Grant Chum: Yeah. Thanks, Patrick. Yeah. I think we’ve always been pursuing the entertainment strategy to create a better, more attractive destination and that hasn’t stopped since the Board has reopened. In fact, we have been redoubling our efforts, as Patrick said, with the opening of The Londoner arena in May and June. So if you look at the third quarter, we actually did around 15 different show events with about 19 performances across the two arenas and obviously, in some only 13 weekends in the quarter, so there were some weekends where we are doing both a show at The Londoner and also in the Venetian. And we believe this is critical to driving not just the diversification in Macao and the non-gaming, but also to enhance the attractiveness and the propensity to come to the destination, especially our properties, and we can see the impact on our business.
The economics of this hasn’t changed and we’ve done this for 15 years. So we know how to calibrate the investment in entertainment versus the return we get on the overall resource spending. And also, there are different types of partnerships that we do in entertainment events, and that can range from just pure any rental to us being the actual promoter. So it varies and it’s a calibration. It’s analysis between the revenue benefit that we get and the visitation benefit that we get versus the cost and also depends also potentially on the entertainment partner as well, whether they invest or they want us to co-invest or us to invest. So that really hasn’t changed, and we’ve been doing it for more than a decade. But what has changed is that we are actually significantly increasing the content because we now have a new spectacular venue in The Londoner for live music, which is already getting great feedback in terms of quality as any both for the audience but also for the office.
Robert Goldstein: George, I’d say, in my experience, entertainment is an essential component of any top-tier resort. You can never underestimate how powerful it is as a statement of the customer, longevity, commitment and honestly, for us, it’s been stable. I wish regard how we can’t do more because it’s so powerful, just like retail, just like it’s part of the package that makes people to come and visit. The reason why we have been so successful at the Venetian and it was true in Las Vegas. It was true in Lilac City (ph). It was true that anybody has ever worked. It’s always been an essential component to be very tolerable in Singapore as well. So to me, it’s not even a question, of course, how we do more of this stuff because it pays and pays and pays, very powerful.
George Choi: That’s very good color. Thank you very much.
Robert Goldstein: Thanks, George.
Operator: Thank you. The next question is coming from Dan Politzer from Wells Fargo. Dan, your line is live.
Daniel Politzer: Hey. Good afternoon, everyone. First, on Singapore, the CapEx, the $750 million for Phase 2. How do you think about this maybe relative to your longer-term expansion plans at the property? I know that’s been pushed out and the budget is probably higher than it initially was. But I mean, is this more kind of a bridge to that or how should we think about that long term and maybe when we get an update there?
Robert Goldstein: Its commitment to Phase 1 because the product as good as it was externally architecturally, it lacked. Frankly, it was necessary that what happens in Phase 2. It’s the best money we could spend to make that product successful and stronger. It’s going to have enormous dividends in the future, the room product was lacking both from a size perspective, but also a finish perspective. Some of the casino space were just not very good. I always felt that MBS as good as was architecturally is lack of [indiscernible] inside the building. And in our business, great buildings, always prevail, and prevail for a decade and just grow and grow. So that money is money very well spent. It’s not connected at all. It’s meant to make MBS 1 a very powerful 2-plus billion product.
We built in Singapore years ago, the speculation was that you’d never be more than $500 million, $600 million EBITDA. We’re going to push through $2 billion and beyond. And I think it’s a testament to reinvestment and spend money wisely. It doesn’t have any association with Phase 2. Patrick, Phase 2.
Patrick Dumont: Yeah. Just to follow on with what Rob said, so fundamentally, we believe it’s a product-driven business, right? And so that investment in quality, investment in innovation with great service and guest experience are going to drive the outside returns over time, right? So I think you’re seeing that with The Londoner. And in Marina Bay Sands, the rules we just completed Tower 1 and Tower 2. The design is luxurious. It’s residential, it is unmatched levels of service. These are the best things we’ve ever done, and they’re basically saying a new standard for hospitality and customer experience at our properties. And to Rob’s point, when Tower 3 is done, A Marina Bay Sands is going to be a hotel property in the world.
We’re really focused on it. From a food and beverage standpoint and from a retail standpoint, as Rob said before, from a guest experience standpoint, that’s what we’re focused on. IR 2 is going to be something different. It’s going to be a new stand-alone development. It’s going to have unique spaces, unique design, unique service, but it’s something that’s probably six months to a year away depending on how things go with approvals in order to get started. It will be additive to Marina Bay Sands. It will grow the market for us, be a different product and allow us to also have a live entertainment venue in Singapore, which is something that we really haven’t had in scale before. And so if you look at the power of the Venetian and what we’re doing in The Londoner with the venue that Grant mentioned, we will now have that capability in Singapore to drive high-value tourism to drive further growth and to really work that tourism that’s related to live entertainment that we never really could do before.
So for us, the expansion of Marina Bay Sands is a step function of growth potential. We’re looking forward to doing it. We think it will be an unbelievable product. We’ve been spending a lot of time on it. And hopefully, we’ll get a chance to start soon, but a completely different thing.
Daniel Politzer: Got it. Thanks. And then just moving to Macao. I think for the last two to three quarters, your non-rolling ship win has been kind of in that 22% to 23% range. Is this a function of just really premium mass being a bigger piece of the mix or — and so we should think about this kind of edging up over time back to that 23% to 24% plus range or is there something different in this market? And I’m sorry to harp on 1%, but when we’re talking $24 billion.
Robert Goldstein: You’re right to harp on in, something we think about quite a bit. No, that your question is an excellent one, and we look at all the time, I was on the phone last night with our team Macao discussing its fast things we don’t have an honest sans to tell you exactly why the entire industry seems to be down [indiscernible]. It’s very impactful money we’re talking about would be worth probably a couple of hundred million dollars used to us and go back 2% right, because it’s EBITDA. So it’s going back. We just don’t have an answer. Is it mix? Maybe is it the removal of junket and that type of thing, maybe. But until we have a really coherent and certain answer, we don’t want to give you a response. I’d like to believe that the oil industry trades up a point or 2.
