Las Vegas Sands Corp.

Good afternoon. My name is Faith and I will be your conference operator today. At this time, I would like to welcome everyone to the Las Vegas Sands Second Quarter 2021 Earnings Call. All lines have been closed to prevent any background noise. I will now turn it over to Mr. Daniel Briggs.

Thank you, operator. 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 today are Dr. Wilford Wong, president of SANS China, and Grant Shaw, chief operating officer of SANS 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 were made provision of federal securities law. The company's actual results could differ materially from the anticipated results in those four looking statements. In addition, you 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 Industrial Relations website. You may refer to those slides during the Q&A portion of the call. Those who would like to participate in the question and answer session, we ask that you please respect our request. So 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.

Thank you, Dan, and good afternoon and very good early morning to our colleagues in Asia. Just some brief comments, and we'll go right to Q&A. Our results continue to reflect the pandemic's impact. We did generate positive $244 million a quarter, about the same as the first quarter. The Cal performance reflected sequential improvement, but pandemic-related travel restrictions continue to impact our performance. We do remain confident in the eventual recovery in both Macau and Singapore, and we cannot define the timing of the full recovery, but it's underway and will continue in 2021. Singapore remains in the $500 million to $600 million range annually, although the second quarter was impacted by heightened pandemic-related restrictions for a portion of the quarter. We will also be subject to closures of portions of MBS from today to August 5th as part of COVID-19-related protocols. This will obviously have a negative impact on Q3 results. In addition, there remains no visibility as to when air traffic will return in Singapore. Unlike Macau, it is difficult to project additional EBITDA from MBS until the resumption of air travel. Our considerable investments in Macau continue to take shape as the market recovers, four seasons, and London will present growth opportunities, and we continue to have the largest footprint in this incredible market. China continues to demonstrate economic resilience. The spending in Macau is very strong at the premium mass level from both a gaming and retail perspective. You may want to reference page 29 and 30 in your deck. We do have great optimism about our ability to perform to pre-pandemic levels once sanitation returns. Our company is divided into three areas, the Asian portfolio in Macau and Singapore. While we believe Macau will accelerate in the second half of this year and lead to recovery, Singapore will follow up on the assumption of air travel. We are confident we will return to a $5 billion plus EBITDA from Asia in the future. The sale of the Las Vegas assets creates liquidity and vast optionality to explore large land-based destination resorts in the United States and Asia. And finally, in the early innings of building out our digital presence, we are exploring multiple opportunities at present. And we are eager to have this effort become a key of our company in the years ahead to update you at the appropriate time. Let's take some questions.