Robert Goldstein: And Joe, it can’t help, but be somewhat opportunistic as we look at the market. Our stock is trading roughly COVID levels, and we think our buildings are going to make $5 billion (ph) and more $40 billion, $50 billion in the next decade. It’s hard not to look at the stock in [indiscernible], that’s opportunistic. On the other hand, we also like to be long term and be consistent. So it’s kind of a mixture of both. But it’s hard for us to sit here today and look at pricing as if we’re close to Macao or half open to Macao and Singapore, not think there’s opportunity, but we also have a long-term perspective.
Joe Greff: Great. Thanks a lot. Thanks, Patrick. Thanks, Dan.
Operator: Thank you. The next question is coming from Robin Farley from UBS. Robin, your line is live.
Robin Farley: Great. Thank you. I wonder if you could give us some thoughts on kind of what is holding back that lower spending customer. It sounds like transportation bottlenecks are no longer really the issue in Macao, if it’s the RMB depreciation? Is that something we have to kind of wait for that to anniversary next year or I guess what do you think will change that the kind of visitor levels for that lower spending segment? Thanks.
Patrick Dumont: Yeah. I think it’s interesting. If you go to Page 16 in our deck and by the way, we debate this all the time. I think the team on the ground there is very focused on it. I think what you’ll see is that visitation is from China, excluding Guangdong is 72%. [Technical Difficulty] Guangdong is back to 92%, but if you look at the air lift, Macao Airport was only at 64% of 2019 capacity in the quarter, and Hong Kong was only at 63%. So it’s a pretty meaningful difference and so frictional transportation difficulties are still real, and they’re getting better. Customers can get to Macao more easily in this border than they could before. But we’re still not back to normal. And so what we’re starting to see is, I mentioned earlier, some of the infrastructure for mass store groups are returning, which is very positive, starting to see some of the increased volumes due to their visitation.
Some of the higher-value customers, premium mass customers and the IP customers, airlift isn’t great. And some of this airlift coming into Macao was domestic and some of it’s — some of it’s international. So I think for us, as we see this airlift capacity recover, we’re going to start to see more entertainment (ph), of course, benefit not only us, but also the entire market is where people are able to get here more easily. But I think the recovery story is not fully there in terms of air travel and in terms of accessibility. I think it’s on the way, but it’s not fully back.
Robin Farley: I guess I’m thinking that the air travel wouldn’t necessarily be — where the lower spending customer will be coming from there, and high-speed rail, I think is back to pre-COVID levels. So I just — is there anything else that you think is impacting if that needs to change, whether it’s policy in Mainland China or it’s kind of anything else outside of that transportation issue. Thanks.
Robert Goldstein: Grant, do you want to jump in here?
Grant Chum: Sure. Yeah. I think, Robin, the — Patrick referenced 72% out of non-Guangdong, Actually, if you look at the regional differences between provinces, I mean there are some of the higher spending provinces are actually way above 2019 in terms of visitation and some are lower than 2019. So I think there are just some regional differences depending on the whole host of factors ranging from the transportation to the availability of hotel rooms and so on and so forth, and their propensity to go cross border in their trips. I mean this is the first set of summer holidays since COVID. And then, I think what you see is actually a very strong acceleration in that non- Guangdong visitation this quarter. So we’re really up 22% over visitations, but within that Mainland China is up a lot more sequentially.
And that is also reflected in the property visitations that we saw this quarter, the 17% increase in the base mass revenue that we saw. So it is picking up, but it just accelerated at a different pace from the premium mass, which as you know, came back right from the start in a stronger fashion than the base mass. So I think as more to inventory is actually opening up and the propensity improves. People know the Macao market is back with all the non-gaming investments and events that are driving the interest in the destination I think that base mass segment will naturally improve over time as it did already significantly this quarter.
Robin Farley: Okay. Great. Thank you, all. Thanks.
Operator: Thank you. The next question is coming from Stephen Grambling from Morgan Stanley. Stephen, your line is live.
Stephen Grambling: Hi. Thanks. This may be a bit myopic, but I would love to hear a little bit more color on how Golden Week maybe trending and how the pace of recovery has continued across different customer categories more recently, especially around these big events that seem to have driven kind of a step function move in the recovery historically.
Robert Goldstein: Steve, we traditionally don’t talk about the current quarter. We’ll keep that intact here as well. I think if you look at the numbers in the market as the print to see the strength of Golden Week’s [indiscernible] the numbers driven by the government and other sources. But we never comment inside the quarter.
Stephen Grambling: Fair enough. And maybe changing to something more specific [Technical Difficulty] would love to just hear anything around potential near-term disruption. I think that that’s going to be starting in November and then when that might be felt most and when we can anticipate the re-ramp?
Robert Goldstein: Yeah. I’ll turn to Grant, there will be some disruption, but we still feel as though the initial results, under are — obviously, we’re looking at it as a future hope that one of these prospects. Grant take it through ’24, both [indiscernible] and Casino seeing that better and how we see it.
