Las Vegas Sands Corp.

Good day, ladies and gentlemen, and welcome to the SANS fourth quarter 2024 earnings call. At this time, all participants have been placed on a listen-only mode. We'll 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 very much. Joining the call today are Rob Goldstein, our chairman and CEO, Dr. Dumont, our president and COO, Dr. Wilfred Wong, executive vice chairman of SANS China, and Grant Chung, CEO and president of SANS China and EVP of Asia Operations. Today's conference call will contain forward-looking statements. We'll be making those statements under the same perfect armor provision of federal security laws. The company is actually built to make different materials from the sources such as forward-looking statements. In addition, we will discuss non-GAAP measures, Reconciliation to the most comparable gap measure are included in our press release. We have posted an earnings presentation on our website. We'll refer to that presentation during the call. Finally, for the Q&A, we ask those with interest to please post one question and one follow-up. I'm sure 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. Thank you for joining us today. We'll begin with Cal. The Cal market continues to grow. Gaining revenue to the market grew 6% in Q4 of 2024 when compared to the fourth quarter of 2023. Mass gaining revenue grew 5% in the quarter compared to one year ago. We believe the Chinese economy will grow and the Macau market will grow as well. Gross gaining revenue in Macau should exceed $30 billion in 2025 and continue to grow. The scale and quality of the assets we've built are second to none. And our assets position enables us to grow faster than the Macau market in every second. Our business strategy remains clear and constant. We are investing in high-quality assets that also have scale. We've designed our capital investment programs to ensure that we will be the market leader in the years ahead. Our approach will enable us to grow faster in the long term, grow our share of EBITDA in the Cal market, and generate industry-leading returns for invested capital. Why are we so confident in our future success in a competitive market like Macau? Our assets give us a strong advantage. The scale and quality of the room inventory, coupled with our retail, dining, and entertainment, enables us to tailor our offerings to attract the most profitable customers. Turning to our results in the calendar, we have a solid EBITDA for the quarter, despite having 20% fewer rooms available in code time than we will have once London is completed by the second quarter of 2025. We opened the London Grand Casino in the last week of September and offered We will introduce more London suites during the next two quarters. Today, as the lunar new year begins, we have approximately 1,000 London suites and rooms in service. The full complement of 1,500 suites and 905 rooms will be in service by May of 2025, finally. SEL continues to lead the market in gaming and non-gaming revenue and market share of EBITDA. Our objective is to capture high-value, high-margin tourism. We have a unique competitive advantage in terms of the scale, quality, and diversity of our product offerings. Upon completion of the Londoner in May, our product advantage will be more pronounced than ever. Moving on to Singapore, another strong quarter, $537 million in adjusted property EBITDA. Mass gain is thought when reached $746 million a quarter, reflecting a 71% growth in the fourth quarter of 2018 and 28% growth in just one quarter of a year ago. The results of rate-based standards reflect the positive impact on our capital investment program and the growth of high-value tourism. The growing appeal of Singapore as a destination is enhanced by the robust entertainment and lifestyle event calendar. As we complete the balance of our investment programs for the first half of 2025, there will be considerable runway for growth. Thanks for joining the call. I'll turn it over to Patrick before we go to Q&A.