to the market with the right office. I think you can see the benefit of that change in our marketing strategy over this quarter, and that will continue. As to what other people are going to do and how they will respond, I think that's just an evolving picture that we have to monitor. You would expect the market to continue to be very competitive. The positive aspect of the market is that we are seeing GGR growth, and I think that helps all of us.

Speaker #7: I think what you see is basically constant , constant action and reaction . And we have to stay very alert to , to those changes which we are and like what Rob said , we've got to be laser focused on , on basically responding to to the market with , with the right offers .

Speaker #7: And I think you can see the benefit of of that change in our marketing strategy over , over this quarter and that that will continue .

Speaker #7: As to what other people are going to do and how they will respond . I think that that's just that's just an evolving picture that we have to monitor .

Speaker #7: And you would expect the market to continue to be very competitive. However, the positive aspect of the market is that we are seeing GR growth.

Speaker #7: And I think that helps all of us , but it will stay competitive and we're very committed to staying ultra competitive here .

Grant Chum: It will stay competitive, and we're very committed to staying ultra-competitive here.

Operator: It will stay competitive, and we're very committed to staying ultra-competitive here.

It will stay competitive, and we're very committed to staying ultra-competitive here.

Speaker #15: Thank you . And then Patrick , I know the the digital gaming business I guess the doors have been open or slightly open for the past couple of years .

Grant Chum: Thank you. And then, Patrick, I know the digital gaming business. I guess the doors have been open or slightly open for the past couple of years. You haven't made many moves, but now you're officially closing that door, those windows. So why now? And then any cost saves that we should think about for our models? Thank you.

Chad Beynon: Thank you. And then, Patrick, I know the digital gaming business. I guess the doors have been open or slightly open for the past couple of years. You haven't made many moves, but now you're officially closing that door, those windows. So why now? And then any cost saves that we should think about for our models? Thank you.

[Analyst 2]: Thank you. Patrick, I know the digital gaming business, I guess the doors have been open or slightly open for the past couple of years. You haven't made many moves, but now you're officially closing that door or those windows. Why now, and any cost saves that we should think about for our models? Thank you.

Speaker #15: You haven't made many moves , but now you're officially closing that door . Those windows . So why now and then ? Any cost savings that we should think about for our models ?

Speaker #15: Thank you .

Speaker #5: Yeah , I think we we looked at this for a couple of years . I think we just didn't feel like it was something that we felt would be a good use of shareholder capital .

Patrick Dumont: Yeah. I think we looked at this for a couple of years. I think we just didn't feel like it was something that we felt would be a good use of shareholder capital, so we shut it down. In terms of cost save, I think it's just things that'll come out of development expense that you would have seen in the last year, but that's out now. It wasn't super material.

Patrick Dumont: Yeah, I think we looked at this for a couple of years. I think we just didn't feel like it was something that we felt would be a good use of shareholder capital, so we shut it down. In terms of cost save, I think it's just things that'll come out of development expense that you would have seen in the last year, but that's out now. It wasn't super material.

Speaker #5: So we shut it down in terms of cost savings. I think it's just things that come out of development expense that you would have seen in the last year, but that's out now.

Speaker #5: It wasn't it wasn't super material .

Speaker #15: Thank you very much .

Grant Chum: Thank you very much.

[Analyst 2]: Thank you very much.

Speaker #4: Thanks .

Speaker #8: Chad .

Operator: Thanks, Chad.

Patrick Dumont: Thanks, Chad.

Speaker #3: Thank you . The next question will be from George Choi from Citigroup . George , your line is live .

Operator: Thank you. The next question will be from George Choi from Citigroup. George, your line is live.

Daniel J. Briggs: Thank you. The next question will be from George Choi from Citigroup. George, your line is live.

Speaker #4: George , good morning .

Patrick Dumont: George, good morning.

George Choi: George, good morning.

Speaker #3: Hi , George . Please check your mute button . Go ahead .

Grant Chum: Hi, George. Please check your mute button. Sorry. Go ahead. Yeah. Sorry. I was on mute. So obviously, the encouraging hold percentage disclosure in Singapore, very, very solid. But I'm just wondering, when will you do the same thing in Macau? Is there any significant difference in terms of the player behavior on how much they wager on the side bets that make a difference between how you do it in Singapore versus Macau?

Patrick Dumont: Hi, George. Please check your mute button. Sorry. Go ahead.

Daniel J. Briggs: Hi, George. Please check your mute button.

Patrick Dumont: Sorry.

Speaker #16: Yes . Sorry , I was on mute , so obviously the encouraging whole . Rate disclosure in Singapore very , very solid . But I'm just wondering when will you do the same thing in Macau ?

Daniel J. Briggs: Go ahead.

George Choi: Yeah. Sorry. I was on mute. So obviously, the encouraging hold percentage disclosure in Singapore, very, very solid. But I'm just wondering, when will you do the same thing in Macau? Is there any significant difference in terms of the player behavior on how much they wager on the side bets that make a difference between how you do it in Singapore versus Macau?

Patrick Dumont: Yeah, sorry. I was on mute. Obviously, the encouraging COVID disclosure in Singapore is very, very solid. I'm just wondering, when will you do the same thing in Macau? Is there any significant difference in terms of the player behavior on how much they wager on the side bets that make you make a difference between how you do it in Singapore versus Macau? One thing to note is that our rolling volumes are much larger relative to our overall gaming win in Singapore, and there was a real focus there to begin with that. Also, the number of tables are smaller in Singapore than they are in Macau. I just want to highlight that, but I'll turn it over to Grant to respond to the rest of the question.

Speaker #16: Is there any significant difference in terms of the player behavior on on how much they wager on the side bets that make you make a difference between how you do it in Singapore versus Macau ?

Speaker #5: One thing to note is that our rolling volumes are much larger relative to our overall gaming win in Singapore, and so there was a real focus there to begin with. Also, the number of tables is smaller in Singapore than they are in Macau.

Patrick Dumont: One thing to note, that our rolling volumes are much larger relative to our overall gaming win in Singapore. And so there was a real focus there to begin with that. Also, the number of tables are smaller in Singapore than they are in Macau. So I just want to highlight that. But I'll turn it over to Grant to respond to the rest of the question.

Speaker #5: So I just want to highlight that . But I'll turn it over to Grant to respond to the rest of the question .

Speaker #7: Yeah . George , just to reiterate that distinction , Rob made that the smart technology helps us to understand what is happening at the table , independent of that , is that player propensity , you know , it's not one leading the other .

Grant Chum: Yeah, George, just to reiterate the distinction Rob made, the smart table technology helps us to understand what is happening at the table. Independent of that is the player propensity. It's not one leading the other. I think on the question of propensity to wager in the side bets in Macau, the mix is obviously smaller than in Singapore, but it's also rising. It has contributed to enhanced house edge over the past several years. As you, of all of the people here, you're visiting all these casinos, and you can see the layouts are being reinvented every few months with additional side bets. That's on the side bets. In terms of the smart tables, we in Macau have actually fully rolled out on the non-rolling Baccarat tables all of the smart table technology. We are in the process of completing the rollout in the rolling segment.

Operator: Yeah, George, just to reiterate the distinction Rob made, that the smart technology helps us to understand what is happening at the table. Independent of that is the player propensity. You know, it's not one leading the other. So I think on the question of propensity to wager in the side bets in Macau, it is the mix is obviously smaller than in Singapore, but it's also rising. And it has contributed to enhance the house edge over the past several years. And as you, of all of the people here, you're visiting all these casinos, and you can see the layouts are being reinvented every few months with additional side bets. So that's on the side bets. In terms of the smart tables, we in Macau have actually fully rolled out on the non-rolling Baccarat tables, all of the smart table technology.

Grant Chum: Yeah, George, just to reiterate the distinction Rob made, that the smart technology helps us to understand what is happening at the table. Independent of that is the player propensity. You know, it's not one leading the other. So I think on the question of propensity to wager in the side bets in Macau, it is the mix is obviously smaller than in Singapore, but it's also rising. And it has contributed to enhance the house edge over the past several years. And as you, of all of the people here, you're visiting all these casinos, and you can see the layouts are being reinvented every few months with additional side bets. So that's on the side bets. In terms of the smart tables, we in Macau have actually fully rolled out on the non-rolling Baccarat tables, all of the smart table technology.

Speaker #7: So I think on the question of propensity to wager in the side wages in Macau , it is the mix is obviously smaller than than in Singapore , but it's also rising and it has contributed to enhanced house edge over over the past several years .

Speaker #7: And as you of all of the people here , you are visiting all these casinos and you can see the layouts are being reinvented every few months with additional side wages .

Speaker #7: So , so that that's that's on the side wages in terms of the smart tables , we in Macau have actually fully rolled out on the Non-rolling backrub tables .

Speaker #7: All of all of the smart table technology . And we are in the process of completing the rollout in the rolling segment . So within within the next few months , we should be able to gauge across the total table .

Operator: We are in the process of completing the rollout in the rolling segment. Within the next few months, we should be able to go live across the total Baccarat table pool.

We are in the process of completing the rollout in the rolling segment. Within the next few months, we should be able to go live across the total Baccarat table pool.

Grant Chum: Within the next few months, we should be able to gauge across the total Baccarat table pool.

Speaker #8: Pool .

Speaker #16: Thank you very much . As a follow up . Now that we have a myriad of side bets at the back of our tables in both Singapore and Macau , I'm just wondering how do you strike a balance between improving the incremental excitement and experience for players from , you know , obviously these these new side versus any potential cannibalization amongst the various side bets ?

[Analyst 3]: Thanks very much. As a follow-up, now that we have a myriad of side bets at the Baccarat tables in both Singapore and Macau, I'm just wondering how do you strike a balance between improving the incremental excitement and experience for players from, you know, obviously these new side bets versus any potential cannibalization amongst the various side bets?

Grant Chum: Thank you very much. As a follow-up, now that we have a myriad of side bets at the Baccarat tables in both Singapore and Macau, I was just wondering how do you strike a balance between improving the incremental excitement and experience for players from, you know, obviously, these new side bets versus any potential cannibalization amongst the various side bets?

George Choi: Thank you very much. As a follow-up, now that we have a myriad of side bets at the Baccarat tables in both Singapore and Macau, I was just wondering how do you strike a balance between improving the incremental excitement and experience for players from, you know, obviously, these new side bets versus any potential cannibalization amongst the various side bets?

Speaker #5: I think the great thing about it is all the original bets are.

Patrick Dumont: I think the great thing about it is all the original bets are there. If you, all the bets that people are used to are still on the fellows. This is really just up to the player, just an option. It just gives them some additional volatility if they want to take it. For us, it's really a player decision. In some cases, they take it. In some cases, they don't, which is the reason why Rob in his remarks said in Singapore, you may see a quarter where we hold 5%, or you see a quarter where we hold high 3%. It just depends on propensity and the preference of the player to want to make that wager. As a practical matter, the games have more options, but it doesn't foreclose the ability for them to bet in a more traditional manner.

Patrick Dumont: Well, I think the great thing about it is all the original bets are there. So all the bets that people are used to are still on the felt. So this is really just up to the player, just an option. It just gives them some additional volatility if they want to take it. So for us, it's really a player decision. And in some cases, they take it. In some cases, they don't, which is the reason why Robin has remarked that in Singapore, you may see a quarter where we hold five, or you see a quarter where we hold high threes. It just depends on propensity and the preference of the player to want to make that wager. But as a practical matter, the game just has more options. But it doesn't foreclose the ability for them to bet in more traditional manner.

Speaker #8: There .

Speaker #5: So if you all the bets that people are used to are still on the .

Speaker #8: Felt .

Speaker #5: So this is really just up to the player , just .

Speaker #8: An option .

Speaker #5: It just gives them some additional volatility if they want to take it . So for us it's really a player decision . And in some cases they take it and in some cases they don't .

Speaker #5: Which is the reason why Robbins's remarks said, "In Singapore, you may see a quarter where we hold five, or you see a quarter where we hold high threes."

Speaker #5: Just depends on propensity and the preference of the player to want to make that wager . But as a practical matter , the game has more options .

Speaker #5: But it doesn't foreclose the ability for them to bet in a more traditional manner. You want a flatbed? Flatbed all day long: bank player, high payer.

Robert Goldstein: You want to flatbet, you can flatbet all day long. Bank player, tie pair. It doesn't exclude those bets. It's just like it's no different for years than the Super Bowl. For years, people thought there was something different about the Super Bowl. All it was was they offered 2,000 side bets versus the usual, you know, bet the Packers or the Bears. All they've done here is expand the side bets, but the usual bets are still there, traditional bets if people want to bet. It's their decision whether to make that decision on what to bet. It's not ours. We don't dictate it.

Shaun Kelley: You want to prop bet, you can prop bet all day long, you know, bank, player, tie, pair. It doesn't exclude those bets. It's just like it's no different for years than the Super Bowl. For years, people thought there was something different about the Super Bowl. All it was was they offered 2,000 side bets versus the usual, you know, bet the Packers or the Bears. All we've done here is expand the side bets. But the usual bets are still there, traditional bets people want to bet. So it's their decision whether to make that decision on what to bet. It's not ours. We don't dictate it.

Rob Goldstein: You want to prop bet, you can prop bet all day long, you know, bank, player, tie, pair. It doesn't exclude those bets. It's just like it's no different for years than the Super Bowl. For years, people thought there was something different about the Super Bowl. All it was was they offered 2,000 side bets versus the usual, you know, bet the Packers or the Bears. All we've done here is expand the side bets. But the usual bets are still there, traditional bets people want to bet. So it's their decision whether to make that decision on what to bet. It's not ours. We don't dictate it.

Speaker #5: Is not . It doesn't exclude those bets . It's just like it's no different . For years than the Super Bowl . For years , people thought it was something different about the Super Bowl .

Speaker #5: All it was, was they offered 2,000 side bets versus the usual bet: the Packers, the Bears. All we've done here is expand the side bets, but the usual bets are still there.

Speaker #5: Traditional bets . People want to bet . So it's their decision whether to make that decision on what to bet . It's not ours .

Speaker #5: We don't dictate it . I think the important thing here to remember is that we are iterative in the way that we apply new bets on the film .

Patrick Dumont: I think the important thing here to remember is that we are iterative in the way that we apply new bets on the felts. So what you see today is after attempts to improve the game experience for people. We're very focused on the experience. So if players like it, that's great. And we keep it out there, and they use it. And if it makes their trip more enjoyable, that's fantastic. If it's not something that's preferred by the players, eventually, it evolves itself out of the game. And we've had a lot of different iterations of what's on the felts. So I would just view this as an enhancement to the gaming experience mechanism. And so they enjoy the volatility. They enjoy the additional bets. And so they use them. But, you know, as to how those bets will progress over time, players' preferences may change over time.

Patrick Dumont: I think the important thing here to remember is that we are iterative in the way that we apply new bets on the felt. What you see today is after attempts to improve the game experience for people. We're very focused on the experience. If players like it, that's great. We keep it out there and they use it. If it makes their trip more enjoyable, that's fantastic. If it's not something that's preferred by the players, eventually it evolves itself out of the game. We've had a lot of different iterations of what's on the felt. I would just view this as an enhancement to the gaming experience mechanism. They enjoy the volatility. They enjoy the additional bets and they use them. As to how those bets will progress over time, players' preferences may change over time.

Speaker #5: So what you see today is after attempts to improve the game experience for people , we're very focused on the experience . So if players like it , that's great and we keep it out there and they use it , and if it makes their trip more enjoyable , that's fantastic .

Speaker #5: If it's not something that's preferred by the players, eventually it evolves itself out of the game, and we've had a lot of different iterations of what's on the film.

Speaker #5: So I would just view this as a as an enhancement to the gaming experience mechanism . And so they enjoy the volatility . They enjoy the additional bets .

Speaker #5: And so they use them . But you know , as to as to how those bets will progress over time . Players preferences may change over time .

Speaker #5: You may you may see us have different side bets on the felt over time as players change what they want to do . That's a very important point .

Patrick Dumont: You may see us have different side bets on the felt over time as players change what they want to do.

Patrick Dumont: You may see us have different side bets on the tables over time as players change what they want to do.

You may see us have different side bets on the tables over time as players change what they want to do.

Shaun Kelley: That's a very important point. In Supermarket, we keep putting these on the shelves that sell, and don't sell. We're constantly coming up with new bets all the time. We have a very important committee called the Make More Money Committee. Its job is to find all new bets and deviations that this thing. And if things don't sell, we take it off the table and put something else to try it out. It's evolving all the time. It's not a static function.

Rob Goldstein: That's a very important point. In Supermarket, we keep putting these on the shelves that sell, and don't sell. We're constantly coming up with new bets all the time. We have a very important committee called the Make More Money Committee. Its job is to find all new bets and deviations that this thing. And if things don't sell, we take it off the table and put something else to try it out. It's evolving all the time. It's not a static function.

Robert Goldstein: That's a very important point. Thanks, Supermark. We keep putting these on the shelves that sell and don't sell. We're constantly coming up with new bets all the time. We have a very important committee called the Make More Money Committee. The job is to find all new bets and deviations that this thing. If things don't sell, we take it off the table and put something else to try it out. It's evolving all the time. It's not a static function.

Speaker #5: Supermarket. We keep putting things on the shelves that sell and don't sell. We're constantly coming up with new bets all the time.

Speaker #5: We have a very important committee called the Make More Money Committee. Its job is to find all new bets and deviations for this thing.

Speaker #5: And if things don't sell , we take it off the table and put something else to try it out . It's evolving all the time .

Speaker #5: It's not a static function .

Speaker #16: Thank you very much .

Grant Chum: Thank you very much.

George Choi: Thank you very much.

[Analyst 3]: Thank you very much.

Speaker #5: George .

Robert Goldstein: George.

Shaun Kelley: George.

Rob Goldstein: George.

Speaker #4: Thanks , George .

Operator: Thanks, George.

Patrick Dumont: Thanks, George.

Speaker #3: Thank you . The next question will be from David Katz from Jefferies . David , your line is live .

Operator: Thank you. The next question will be from David Katz from Jefferies. David, your line is live.

Daniel J. Briggs: Thank you. The next question will be from David Katz from Jefferies. David, your line is live.

Speaker #17: Afternoon , everybody . Thanks for taking my question . With respect to Macau . You know , one of the topics of conversation and one of the things that we're tracking very carefully is , you know , events , whether they're , you know , concerts or otherwise .

Stephen Grambling: Afternoon, everybody. Thanks for taking our question. With respect to Macau, you know, one of the topics of conversation and one of the things that we're tracking very carefully is, you know, events, whether they're, you know, concerts or otherwise. Can you talk to us about your strategy around those? And more specifically, you know, the recent, you know, I know it's sort of maybe post the end of the quarter, but I'd love to hear any general comments, learnings, you know, opportunities, et cetera, around the NBA games that were hosted and events in general. Thanks.

David Katz: Afternoon, everybody. Thanks for taking our question. With respect to Macau, you know, one of the topics of conversation and one of the things that we're tracking very carefully is, you know, events, whether they're, you know, concerts or otherwise. Can you talk to us about your strategy around those? And more specifically, you know, the recent, you know, I know it's sort of maybe post the end of the quarter, but I'd love to hear any general comments, learnings, you know, opportunities, et cetera, around the NBA games that were hosted and events in general. Thanks.

[Analyst 2]: Afternoon, everybody. Thanks for taking my question. With respect to Macau, one of the topics of conversation and one of the things that we're tracking very carefully is events, whether they're concerts or otherwise. Can you talk to us about your strategy around those? More specifically, I know it's sort of maybe post the end of the quarter, but I'd love to hear any general comments, learnings, opportunities, etc., around the NBA China Games that were hosted and events in general. Thanks.

Speaker #17: Can you talk to us about your strategy around those and more specifically , you know , the recent you know , I know it's it's sort of maybe post the end of the quarter , but I'd love to hear any general comments , learnings , you know , opportunities , etc.

Speaker #17: around the NBA games that were hosted and events in general . Thanks .

Speaker #5: So I think first off , you know , going back to early days of the Venetian with with Rob , entertainment has always been front and center .

Patrick Dumont: I think first off, going back to early days of The Venetian with Rob, entertainment has always been front and center. I think it's something that's always helped us in the gaming business and the perception of the excitement around our properties. We've always been focused on providing high-quality entertainment and actually building the assets to support it. Many years ago, our Sands China Limited built the first arena in Macau for this very reason. We've been very dedicated to programming it and creating entertainment that's been very successful over the years in creating opportunities for our patrons to have a great experience. I think you'll see that as well in Singapore. We broke ground in mid-July on what we're calling IR2 right now. Eventually, we'll have a name.

Patrick Dumont: So I think first off, you know, going back to early days of the Venetian with Rob, you know, entertainment has always been front and center. And I think it's something that's always helped us in the gaming business and the perception of the excitement around our properties. We've always been focused on providing high-quality entertainment and actually building the assets to support it. You know, many years ago, our SCL built the first arena in Macau for this very reason. And we've been very dedicated to programming it and creating entertainment that's been very successful over the years in creating opportunities for our patrons to have a great experience. And I think you'll see that as well in Singapore. We broke ground in mid-July on what we're calling IR2 right now. Eventually, we'll have a name.

Speaker #5: And I think it's something that's always helped us in the gaming business and the perception of the excitement around our properties. We've always been focused on providing high-quality entertainment and actually building the assets to support it.

Speaker #5: You know , many years ago , our CEO built the first arena in Macau for this very reason , and we've been very dedicated to programming and creating entertainment that's been very successful over the years in creating opportunities for our patrons , have a great experience , and I think I think you'll see that as well .

Speaker #5: In Singapore , we broke ground in mid-July on on what we're calling Ur2 right now . Eventually we'll have a name and we're building a 15,000 seat live performance venue .

Patrick Dumont: We're building a 15,000-seat live performance venue there that will be the most technologically advanced arena in Asia and provide a great customer experience for live performance. We're always very focused on that. For us, I think it's a very important benefit for our company to have that excitement that goes along with entertainment, but also gives our patrons something to experience in the environment as part of the lifestyle that we provide to them. In terms of the NBA, this was something we started working on many years ago. We're very fortunate. The NBA is a great partner. They really pulled out all the stops. They were very supportive. I have to give credit to both the Brooklyn Nets and the Phoenix Suns for the support that they gave to the NBA China Games. They really showed up in force.

Patrick Dumont: And we're building a 15,000-seat live performance venue there that will be the most technologically advanced arena in Asia and provide a great customer experience for live performance. And we're always very focused on it. And so for us, I think it's a very important benefit for our company to have that excitement that goes along with entertainment, but also gives our patrons something to experience in the environment as part of the lifestyle that we provide to them. In terms of the NBA, you know, this was something we started working on many years ago. We're very fortunate. The NBA is a great partner. They really pulled out all the stops. They were very supportive. I have to give credit to both the Brooklyn Nets and the Phoenix Suns for the support that they gave to the China Games. They really showed up in force.

And we're building a 15,000-seat live performance venue there that will be the most technologically advanced arena in Asia and provide a great customer experience for live performance. And we're always very focused on it. And so for us, I think it's a very important benefit for our company to have that excitement that goes along with entertainment, but also gives our patrons something to experience in the environment as part of the lifestyle that we provide to them. In terms of the NBA, you know, this was something we started working on many years ago. We're very fortunate. The NBA is a great partner. They really pulled out all the stops. They were very supportive. I have to give credit to both the Brooklyn Nets and the Phoenix Suns for the support that they gave to the China Games. They really showed up in force.

Speaker #5: There that will be the most technologically advanced arena in Asia . And provide a great customer experience for live performance . And we're always very focused on it .

Speaker #5: And so for us , I think it's a very important benefit for our company to have that excitement that goes along with entertainment , but also gives our patrons something to experience in the environment .

Speaker #5: As part of the lifestyle that we provide to them, in terms of the NBA, you know, this was something we started working on many years ago.

Speaker #5: We're very fortunate . The NBA is a great partner . They really pulled out all the stops . They were very supportive . I have to give credit to both the the Brooklyn Nets and the Phoenix Suns for the support that they gave to the China Games .

Speaker #5: They really showed up in force . And , you know , their teams did a lot of charity events in the local community .

Patrick Dumont: Their teams did a lot of charity events in the local community. They were great with the fans. Really, just an unbelievable experience. Our team was very excited because the reaction in Macau was very strong. I think just some of the goals we set out for this event was to create something that brought a unique form of entertainment to highlight Macau and to showcase the investment that we've made and how high-quality Macau is as a global tourism destination. I think that goal was achieved. I think the media coverage, the social media into China, the social media externally around the globe has been very positive. I think the teams played very competitively. I think it was a great format for the league. I think that benefits Sands China because of that collaboration.

Patrick Dumont: You know, their teams did a lot of charity events in the local community. They were great with the fans. Really, it's just an unbelievable experience. Our, you know, our team was very excited because the reaction in Macau was very strong. I think just some of the goals we set out for this event was to create something that brought a unique form of entertainment to highlight Macau and to showcase the investment that we've made and how high-quality Macau is as a global tourism destination. I think that goal was achieved. I think the media coverage, the social media into China, and the social media externally around the globe has been very positive. I think the, you know, the teams played very competitively. I think it was a great format for the league. So I think that benefits Sands China because of that collaboration.

You know, their teams did a lot of charity events in the local community. They were great with the fans. Really, it's just an unbelievable experience. Our, you know, our team was very excited because the reaction in Macau was very strong. I think just some of the goals we set out for this event was to create something that brought a unique form of entertainment to highlight Macau and to showcase the investment that we've made and how high-quality Macau is as a global tourism destination. I think that goal was achieved. I think the media coverage, the social media into China, and the social media externally around the globe has been very positive. I think the, you know, the teams played very competitively. I think it was a great format for the league. So I think that benefits Sands China because of that collaboration.

Speaker #5: They were great with the fans , really just an unbelievable experience . And our , you know , our our team was very excited because the reaction in Macau was very strong .

Speaker #5: I think just some of the goals we set out for this event was to create something that brought a unique form of entertainment to highlight Macau and to showcase the investment that we've made and how high quality Macau is as a global tourism destination .

Speaker #5: And I think that goal was achieved . I think the media coverage , the social media into China , the social media externally around the globe has been very positive .

Speaker #5: I think the the teams played very competitively . I think it was a great format for the league . And so I think that benefits China because of that collaboration .

Speaker #5: I think it creates a lot of excitement for our patrons when they actually came to the games , and there was just outstanding visitation and there was just a heightened sense of visitation around , around the business in terms of the impact .

Patrick Dumont: I think it created a lot of excitement for our patrons when they actually came to the games. There was just outstanding visitation. There was just a heightened sense of visitation around the business. In terms of the impact, again, we'll talk about it at the end of this quarter. We'll have better data. But I think overall, it was a very strong success. We're very happy with the results. I think our fans, the fans of the NBA, were very happy. I think we did a lot of things that helped the local community, which was also a benefit. Then lastly, we think it was very beneficial for Sands China on a lot of different levels. I think the marketing value that was created for us was also very strong. So a lot of benefit to it.

I think it created a lot of excitement for our patrons when they actually came to the games. There was just outstanding visitation. There was just a heightened sense of visitation around the business. In terms of the impact, again, we'll talk about it at the end of this quarter. We'll have better data. But I think overall, it was a very strong success. We're very happy with the results. I think our fans, the fans of the NBA, were very happy. I think we did a lot of things that helped the local community, which was also a benefit. Then lastly, we think it was very beneficial for Sands China on a lot of different levels. I think the marketing value that was created for us was also very strong. So a lot of benefit to it.

Patrick Dumont: I think it created a lot of excitement for our patrons when they actually came to the games. There was just outstanding visitation, and there was a heightened sense of visitation around the business. In terms of the impact, again, we'll talk about it at the end of this quarter. We'll have better data. I think overall, it was a very strong success. We're very happy with the results. I think our fans, the fans of the NBA, were very happy. I think we did a lot of things that helped the local community, which was also a benefit. Lastly, we think it was very beneficial for Sands China on a lot of different levels. I think the marketing value that was created for us was also very strong. A lot of benefit to it.

Speaker #5: Again , we'll talk about at the end of this quarter , we'll have better data . But I think overall , it was a very strong success .

Speaker #5: We're very happy with the results . I think our fans , fans of the NBA were very happy . I think we did a lot of things that helped the local community , which was also benefit .

Speaker #5: And then lastly , we think it was very beneficial for for China on a lot of different levels . I think the marketing value created for us was also very strong .

Speaker #5: So a lot of benefit to it . And I also think we accomplished some of the goals that we set out . Our conceptual renewal , which was to bring , let's call it high value sports , global sports to Macau , which I think we did very successfully .

Patrick Dumont: I also think we accomplished some of the goals that we set out in our concession renewal, which was to bring, let's call it high-value sports, global sports to Macau, which I think we did very successfully. A lot of positive things all around. I don't know, Grant, do you have any other comments or anything you'd like to add?

Patrick Dumont: And I also think we accomplished some of the goals that we set out in our concession renewal, which was to bring, let's call it, high-value sports, global sports to Macau, which I think we did very successfully. So a lot of positive things all around. I don't know, Grant, do you have any other comments or anything you'd like to add?

Speaker #5: So a lot of positive things all around , I don't know . Do you have any other comments or anything you'd like to add ?

Speaker #7: No , I think I think covers it very well . I think it did showcase Macau in a very , very favorable light .

Grant Chum: No, I think that covers it very well. I think it did showcase Macau in a very, very faithful light. It was great for the city to have such a, I would say, a strong visitation from different countries. As you know, the government has been very keen on pushing us to have international events, drawing visitors from different countries around the region, but also in the rest of the world. I think this event really highlighted the attraction of Macau as an international tourism destination, like Patrick said. I think we're proud of delivering this first set of NBA China Games for Macau. I think we got a lot of positive praise, not just from the people who came from different corners of the world, but also very positive feedback from the local community.

Operator: No, I think it covers it very well. I think it did showcase Macau in a very, very faithful light. It was great for the city to have such a, I would say, strong visitation from different countries. As you know, the government has been very keen on pushing us to have international events, drawing visitors from different countries around the region, but in the rest of the world. And I think this event really highlighted the attraction of Macau as an international tourism destination, like Patrick said. And I think we're proud of delivering this first set of China Games for Macau. And I think we got a lot of positive praise, not just from the people who came from different corners of the world, but also very positive feedback from the local community.

Grant Chum: No, I think it covers it very well. I think it did showcase Macau in a very, very faithful light. It was great for the city to have such a, I would say, strong visitation from different countries. As you know, the government has been very keen on pushing us to have international events, drawing visitors from different countries around the region, but in the rest of the world. And I think this event really highlighted the attraction of Macau as an international tourism destination, like Patrick said. And I think we're proud of delivering this first set of China Games for Macau. And I think we got a lot of positive praise, not just from the people who came from different corners of the world, but also very positive feedback from the local community.

Speaker #7: It was great for the city to have such a , I would say , a strong visitation from different countries . As you know , the government has been very keen on pushing us to have international events , drawing visitors from different countries around , around the region .

Speaker #7: But in the rest of the world , and I think this event really highlighted the attraction of of Macau as an international tourism destination .

Speaker #7: Like Patrick said . And I think we're proud of delivering this first set of China games for Macau . And I think we got a lot of positive praise , not just from the people who who came from , from , from , from different corners of the world , but also very positive feedback from the local community .

Speaker #17: Okay . Thank you for all that . Appreciate it .

Grant Chum: Okay. Thank you for all that. Appreciate it.

David Katz: Okay. Thank you for all that. Appreciate it.

[Analyst 2]: Okay, thank you for all of that. Appreciate it.

Speaker #3: Thank you. The next question will be from John Decree from CBRE. John, your line is live.

Operator: Thank you. The next question will be from John DeCree from CBRE. John, your line is live.

Daniel J. Briggs: Thank you. The next question will be from John Dacree from CBRE. John, your line is live.

Speaker #18: Hey guys . Thanks for all the color and commentary so far . Wanted to ask a follow up on more of a strategic priorities outlined in your deck development .

Grant Chum: Hey, guys. Thanks for all the color and commentary so far. Wanted to ask a follow-up on kind of more of the strategic priorities outlined in your deck development. I know you gave some comments about the UAE specifically, but, you know, curious what you're seeing around the globe, if there's anything particularly interesting right now. And I guess I'd specifically ask about Japan. You know, obviously looked at that in the past as new prime minister, I think historically supportive of IR. So curious if it's worth another look at Japan and anything else that might be out there right now that's garnering your attention.

John DeCree: Hey, guys. Thanks for all the color and commentary so far. Wanted to ask a follow-up on kind of more of the strategic priorities outlined in your deck development. I know you gave some comments about the UAE specifically, but, you know, curious what you're seeing around the globe, if there's anything particularly interesting right now. And I guess I'd specifically ask about Japan. You know, obviously looked at that in the past as new prime minister, I think historically supportive of IR. So curious if it's worth another look at Japan and anything else that might be out there right now that's garnering your attention.

Brandt Montour: Hey, guys. Thanks for all the color and commentary so far. I wanted to ask a follow-up on kind of more of the strategic priorities outlined in your deck development. I know you gave some comments about the UAE specifically, but curious what you're seeing around the globe, if there's anything particularly interesting right now. I guess I'd specifically ask about Japan. You guys obviously looked at that in the past. The new Prime Minister, I think, historically supportive of IR. Curious if it's worth another look at Japan and anything else that might be out there right now that's garnering your attention.

Speaker #18: I know you gave some comments about the UAE specifically , but curious what you're seeing around the globe . If there's anything particularly interesting right now , and I guess I'd specifically ask about Japan , that's obviously looked at that in the past , is new Prime Minister , I think historically supportive of IR .

Speaker #18: So, curious if it's worth another look at Japan and anything else that might be out there right now that's garnering your attention.

Speaker #5: Look , I think our strategic priority is to deploy capital in high growth projects , and we're always looking at those opportunities and always evaluating them to see if the returns are there with the appropriate factor of safety .

Patrick Dumont: I think our strategic priority is to deploy capital in high-growth projects. We're always looking at those opportunities and always evaluating them to see if the returns are there with the appropriate factor of safety. I think for us, as I said before, we're looking at the UAE, trying to observe it and follow it. Obviously, Japan was something we were very interested in in the past, although that seems unlikely. There's been talk about Thailand, which is something that we've expressed interest in in the past. We're very patient, and we're constantly looking. We'll see what opportunities arise. As of right now, there's nothing really to report.

Patrick Dumont: Look, I think our strategic priority is to deploy capital in high-growth projects. We're always looking at those opportunities and always evaluating them to see if the returns are there with the appropriate factor of safety. I think for us, you know, as I said before, we're looking at the UAE, trying to observe it and follow it. You know, obviously, Japan was something we were very interested in the past, although that seems unlikely. There's been talk about Thailand, which is something that we've expressed interest in the past. We're very patient, and we're constantly looking. We'll see what opportunities arise. As of right now, there's nothing really to report.

Speaker #5: And I think for us , you know , as I said before , we're we're looking at UAE , trying to try to observe it and follow it .

Speaker #5: You know , obviously Japan is something we're very interested in in the past , although that seems unlikely . There have been there's been talk about Thailand , which is something that we've expressed interest in in the past .

Speaker #5: So we're very patient and we're constantly looking and we'll see what opportunities arise . But as of right now , there's nothing really to report .

Speaker #18: Thanks , Patrick . That's all for me . I appreciate it guys .

Grant Chum: Thanks, Patrick. That's all for me. I appreciate it, guys.

John DeCree: Thanks, Patrick. That's all for me. I appreciate it, guys.

Brandt Montour: Thanks, Patrick. That's all from me. I appreciate it, guys.

Operator: Thank you.

Patrick Dumont: Thank you.

Speaker #3: Thank you . And the next question will be from Steve Wyshynski from Stifel . Steve .

Daniel J. Briggs: Thank you. The next question will be from Steven Wieczynski from Stifel. Steven, your line is live.

Operator: Thank you. The next question will be from Steve Wieczynski from Stifel. Steve, your line is live.

Speaker #19: Yeah . Guys . Good afternoon . So Patrick , I apologize if I missed this in your prepared remarks , but if we think about the 150 basis point decrease in your your Macau margins , you know , wondering if most of that was tied pretty much directly to your , to your change in marketing strategy or if that was just something else .

[Analyst 2]: Hey, guys. Good afternoon. Patrick, I apologize if I missed this in your prepared remarks. If we think about the 150 basis point decrease in your Macau margins, I'm wondering if most of that was tied pretty much directly to your change in marketing strategy or if that was just something else.

Stephen Grambling: Hey, guys. Good afternoon. So Patrick, I apologize if I missed this in your prepared remarks. But if we think about the 150 basis points decrease in your Macau margins, you know, wondering if most of that was tied, you know, pretty much directly to your change in marketing strategy or if that was just something else.

Steven Wieczynski: Hey, guys. Good afternoon. So Patrick, I apologize if I missed this in your prepared remarks. But if we think about the 150 basis points decrease in your Macau margins, you know, wondering if most of that was tied, you know, pretty much directly to your change in marketing strategy or if that was just something else.

Speaker #5: Yeah , I think it was a combination of marketing strategy a little bit higher cost . But I think the key thing for us is the way we get operating leverage and increased margin over time is by growing revenue .

Patrick Dumont: Yeah, I think it was a combination of marketing strategy and a little bit higher cost. But I think the key thing for us is the way we get operating leverage and increase margin over time is by growing revenue. You know, you said it all along. I think there was a question earlier that Rob answered about the size of the Macau market. If you look at the Macau market today, it's growing. It's growing both in the mass segment and in the VIP segment, which is very beneficial. I think we're very positive on the Macau market overall. And the way we're going to grow EBITDA and grow margin is through revenue growth. We have a great team there, but we have a fixed cost basis. So we need to leverage it. We need to get more volume.

Patrick Dumont: Yeah, I think it was a combination of marketing strategy and a little bit higher cost. I think the key thing for us is the way we get operating leverage and increased margin over time is by growing revenue. You know, you said it all along. I think there was a question earlier that Rob answered about the size of the Macau market. If you look at the Macau market today, it's growing. It's growing both in the mass segment and in the VIP segment, which is very beneficial. I think we're very positive on the Macau market overall. The way we're going to grow EBITDA and grow margin is through revenue growth. We have a great team there, but we have a fixed cost basis. We need to leverage it. We need to get more volume.

Speaker #5: You know, you said it all along. I think there was a question earlier that Rob answered about the size of the Macau market.

Speaker #5: If you look at the market today , it's growing . It's growing both in the mass segment and the VIP segment , which is very beneficial .

Speaker #5: I think we're very positive on the Macau market overall and the way we're going to grow EBITDA and grow margins is through revenue growth .

Speaker #5: We have a great team there . But we haven't fixed cost base , so we need to leverage it and we need to get more volume .

Speaker #19: Okay . Gotcha . And then Rob , second question , if we go back to Singapore real quick , you know , I mean , you're at the point where you're pushing almost , you know , $1,000 a night per room and , you know , yes .

Stephen Grambling: Okay. Gotcha. And then, Rob, second question, if we go back to Singapore real quick, you know, I mean, you're at the point where you're pushing almost, you know, $1,000 a night per room. And, you know, yes, look, I understand there's more room capacity coming on. Yeah, I know. I understand there's more room capacity coming online in the next couple of years. But, you know, this is probably a little bit of a higher-level question, but wondering, you know, Rob, how you're thinking about room rates, not only, you know, maybe now and your ability to still take price there, but, you know, maybe how you're thinking about room rates once your additional capacity comes online.

Steven Wieczynski: Okay. Gotcha. And then, Rob, second question, if we go back to Singapore real quick, you know, I mean, you're at the point where you're pushing almost, you know, $1,000 a night per room. And, you know, yes, look, I understand there's more room capacity coming on. Yeah, I know. I understand there's more room capacity coming online in the next couple of years. But, you know, this is probably a little bit of a higher-level question, but wondering, you know, Rob, how you're thinking about room rates, not only, you know, maybe now and your ability to still take price there, but, you know, maybe how you're thinking about room rates once your additional capacity comes online.

[Analyst 2]: Okay. Gotcha. Rob, second question. If we go back to Singapore real quick, you're at the point where you're pushing almost $1,000 a night per room. I understand there's more room capacity coming on. I understand there's more room capacity coming online in the next couple of years. This is probably a little bit of a higher-level question, but wondering, Rob, how you're thinking about room rates, not only maybe now and your ability to still take price there, but maybe how you're thinking about room rates once your additional capacity comes online.

Speaker #19: Look , I understand there's more room capacity coming on . Yeah I know , I understand . There's there's more there's more room capacity coming online in the next couple of years , but , you know , this is a little bit of a higher level question , but wondering , Rob , how you're thinking about room rates not only maybe now in your ability to still take price there , but maybe how you're thinking about room rates once your additional capacity comes online .

Speaker #5: I think it's kind of relevant to our goal is to not sell rooms just to give away people gamble because very honestly , that's the business we're in .

Shaun Kelley: I think it's kind of relevant, to be honest. Our goal is to not sell rooms, just give people a gamble. Because to be very honest, that's the business we're in. You can't spend the kind of money we spend in Singapore and charge, if you charge $1,000 or $2,000. Last time I checked, they're not building $8 billion hotels anywhere. This is a gambling casino hotel attached to it. So our goal in Singapore, every night if we can, is to give these rooms away to people, high-value gaming customers who drive $3 billion, $4 billion, $5 billion of top-line revenue. That's the business we're in over there, to be honest. I don't think we could squeeze the rates higher, I think we wanted to, in this case. But it's such a small offering. We're mostly at comp house today.

Patrick Dumont: I think it's kind of relevant, to be honest. Our goal is to not sell rooms, just give people a gamble. Because to be very honest, that's the business we're in. You can't spend the kind of money we spend in Singapore and charge, if you charge $1,000 or $2,000. Last time I checked, they're not building $8 billion hotels anywhere. This is a gambling casino hotel attached to it. So our goal in Singapore, every night if we can, is to give these rooms away to people, high-value gaming customers who drive $3 billion, $4 billion, $5 billion of top-line revenue. That's the business we're in over there, to be honest. I don't think we could squeeze the rates higher, I think we wanted to, in this case. But it's such a small offering. We're mostly at comp house today.

Robert Goldstein: I think it's kind of irrelevant, to be honest with you. Our goal is to not sell rooms, just give away to people who gamble, because very honestly, that's the business we're in. You can't spend the kind of money we spend in Singapore and charge. If you charge $1,000 or $2,000, or last time I checked, they're not building $8 billion hotels anywhere. This is a gambling casino with a hotel attached to it. Our goal in Singapore, every night if we can, is to give these rooms away to people who are high-value gaming customers who drive $3 billion, $4 billion, $5 billion of top-line revenue. That's the business we're in over there, to be honest with you. I don't think we could squeeze the rates higher. I think we want to in the cash, but it's such a small offering. We're mostly a comp house today.

Speaker #5: You can't spend the kind of money we spend in Singapore and charge. If you charge $1,000 or $2,000. Last time I checked, they're not building $8 billion hotels anywhere.

Speaker #5: This is a gambling casino . The hotel attached to it . So our goal in Singapore every night , if we can , is to give these rooms where people high value gaming customers who drive three , 4 or $5 billion of top line revenue .

Speaker #5: That's the business . We're over there . I don't think we can squeeze the rates higher . I think we wanted to in the cash in such a small offering where mostly comp house today , but the real goal is to not sell any rooms in either 1 or 2 .

Shaun Kelley: But the real goal is to not sell any rooms in IR1 or IR2, but give away to high-value gaming customers who drive that. You don't make $3 billion annualized with hotels. It's just that simple. So it's a very interesting dynamic over there. We shrunk the hotel. It's working very well to attract the high-value casino customers. That is the focus, not the ADR, to be blunt with you. I told you we failed. We sell rooms for $2,000, and it's a failure. We're not in the rooms business. We're in the casino hotel business. And those rooms simply are there to attract those patrons that drive these ridiculously high EBITDAs.

But the real goal is to not sell any rooms in IR1 or IR2, but give away to high-value gaming customers who drive that. You don't make $3 billion annualized with hotels. It's just that simple. So it's a very interesting dynamic over there. We shrunk the hotel. It's working very well to attract the high-value casino customers. That is the focus, not the ADR, to be blunt with you. I told you we failed. We sell rooms for $2,000, and it's a failure. We're not in the rooms business. We're in the casino hotel business. And those rooms simply are there to attract those patrons that drive these ridiculously high EBITDAs.

Robert Goldstein: The real goal is to not sell any rooms in IR1 or 2, but give them away to high-value gaming customers who drive that. You don't make $3 billion annualized with hotels. It's just that simple. It's a very interesting dynamic over there. We shrunk the hotel. It's working very well. It's attracting the high-value casino customers. That is the focus, not the ADR. To be blunt with you, I tell you we fail. We sell rooms for $2,000, and it's a failure. We're not in the rooms business. We're in the casino hotel business. Those rooms simply are there to attract those patrons to drive these ridiculously high EBITDA.

Speaker #5: But give them high value gaming customers drive that site . You don't make $3 billion annualized with hotels . It's just that simple .

Speaker #5: So it's a it's a very interesting dynamic there . We shrunk the hotel . It's working very well . Subtract the high value casino customers .

Speaker #5: That is the focus , not the ADR . To be blunt with you , I think we fail . We sell room for $2,000 .

Speaker #5: That's a failure . We're not in the rooms business . We're in the casino . Hotel business . And those rooms simply are there to attract those patients to drive these ridiculously high EBITDA .

Speaker #5: .

Speaker #4: Come visit . We'll give you a free room .

Patrick Dumont: Come visit. We'll give you a free room.

Operator: But come visit.

Rob Goldstein: But come visit.

Shaun Kelley: We'll give you a free room. No free room.

We'll give you a free room. No free room.

Speaker #5: No free room .

Robert Goldstein: No free room.

Speaker #19: Okay . Thanks , guys . Appreciate it .

Stephen Grambling: Okay. Thanks, guys. Appreciate it.

Steven Wieczynski: Okay. Thanks, guys. Appreciate it.

[Analyst 2]: Okay, thanks, guys. Appreciate it.

Speaker #20: Appreciate it .

Shaun Kelley: Appreciate it.

Patrick Dumont: Appreciate it.

Robert Goldstein: Appreciate it.

Speaker #3: Thank you . And ladies and gentlemen , this does conclude today's conference call . You may disconnect your phone lines at this time and have a wonderful day .

Operator: Thank you. Ladies and gentlemen, this does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. We thank you for your participation.

Daniel J. Briggs: Thank you. Ladies and gentlemen, this does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. We thank you for your participation.

Q3 2025 Las Vegas Sands Corp Earnings Call

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