Las Vegas Sands Corp.

Good afternoon. My name is Katrina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Las Vegas Sands Fourth Quarter 2020 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. I will now turn the call over to Mr. Daniel Briggs.

Thank you. Joining me on the call today are Rob Goldstein, our chairman and chief executive officer, and Patrick Dumont, our president and chief operating officer. Also joining on the call are Dr. Wilfred Wong, president of SANS China, and Grant Chung, chief operating officer of SANS China. Before I turn the call over to Rob, please remember to remind you that today's conference call will contain forward-looking statements that we are making under the safe harbor provision of federal securities laws. The company's actual results could differ materially from the anticipated results in those forward-looking statements. In addition, we may discuss non-GAAP measures. A definition and a reconciliation of each of these measures and the most comparable GAAP financial measures is included in the press release. Please note that we have posted supplementary earnings slides on our investor relations website. You may return those slides during the Q&A portion of the call. Finally, those who would like to participate in the Q&A session, we ask that you please respect the request to limit yourself to one question, one follow-up, so we might allow everyone with interest the opportunity to participate. Please note that this presentation is being recorded. With that, let me please turn the call over to Bob.

Thank you, Dan. Good afternoon, everyone, and thank you for joining us today. The last two weeks have been the most difficult in our company's history as we mourn the loss of our founder, Sheldon Adelson. Sheldon, as you know, was a visionary. He led the transformation of not one, but three integrated resort markets, that being Las Vegas, Macau, and Singapore. He authored the Mike Space Integrated Resort Model in Las Vegas. He pioneered the development of the Code Tie Strip in Macau and reimagined the skyline of Singapore with the iconic Marina Bay Sands. His audacity to challenge the status quo transformed entire markets. In Las Vegas, Sheldon originated the convention-based integrated resort model when no one, and I mean no one, would believe in its viability or sustainability. Today, Las Vegas conventions are synonymous. In Macau, it's easy to forget how Sheldon's vision for Cotite defied the consensus thinking at that time. Every element of Manish Macau's questions are the skeptics, and I mean every element. A 3,000-room all-suite hotel when the overnight tourist market almost didn't exist, existing hotel inventory was very limited, the Grand Canal shops with over 300 retail stores in a market that had virtually no retail, a 15,000-seat arena and 1.2 million square foot convention center he dreamt big but he also delivered he developed a critical mass of world-class integrated resorts at record speed before others don't even dare to dream he completed the nation account in 2007 in only the fifth year of our company's 20-year concession his determination pushing forward diversification and investment in non-gaming account was unwavering and breathtaking to be part of. Our total investment account today exceeds 15 billion US dollars. You know that Sheldon is a big believer in a strong, healthy, and cordial US-China relationship. He believed it was to the benefit of both countries to maintain a bilateral relationship based on mutual respect. The company, the board, and the family are absolutely committed to continuing Sheldon's efforts in this regard. Sheldon is irreplaceable as the visionary founder of our company, of the unmatched portfolio of integrated resort assets, and the management team he assembled to operate and expand the business in the future remain here in place, ready to work. The DNA of the company that Sheldon founded will remain ever present. The company, with the full and wholehearted support of the board and the family, will continue to honor Sheldon's vision to protect and enhance his legacy. We look forward to the future due to a lot of confidence and optimism. While the pandemic continues to impact our business reversely, we have achieved positive EBITDA in both Macau and Singapore in the fourth quarter. There's no doubt in my mind our business will rebound to pre-COVID levels in the future. In Macau, the Grand Suites Four Seasons is now open. And the first phase of London Macau will officially open in February. We are very excited about the progressive unveiling of a London Macau throughout the course of 21. Seeing as China is well positioned to capture the rebound in tourism when the pandemic finally does subside, We've always believed there's no better market for our company to invest in than Macau. We will continue to invest in our resort product, nurture our local talent, and, of course, support the local community, which we are grateful to. In Singapore, we've remained very committed to long-term investment in renovation, including both the upgrading of our existing facilities and the expansion of that property. On a personal note, I spent more than two decades with Shelton and had both the fun and pleasure of working for him with Shelton. He was a great mentor. He was a great friend. And I guess what speaks volumes about his generosity and decency is reflecting his decision to continue to pay our team members, even after the pandemic, dramatically impact our business. He was adamant that team members continue to receive pay and health benefits, even while we're closing our buildings. It was abundantly clear that our business would be hampered for quite some time. In the days since his passing, we received condolences from around the world, from global leaders, elected officials, business partners, investors, customers, and many of you joining us on the call today. We are touched by the outpouring of support, and we really appreciate that. I am honored to have been invited by the boards of Las Vegas Sands and Sands China to become the chairman and CEO of both companies. With the full support of the board and the family, I will work hard with our outstanding team members, the management team, to fulfill Sheldon's extraordinary vision. I am confident, as Sheldon was in 1995, this company will go from strength to strength in the future. One final thought before we turn to questions. I look forward to the day we can say, yay dividends. I think we're ready for questions.