Las Vegas Sands Corp.

Good day, ladies and gentlemen, and welcome to the SANS first quarter 2022 earnings conference 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 SANS. Sir, the floor is yours.

Thank you, Paul. Joining the call today are Rob Goldstein, our Chairman and Chief Executive Officer, and Patrick Dumont, our President and Chief Operating Officer. Also joining are Dr. Wilfred Wong, President of Sanchina, and Grant Chum, Chief Operating Officer of Sanchina. 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 to the most comparable GAAP financial measures is included in the press release. We have posted supplementary earnings slides on our investor relations website. We may 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 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, I'll turn the call over to Rob.

Thanks, Dan. Good afternoon and good morning to our colleagues in Asia. Some brief comments, then we'll go to Q&A. Our results continue to reflect the pandemic's impact, the travel restrictions, suppressed visitation, our financial results in both Macau and Singapore this quarter. We did generate positive EBITDA for the quarter in Singapore and for the company in total. The good news in Singapore is that travel corridors established last quarter have been replaced with an introduction of the vaccinated traveler framework, which allows vaccinated travelers to enter Singapore in much the same way as prior to the pandemic. In short terms, we are open for business in Singapore. Our conviction of long-term opportunity in the Singapore market remains steadfast. The billion-dollar capital investment currently underway at MBS will introduce luxurious new sweet product and amenities at that resort. In Macau, our considerable investments in London are nearing completion. As the market recovers, Four Seasons London will provide growth opportunities in both premium and mass customer segments. We continue to have the largest footprint in the Macau marketplace, and we appreciate the opportunity to provide input in the public consultation process. We look forward to participating in the re-tendering process as well. While the current quarter results in Macau were impacted severely by the enhanced travel restrictions in China, customer demand and spending in Macau have proven resilient at the premium mass level from both a gaming and retail perspective in periods when the restrictions have been relaxed. We remain confident that we will return to positive cash flow in both Macau and Singapore in the future as restrictions are eased and travel and tourism recover. We consider our portfolio of resorts in Asia to be an outstanding platform for growth for the years ahead. In addition, we continue to pursue opportunities to develop large-scale resorts in both the United States and Asia. The sale of Las Vegas was completed this quarter, which creates additional liquidity and optionality. Lastly, we need to build out our digital presence and to explore multiple opportunities. We will provide additional color at the appropriate time. Let's go to your questions.