Las Vegas Sands Corp.

Good day, ladies and gentlemen, and welcome to the SANS third quarter 2025 earnings 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. I'm going to call Sarah Roth, Goldstein Chairman and CEO, Patrick Dumont. executive vice chairman of Tench China and Grant Shum, CEO and president of Tench China and EDP of our Asia operation. Today's conference call will contain forward-looking statements. We will be making those statements under the safe harbor provision of federal securities law. The language on forward-looking statements included in our press release also applies to our comments made on the call today. The company's actual results may differ materially from the results reflected in those forward-looking statements. In addition, We'll 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 question so we might allow everyone with interest the opportunity to participate. The presentation is being recorded. I'll now turn the call over to

Thank you, Dan. Good afternoon. Thanks for joining us. Marina Bay Sands delivering EBITDA of $743 million. We had forecasted MBS could do $2.5 billion annually. It turns out we were too conservative. We should easily exceed that figure in 2025. MBS is currently over $2.1 billion EBITDA this year with a quarter still to go. Mass gaining and slot win was a record $905 million, reflecting 122% growth. from Q3 of 2019, and 35% higher than last year. We are in the right place at the right time with the right product. Singapore is a highly desirable destination, and our product is superb. It's difficult to find superlatives that describe the magnitude of this result. Operating performance at MBS is unprecedented in the history of our industry. Macau delivered $601 million each stop of the quarter, which reflects improvement and our financial results, the typhoon negatively impacted our reported EBITDA by about $20 million. We have underperformed in the Macau market for the past few years. We believed our buildings would be enough to compete favorably. We were wrong. We've adapted to the market and changed our approach in the second quarter of 2025 to enable us to be more competitive. Our mass market revenue jumped 25.4% this quarter, up 23.6% in the first quarter of 2025. We expect additional share gains and EBITDA growth in the fourth quarter. Our assets remain the strongest in the Macau market. The lender is moving towards one plus billion dollars of EBITDA. We have meaningful opportunities for growth improvement throughout our Macau property portfolio. Importantly, the Macau market's GGR is growing. When you couple this back with our assets and our recent market changes, we believe will continue to improve in the fourth quarter and beyond.