With our sales infrastructure that will continue to expand. So, I think the future is very bright for foreign visitation and foreign VIP market into Macao.David Katz If I can just — thank you for that. And if I can just follow-up quickly. In terms of which — any color on sort of which countries and where this is sort of coming from and any sensibility about kind of the sustainability? Obviously, you feel like you can continue to grow them, but the non-Chinese, other countries, and the degree to which extending credit may cost a little bit more along the way. Any color there would be helpful too.Rob Goldstein We won’t be, David, country-specific, we won’t do that. But I would just say to you, the demand is in a number of countries. And I think Grant’s last point was very interesting.
I was juffling, because he’s actually right. We’ve been doing this for decades. In Asia, we have a very strong sales force. A lot of same people have been with us for 20 years and represents in Las Vegas and of course Singapore, Macao. So, we are the beneficiaries of that sales system.But I think the high-end is probably built now in Singapore and Macao is going to drive that customer. Is this sustainable? Does it grow? I don’t want to predict the future. I just don’t know. But if it does, I think we will be the biggest beneficiary of it, because again, we have the biggest network and we have all these different places that we can take people within Macao, and of course to Singapore.So, it’s hard to predict because again, it’s early innings here.
But I think if there’s a strong rolling business in Macao, I think we’ll get a big chunk of that. And time will tell how big it is, liquidity issues. But the MICE and the junket business clearly has a new day there. But if we can roll $20 billion, $30 billion, it would feel like a good place to be, if that’s possible.David Katz Thank you very much. Londoner looks great.Rob Goldstein Oh, thank you. You saw it? We love people seeing it, because it’s only halfway there, but what we’ve built so far is, we’re just very proud of it. Thank you.David Katz You’re welcome.Operator Thank you. The next question is coming from Brandt Montour from Barclays. Brandt, your line is live.Brandt Montour Hey, everybody. Thanks for taking my questions.Rob Goldstein Hey, Brandt.Brandt Montour So, given — thanks.
So, given Grant laid out a pretty good case based on the transportation impediments and the hotel room inventory impediments, that premium mass visitation could very well outgrow base mass visitation from here. I hope I’m not putting words in anybody’s mouth. But could you give us some insight into what you’re seeing in terms of premium mass win per visitor and compare that to other markets that you saw reopening post-COVID and sort of an index to 2019? Just trying to get a sense for how the pent-up demand on a per person basis is really trending.Rob Goldstein I’ll just make a few comments and I’ll pass on to Grant. I think the key thing here is having seen this, as we said before, in several other markets. This is an impressive recovery. It’s very strong.
The people who can get there are consuming meaningfully in all segments, retail, food and beverage, on the gaming side, on the hospitality side. So, it’s great to see. It’s very exciting. I don’t know that in any of our markets, we had a quarter with this amount of EBITDA recovery this quickly after opening. So that’s a good indicator. And so, I think we’re very excited about that. I think, it’s hard to call these things are — it’s — I wish we had a crystal ball, but I think at this point, we look at the recovery and it’s very encouraging.I will turn it over to Grant to see if he has an additional remark.Grant Chum Yeah. I would say, the points that we’re making on the hotel room inventory and transportation, it’s more a reflection of what happened in the first quarter.
I think, if anything, those factors obviously improve and has been improving dramatically into March and into second quarter. So, we obviously hope that the base mass would catch up assuming as we are the biggest beneficiary of that segment.And then, I think spend per head for the entire market is clearly up and the quality of customer is very high. And I think it really applies to all segments. You only have to walk through the different properties. You can see the level of spending power, not least in our retail, more — we’re up 18% in overall retail sales versus 2019, but clearly the luxury segment, it’s up a lot more. And that’s with obviously only [40%-something] (ph) of visitations that we had in 2019.So, not just in gaming, but also in the non-gaming and retail, you can see those trends were consistent in the first quarter.
But hopefully, we can start to see the base mass visitation growing and the hotel room occupancy growing for the entire market.Brandt Montour Great, thanks for that. And switching gears maybe to New York. Just curious if you’re willing to give any updated thoughts on the RFP process there? If you think the timeline has shifted since we’ve talked about it three months ago? Any other comments on the factors for winning that third license? Thank you.Rob Goldstein Yeah. New York, work in progress, waiting response from the government. Obviously, it has pushed back. We’re here and we don’t know for a fact, let’s begin there. But we’ve been told, it could be early first quarter of 2024. But again we have no definitive date at this time.We do believe we have a very compelling bid.
The project is in sync with our historical approach to development. It’s large scale resort with enormous non-gaming amenities, hotel, convention space, entertainment, spa, et cetera, very beautiful design, very much LVS spirit, the way hotel should be designed as a real resort, a real destination. We have close to 80 acres. So, I think we have a very special bid, a very compelling bid, and I hope the market sees it that way.Timing will reign with New York State’s government, and again we hope it’s the first part of ’24. No more to say about that at this time.Rob Goldstein Thanks, Grant.Brandt Montour Great, thanks, again.Operator Thank you. The next question is coming from Steve Wieczynski from Stifel. Steve, your line is live.Steven Wieczynski Hey, guys, good afternoon.
So, Rob or whoever wants to take this. I mean, if we look at visitation into Macao over the last, let’s call a month or so, it seems like there might have been or there might has been a change in the makeup of the typical visitor coming into the market. And based on some reports that have been out there in the market, it seems like there are potentially more tour groups and stuff like that coming into the market versus pre-pandemic. So just — I’m just trying to — just wondering how you’re thinking about the spending characteristics or wallet size of the typical customer today versus what that typical customer looked like previously. I’m not sure I asked that question really the right way. So, if I didn’t, let me know.Rob Goldstein I think you asked it perfectly.
It’s a good question. Grant, do you want tackle that first?Grant Chum Sure. Yeah. I mean, I think we’re trying to get recovery in all segments of the market, as the tourism market is multifaceted in terms of the different segments. And the tour groups with the last segment to really be recovering. So that’s only been taking place in the second half of the first quarter. So yes, the first visitors to come back been more at the premium end and over time, you’re going to get all the other segments recovering in good time.And I don’t think there’s any difference fundamentally in terms of how these different segments behave or perform versus 2019. I think in general, of the people who have been coming back, I think you’ve seen a higher propensity to spend.
But over time, as the other segments come back, I don’t think we should necessarily expect a fundamentally different mix or fundamentally different profile within each of those segments.Yeah, so the only different point to make at this juncture is that, yes, across all segments, the spend — spending power is higher than what it was and propensity spend is higher, and we’ll see where that evolves over time.Rob Goldstein Steve, I think we all agree that what Grant just said, we have total confidence that this market will look a lot like it did before. The only difference structurally is the junket situation. But maybe the more affluent have gotten better access earlier, but I’m a staunch believer that that market will come roaring back in the base mass.
You walk around the Peninsula, you see already the base mass is booming down there, although it’s just lower-quality spend than premium base mass. But I think the base mass market will come back, the question is how quickly it does come back. But this market will look fundamentally the same in 2023 and ’24 as it did in ’18 ’19, I’m pretty confident of that.Steven Wieczynski Okay, thanks for that, guys. I appreciate that. And then, Rob, I think the slide – what number is it, number 23, it’s pretty interesting in terms of how you laid out your Macao capital commitments for the next 10 years or so. I don’t know if you answered this, but if you think about that potential all-in, the $4.5 billion that you might have to spend over the next 10 years, is there any way you could help us think about what you guys are kind of targeting for a potential return on that commitment?Rob Goldstein Patrick?Patrick Dumont Yeah, I think we’ve always said publicly that we look towards a 20% return on invested capital there.
But I have to tell you, Macao is a bit of fantastic market to invest in over the last 20 years. We’re very excited to follow through this commitment and we look forward to the opportunity to actually invest more. If you look at the growth of our company, it’s because of the investments we’ve made in Macao in non-gaming. It’s an extraordinary tourism market. The consumer responds very well, and we’re very excited about the opportunity this new concession to invest more than what we have on this page. So, it’s something that we’re very focused on and we look forward to the opportunity to do it.Rob Goldstein I think we’re going to be raging bulls on Macao, investing in the future. And they’re fairly look-back to our past and further, you can see our future, which is going to be, we believe non-gaming assets are wildly profitable, but they also drive gaming assets.
