Las Vegas Sands Corp.

Ladies and gentlemen, and welcome to the SANS fourth quarter 2023 earnings conference call. At this time, all participants have been placed on a listen-only mode, and 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. Joining the call today are Rob Goldstein, our Chairman and CEO, Patrick Dumont, our President and Chief Operating Officer, Dr. Wilford Wong, Executive Vice Chairman of SANS China, and Grant Chum, CEO and President of SANS China and EVP of AZA Operations. Today's conference call will contain four different statements. We'll be making those statements under the safe harbor provision of federal securities laws. The company's actual results may differ materially from the results reflected in those four looking statements in addition. We will discuss non-GAAP measures. Reconciliations to the most comparable GAAP financial measure are included in our press release. We have posted an earnings presentation on our website. We will refer to that presentation during the call. Finally, for the Q&A session, we ask those with interest to please post one question and one follow-up so we might allow everyone with interest the opportunity to participate. This presentation is being recorded. I'll now turn the call over to Rob.

Thanks, Dan, and thanks for joining us today. Macau delivered $654 million of EBITDA for the quarter. The number would have been $40 million higher if we had held as expected in the rolling segment. It's only been one year since the end of COVID in Macau. We began in Q1 with $400 million of EBITDA. In Q2, we did $540 million. Q3, we did $630 million, and the growth just keeps coming. We look forward to continued growth in both gaming and non-gaming revenue, which will lift the entire market. SEL continues to own the largest share of non-rolling table wind, rolling table wind, and slot ETG wind. Most importantly, we have the largest share of EBITDA in the Macau market by a wide margin. We believe a completed Londoner will meet and perhaps even exceed the earning power of the Venetian. Our future growth in Macau is tethered to these powerful assets, which will drive growth in the years ahead. Whether it's rooms, gaming capacity, retail, entertainment, or food and beverage, we have stellar assets. Those assets will even get better as we complete the ongoing $1.2 billion Londoner reinvestment program. There has been ongoing speculation about the future growth of Macau. Can the Macau market grow to $30, $35, even $40 billion and beyond? We believe that it will. This underscores our confidence in the returns that will be generated by capital investment programs in our portfolio. We are staunch believers in the growth of the Macau market in the near and long term. LVS has invested $15 billion in Macau to date. Macau is the most important land-based market in the world. A few reference points to consider. Fourth quarter EBITDA, assuming expected hold on rolling play, represents considerable growth when compared to the previous quarters. Our retail business in Macau has already far exceeded pre-COVID numbers. I continue to expect the gaining force in our business to follow the same path as Singapore and accelerate in 2024. Let's pivot to MBS in Singapore. Seven quarters into our reopening, MBS delivered a $544 million quarter. This is the largest EBITDA for one quarter in the history of the building. The power of this building is evident based on the results despite the disruptive impact of our ongoing $1.75 billion renovation. Disruption notwithstanding, MBS is hitting on all cylinders with gaming, lodging, and retail perspective. Slots and ETGs at MBS are approaching a billion-dollar annual run rate. Non-rolling tables are exceeding $20 million a drop per day. ADRs are escalating, and the retail component is delivering far beyond pre-COVID numbers. MBS validates that quality assets prevail, and that reinvesting in our assets will generate sustained returns. MBS has it all, an iconic building with superb decor and service levels which attract the most desirable customers in every segment. At the completion of both phases of the renovation program, MBS will feature 770 suites. We previously had less than 200 suites. There is no denying its future. How far can MBS go? Our future expectations start at $2 billion and beyond in EBITDA per year. As you know, we're bidding for a license in New York. We're receiving strong local support. The cost of the building will be in the $6 billion range, which enables us to develop a true five-star resort with unlimited people. This is a massive opportunity. We are very enthused about the prospect. Our bid is compelling. If we receive the license, we'd be in the ground as quickly as possible. Thank you for joining us today. I'll turn the call over to Patrick before we move on to Q&A.