Financial Data and Key Metrics Changes - Marina Bay Sands (MBS) delivered EBITDA of $743 million, exceeding the forecast of $2.5 billion annually, with a current year-to-date EBITDA of over $2.1 billion [4][9] - Macao reported EBITDA of $601 million for the quarter, with a negative impact of approximately $20 million due to Typhoon [5][7] - The EBITDA margin for the Macao portfolio properties was 31.5%, down 160 basis points compared to Q3 2024 [7] Business Line Data and Key Metrics Changes - MBS's mass gain in slot win reached a record $905 million, reflecting a 122% growth from Q3 2019 and a 35% increase from last year [4] - Mass market revenue in Macao increased by 25.4% this quarter, up from 23.6% in Q1 2025 [5] - The Londoner is approaching $1 billion in EBITDA, indicating growth opportunities across the Macao property portfolio [5] Market Data and Key Metrics Changes - The overall Macao market's Gross Gaming Revenue (GGR) is growing, which is critical for achieving targeted EBITDA figures [5][16] - The base mass per table in Macao grew by 18% year-on-year, with premium mass growing faster at 11% [41] Company Strategy and Development Direction - The company is focused on adapting its marketing strategies to be more competitive in the Macao market, which has seen underperformance in recent years [5][19] - The introduction of smart table technology in Singapore has enhanced the gaming experience and increased betting opportunities, which the company plans to roll out in Macao [8][30] - The company is committed to returning capital to shareholders through stock repurchases and increased dividends, with a 20% increase in quarterly dividends approved for 2026 [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the sustainability of growth in Singapore, indicating that the market is not solely dependent on special events [58][60] - The company anticipates that market growth is essential for improving Macao's performance, with expectations for continued share gains and EBITDA growth [5][16] - Management acknowledged the need for ongoing adaptation to market dynamics and competitive pressures [72] Other Important Information - The company repurchased $500 million in LVS stock during the quarter and increased its ownership percentage of SCL to 74.76% [9] - The company is investing $8 billion to continue growing its presence in Singapore, signaling a long-term commitment to the market [67] Q&A Session All Questions and Answers Question: Inquiry about the hold rate in Singapore and potential for mass hold increase - Management indicated that while the hold rate for VIP has been raised, they are not yet ready to provide data on mass hold due to the mix of games and betting preferences [12][13] Question: Discussion on the path back to targeted EBITDA in Macao - Management stated that achieving the target of $2.7 to $2.8 billion in EBITDA is dependent on market growth, which is currently being experienced [14][15] Question: Clarification on the impact of smart table technology on betting behavior - Management explained that the smart table technology serves as a scorekeeper and that the increase in betting behavior is due to the game itself offering more opportunities for side bets [22][24] Question: Comments on the competitive landscape and reinvestment strategy - Management noted that competition remains intense, and they are focused on responding to market changes with appropriate marketing strategies [71][72] Question: Inquiry about potential opportunities in the UAE - Management stated that while the UAE is a significant tourism market, it is not currently a focus for the company [54] Question: Discussion on the impact of events like the NBA China Games in Macao - Management acknowledged the importance of events but emphasized that the overall strategy is focused on enhancing the customer experience and adapting to market demands [92]

Financial Data and Key Metrics Changes - Marina Bay Sands (MBS) achieved an EBITDA of $768 million, with a forecast of potentially reaching $2.5 billion annually this year, reflecting a significant performance increase [6][11] - Mass gaming and slot win at MBS reached $843 million, showing a 97% growth compared to 2019 and a 40% increase year-over-year [6][11] - Macau's EBITDA was $566 million for the quarter, indicating underperformance in that market [7][10] Business Line Data and Key Metrics Changes - MBS's EBITDA margin was 55.3%, while Macau's EBITDA margin for the portfolio properties was 31.3%, down 80 basis points year-over-year [10][11] - The Londoner is on track to achieve an annualized EBITDA of $1 billion, with a focus on increasing market share and EBITDA through strategic reinvestment [9][12] Market Data and Key Metrics Changes - Macau's rolling program EBITDA would have been lower by $7 million if the expected hold had been maintained, indicating fluctuations in market performance [10] - The mass gaming market share in Macau improved by 8% for the quarter, suggesting a positive trend in customer engagement [17] Company Strategy and Development Direction - The company is focusing on aggressive customer reinvestment strategies to regain market share in Macau, with a commitment to adjusting reinvestment levels based on market conditions [15][18] - There is an emphasis on leveraging high-quality investments in marketing and product offerings to attract high-value tourism, particularly in Singapore [11][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for improved customer reinvestment in Macau and expressed confidence in the potential for EBITDA growth through strategic adjustments [18][19] - The company remains optimistic about the long-term prospects in Singapore, citing strong customer demand and government support as key factors for continued success [41][45] Other Important Information - The company repurchased $800 million of LVS stock during the quarter and paid a recurring dividend of $0.25 per share, indicating a commitment to returning capital to shareholders [12] - The company is exploring new development opportunities in jurisdictions like Thailand, which is seen as a significant potential market for future growth [90] Q&A Session Summary Question: How is the company planning to turn the tide in Macau? - Management has implemented a more aggressive customer reinvestment program since late April, with initial positive results observed in May and June [15][16] Question: What is driving the improvement in Macau's market? - The market saw acceleration from May, with a notable performance in June driven by events and improved customer density [25][26] Question: How sustainable is the recent performance in Singapore? - Management believes the strong performance is sustainable due to high-quality investments and a growing customer base attracted by unique experiences [41][46] Question: What are the expectations for EBITDA margins in Macau? - The focus is on driving revenue growth, with margins being influenced by promotional activities and customer reinvestment strategies [82][85] Question: What is the company's approach to credit in Macau? - Credit plays a small role in overall GGR, primarily extended to premium patrons, and is not a significant factor in current operations [118] Question: How is the retail mall portfolio performing? - Retail tenant sales in Macau grew by about 10% year-over-year, with luxury sales showing signs of improvement [123]