LVSC(LVS)2025-05-29 19:30Financial Data and Key Metrics Changes - The company has experienced a volatile stock price, fluctuating between 42, reflecting broader market concerns rather than specific internal issues [2][3] - Post-COVID recovery in visitation levels in Macao has been noted, but spending per visitor has not rebounded to pre-COVID levels, indicating a decoupling of visitation and spending [15][19] Business Line Data and Key Metrics Changes - In Macao, visitation has recovered, but the spending per visitor has decreased, leading to a flat market performance [16][19] - The company remains the largest investor in Macao, continuously investing in renovations and improvements, although returns have not met expectations [32][34] Market Data and Key Metrics Changes - The overall gaming market in Macao has shown signs of recovery, with positive outcomes expected from recent holiday travel, but the market remains inconsistent [22][24] - Singapore's market is performing strongly, with expectations of continued growth in EBITDA, driven by high-end luxury customers [58][60] Company Strategy and Development Direction - The company is focused on long-term investments in quality and scale, believing that great buildings will drive returns despite current market challenges [32][34] - There is a recognition that the competitive landscape in Macao has shifted towards more aggressive incentive-driven strategies, which the company needs to adapt to [90][92] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of the Chinese and Macao markets, despite current challenges [5][24] - Concerns about the US-China relationship and its impact on consumer confidence were highlighted as significant factors affecting business performance [50][53] Other Important Information - The company is investing in smart tables to enhance gaming experiences and improve operational efficiency, which is expected to revolutionize the gaming industry [112][116] - The company is exploring opportunities in Thailand, citing favorable operating conditions if legislation aligns [130] Q&A Session Summary Question: What are the current challenges in Macao? - Management noted that while visitation has recovered, spending has not, and the market is more challenging than pre-COVID due to various factors including consumer sentiment and competition [16][19][24] Question: How is Singapore performing compared to Macao? - Singapore is performing exceptionally well, with high EBITDA and a strong luxury market presence, contrasting with the struggles faced in Macao [58][60] Question: What is the company's strategy regarding online gaming? - The company has found online gaming to be complicated and competitive, with no clear path to a significant online presence at this time [110][111] Question: What innovations are being implemented in gaming? - The introduction of smart tables is expected to enhance security and customer data acquisition, improving the overall gaming experience [112][116] Question: What are the future growth opportunities? - Management indicated limited growth opportunities in existing markets, with a focus on capital allocation towards upgrading properties and exploring potential in Thailand [130][131]