Las Vegas Sands LVS Q4 2023 Earnings Call Transcript The Motley Fool

Las Vegas Sands (LVS) Q4 2023 Earnings Call Transcript

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NYSE: LVS

Las Vegas Sands

Market capitalization Change of today Arrow Detail (-0, 70%) -0, 28 $ Current price 39, 70 $ Price et as of 4:00 pm on September 6, 2024

LVS revenue requires a period until December 31, 2023.

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Las Vegas Sands (Lv s-0, 70%) Q4 2023 Earnings Call January 24, 2024: 4:30 pm. T

Prepared Remarks:

operator

Good morning, everyone. Welcome to Sands 2023 Cellent Cellent's 4th quarter briefing. You can listen to it now, so please enter into the Q & A session after hearing. Then, I will give the parliament to Daniel Brigs, a senior vice president in charge of Sands.

Please enter.

Daniel Brig s-Senior Vice President of Investor Response

thank you. It is Rob Goldstein of President and CEO. President and CEO Patrick Dumon. Dr. Wilfred Won, Vice President Sands China, Sands China CEO and President and Vice President of Asia, Grant Cham. Today's telephone conference includes a description of the future outlook.

The Company will make these descriptions based on the Safe Harbor Clause of the Federal Securities Law. Our actual results may be very different from the results reflected in these future outlook. In addition, we will explain no n-GAAP indicators. Adjustment with the most comparable GAAP financial indicators is included in our press release.

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We've put up a presentation on our earnings on our website. We'll be referencing this presentation during the call. Finally, a Q& A. A, we're asking anyone who's interested to ask questions and follow up so that everyone can participate. This presentation is being recorded.

Now, I'll turn the call over to Rob.

Rob Goldstein - President and CEO

Thank you for joining us today, Dan. Macau EBITDA for the quarter was $654 million. If we had continued to stay on track, we would have been in the $40 million range. We're only a year into the end of Covid in Macau.

First quarter EBITDA was $400 million. Second quarter was $540 million. Third quarter was $630 million, and we continue to grow. We expect both gaming and non-gaming revenues to continue to grow and the overall market to pick up steam. SCL continues to have the largest share of non-wrap tables, rolling tables and ETG slots.

More importantly, it has the largest share of EBITDA in the Macau market, and by a large margin. We believe that the combined London will match and perhaps surpass the earning power of the Venetian. Our future growth in Macau is tied to these strong assets, which will drive our growth for the next few years. Whether you look at rooms, gaming capacity, retail, entertainment and F& B, we have great assets.

These assets will only improve when our ongoing $1. 2 billion reinvestment program is completed. There is a lot of speculation about Macau's future growth. Can the Macau market grow to $30 billion, $35 billion, or even $40 billion or even more? We believe it can. This underscores our confidence in the returns that will be generated from our portfolio's capital investment program.

We remain confident in the development of the Macau market, both in the short term and the long term. LVS has invested $15 billion in Macau to date. Macau is the most important land market in the world. Assuming that things continue to move smoothly, Q4 EBITDA will be a significant increase compared to the previous quarter.

Macau's retail business is already well above its pre-node figures. We continue to expect the gaming division to follow the same path as Singapore and accelerate in 2024. Moving on to MBS and Singapore. Seven quarters after the reopening, MBS has generated quarterly results of $544 million.

This is the highest quarterly EBITDA in the history of building. Despite the destructive effects of $ 1. 750 million renovation work, the strength of the building is the result. Despite the confusion, MBS has the potential of gaming, accommodation, and retail, and all cylinders are hit: MBS slots and ETGs are approaching the annual operating rate of $ 1 billion. The annual occupancy rate of MBS slots and ETG is approaching $ 1 billion. ADR is expanding. The retail department has achieved much higher than the previous COVID. MBS proves that hig h-quality assets are dominant, and reinvestments in assets will create a solid return.

MBS has all of them. In a symbolic building, the outstanding interior and service level attract the most desirable customers in every field. " When the renovation project in both stages is completed, the MBS suite will be 770 rooms. Previously, it was less than 200 rooms. There is no doubt about the future.

How far can MBS go? Our expectations for the future are more than $ 2 billion in EBITDA per year. As you know, we have a license bidding in New York. We receive strong local support. The construction costs are scheduled to be $ 6 billion, which we can develop a true 5-star resort with unlimited number of people.

This is a great opportunity. We are very excited about this outlook. Our proposal is persuasive. If the permission is obtained, we will start developing as soon as possible.

Thank you for today. Call Patrick before proceeding Q & amp; a. A.

Patrick Dumo n-President and Supreme Executive Officer

Thank you, Rob. We will inform you that there are several changes to the materials that are usually provided in this quarter. As a result of consultation and examination with the SEC, we will not present EBITDA after adjustment adjustment in press releases, documents submitted to SEC, and settlement materials. This change will take place for the quarterly and future reporting materials. This is the best quarterly EBITDA in the history of building. Despite the destructive effects of $ 1. 750 million renovation work, the strength of the building is the result. Despite the confusion, MBS has the potential of gaming, accommodation, and retail, and all cylinders are hit: MBS slots and ETGs are approaching the annual operating rate of $ 1 billion. The annual occupancy rate of MBS slots and ETG is approaching $ 1 billion. ADR is expanding. The retail department has achieved much higher than the previous COVID. MBS proves that hig h-quality assets are dominant, and reinvestments in assets will create a solid return.

This is a great opportunity. We are very excited about this outlook. Our proposal is persuasive. If the permission is obtained, we will start developing as soon as possible.

Thank you for today. Call Patrick before proceeding Q & amp; a. A.

Patrick Dumo n-President and Supreme Executive Officer

Questions & Answers:

operator

This is a great opportunity. We are very excited about this outlook. Our proposal is persuasive. If the permission is obtained, we will start developing as soon as possible.

Thank you for today. Call Patrick before proceeding Q & amp; a. A.

Rob Goldstein - President and CEO

This is a great opportunity. We are very excited about this outlook. Our proposal is persuasive. If the permission is obtained, we will start developing as soon as possible.

The Company believes that it is useful to understand the effects of the expected residual rate in the Rolling Volume segment in the analysis of the financial and sales results in each quarter. We will continue to provide the impact of expectations in the Rolling Volume segment in the financial statement explanation materials. For an overview of the new presentation format, see page 6 and 7 of the financial results explanation material. After adjusting Macau on this fiscal year (quarterly ended on December 31, 2023), the property EBITDA was 654 million, achieving a very good performance.

Rob Goldstein - President and CEO

As expected, MBS's EBITDA decreased by 71 million yen. The margin structure when the rolling segment is maintained as expected in Macau and Singapore is also important. In Macau, the margin in the fourth quarter of 2023 was 35. 9%, and if the rolling volume segment was maintained as expected, it would have improved 100 basis points compared to the third quarter of 2023. MBS.

As expected, if the rolling volume segment was maintained, the margin in the fourth quarter of 2023 was 48. 8%, an increase of 170 basis points from the previous quarter. In both Macau and Singapore's Marina Bay Sands, sales and EBITDA are growing, and if the rolling volume segment is expected, it is important that the margin is expanded. We are very paying attention to the quality of the services we provide, further investments to increase the number of hig h-value visits to our facilities, as a result, and the expansion of lon g-term margins. I am. In the future, we are excited about the progress in each market, focusing on lon g-term growth.

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

operator

thank you very much. Then, the first question is from J. P. Morgan's Joe Grev. Joe, the line is alive.

please.

Rob Goldstein - President and CEO

Hello everyone. Thank you for answering my question.

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

Joe Gree f-JP Morgan Chase and Compan y-Analyst

It is clear that Premium Mass grew significantly compared to the previous quarter, out of the core mass. Please tell us about the progress of core trout recovery throughout the fourth quarter. Then, in the Macau market information in January, the overall square growth has improved. As Ro b-san mentioned earlier, the growth continues. I would like to tell you if you can see the relative performance of Core Mass in January and the expected recovery in the square segment.

This is a great opportunity. We are very excited about this outlook. Our proposal is persuasive. If the permission is obtained, we will start developing as soon as possible.

Thank you, Joe. As you know, we do not comment on the quarter. The numbers are telling. Since its release, the market rise rate sold in January was very encouraging. This is a follo w-up report in December.

Patrick Dumo n-President and Supreme Executive Officer

Grand Cha m-Global Gaming Strategy Senior Vice President

Yes, Rob. thank you. Premium Mass grew 13 %, and Core Mass grew 8 % from the previous quarter. So, I think the base mas has been steadily steadily in the fourth quarter.

This is a great opportunity. We are very excited about this outlook. Our proposal is persuasive. If the permission is obtained, we will start developing as soon as possible.

I hope that such a growth pattern will continue in the future.

Patrick Dumo n-President and Supreme Executive Officer

Grant, is it possible to say that transportation and visa, which are lubricating oils that activate the market of Macau, have been improved? One year after COVID, the ability to go there seems to be improving every day. Can I say that?

Grand Cha m-Global Gaming Strategy Senior Vice President Rob Goldstei n-President and CEO

This is a great opportunity. We are very excited about this outlook. Our proposal is persuasive. If the permission is obtained, we will start developing as soon as possible.

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

operator

Grand Cha m-Global Gaming Strategy Senior Vice President

Yes, Rob. thank you. Premium Mass grew 13 %, and Core Mass grew 8 % from the previous quarter. So, I think the base mas has been steadily steadily in the fourth quarter.

However, it means that Premium Mass had a wonderful performance that exceeded it. Looking at the fourth quarter traffic trends, Macau's number of visitors has recovered to nearly 90 % in 2019. So I think Koamas has been progressing and accumulating. Transportation-Transportation infrastructure has been improved. I think that the entry requirements of the industry as a whole to use the no n-game that flows into our properties was very effective.

I hope that such a growth pattern will continue in the future.

Patrick Dumo n-President and Supreme Executive Officer

Rob Goldstein - President and CEO

Joe Gree f-JP Morgan Chase and Compan y-Analyst

Rob Goldstein - President and CEO

Rob Goldstei n-President and CEO

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

Regarding the fourth quarter performance, I would like to give up to Grant about the acceleration of Core Premium Mass. Grant?

Grand Cha m-Global Gaming Strategy Senior Vice President

Yes, Rob. thank you. Premium Mass grew 13 %, and Core Mass grew 8 % from the previous quarter. So, I think the base mas has been steadily steadily in the fourth quarter.

I hope that such a growth pattern will continue in the future.

Rob Goldstein - President and CEO

Grand Cha m-Global Gaming Strategy Senior Vice President

Certainly, the access to the destination has improved, but the desire for the destination has become even clearer. You can see that domestic flights to the mainland and the glator bay area to major airports have been completely recovered. Looking at the ferry statistics, passengers transported in the fourth quarter have recovered 93 % before the service, but only 52 % of navigation has recovered. In other words, people are trying to come eagerly, despite the fact that the transportation ability has not yet recovered.

Joe Gree f-JP Morgan Chase and Compan y-Analyst

Rob Goldstein - President and CEO

Patrick Dumo n-President and CEO

Patrick Dumo n-President and Supreme Executive Officer

What are the next questions?

Rob Goldstein - President and CEO

thank you. The next question is Patrick. It is great that the acquisition of $ 500 million in the previous quarter was great. Do you think this is a sustainable level unless the stock price fluctuates?

Patrick Dumo n-President and Supreme Executive Officer

I think there were some moves in the quarter. And to be fair, I think we looked at the share price level as an opportunity. When we think about future returns on capital, as I said, we think that our buybacks will be dividend-biased. So I think we fundamentally believe in the long-term value of buybacks, the benefits of a shrinking share price, the benefits of a shrinking denominator.

As far as the amount goes, I think that will be evaluated over time. If you look at the balance sheet, if you look at the free cash flow, we intend to do that as aggressively as we can. And we intend to have a program of acquiring shares consistently over time. But we won't necessarily buy the same amount every period that we did this period.

Joe Greff -- JPMorgan Chase & Co. -- Analyst

Okay. And one last thing. Grant, congratulations on the promotion. That's great. Thank you.

Grant Cham -- Senior Vice President, Global Gaming Strategy

Rob Goldstein - President and CEO

Operator

Thank you. Your next question is from Steven Grambling with Morgan Stanley. Steven, the line is live. Go ahead.

Steven, the line is live. Please go ahead.

Hello. Sorry. Can you hear me?

Rob Goldstein - President and CEO

Patrick Dumo n-President and Supreme Executive Officer

operator

Excuse me. I think you touched on this a little bit, but we're thinking about the remaining renovations of Sands Cotai, Sheraton and The Londoner, and can you give us an idea of how that compares to the first renovation, both in terms of disruption and then contribution?

Rob Goldstein -- President and CEO

Yes, I'll defer that comment to Grant. Grant, London.

Grant Cham -- SVP Global Gaming Strategy

Rob Goldstein - President and CEO

And we may also see some impacts from construction interruptions, especially as we get into the second half of the year. It depends on when the project is approved to start, the Sheraton side, the casino floor, the number of keys for the Sheraton, etc. That said, I think we'll be managing this whole process in a similar way to how we did with the first phase of the renovation of the Holiday Inn in London starting in 2019. So we'll be making good use of the rest of the portfolio. As you know, the yields on the Sheraton side are lower than the rest of the portfolio.

Patrick Dumo n-President and Supreme Executive Officer

But by 2025, we'll be dramatically elevated and in a different position than we've been in before. So, for London overall, can you talk about the contribution of phase one and phase two? Well, in phase one, we did the public spaces and the exterior, most of the façade. But we've only got 1, 000 of the 6, 000 keys up and running.

The main difference is that in the second phase, we're renovating the majority of the hotel inventory and of course accommodating the other major gaming flows that we're doing on the Sheraton side.

Rob Goldstein - President and CEO

So to your comment, Stephen, Grant, I understand the market is concerned about the disruption in London. That's a legitimate concern. But you have two thoughts. One is, if the market continues to accelerate as the market numbers in January indicate, we may be able to use other assets in the portfolio to get through.

Next, in Grant's comment, when you see Londonner's final transformation, it will be a jigar nut equivalent to Venetian or not. So he gave us two assets we think that we could earn $ 3 billion. And the confusion may occur in 24 years, but since 25 years later, the only thing in this market, that is, No. 1, No. 2, or No. 1 in this market for years. And you can get No. 1 assets. So there may be some confusion, but the strength of the market may overcome it.

But I think the final result is worth the pain.

Rob Goldstein -- President and CEO

All are very useful. It may be a follo w-up of Singapore. At least as far as visiting data is seen, it seems to be at most varying, but in terms of EBITDA and revenue, the market is growing compared to the previous quarter. What does Chinese customers return to the market? Also, please let us know if you have the first reading to see for next year.

Rob Goldstein - President and CEO

What we need to think about ...

Patrick Dumo n-President and Supreme Executive Officer

operator

Rob Goldstei n-President and CEO

No, please, Patrick. I follow you. please.

Patrick Dumo n-President and Supreme Executive Officer

yes. The important thing in Singapore is quality and sightseeing. So we have been very focused on investment. I would like to hear our investment thesis at several recruitment meetings, but the higher the quality assets, the more you can attract hig h-quality tourists.

Rob Goldstein - President and CEO

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

It is true that the number of tourists from China is increasing, but not yet. But there are still many things to do. You may have heard that your visa will be exempted from this year. I hope it will actually happen, and there is no way to know exactly how useful it is, but there will be no loss. But in conclusion, it's a very attractive market.

However, this term was still under construction, and there were no suite or amenities, which will be completed in the middle of 24 or 25 years. I think this tells the possibility of the market and the possibility of this building. As you said in Rob's remarks, we would like to hear our views on what direction this business is in the future. We are very optimistic about it, but I think it's really valuable sightseeing. I do not look at the absolute number of tourists, and I do not do that as a decisive factor in the direction of the business.

Rob Goldstei n-President and CEO

I think Steve and Patrick's comments are timely. MBS capacity is limited. Unfortunately, there were 10 times the number of rooms and suite, but now. So the Mass Tourism-Mass Market tourism is as important for us as a qualified tourist in the market.

Rob Goldstein - President and CEO

It's obvious that it was disturbed by COVID, but when you see this growing like this, the only disappointment in Singapore is that there is no more space. This building is probably the most valuable hotel building in the world. We would like to accelerate over the next three, four and five years, so that the second phase contract has been decided.

Stephen Granblin g-Morgan Stanle y-Analyst

No, please, Patrick. I follow you. please.

Rob Goldstei n-President and CEO

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

operator

Daniel Brig s-Senior Vice President of Investor Response

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

thank you. $ 1 billion in the Marina Bay Sands phase returns to this product, which is likely to be very advantageous. It was $ 750 million from 2024 to 2025. How do you think about this return?

And in the last comment, when do you think there is an update for the schedule and cost of a larg e-scale project?

Rob Goldstei n-President and CEO

I will again say how much we trust in Singapore as a market. My comment is $ 3 billion, but I think that if I open this new building in the latter half of 10 years, it can be achieved very much. Regarding the update, Patrick was just in the middle. Then Patrick, I would like from the view of Singapore Phase 2.

Patrick Dumo n-President and CEO

Patrick Dumon is an interesting comment. What is important for us is that we are an investmen t-based company. In other words, the more you invest in hig h-quality assets, the higher the service level. The more you enhance the price setting, the more you can differentiate the product.

No, please, Patrick. I follow you. please.

In 25 years, I intend to solve some of the necessary amenities. However, by the middle of 25 years, it will basically be a brand new building. It is completely renovated, and the rolling side can see the full power of the suite product. You can see all the amenities that you can not get anywhere else, including the power of Premium Mass, shopping, entertainment, and premium mass lifestyle programs. It makes sense. Everything is useful. thank you very much. I pray for good luck.

Rob Goldstein - President and CEO

Patrick Dumo n-President and CEO

operator

thank you. The next question is German Bank Carlo Santallelli. Carlo, the line is alive. please.

Carlo Santallell i-Germany Ban k-Analyst

thank you. $ 1 billion in the Marina Bay Sands phase returns to this product, which is likely to be very advantageous. It was $ 750 million from 2024 to 2025. How do you think about this return?

Rob Goldstein - President and CEO

Rob Goldstei n-President and CEO

Patrick Dumo n-President and CEO

The higher the value of tourists, the more EBITDA margins increase. It is happening in Singapore in real time. We plan to complete the third tower by the Lunar New Year next year. It is an investment of $ 750 million.

Carlo Santallell i-Germany Ban k-Analyst

Rob Goldstei n-President and CEO

Rob Goldstein - President and CEO

operator

thank you. The next question is German Bank Carlo Santallelli. Carlo, the line is alive. please.

Carlo Santallell i-Germany Ban k-Analyst

thank you. $ 1 billion in the Marina Bay Sands phase returns to this product and is likely to be very advantageous. It was $ 750 million from 2024 to 2025. How do you think about this return?

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

Rob Goldstei n-President and CEO

Rob Goldstein - President and CEO

In 25 years, I intend to solve some of the necessary amenities. However, by the middle of 25 years, it will basically be a brand new building. It is completely renovated, and the rolling side can see the full power of the suite product. You can see all the amenities that you can't get anywhere else, including the power of Premium Mass, shopping, entertainment, and premium mass lifestyle programs.

Carlo Santallell i-Germany Ban k-Analyst

So we believe that Tower 3 will be very powerful in terms of investment. I think you've heard the numbers that Rob said earlier. We are very confident in this number. We are very confident in that number. The next building and the IR2 have been discussed very closely with the government for months.

Patrick Dumo n-President and Supreme Executive Officer

operator

That's it. thank you. thank you very much.

Rob Goldstei n-President and CEO

thank you. appreciate.

Patrick Dumo n-President and CEO

Rob Goldstein - President and CEO

The next question is Sean Kelly in Bank of America. Sean, the line is alive. please.

Sean Kell y-Bank of America Merrill Lync h-Analyst

Good evening everyone. congratulations. Speaking of promotion, any subsidy is fine, can you comment on the advertising environment a little? In other words, I think this is a major question and problem that occurred in the quarter, that is, the previous quarter. In particular, what is going on is the upper end of the mass premium segment.

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

Rob Goldstei n-President and CEO

Rob Goldstein - President and CEO

By the way, Sean, great. Sean, thanks for the question. If you look at the competitive landscape, I think it's very pronounced, of course, in the premium mass segment. But if you look at the structure of our margins, I don't think the way that we've driven the business has changed at all. Going back to Patrick's comment at the beginning, if you look at the margin progression, our underlying margins are up another 100 basis points.

Rob Goldstei n-President and CEO

And the intensity of the competition in certain segments is going to fluctuate from time to time. But to have a sustainable competitive advantage and sustainable profitable growth, the products and services and content that we offer to our resort calendar need to continue to excel. And I think you can see that through what we've done with The Londoner. And as this progresses, I think you'll see that in the fourth quarter we're already in a margin structure that's in line with 2019.

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

Rob Goldstein -- President and CEO

operator

Occasionally, advertising problems will occur here and there, but after all we have a structural advantage and cannot be impaired. Accommodation, food, food, retail, entertainment, and gaming capacity are larger than in the southern part, and can be dominant on margi n-based and eBitDa bases. As a result, there are occasional promotion problems, but you don't have to worry about our business. The profit is maintained in all segments in the county, as it is.

Sean Kell y-Bank of America Merrill Lync h-Analyst

Thank you both. Then, in a simple follo w-up, in the previous quarter, in the comments of Mr. Grant or in response to the answer, a slightly uneven recovery, such as the r e-spring of air travel, seen in some source markets in the mainland of China. I think I was touched a little about. It seems that it has been going on until January, but Macau seems to have been relatively affected. However, I would like the latest information about this trajectory, can you tell us?

Rob Goldstein - President and CEO

Of course. Looking at the fourth quarter, I think it was pretty good. Comparing the visit from No n-Guangdong Province to Dan's slides other than Guangdong ...

Patrick Dumo n-President and Supreme Executive Officer

Grand Cha m-Global Gaming Strategy Senior Vise President

I agree. Thank you, Dan. In areas other than Guangdong Province, it has recovered considerably. Nevertheless, looking at the omission distribution, some rich ministries, especially in the Yangtze River Delta, have recovered beyond the number of visitors in front of the cover. Occasionally, there will be advertising problems here and there, but after all we have a structural advantage and cannot be impaired. Accommodation, food, food, retail, entertainment, and gaming capacity are larger than in the southern part, and can be dominant on margi n-based and eBitDa bases. As a result, there are occasional promotion problems, but you don't have to worry about our business. The profit is maintained in all segments in the county, as it is.

Sean Kell y-Bank of America Merrill Lync h-Analyst

Patrick Dumo n-President and Supreme Executive Officer

Sean Kell y-Bank of America Merrill Lync h-Analyst

Daniel Brig s-Senior Vice President of Investor Response

Grand Cha m-Global Gaming Strategy Senior Vise President

Rob Goldstein - President and CEO

Sean Kell y-Bank of America Merrill Lync h-Analyst

Grant Cha m-Global Gaming Strategy Senior Vice President

Rob Goldstein - President and CEO

Daniel Brig s-Senior Vice President of Investor Response

Grand Cha m-Global Gaming Strategy Senior Vise President

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

Compared to Guangdong Province, the recovery rate is quite high. However, overall, you can see that the recovery rate in Guangdong is dawn compared to areas other than Guangdong Province. In the fourth quarter, tourists from overseas began to accelerate and started competing with nearby tourist spots in the area. In this way, I think improvement is progressing in all source markets.

Then, if you have any supplements on the Chinese economy from Wilfred.

Wilfred Wo n-Sands China President

One view is that Macau has emerged as a top tourist destination for shor t-range travelers from mainland China, when Chinese travelers have not completely recovered.

Sean Kell y-Bank of America Merrill Lync h-Analyst

Thank you to everyone.

Rob Goldstein - President and CEO

operator

thank you very much. The next question is Macquerley's Chad Baynon. Chad, the line is alive. please.

Chad Bayno n-Maccollie Grou p-Analyst

Hello. Thank you for your question. I want to ask about retail portfolio. I have heard that in Asia, pressure is applied in the luxurious retail field. But how do you think about the recovery of the retail business? Are you currently acquiring appropriate customers? Also, do you think it will improve in the future as the number of customers and total consumption in 25 years or 24 years improve? thank you very much.

Patrick Dumo n-President and Supreme Executive Officer

If you look at the 28 and 29 pages of the deck, you can see the Asian retail portfolio well. Frankly, I am dissatisfied with this number. The MBS 600, 000 feet mall was $ 3, 000 per feet. The Venetian was around $ 2. 000 per feet at 800. 000 feet. The recovery rate is actually quite high compared to Guangdong Province. However, overall, you can see that the recovery rate in Guangdong is dawn compared to areas other than Guangdong Province. In the fourth quarter, tourists from overseas began to accelerate and started competing with nearby tourist spots in the area. In this way, I think improvement is progressing in all source markets.

Then, if you have any supplements on the Chinese economy from Wilfred.

Wilfred Wo n-Sands China President

Sean and China have not yet recovered since the severe Cobid period. However, it is clear that the quarterly achievements are performing well. As Grant says, the number of visitors from the no n-Guangdong region is growing healthy.

One view is that Macau has emerged as a top tourist destination for shor t-range travelers from mainland China, when Chinese travelers have not completely recovered.

Sean Kell y-Bank of America Merrill Lync h-Analyst

thank you very much. The next question is Macquerley's Chad Baynon. Chad, the line is alive. please.

operator

thank you. thank you.

operator

thank you very much. The next question is Macquerley's Chad Baynon. Chad, the line is alive. please.

Chad Bayno n-Maccollie Grou p-Analyst

Patrick Dumo n-President and Supreme Executive Officer

Rob Goldstei n-President and CEO

If you look at the 28 and 29 pages of the deck, you can see the Asian retail portfolio well. Frankly, I am dissatisfied with this number. The MBS 600, 000 feet mall was $ 3, 000 per feet. The Venetian was around $ 2. 000 per feet at 800. 000 feet. Compared to Guangdong Province, the recovery rate is quite high. However, overall, you can see that the recovery rate in Guangdong is dawn compared to areas other than Guangdong Province. In the fourth quarter, tourists from overseas began to accelerate and started competing with nearby tourist spots in the area. In this way, I think improvement is progressing in all source markets.

Then, if you have any supplements on the Chinese economy from Wilfred.

operator

Patrick Dumo n-President and Supreme Executive Officer

Sean Kell y-Bank of America Merrill Lync h-Analyst

Thank you to everyone.

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

thank you. thank you.

operator

Chad Bayno n-Maccollie Grou p-Analyst

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

Rob Goldstei n-President and CEO

operator

And then, of course, luxury at Four Seasons is at $9, 200 a foot and non-luxury is at just $4, 300 a foot. So, we're looking at a retail portfolio that's contributing close to $700 million. Of course, there's discussion about the global economic slowdown, but we feel that we continue to see opportunities in the retail segment to make trade-offs and get better, and we've spoken to David Sylvester, who is a retail expert, and we feel that we continue to see opportunities in the retail segment to make trade-offs and get better. We think retail has a lot more to go. Our buildings are a little bit different than other retailers and attract a higher value customer, both in Macau and in Singapore.

As you say, there is a shortage of supply in Singapore. So, I think the malls continue to appreciate and we continue to improve every day to make them more efficient, more upscale, more luxurious. In Macau, we have work for us and at the Parisian, we have buildings that are not there yet. We have work to do, but I don't think you can argue with results like this, $677 million contribution and accelerating. It's a very favorable comparison to 2019.

So I feel very bullish on the retail outlook. Again, it takes work. David Sylvester continues to buy back these items as he repositions the portfolio. He's got a lot of work to do. But I think the numbers are great.

Rob Goldstein - President and CEO

Chad Beynon -- Macquarie Group -- Analyst

Daniel Brig s-Senior Vice President of Investor Response

Rob Goldstein -- President and CEO

Rob Goldstein - President and CEO

You're taking the highest volume players in the world, so that's a $70 million loss. People are betting a lot of money. And some days it goes in, some days it doesn't. Obviously Singapore was favored this quarter. But the caveat is, it's not that bettors are changing.

Singapore might have a bad quarter. What do you think about that, Grant? That's how I see it.

Rob Goldstein - President and CEO

Exactly, Rob. But there's about a 100 million adjustment in Q4 2022 for the downside impact of the lows on Marina Bay Sands. So I think one, two, three, four or even five quarters is a relatively short period and sample size where you're not likely to get very random results that are out of line with the normal conservation that you would expect. But I think it's fair to say that math always wins.

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

Rob Goldstein -- President and CEO

I don't think it's always like this and I'm too emotional. Macau Miss and Singapore are very interesting this term, but the game is eventually consistent. The elements of pairs and Tha i-t o-straight are important. But Asian players are special. And it appears constantly.

Rob Goldstein - President and CEO

Chad Bino n-Maccollie Grou p-Analyst

wonderful. thank you.

Patrick Dumo n-President and CEO

operator

thank you. The next question is from UBS's Robin Farley. Robin, the line is live. please.

Call participants:

Daniel Brig s-Senior Vice President of Investor Response

Rob Goldstein - President and CEO

Patrick Dumo n-President and Supreme Executive Officer

This is a great opportunity. We are very excited about this outlook. Our proposal is persuasive. If the permission is obtained, we will start developing as soon as possible.

Let's move on to the Q & A session. Let's move to the corner. thank you very much.

Rob Goldstein -- President and CEO

No, please, Patrick. I follow you. please.

Carlo Santallell i-Germany Ban k-Analyst

Rob Goldstei n-President and CEO

Sean Kell y-Bank of America Merrill Lync h-Analyst

thank you very much. The next question is Macquerley's Chad Baynon. Chad, the line is alive. please.

operator

A loud voice. thank you. Let me ask two questions. One is that there is any comment on China's Lunar New Year.

Also, it has nothing to do with the latest expectations about the timing of decisions in New York. thank you.

Elim Poon - Journalist, Creative Writer

Last modified: 27.08.2024

Las Vegas Sands (LVS) Q4 Earnings Call Transcript. LVS earnings call for the period ending December 31, Motley Fool Transcribing | Jan 25, This quarterly report represents an earnings surprise of %. A quarter ago, it was expected that this casino operator would post earnings of. Welcome to the Sands third quarter earnings conference call. At this time, all participants have been placed on listen-only mode.

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Las Vegas Sands LVS Q4 2023 Earnings Call Transcript The Motley Fool

Las Vegas Sands (LVS) Q4 2023 Earnings Call Transcript

NYSE: LVS

Las Vegas Sands

Contents:

Prepared Remarks:

Questions & Answers:

Call participants: