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 fans first quarter 2021 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, Katrina. 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 us on the call are Dr. Wilfred Wong, President of San China, and Brant Chung, Chief Operating Officer of San China. Before I turn the call over to Rob, Please let me remind you that today's conference call will contain four 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 four looking statements. In addition, we may discuss non-GAAP measures. A definition and a reconciliation of each of these measures to 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. We will refer to those slides during the Q&A portion of the call. Finally, for those who would like to participate in the Q&A session, we ask that you please respect our request to limit yourself to one question and one follow-up question. 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 Rob.

Thanks, Dan. Good afternoon and a very early good morning to our colleagues in Asia. Some brief comments, then we'll write the Q&A. Our results reflect the pandemic's impact. We did generate $244 million of EBITDA per quarter. And we do have a strong belief in the Macau recovery, because the March numbers were very different from those in January and February, and the recent visitation numbers and veteran numbers for April affect continued acceleration. Obviously, we cannot define the timing of the full recovery, but it's underway, and we believe it will continue in 2021. At this time, Singapore is in the $500 million to $600 million range annually EBITDA. There is no visibility as to when air traffic will return to Singapore, and unlike Macau, it's more difficult to project additional or incremental EBITDA from MBS until the resumption of material air travel. Our investments in Macau continue to take shape as the market recovers. Four seasons in London will present, I think, large growth opportunities for us. And we continue to have the largest footprint in this incredible market of Macau. And China continues to demonstrate economic resilience to spending. Macau is very strong at the pre and mass level from both a gaming and a retail perspective, being referenced on page 29 and 30 of the investment retail perspective. There's some pleasant surprises there. But again, we have no reservations about our ability to perform to pre-pandemic levels once visitation returns. Our company today is sort of divided into three different areas, the Asia portfolio, Macau, and Singapore. And while we believe Macau will accelerate this year and lead the recovery, Singapore will follow up on the resumption of air travel and participate in the recovery as well. And we anticipate a return to a $5 billion-plus EBITDA from Asia in the future. Our sale of Las Vegas assets enable us to have huge optionality to explore large-scale land-based destinations in both the United States and Asia. And finally, we're eager to have a material digital presence in the future. We are exploring multiple opportunities at the present time. This is obviously a departure from our historical approach, and we will update you at the appropriate time. So let's go to Q&A and our first call, please.