In fact, we haven’t — I would say, if you’re playing golf, we’re still in the driving range. I mean, we haven’t gotten the first tee yet. This market, 100 days ago, Grant reminded me, we’re kidding about the market, hoping to see a profitable quarter in ’22. We now just gave you a $400 million number. I think my point is, it’s evolving so quickly and the movement — if you look at — I don’t think it’s easy to spot trends. I think clearly the base mass to Grant’s comment, has been somewhat confusing and his thoughts recovered much better than base mass tables.But again, I think it’s very difficult to assign the certainty to where the trends are going. I just think, when you look at the page — Slide 16 or 14, you’ll see the non-Guangdong visitation, which is pretty weak, and there is so much more room to run here.
I think when this is all said and done, we’ll make a lot more money with a very healthy margin and all this will be left behind the desk. I just don’t think we can take — what really effectively half of January, two months subsequent and assign real value to it. Yeah, it’s just too early to figure it out.Grant, please jump in.Grant Chum No, not a lot more to that, Rob. Yeah, I think you covered it well.Rob Goldstein Shaun, what else you got?Rob Goldstein Great. I mean, the other question would be the follow-up and maybe a little bit indulgent, but I’ll try. Just trying to get a sense of kind of…Rob Goldstein Indulge us.Shaun Kelley Just trying to get a sense of market share as we, let’s call, exited the quarter, be it March or some [amount] (ph) of run rate, as we look at it, some of the checks suggested that it was accelerating and you did very well.
It probably depended a little bit of the timing on some of that base mass recovery, but for the quarter, we calculated you at around 27% share. And just kind of curious if that was level across the quarter? Did you kind of — was it your exit rate meaningfully higher than that? I’m just kind of trying to, again, probably extract a little too much from where we are in the recovery, but we want try anyways.Rob Goldstein All right. Patrick is going to take a look at that.Patrick Dumont Yeah, it’s an interesting question. I think when we look at Macao, it’s a story of investment. So, if you think about the growth in Macao and the asset base that we have and why we’re able to get the visitation and the productivity out of the assets, it’s because of our scale of investment in non-gaming.
It’s the rooms, it’s the retail, it’s the entertainment, it’s the food and beverage, it’s all the things that drive tourism value.And so, we invested $2.2 billion across the pandemic. So, from our standpoint, it’s a new day. And we have probably one of the most important assets we have created in The Londoner, which was Sands Cotai Central. There’s a lot of productivity that’s available there. We have 650 new suite that we didn’t have pre-pandemic. There’s a lot of volume that we’re going to be getting that we never had access to, now that the pandemic recovery is underway.And I think the other thing that’s important to note is we’ve done this two other times. So, we were in the Las Vegas market during the recovery. And we saw the schedule and let’s call it the slope of recovery related to pent-up demand in the marketplace and recovery of tourism.
We went through that. We saw it in Singapore and the different stages of tourism access that occurred in a very controlled market in that recovery.And now we’re seeing unfettered access to what is probably the best cluster tourism assets in all of Macao globally. And they’ve been continued to be invested in. There’s a lot of depth to the market. And it is the beginning innings. It’s early. So to call a market share now is a little tough, because it’s not really comparable to pre-pandemic, because of the amount of investment and some of the dynamics changes that have happened to the market in the last three years.So, from our standpoint, I think we put up a good quarter. I think we’re positioned well. As Grant mentioned, we’re very excited about the additional inventory coming online as we get manpower into the buildings.
And I think we’re in a good place to continue to grow. So, we’re not really looking at market share right now as much as we’re looking at investment, visitation, access, customer service and then margin and outcome. And you saw the results of that in the quarter that we just had.So, March was really good. We’re really excited about it. We’re in a great trend. And we’re going to keep pushing.Shaun Kelley Congratulations. Thanks very much.Rob Goldstein Thank you.Operator Thank you. The next question is coming from David Katz from Jefferies. David, your line is live.David Katz Hi, afternoon. Thanks for taking my questions. I wanted to just go back to the direct VIP business in both markets. And I know you made some commentary about sort of where Singapore is coming from and where some of the extra business is coming from.
But can you help us understand the direct VIP opportunity in Macao? And are there any insights that we can learn from about where that could evolve to over time relative to what we saw in the past, understanding it’s a completely different business today?Rob Goldstein Yeah, I think we’re all in the same boat here as far as not really knowing how — I think the first quarter is indicative that there is a VIP market. Our rolling volumes indicate that. We wonder if it can increase, keep going. One surprise to me has been the acceptance of foreign visitation from non-China countries into Macao. It makes sense to me. The quality of product there, the diversity of product, the experience, there is very — it’s an exciting place to visit, easy to access, getting easier, especially for foreigners.
So, I think that’s going to continue to build.Also the people there — it’s obvious because the structural junk is disappearing. It’s a much different approach. And these are people you have to know who they are, credit wise, et cetera, to be in business with them. But I don’t think it slows down. My sense is, Macao has such a compelling product and such diversity of compelling products and has such great food and retail, it’s just an exceptional place for visitor internationally. And I think you’ll see more and more of that trend.I don’t think it will cost as business in Singapore in terms of — I think people will still obviously get to Singapore for the same reasons. But Macao, I think has a better future on the direct rolling business that I anticipated.
And I think it’s driven by, again, access, quality of product and people want to go there, and it’s evident here in the first quarter. Obviously, the — it’s impacted by our retail sales as well. You can see the quality of our retail business in Macao, it’s a direct relationship with the super high-end that come to visit.That’s again, early innings, non-junket, liquidity issues, a lot of unknowns at this point. I don’t think we should pretend to know what the future looks like, but I think there is a very positive trend in the right direction.Grant, do you want to comment?Grant Chum Sure. Yeah. I think Rob is absolutely right. The attraction of Macao to foreign VIP gamer is immense and I think the pleasant surprise, although we are obviously redoubling our assets post the concession tender in bringing international visitation to Macao and the VIP gaming was the first natural place to start, given that the general airlift, commercial air flights are still a fraction of where they were in 2019.So, I think this direct VIP performance that you referenced, it was very healthy during the quarter and kept growing and we don’t know where it grows to, but there’s no reason to believe that it wouldn’t continue to grow, given the quality of the product.
And you can see, not just the strong product appeal for the premium customer that we provide, but we provide such a diversity of — such a clustering effect of so many world-class resorts and we already have four of them in our portfolio. But together with all of the other colleagues in the industry, it’s an amazing clustering of world-class premium gaming destination that should appeal to the Asian regional players over time.And then, I think the other point that is, I think specifically for us, we’ve been doing this for a long, long time in terms of our international direct VIP around the Asia region. Las Vegas, Macao, Singapore, this is not a new structure to us. We’ve just got enormous ability to promote Macao now to the foreign countries, because we have the capacity, and to Patrick’s point, we have the new product that we’ve never had before, the availability of the top-quality suites, the top-quality salons.So, we’re going to be — we have been and we’re going to continue to use our international sales network that we have the biggest infrastructure across Asia in the industry and that’s where we’re going to combine the benefit of this premium product, Macao as a destination for these Asian gamers.
