Las Vegas Sands Corp.

Good day, ladies and gentlemen, and welcome to the SANS fourth quarter 2025 earnings call. At this time, all participants have been placed on listen-only modes, 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. 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 Chung, CEO and President of SANS China and EVP of Asia Operations. Today's conference call will contain forward-looking statements. We will be making those statements under the safe harbor provision of federal security laws. The language on forward-looking statements included in our press release also applies to our comments made on the call. 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, 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.

Thank you, Dan, and good afternoon. Thank you for joining us. Marina Bay Sand is delivering EBITDA of $806 million, simply the greatest quarter in the history of casino hotels. We exceeded $2.9 billion of EBITDA this year. Mass gaming and stock went exceeded $951 million this quarter, which is up 118% from Q4 in 2019, up 27% from Q4 last year. Of course, we are delighted with the results and look forward to more this year. This is an extraordinary market. We have built the product to maximize the opportunity. The question is, how much further can we go in the next two years? There has never been a building, to my knowledge, that delivered these types of results. Macau delivered $608 million EBITDA for the quarter, and we are disappointed with that EBITDA number. Our mass market revenue exceeded 25% this quarter, our share, up 23.6% in the first quarter of 2025. The Macau market is driven by the premium segment, This is a highly competitive market. There may be a day when Basemaster recovers, and we will excel when that day comes. But until then, we will continue to focus on our ability to make the assets work harder to achieve $700 million per quarter. The team is in the right place, and we will deliver better results in 2026. So let's hear from Patrick. Thanks, Rob.