Las Vegas Sands Corp.

Good day and thank you for standing by and welcome to the Las Vegas SANS fourth quarter 2021 earnings conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. And if you should require any further assistance, please press star 0. I would now like to hand the conference over to your speaker for today, Mr. Daniel Briggs. Thank you, sir. Please go ahead.

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 us on the call are Grant Chum, our Chief Operating Officer of SANS China, and Dr. Wilfred Wong, who we're about to get connected, and apologize for starting late. Before I turn the call over to Rob, Please let me 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. The definition and the reconciliation of each of these measures to the most comparable GAAP measures is included in the press release. Please note that we have posted supplementary earnings slides on our earnings press releases website. We may refer to those slides on 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, 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 good morning to our colleagues in Asia. A very good morning to our colleagues in Asia. Thank you for joining our call today. We'll have some brief comments, and then we'll go right to Q&A. Our results continue to reflect the pandemic's impact. Travel restrictions continue to affect visitation. and our financial results in both Macau and Singapore this quarter. We did generate some positive EBITDA for the quarter in both markets. We remain confident in the eventual recovery in both Macau and Singapore. The good news in Singapore is that travel restrictions and travel corridors were established with many important source markets during the quarter. Indonesia, Malaysia, South Korea, Australia, Thailand were all part of the initial rollout of the VETL program. And obviously, the emergence of Omicron variant impacted the VTL program in late December. The VTLs should contribute to a more robust recovery over time. Our confidence in the long-term opportunity in Singapore remains deep, and I'm pleased to announce we've embarked on a $1 billion U.S. renovation project at MBS that will introduce luxurious new suite product to the resort. The program will meaningfully expand our room suite offerings and significantly enhance our appeal to premium customers. In Macau, the Londoner is near completion. As the market recovers, both the Four Seasons and Londoner will provide growth opportunities, material growth opportunities in both the premium and mass customer segments. We continue to have the largest footprint in the world's greatest market, Macau, and appreciate the opportunity to provide input in the public consultation process ongoing. We look forward to participating in the tendering process as it proceeds to fruition. Customer demand and spending in Macau have proven resilient at the pre and mass level from both a gaming and retail perspective. It's outlined, I think, on pages 29 and 30 in your deck. We continue to have great optimism about our ability to perform to pre-pandemic levels once visitation returns. You may know our company is divided primarily into three material areas, the most important being Asia, the portfolio in Macau and Singapore. We remain confident we will return to strong positive cash flow in both Macau and Singapore in the future as restrictions are eased and travel and tourism recover. The sale of Las Vegas creates liquidity and optionality as we pursue additional large-scale land-based destination resorts in the U.S. and Asia. And we continue to build our digital presence. We're exploring multiple opportunities this time We'll provide some color at the appropriate time. So let's go to your questions, and thank you for listening.