拉斯維加斯金沙集團 (LVS) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands First Quarter 2022 Earnings Conference Call. (Operator Instructions) But we will open the floor for your questions and comments following the presentation.

女士們，先生們，美好的一天，歡迎參加金沙 2022 年第一季度收益電話會議。 （操作員說明）但我們將在演示結束後向您提出問題和意見。

It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President...

現在我很高興將發言權交給高級副總裁 Daniel Briggs 先生...

Thank you, Paul. Joining the call today are Rob Goldstein, our Chairman and Chief Executive Officer; and Patrick Dumont, our President and Chief Operating Officer. Also joining are Dr. Wilfred Wong, President of Sands China; and Grant Chum, Chief Operating Officer of Sands China.

謝謝你，保羅。今天加入電話會議的是我們的董事長兼首席執行官 Rob Goldstein；和我們的總裁兼首席運營官 Patrick Dumont。金沙中國總裁王英偉博士也加入其中；金沙中國首席運營官格蘭特·楚姆。

Today's conference call will contain forward-looking statements that we are making under the safe harbor provision of federal securities laws. The company's actual results could differ materially from the anticipated results in those forward-looking statements. In addition, we may discuss non-GAAP measures. A definition and a reconciliation of each of these measures to the most comparable GAAP financial measures is included in the press release. We have posted supplementary earnings slides on our Investor Relations website. We may refer to those slides during the Q&A portion of the call.

今天的電話會議將包含我們根據聯邦證券法的安全港條款做出的前瞻性陳述。該公司的實際結果可能與這些前瞻性陳述中的預期結果存在重大差異。此外，我們可能會討論非公認會計原則的措施。新聞稿中包含了這些措施與最具可比性的 GAAP 財務措施的定義和對賬。我們在投資者關係網站上發布了補充收益幻燈片。我們可能會在電話的問答部分中參考這些幻燈片。

Finally, for those who would like to participate in the Q&A session, we ask that you please limit yourself to one question and one follow-up, so we might allow everyone with interest the opportunity to participate. Please note that this presentation is being recorded.

最後，對於想參加問答環節的人，我們要求您將自己限制在一個問題和一個後續行動上，這樣我們可能會讓每個有興趣的人有機會參與。請注意，此演示文稿正在錄製中。

With that, I'll turn the call over to Rob.

有了這個，我會把電話轉給 Rob。

Thanks, Dan. Good afternoon, and good morning to our colleagues in Asia. Some brief comments, and we'll go to Q&A. Our results continue to reflect the pandemic's impact the travel restrictions, suppressed visitation, our financial results in both Macao and Singapore this quarter. We did generate positive EBITDA for the quarter in Singapore and for the company in total.

謝謝，丹。下午好，亞洲同事們早上好。一些簡短的評論，我們將進入問答環節。我們的業績繼續反映大流行對旅行限制、訪問量減少以及我們本季度在澳門和新加坡的財務業績的影響。我們確實為新加坡本季度和公司整體產生了正的 EBITDA。

The [business in Singapore] as the travel corridors established last quarter have been replaced with an introduction of the vaccinated traveler framework, which allows vaccinated travelers to enter Singapore in much the same way as prior to the pandemic. In short terms, we are open for business in Singapore.

作為上個季度建立的旅遊走廊的[新加坡業務]已被引入接種疫苗的旅行者框架所取代，該框架允許接種疫苗的旅行者以與大流行之前大致相同的方式進入新加坡。簡而言之，我們在新加坡營業。

Our conviction and long-term opportunity in the Singapore market remains steadfast. The $1 billion capital investment currently underway at MBS, we introduced luxurious new suite product and amenities that (inaudible).

我們在新加坡市場的信念和長期機會依然堅定。 MBS 目前正在進行 10 億美元的資本投資，我們推出了豪華的新套房產品和設施（聽不清）。

In Macao, our considerable investments in Londoner are nearing completion. As the market recovers 4 Seasons Londoner will provide growth opportunities in both the premium and mass customer segments.

在澳門，我們對倫敦人的大量投資已接近尾聲。隨著市場的複蘇，4 Seasons Londoner 將為高端和大眾客戶群提供增長機會。

We continue to have the largest footprint in the Macao marketplace and we appreciate the opportunity to provide input in the public consultation process and we look forward to participating in the re-tendering process as well. While the current quarter results in Macao were impacted severely by the enhanced travel restrictions in China, customer demand and spend in Macao have proven resilient at the premium mass level from both a gaming and retail perspective in periods when the restrictions have been relaxed.

我們繼續在澳門市場擁有最大的足跡，我們很高興有機會在公眾諮詢過程中提供意見，我們也期待參與重新招標過程。雖然澳門本季度業績受到中國加強旅行限制的嚴重影響，但在限制放鬆期間，從博彩和零售的角度來看，澳門的客戶需求和消費在優質大眾水平上表現出彈性。

We remain confident that we return to positive cash flow in both Macao and Singapore in the future as restrictions are eased and travel and tourism recover. We consider our portfolio of resorts in Asia to be outstanding platform for growth for the years ahead.

隨著限制的放寬和旅遊業的複蘇，我們仍然有信心在未來澳門和新加坡恢復正現金流。我們認為我們在亞洲的度假村組合是未來幾年增長的傑出平台。

In addition, we continue to pursue opportunities to develop large-scale resorts in both the United States and Asia. The sale of Las Vegas was completed this quarter, which creates additional liquidity and optionality.

此外，我們繼續在美國和亞洲尋求發展大型度假村的機會。拉斯維加斯的出售於本季度完成，這創造了額外的流動性和選擇性。

Lastly, we [intend] to build out our digital presence and to explore multiple opportunities. We will provide additional color at the appropriate time. Let's go to your questions. Questions?

最後，我們 [打算] 建立我們的數字存在並探索多種機會。我們將在適當的時候提供額外的顏色。讓我們來回答你的問題。問題？

Paul, we're ready to go to questions. Thanks.

保羅，我們準備好回答問題了。謝謝。

(Operator Instructions) And the first question is coming from Joe Greff from JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Joe Greff。

Rob, I'd love to get a little bit more detail on the recent experience in Singapore with the VTL framework? And can you tell us or share with us business volumes, visitation improvements in March and April to date? And when we kind of look at the first quarter and looking at the $121 million of hold normalized EBITDA. How much of that was sort of the last month of the quarter, given the benefits from more international inbound tourism?

Rob，我想更詳細地了解一下最近在新加坡使用 VTL 框架的經驗嗎？您能否告訴我們或與我們分享迄今為止 3 月和 4 月的業務量、訪問量改善情況？當我們看看第一季度並查看 1.21 億美元的持有標準化 EBITDA 時。考慮到更多國際入境旅遊帶來的好處，其中有多少是本季度的最後一個月？

Yes. Joe, it's a fair question. The core to MBS was clearly driven, it moved upward as you went along. I started $17 million in January, went to $46 million in February. We had $58 million of EBITDA in March. And that trajectory is continuing the momentum is going upward in April.

是的。喬，這是一個公平的問題。 MBS 的核心顯然是被驅動的，它隨著你的前進而向上移動。我在一月份開始了 1700 萬美元，在二月份達到了 4600 萬美元。我們在 3 月份的 EBITDA 為 5800 萬美元。而且這一軌跡仍在繼續，4月份的勢頭正在上升。

I think -- look, Singapore is back, and it will experience the same post-COVID numbers, you see in the U.S., in my opinion. The question is how fast does it get there? The demand is there, it will continue. Assuming there's no more surprises from the COVID situation. We like to think that Singapore to return to $1 billion run rate in this year. So $58 million in March feels pretty good, and that momentum is continuing.

我認為 - 看，新加坡回來了，在我看來，它將經歷與美國一樣的後 COVID 數字。問題是它到達那裡的速度有多快？需求是存在的，它將繼續存在。假設 COVID 情況不再令人驚訝。我們認為新加坡今年將恢復到 10 億美元的運行速度。所以 3 月份的 5800 萬美元感覺相當不錯，而且這種勢頭還在繼續。

Great. That's helpful. And hopefully, I'm not going to follow up Macao-related question, but is much to ask. Can you talk about Thailand and sort of that as an integrated resort opportunity and what the latest is there? I know there have been press reports with your efforts and that as an opportunity.

偉大的。這很有幫助。希望我不會跟進與澳門有關的問題，但有很多問題要問。您能談談泰國，以及將其作為一個綜合度假勝地的機會嗎？最新消息是什麼？我知道有媒體報導了你的努力，這是一個機會。

Yes, I think it's premature, Joe, and we're looking at a lot of different things in Asia, and that's certainly a list of things, but I think it's premature to get ahead of ourselves there. I'll pass on that.

是的，我認為現在還為時過早，喬，我們正在研究亞洲的許多不同事物，這當然是一個清單，但我認為在亞洲超越自己還為時過早。我會轉告的。

And the next question (inaudible).

下一個問題（聽不清）。

Maybe sticking with new development opportunities. There's obviously been a lot of back and forth in New York, specifically New York City, different boroughs, you've been seeing some headlines around Times Square. Just curious what you're seeing there, how we should think about that as an opportunity?

也許堅持新的發展機會。顯然，在紐約，特別是紐約市，不同的行政區，有很多來回，你已經在時代廣場周圍看到了一些頭條新聞。只是好奇你在那裡看到了什麼，我們應該如何看待這是一個機會？

Well, New York has been on our radar for a long time. We continue to be in the hunt there. I don't want to get into specific boroughs, locations. I think that's proprietary. But we remain interested. I think it's a huge market for us. We've been very clear about that in the past. The process is quite a long way to go. And we'll just keep you posted as we hear and learn things, but we're in the hunt and we'll see how it works out for us.

好吧，紐約已經在我們的雷達上很久了。我們繼續在那裡狩獵。我不想進入特定的行政區、位置。我認為這是專有的。但我們仍然感興趣。我認為這對我們來說是一個巨大的市場。過去我們對此非常清楚。這個過程還有很長的路要走。我們會在聽到和學習的時候及時通知你，但我們正在尋找，我們會看看它對我們的影響。

And then you did mention you'll discuss digital when the time is right and they obviously say patience is a virtue, which has clearly paid off looking at some of these stocks. So as you think about the opportunity set in front of you, has anything changed in terms of your thinking of what areas of the industry might be more or less interesting to dig into even before considering where the investment might end up?

然後你確實提到你會在適當的時候討論數字化，他們顯然說耐心是一種美德，這顯然已經讓這些股票得到了回報。因此，當您考慮擺在您面前的機會時，您對行業的哪些領域可能或多或少感興趣的想法是否有任何改變？

So it's Patrick. So I think nothing has really changed in our view. We take a very long-term perspective on digital. I think our comments have been pretty consistent across the quarters. We're really in a growth and investment stage. So it's very early on, and we have something to talk about, we'll definitely start discussing it. But at this point, it's a very early stage. We're building a team and looking forward to the future.

所以是帕特里克。因此，我認為我們的觀點並沒有真正改變。我們對數字化持非常長遠的眼光。我認為我們的評論在各個季度都非常一致。我們確實處於增長和投資階段。所以現在還很早，我們有話要說，我們肯定會開始討論。但在這一點上，這是一個非常早期的階段。我們正在組建團隊，展望未來。

Awesome. Maybe one last one if I can sneak it in then. So since the development opportunities feel like they're still pushed out and you've gotten some proceeds in from Vegas. I think you maybe have mentioned this in the remarks, but just remind us in terms of thinking about capital allocation priorities. I mean is buyback something that's on the table that you'd be thinking about with some of those proceeds? Or do you feel like there's enough other things to spend the money on the near term?

驚人的。如果我能偷偷溜進去的話，也許是最後一個。因此，由於開發機會感覺它們仍然被推出，並且您已經從拉斯維加斯獲得了一些收益。我想你可能在評論中提到了這一點，但只是提醒我們考慮資本配置的優先事項。我的意思是，你會考慮用其中一些收益進行回購嗎？或者你覺得短期內還有足夠的其他東西可以花這筆錢？

No problem. This is a question that I think we get pretty often. I'll refer to the answers that we gave in our last quarterly call. But I think the key thing to take away is we're very focused on new development. The sale of Las Vegas was really to reinvest capital in high growth opportunities that we think are unique to our company.

沒問題。這是一個我認為我們經常遇到的問題。我將參考我們在上一個季度電話會議中給出的答案。但我認為關鍵是我們非常專注於新的發展。出售拉斯維加斯實際上是為了將資金再投資於我們認為對我們公司來說獨一無二的高增長機會。

We feel very strongly about our development capabilities and our ability to execute large-scale developments in new markets. And we think there's a lot of them out there, a lot of potential. And so we're waiting to see which ones come forward. And as Rob said, where we can invest to get the highest returns.

我們對我們的開發能力和在新市場進行大規模開發的能力感到非常強烈。我們認為那裡有很多，有很大的潛力。所以我們正在等著看哪些人挺身而出。正如 Rob 所說，我們可以在哪裡投資以獲得最高回報。

In terms of return of capital, I think we've always said that the dividend is really the cornerstone of our turn capital program. It's something that we want to look at in terms of really long-term operational cash flow growth, and then we'll size it accordingly and look to that to recur before we actually start the dividend again.

在資本回報方面，我認為我們一直說股息確實是我們轉向資本計劃的基石。這是我們希望從真正長期的運營現金流增長方面來看待的事情，然後我們會相應地調整它的大小，並期待在我們再次開始分紅之前再次出現這種情況。

In terms of share repurchases, we've always said we've been opportunistic to return capital that way as well. If you look at our past, we've actually returned a fair amount of capital through share repurchases when we felt that we had the excess liquidity.

在股票回購方面，我們一直說我們也有機會以這種方式返還資本。如果你看看我們的過去，當我們覺得我們有過剩的流動性時，我們實際上已經通過股票回購返還了相當數量的資本。

So I think at this point, our priority is to make sure we get out of the pandemic, make sure we have ample liquidity and a protected balance sheet to ensure that we recover from our pandemic operations. We can support a local host market, support our team members as we go through that process. Then we're going to focus on new development and growth and investment in our existing markets, which we've been doing throughout the pandemic and then we'll look to restart the dividend as operating cash flows recover.

所以我認為在這一點上，我們的首要任務是確保我們擺脫大流行，確保我們有充足的流動性和受保護的資產負債表，以確保我們從大流行中恢復過來。我們可以支持本地主機市場，在我們完成該過程時支持我們的團隊成員。然後，我們將專注於現有市場的新發展、增長和投資，這是我們在整個大流行期間一直在做的事情，然後隨著經營現金流的恢復，我們將尋求重新開始派息。

And then lastly, I think we'll look at share repurchases where the opportunities arise.

最後，我認為我們將研究機會出現的股票回購。

Let's not forget that we are investing $1 billion currently in Singapore. We're trying to invest more in Singapore. And we think Macao when things reopen might be opportunistic as well. People forget how much capital we could put to work in our existing marketplaces.

別忘了，我們目前正在新加坡投資 10 億美元。我們正試圖在新加坡進行更多投資。我們認為，當事情重新開放時，澳門也可能是機會主義的。人們忘記了我們可以在現有市場上投入多少資金。

And the next question is coming from Shaun Kelley from Bank of America.

下一個問題來自美國銀行的 Shaun Kelley。

Just maybe to actually touch on Macao for a minute. Rob, there have been [pits] and starts as it relates to the reopening in Hong Kong, and I think some positive progress there as case counts have come down. Any signposts maybe out of that market and maybe reconnecting that with Macao that the local team could give us some color on?

只是也許真正接觸澳門一分鐘。 Rob，與香港的重新開放有關，已經有[坑]和開始，我認為隨著案件數量的下降，那裡取得了一些積極進展。是否有任何路標可能來自那個市場，並且可能與澳門重新聯繫起來，當地團隊可以給我們一些顏色？

Sure. Grant, are you on the call?

當然。格蘭特，你在接電話嗎？

Yes. Yes. Thank you for the question. Yes. I mean at this stage, there is no new information or news in terms of quarantine-free travel from Hong Kong to Macao. I think Hong Kong cases have been improved. But we're not at the point where there's any change in the quarantine policy.

是的。是的。感謝你的提問。是的。我的意思是，現階段，沒有關於香港到澳門免檢疫旅行的新消息或消息。我認為香港的情況有所改善。但我們還沒有到隔離政策有任何變化的地步。

Grant, maybe just to clarify, is that specifically as it relates to its interaction with Macao? Or what about for visitors coming from overseas possibly opening up a corridor to Singapore? So maybe help us think a little bit more broadly, if you could?

格蘭特，也許只是為了澄清一下，這與它與澳門的互動有關嗎？或者對於來自海外的遊客可能開闢通往新加坡的走廊呢？如果可以的話，也許可以幫助我們更廣泛地思考？

I'm sorry, are you referring to overseas visitors from (inaudible)?

對不起，您指的是來自（聽不清）的海外遊客嗎？

Yes. either, I think arriving. In Hong Kong and then, I guess, coming in from inbound places or leaving Hong Kong going to places like Singapore.

是的。要么，我想到達。在香港，然後，我猜，從入境地進入或離開香港前往新加坡等地。

So sorry, you're asking a question about people going to Singapore or to Macao?

很抱歉，你問的是關於去新加坡或澳門的人的問題？

Well, specifically talking about -- just is there any sign that Hong Kong is loosening up its overall visitation policy because it's been pretty closed from the external perspective. I guess that's where I'm trying to go.

嗯，具體來說——有沒有跡象表明香港正在放鬆其整體訪問政策，因為從外部角度來看，它已經相當封閉了。我想這就是我想要去的地方。

Sorry, if you're asking about Hong Kong. Yes, they have relaxed. So nonresidents can now travel to Hong Kong from the 1st of May and that was -- that hasn't been possible for some time. So you can go to Hong Kong from next month overseas into Hong Kong, but you would still have to be subject to the quarantine policy once you enter Hong Kong.

對不起，如果你問的是香港。是的，他們放鬆了。因此，非居民現在可以從 5 月 1 日起前往香港，而這在一段時間內是不可能的。所以下個月你可以從海外到香港去香港，但一旦你進入香港，你仍然需要遵守檢疫政策。

You had something more to say, Grant, and we cut you off, do you have more to say?

你還有話要說，格蘭特，我們打斷了你，你還有話要說嗎？

No. No, that's it. Thanks, Rob.

不，不，就是這樣。謝謝，羅伯。

Next question is coming from Robin Farley from UBS.

下一個問題來自瑞銀的 Robin Farley。

I wonder if you could talk a little bit more about Singapore and any change in the composition of business there in terms of what's coming back? Is it more mass? Is it more VIP? Is it higher win per visitor than what you saw before or just more absolute number of visitors. Just kind of what are you seeing sort of come back first?

我想知道您是否可以多談談新加坡，以及那裡的業務構成發生的任何變化，看看會發生什麼？是不是質量更大？是不是更貴賓？每位訪客的勝率是否比您之前看到的更高，或者只是訪客的絕對數量更多。只是你看到什麼先回來？

The answer is yes. It's all coming back. I mean it's demand over there for -- in the month of March, we saw outsized demand from free independent travelers on the pure leisure side, we saw premium mass. We saw high-end plate coming out of [over the rim]. I just think Singapore is a unique position. It's -- obviously, in Macao is in a difficult place right now, so people are going to gravitate to other opportunities. They want to travel. They're no different than what we've seen here in the U.S. I think our MBS products as a very, very unique opportunistic window here.

答案是肯定的。這一切都回來了。我的意思是那裡的需求——在 3 月份，我們看到了來自純粹休閒方面的免費獨立旅行者的巨大需求，我們看到了優質大眾。我們看到高端板從[籃筐]出來。我只是認為新加坡是一個獨特的位置。很明顯，澳門現在處於一個困難的地方，所以人們會傾向於其他機會。他們想去旅行。它們與我們在美國看到的沒有什麼不同。我認為我們的 MBS 產品在這裡是一個非常非常獨特的機會主義窗口。

We're hoping Macao opens up obviously sooner. But until it does, I think you'll see a lot more demand than typical. I think it's from all segments, the team there is being very good about what happened in the month of March. And again, it's leisure travel, it's casino, it's is VIP casino, it's premium mass as casino, it's the mass casino. It's universal. And it feels like we're in the middle of a very positive beginning. And hopefully, without a COVID interruption or a change in policy, I believe MBS is going to be very productive '22.

我們希望澳門能早點開放。但在此之前，我認為您會看到比一般需求多得多的需求。我認為來自各個方面，那裡的團隊對三月份發生的事情非常滿意。再說一次，它是休閒旅遊，它是賭場，它是 VIP 賭場，它是作為賭場的優質大眾，它是大眾賭場。它是通用的。感覺就像我們正處於一個非常積極的開端。希望在沒有 COVID 中斷或政策改變的情況下，我相信 MBS 在 22 年將非常富有成效。

Great. And then my follow-up question is about you had an announcement a week or 2 ago about it's probably a small investment, and I think it was sort of an integrity-related business for online sports betting. And I wonder if you could just talk about that because it seems like there are some B2B online sports companies that already sort of provide that kind of for free as part of their services between the leagues and the sports books. And so I just -- I wonder if you could talk about what interested you in that angle or what's different about that? And kind of what's offered almost for free really by the other OSB B2B providers?

偉大的。然後我的後續問題是關於你在一周或兩週前宣布這可能是一筆小額投資，我認為這是一項與在線體育博彩誠信相關的業務。我想知道你是否可以談談這個，因為似乎有一些 B2B 在線體育公司已經免費提供這種服務，作為他們在聯賽和體育書籍之間服務的一部分。所以我只是——我想知道你是否可以談談你對這個角度感興趣或者有什麼不同？其他 OSB B2B 提供商幾乎免費提供了哪些服務？

Sure. It's Patrick. And I think what you'll see over time is us make investments in small companies where we think they have a competitive advantage in the B2B space that has a lot of growth potential and also where we think over time we may form it to a larger platform.

當然。是帕特里克。我認為隨著時間的推移，你會看到我們對小公司進行投資，我們認為它們在 B2B 領域具有競爭優勢，具有很大的增長潛力，而且我們認為隨著時間的推移，我們可能會將其發展為更大的公司平台。

So from our standpoint, we're looking at a variety different businesses that are in start off or early stage in order to make sure that we stay in front of technological innovation in our industry. And so this is part of a broader strategy. It is a relatively small investment relative to Las Vegas Sands. But we think over time, this investment in others will help contribute to our overall digital efforts.

因此，從我們的角度來看，我們正在研究各種處於起步階段或早期階段的不同業務，以確保我們始終走在行業技術創新的前沿。因此，這是更廣泛戰略的一部分。與拉斯維加斯金沙集團相比，這是一筆相對較小的投資。但我們認為，隨著時間的推移，對他人的這種投資將有助於我們的整體數字化努力。

So I'm not going to get into the exact thesis behind every investment that we do. There's a long-term plan for what we're approaching. And I think over time, you'll start to see how that evolves.

因此，我不會深入探討我們所做的每項投資背後的確切論點。我們正在處理的事情有一個長期計劃。我認為隨著時間的推移，你會開始看到它是如何演變的。

And the next question is coming from Carlo Santarelli from Deutsche Bank.

下一個問題來自德意志銀行的 Carlo Santarelli。

I just have 2 kind of time line-related questions. And I don't know, Rob, maybe answer the first and then perhaps something on color on Macao and the time line there. But just in terms of MBS, obviously, construction and things along those lines in this type of environment is very hard to predict. And I have not gotten a chance to get through the slides yet to see if there any changes to kind of your expectations for the time line there. But what are some of the goalposts in terms of construction on that?

我只有兩種與時間線相關的問題。我不知道，Rob，也許先回答一下，然後也許回答關於澳門的顏色和那裡的時間線。但就 MBS 而言，顯然，在這種環境下的建設和類似的事情是很難預測的。而且我還沒有機會瀏覽幻燈片，看看您對那裡的時間線的期望是否有任何變化。但是，在建設方面有哪些目標？

And then secondarily, as it pertains to the tender process and whatnot in Macao. How do you guys see the time line for that shaping up as we move through the rest of 2022?

其次，因為它與澳門的招標過程有關。隨著我們度過 2022 年剩餘時間，你們如何看待這種形成的時間表？

Carlo, in Singapore, as you know, we're underway in a rather extensive renovation, $1 billion-plus renovation in Singapore that's underway as we speak. And it's going to take a while. It won't complete until the '23 but it's going to be a very encompassing. We've had -- as everyone in the world has been impacted by COVID, both getting supplies and labor has been issued, but it's happy it's underway.

Carlo，在新加坡，如你所知，我們正在進行一項相當大規模的翻新工程，就在我們發言時，新加坡正在進行價值超過 10 億美元的翻新工程。這需要一段時間。它要到 23 年才能完成，但它會非常包容。我們已經 - 由於世界上的每個人都受到了 COVID 的影響，已經發放了物資和勞動力，但很高興它正在進行中。

We're still working through our issues with IR2. We were not ready to talk about that today because we're still working through issues there. Same issues supplies, labor, costs, et cetera. We intend to complete IR1, again, '23 IR2 is still open interpretation. As for Macao time lines and the retendering, I'm going to turn it over to Wilfred or Grant to take that question. Maybe Wilfred, the is suited.

我們仍在解決與 IR2 相關的問題。我們今天還沒有準備好談論這個，因為我們仍在解決那裡的問題。同樣的問題是供應、勞動力、成本等。我們打算完成 IR1，再次，'23 IR2 仍然是開放解釋。至於澳門時間線和重新招標，我將把它交給威爾弗雷德或格蘭特來回答這個問題。也許威爾弗雷德是合適的。

Thank you. The time line for retendering of the concession is progressing according to the time line announced by the Macao SAR government. Now currently, a few things are at play, 2 bills relating to the gaming law is -- has been approved by the legislative assembly and will be approved in full after the panel discussion before the end of this legislative session in August. And we are hearing all kinds of suggestion that it will be earlier than August.

謝謝你。特許權重新招標的時間表正按澳門特別行政區政府公佈的時間表進行。目前，有幾件事在發揮作用，2 項與博彩法有關的法案已經獲得立法議會的批准，並將在 8 月份立法會議結束前的小組討論後全面批准。我們聽到各種各樣的建議，說它會早於八月。

At this stage, we are going to be granted an extension of the current concession until the end of 2022. And that is the time that we expect the retendering exercise will be completed. And so after the amendment of the law, then the retendering procedure will start a lot of information about the retender will come out. We are in the process of preparing for that retendering exercise and hopefully, everything will be done before the end of 2022.

在現階段，我們將獲准將當前特許權延長至 2022 年底。這就是我們預計重新招標工作將完成的時間。所以在法律修改之後，重新招標程序就會開始，很多關於重新招標人的信息都會出來。我們正在為重新招標做準備，希望一切都能在 2022 年底之前完成。

That's helpful. So just so I'm clear, in August, you'll more or less have everything you need from the gaming law perspective? And then that period from, say, August, if not maybe earlier through December will be the formal tendering process when everything is more or less buttoned up. Is that the right interpretation?

這很有幫助。所以我很清楚，在八月份，從博彩法的角度來看，你或多或少會擁有你需要的一切？然後，從 8 月（如果不是更早到 12 月）這段時間將是正式的招標過程，屆時一切都或多或少地確定下來。這是正確的解釋嗎？

That's right.

這是正確的。

The next question is coming from George Choi from Citigroup. George.

下一個問題來自花旗集團的 George Choi。喬治。

A couple of questions from me. Firstly, in Macao. The Macao court has recently ruled that a couple of your competitors are [jointly] and separately liable for some illegal deposits with junkets. How do you see the likelihood that you guys will also be found liable for this potential liability after the recent close down of the major junkets there?

我有幾個問題。首先，在澳門。澳門法院最近裁定，你們的幾個競爭對手[連帶] 並分別對一些在中介人的非法存款承擔責任。在最近關閉那裡的主要中介後，您如何看待你們也將被認定為這種潛在責任承擔責任的可能性？

Grant, do you want to handle that?

格蘭特，你想處理嗎？

Sure. Thanks, George, for the question. I think, as you know, the cessation of operations of all of these fixed-room junket promoters, obviously happened fairly recently in December of last year. And as a result of that, obviously, there are some new court cases being raised by various stakeholders and participants in that system. Currently, there is nothing material to report from Sands China perspective. There are a few cases ongoing, but none of them are material, and we will continue to monitor the situation and obviously report back if there any changes.

當然。謝謝，喬治，這個問題。我認為，如你所知，所有這些固定房間中介人的停止運營顯然發生在去年 12 月。因此，很明顯，該系統的各個利益相關者和參與者提出了一些新的法庭案件。目前，從金沙中國的角度來看，沒有任何材料可報告。有一些案件正在進行中，但沒有一個是實質性的，我們將繼續監控情況，如果有任何變化，顯然會報告。

And my second question is on your balance sheet. Now clearly, the first quarter was quite difficult for your Macao operations, it's putting a lot of stress on your balance sheet as Sands China. When it gets to a point where Sands China needs to raise funds, would you guys consider equity as option or is because of that still cheap enough that you would continue to look to raise funds from the debt capital market?

我的第二個問題是關於你的資產負債表。現在很明顯，第一季度對您的澳門業務來說相當困難，這給金沙中國的資產負債錶帶來了很大壓力。當金沙中國需要籌集資金的時候，你們會考慮股權作為期權，還是因為股權仍然足夠便宜，你們會繼續尋求從債務資本市場籌集資金？

Patrick?

帕特里克?

It's Patrick. So a couple of thoughts here. I think we're very optimistic about the long-term future of Macao. We understand there's articles out about concerns around liquidity. I think we have a very strong balance sheet. Yes, we've received some stress over the last few years under the pandemic's tough operating conditions, I think we all have. But the good news is that our company as a group has a lot of liquidity a lot of different options.

是帕特里克。所以這裡有幾個想法。我認為我們對澳門的長遠未來非常樂觀。據我們了解，有關於流動性擔憂的文章。我認為我們的資產負債表非常強勁。是的，在過去幾年中，在大流行的艱難運營條件下，我們都承受了一些壓力，我想我們都有。但好消息是，我們公司作為一個整體擁有大量流動性和很多不同的選擇。

I think the good news is also that we were an investment-grade company during the pandemic, which does a lot about the market's view about our ability to raise additional capital. So from our standpoint, I think we have a lot of flexibility. Our balance sheet was designed to withstand shocks and a lot of variability in our respective operating markets. I think we've proven that. And I think where we are today is we'll look to see how the operations continue coming out of the pandemic, which hopefully soon. Look at our liquidity and make decisions based on available options. So I don't think we're stuck in one particular view. I think we have cash of the parent, we have cash around the system. We have an investment-grade credit rating. We have access to credit markets. And I think the good news is we position ourselves well to benefit from the recovery on the other side. So I think we have a lot of flexibility, and we'll use it as needed.

我認為好消息還在於，我們在大流行期間是一家投資級公司，這在很大程度上影響了市場對我們籌集額外資金能力的看法。所以從我們的角度來看，我認為我們有很大的靈活性。我們的資產負債表旨在抵禦我們各自經營市場的衝擊和大量可變性。我認為我們已經證明了這一點。我認為我們今天所處的位置是，我們將看看操作如何繼續擺脫大流行，希望很快。查看我們的流動性並根據可用選項做出決策。所以我不認為我們停留在一個特定的觀點。我認為我們有父母的現金，我們在系統周圍有現金。我們擁有投資級信用評級。我們可以進入信貸市場。而且我認為好消息是我們可以很好地定位自己，以便從另一邊的複蘇中受益。所以我認為我們有很大的靈活性，我們會根據需要使用它。

Next question is coming from Chad Beynon from Macquarie.

下一個問題來自麥格理的 Chad Beynon。

I wanted to ask about inflation. I know it's obviously something that people are a little bit more focused on here in North America and it's different in different regions of the world. But wondering if you could kind of talk about the labor inflationary environment or employment situation in your key markets, Singapore and Macao? And how that could potentially impact margins when the business is fully recovered on the revenue side?

我想問一下通貨膨脹。我知道這顯然是北美人們更加關注的事情，而且在世界不同地區有所不同。但是想知道您是否可以談談您的主要市場新加坡和澳門的勞動力通脹環境或就業情況？當業務在收入方面完全恢復時，這可能會如何影響利潤率？

I don't want to say 1 thing about our business, obviously, (inaudible) inflation, it's a question we're anticipating. But I would say that I believe the revenue side of the equation is going to more than take care of itself as far as margins. We're going to be really I'd be shocked if will see a big return in Singapore this year and then hopefully a big return in Macao in '23, hopefully, maybe '22, I don't know. We don't have any visibility more than you do about what's going to happen in China, to be clear. But I do think, just like here in the U.S., margins have gone very powerfully positive, because the demand is there.

我不想就我們的業務說一件事，顯然，（聽不清）通貨膨脹，這是我們預期的問題。但我要說的是，我相信等式的收入方面不僅僅是在利潤率方面照顧自己。我們真的會很震驚，如果今年能在新加坡看到巨大的回報，然後希望在 23 年在澳門有很大的回報，希望，也許是 22 年，我不知道。需要明確的是，我們對中國將要發生的事情沒有任何能見度。但我確實認為，就像在美國一樣，利潤率已經變得非常積極，因為需求就在那裡。

I don't think Asia is any different. The equation is going to be driven by excessive revenue, I think, in Singapore, we'll see it this year, I believe, and hopefully see in Macao this year or next. As for the operating entities, Grant you want to discuss as you see as far as Macao, for example, in wage inflation, I don't know how to address that question.

我不認為亞洲有什麼不同。這個等式將受到過度收入的推動，我認為，在新加坡，我們今年會看到，我相信，並希望今年或明年在澳門看到。至於經營實體，格蘭特，你想談的是你看到的澳門，比如工資上漲，我不知道如何解決這個問題。

Sure, Rob. I think right now, Macao is a slightly different situation. If you look at the wage trend, it's very moderate, if not flattish in terms of wage inflation. But obviously, that's for reasons that are not hard to discern because there is pressure or unemployment since it's such a tourism-dependent economy.

當然，羅伯。我認為現在，澳門的情況略有不同。如果你看一下工資趨勢，就工資通脹而言，它是非常溫和的，如果不是持平的話。但顯然，這是由於不難辨別的原因，因為它是一個依賴旅遊業的經濟體，因此存在壓力或失業。

And then interestingly, in terms of construction works, costs are, again, either in line with prior years or if not going down somewhat, again, because of the demand supply situation that's specific to Macao as a lot of large scale works have moderated, they being completed. So at this stage, we're not seeing any significant signs on the inflation front. Of course, there are some supplies such as food and so on, where we do experience inflation, but obviously, thoughtful for the totality of our business, this is not going to be material.

然後有趣的是，在建築工程方面，成本再次與往年持平，或者即使沒有有所下降，也是因為澳門特有的需求供應情況，因為許多大型工程已經緩和，他們正在完成。因此，在現階段，我們沒有看到通脹方面的任何重大跡象。當然，有一些供應品，如食品等，我們確實會經歷通貨膨脹，但顯然，考慮到我們的整體業務，這不會是實質性的。

But I think the important point is what Rob said, I think you also have to consider for our type of business, the revenue side of the equation, which I think is going to be the more dominant driver, if obviously prices take off.

但我認為重要的一點是 Rob 所說的，我認為您還必須考慮我們的業務類型，即等式的收入方面，如果價格明顯上漲，我認為這將是更主要的驅動因素。

And just to sort of one other thought. I think -- the important thing to note is where you'll see the impact of inflation is really in construction costs and in materials that go into construction inputs for large-scale projects. You see that in the U.S., you'll see it in Singapore and you'll start to see in other markets. In Asia, as people come out of the pandemic and really there's a pent-up demand pipeline of things that needed to get done as well as a shortage of labor and a shortage of labor movement related to pandemic restrictions.

只是為了另一種想法。我認為 - 需要注意的重要一點是，您將看到通貨膨脹的影響實際上是在建築成本和大型項目的建築投入中的材料。你會在美國看到它，你會在新加坡看到它，你會開始在其他市場看到它。在亞洲，隨著人們走出大流行病，真正需要完成的事情的需求管道被壓抑，以及與大流行限制相關的勞動力短缺和勞動力流動短缺。

So that is something that is a likely thing to be seen, you're already experiencing a little bit of it in certain markets. I think the other thing is, the good news is that inflation also comes pricing. And so our business is not tied into any long-term contracts. We have the ability to operate within the market. Singapore has always been a very high quality place for labor. It's been an expensive labor market. It's always been very tight, and we've always managed it. So I have faith in the team take on our execution capability to maintain margins through the cycle. And I think that's really the nature of our business that we have pricing power. We have the ability to change rates as a hotel as a consumer products company and really work through the changing inflation and in effect, make that part of the business margin.

所以這是一件很可能會看到的事情，你已經在某些市場上經歷了一點。我認為另一件事是，好消息是通貨膨脹也伴隨著定價。因此，我們的業務與任何長期合同無關。我們有能力在市場中運作。新加坡一直是勞動力質量非常高的地方。這是一個昂貴的勞動力市場。它一直很緊張，我們一直都在處理它。因此，我相信團隊能夠發揮我們的執行能力，以在整個週期中保持利潤率。我認為這就是我們業務的本質，我們擁有定價權。作為一家消費品公司，我們有能力改變酒店的價格，並真正應對不斷變化的通貨膨脹，實際上，將這部分收入作為業務利潤的一部分。

And then separately, just on -- kind of back on the digital portfolio opportunities that you talked about just given the current valuation change that we've seen in a lot of the public companies, has anything changed just in terms of the total amount of money that you want to invest in this space given that there might be some really good opportunities in the near term just because of a valuation disconnect? Or are you still kind of disciplined in terms of the total amount that you would put forward towards this effort?

然後單獨說一下，考慮到我們在許多上市公司中看到的當前估值變化，就您剛才談到的數字投資組合機會而言，僅就總金額而言有任何變化嗎？鑑於估值脫節，短期內可能會有一些非常好的機會，你想在這個領域投資嗎？或者，就您為這項工作提出的總金額而言，您是否仍然有點自律？

I believe we have to be disciplined. And the reason I say that is our core business, and let's be honest, our balance sheet is what it is. It's in a pretty good place. If our business returns in Singapore, like we anticipate, -- and then behind that comes to Macao, we get back to $4 billion or $5 billion, $6 billion EBITDA. Our investment portfolio approach may change as it relates to digital.

我相信我們必須遵守紀律。我這麼說的原因是我們的核心業務，老實說，我們的資產負債表就是這樣。它在一個相當不錯的地方。如果我們的業務像我們預期的那樣在新加坡回歸，然後在澳門回歸，我們將回到 40 億美元或 50 億美元，60 億美元的 EBITDA。我們的投資組合方法可能會隨著數字化而改變。

But at this time, we're going to stay doing what we're doing now, which is being very disciplined waiting for our core business return because there's no one like us. If the Macao comes back and I think it will be back hopefully sooner than later, Singapore is coming back, we'll be in a very different place in 6 months or a year and that may change our thinking. I think it's pretty simple. We want to get back to our core strength and then we visit other things at that time.

但是此時，我們將繼續做我們現在正在做的事情，這是非常有紀律地等待我們的核心業務回歸，因為沒有人像我們這樣。如果澳門回歸，我認為它會早日回歸，新加坡回歸，我們將在 6 個月或一年後處於一個非常不同的地方，這可能會改變我們的想法。我認為這很簡單。我們想回到我們的核心力量，然後我們在那個時候訪問其他的東西。

And I think one other thing that's important to note is we're very much focused on building rather than buying. We want to make sure that we create a lot of long-term value. Our company has a history of being a platform of development in entrepreneurship and we are taking that approach through our digital efforts in several different areas. And we think over time, that will provide the most reward for shareholders. So we're very patient. We're thinking long term. And yes, there are cycles in valuations across the digital space. In our mind, we'll execute against our long-term strategy and take advantage where we can.

我認為另一件需要注意的重要事情是我們非常專注於建設而不是購買。我們希望確保我們創造很多長期價值。我們公司有成為創業發展平台的歷史，我們正在通過我們在幾個不同領域的數字化努力採取這種方法。我們認為，隨著時間的推移，這將為股東提供最大的回報。所以我們很有耐心。我們著眼長遠。是的，整個數字空間的估值存在周期。在我們看來，我們將執行我們的長期戰略，並儘可能利用我們的優勢。

The next question is coming from David Katz from Jefferies.

下一個問題來自 Jefferies 的 David Katz。

With respect to the U.S. land-based opportunities that's out there. If you sort of have your druthers or how your wishes come to pass, what does the LVS U.S. land-based presence look like over time?

關於美國的陸上機會。如果你有你的德魯特人或你的願望是如何實現的，隨著時間的推移，LVS 美國的陸上存在會是什麼樣子？

Any place there's very large-scale buildings that can create large EBITDA. We're not looking to be a small regional player obviously. So that limits the opportunities doesn't to Texas, New York. We failed in Florida recently, but we're not done with Florida. We're still looking at that. And there are few places we can go and invest the kind of money on investment, the kind of returns we want, we're not going to be buying small businesses. So I think at this point, as you talk to you today, it would have to be Texas, New York and perhaps Florida.

任何地方都有可以創造大量 EBITDA 的大型建築。顯然，我們不希望成為一個小的區域參與者。所以這將機會限制在德克薩斯州和紐約州。我們最近在佛羅里達州失敗了，但我們還沒有完成佛羅里達州。我們還在研究那個。很少有地方我們可以去投資那種錢，我們想要的回報，我們不會購買小企業。所以我認為在這一點上，當你今天與你交談時，它必須是德克薩斯州、紐約州，也許還有佛羅里達州。

And the next question is coming from Steve Wieczynski from Stifel.

下一個問題來自 Stifel 的 Steve Wieczynski。

Just one question for me. Rob, you talked about getting to that $1 billion EBITDA run rate in Singapore by potentially by the end of the year. And I'm not sure you're going to answer this. But is it fair to say that March and maybe more so April on a monthly run rate basis is enough to get you to that $1 billion run rate level? And I'm just really trying to understand a little more how strong recent trends have been?

對我來說只有一個問題。 Rob，您談到可能在今年年底之前在新加坡達到 10 億美元的 EBITDA 運行率。我不確定你會回答這個問題。但是公平地說，3 月甚至 4 月的月度運行率足以讓你達到 10 億美元的運行率水平嗎？我只是真的想更多地了解最近的趨勢有多強烈？

Yes. Well, I guess, looking at March, you're at about $700 million run rate if you take you annualize March, and April looks better at this point. So I don't think it takes a lot to get there. I mean, to be honest, I don't know why we wouldn't get there. We won't get into specific numbers in April, but the trending Singapore, as I referenced earlier, Robin, someone asked the question about what's happening it's outsized demand in all segments. So why wouldn't it happen?

是的。嗯，我想，看看 3 月，如果你把 3 月年化，你的運行速度約為 7 億美元，而 4 月在這一點上看起來更好。所以我認為到達那裡不需要太多。我的意思是，老實說，我不知道為什麼我們不能到達那裡。我們不會在 4 月份進入具體數字，但正如我之前提到的，趨勢新加坡羅賓，有人問這個問題，關於正在發生的事情，它在所有領域都有超大的需求。那為什麼不會發生呢？

I mean I think it's going to blow past the $1 billion, frankly, I think it should. It just depends on if we see any pushback in COVID restrictions. I mean we have an outsized opportunity. Singapore is the best product that we have in the market today. Macao essentially is not available. I think we compete very well anyway in Singapore, but it's unique now. And I think it's -- it should at $1 billion and better.

我的意思是我認為它會超過 10 億美元，坦率地說，我認為它應該。這僅取決於我們是否在 COVID 限制方面看到任何阻力。我的意思是我們有一個巨大的機會。新加坡是我們當今市場上最好的產品。澳門基本不可用。我認為無論如何我們在新加坡的競爭都非常好，但現在是獨一無二的。我認為它應該是 10 億美元甚至更好。

The only negative there, as you well know, is China is still relatively close to us. So that's the market we'll miss but we feel very confident about our prospects. In the last month, things have gone from hesitancy to full-bore excitement about what's happening in Singapore. And I think the government -- I think I hope they share our enthusiasm.

眾所周知，那裡唯一的不利因素是中國離我們還比較近。所以這是我們會錯過的市場，但我們對我們的前景充滿信心。上個月，人們對新加坡正在發生的事情從猶豫轉為興奮不已。我認為政府 - 我想我希望他們分享我們的熱情。

And the final question is coming from Ben Chaiken from Crédit Suisse.

最後一個問題來自瑞士信貸的 Ben Chaiken。

I guess just 2 or 3 follow-ups on Singapore. You mentioned $58 million in March. Can you remind me, is that -- I believe there was some tax changes coming into play, I guess, simplistically, VIP and mass each go up roughly 300 basis points. Is that -- was that in March already in the numbers you mentioned?

我猜新加坡只有 2 或 3 次跟進。你在三月份提到了 5800 萬美元。你能提醒我嗎，我相信有一些稅收變化正在發揮作用，我想，簡單地說，貴賓和大眾每人大約上漲 300 個基點。那是 - 你提到的數字在三月份已經出現了嗎？

Yes, it was as of March 1, that was - were impacted as of March 1 by the changes you referenced, yes.

是的，截至 3 月 1 日，那是 - 截至 3 月 1 日，您提到的更改受到了影響，是的。

Cool. And then two, I think in the last few days, there's been some changes in Singapore regarding travel restrictions.

涼爽的。然後是兩個，我認為在過去的幾天裡，新加坡在旅行限制方面發生了一些變化。

Yes.

是的。

Can you remind us maybe -- can you just refresh us where we are today versus where we were in March?

您能否提醒我們——您能否讓我們刷新一下我們今天所處的位置和三月份的位置？

Where we are today is basically, if you're a vaccinated you can get into Singapore pretty easily. There are still restrictions and you've got to be -- if you're in the casino, you've got to be smoking or drinking water or something to be able to take your mask off. But pretty much, it's -- if you're vaccinated you have full access to Singapore. It's a very different place than it was a month ago.

我們今天所處的位置基本上是，如果你接種了疫苗，你可以很容易地進入新加坡。仍然有限制，你必須這樣做——如果你在賭場裡，你必須吸煙或喝水或其他可以摘下面具的東西。但幾乎是——如果你接種了疫苗，你就可以完全進入新加坡。與一個月前相比，這是一個非常不同的地方。

So that's why we're still bullish in Singapore. It basically is quarantine free entry for all vaccinated travelers. And no [code] on number of daily arrivals is no more restrictions. So we're back to -- we're back in the business in Singapore in a very positive way.

所以這就是為什麼我們仍然看好新加坡。基本上所有接種疫苗的旅行者都可以免檢疫入境。並且沒有關於每日到達次數的 [code] 不再受到限制。所以我們回到 - 我們以非常積極的方式回到新加坡的業務。

Got you. And then just last quick one, not to get ahead of ourselves, but -- you mentioned $1 billion a few times. But why not, I mean you're doing $1.7 billion, right, pre-COVID and the new hotel coming, like what's -- is the billing just a round number to [update] the trajectory or...

得到你。然後只是最後一個快速的，不是為了超越我們自己，而是 - 你多次提到 10 億美元。但是為什麼不呢，我的意思是你正在做 17 億美元，對，在 COVID 之前，新酒店即將到來，就像是 - 賬單只是一個整數，用於 [更新] 軌跡或......

Well, you the (inaudible). There's no new hotel coming. We're not building any hotel yet. So there's no new hotel. There's a renovation of a current hotel. Look, we just see the $1 billion of benchmark. We think that's attainable. We're not trying to oversell it or over -- get too excited ahead of ourselves. Let's see where it goes. We're looking at the results in the U.S. We're very excited what's happened in the U.S. The demand is there. We've seen a reason why Asia shouldn't just keep ramping more positively. And again, as you referenced, that's a very unique asset. $1.7 billion at the peak was the performance of MBS. We get back to some day, yes, I think we will and then beyond that, but it won't be this year.

好吧，你（聽不清）。沒有新酒店來了。我們還沒有建造任何酒店。所以沒有新酒店。現在的酒店正在裝修。看，我們只看到了 10 億美元的基準。我們認為這是可以實現的。我們並沒有試圖超賣或過度銷售——太興奮了。讓我們看看它的去向。我們正在關注美國的結果。我們對美國發生的事情感到非常興奮。需求就在那裡。我們已經看到了為什麼亞洲不應該繼續更積極地增長的原因。同樣，正如您所提到的，這是一項非常獨特的資產。巔峰時期的 17 億美元是 MBS 的業績。我們會回到某一天，是的，我認為我們會，然後超越那一天，但不會是今年。

There were no other questions in queue. Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. We thank you for your participation.

隊列中沒有其他問題。謝謝你們，女士們，先生們。這確實結束了今天的電話會議。你可以在這個時候斷開你的電話線，並有一個美好的一天。我們感謝您的參與。