Grant Chum : I think I haven’t seen any data on the split between Cotai and Peninsula. However, it stands to reason, I think, structurally, we see — and we have always said that Cotai will become the primary hub. And I think even pre-COVID, we were already more than half of the mass revenues from Cotai. And I think that trend will continue. I think there’s a lot of different reasons. But I think at its heart, the main reason is just the cluster of world class integrated resorts that you have on Cotai. And what this, I think, next generation of these lifestyle consumers are looking for from Macao as a destination, and all of the investments in non-gaming that are going into basically making these results even more desirable over the next 10 years, all of those structural factors are surely will continue to push the balance of revenues towards the Cotai side, and that’s a structural issue that will continue to evolve over the long time.
As regards to — we obviously have one asset on the Peninsula, we do intend to reinvest in that asset. But it clearly the majority — the vast majority of our capital will still be going towards our Cotai properties.
Chad Beynon : Thank you very much. Appreciated.
Operator: Thank you. The next question is coming from Brandt Montour from Barclays. Brandt, your line is live.
Brandt Montour : Hey, everybody. Good morning. Thanks for taking my questions. Starting on Singapore. I was curious if you could compare the spend per visitor that you’re seeing there to what we saw in Las Vegas in 2020 and 2021. If that’s sort of holding up in the same way, if it’s — if the curve looks different quarter-over-quarter. And then if you want to throw Macao early days into that comparison, that would also be helpful.
Patrick Dumont : Yeah. I think it’s really hard to compare between markets. The key thing to note is that it’s really all about pent-up demand, consumer tourism experience and the products that we offer. And sort of the nature of those assets for high-quality tourism. So it’s not really fair to compare between markets. The price points are different, the consumer behaviors are different. It really doesn’t look the same. What is thematically similar is the pent-up demand story. And Rob — as I said before, Rob’s seen it in his career in other locations. We experienced here in Las Vegas in a very strong way. We saw it in Singapore in a very strong way, and it’s still in effect and we’re starting to see them in Macao now and it’s coming on strong. So I think it’s really the nature of consumer behavior as opposed to the specific price points in each market.
Brandt Montour : Okay, that’s great.
Rob Goldstein : It’s part of the — to Patrick’s point, think about what Singapore is market GGR versus Macao, Macao could be a $25 billion, $30 billion GGR market has been higher historically. And Singapore just doesn’t have the capacity. And then Las Vegas is much more of a — it’s got a gaming component, it’s got a very strong non-gaming. So it’s almost impossible to apples-to-apples. The driving force is the scale of people in Macao in Singapore — in Mainland China, the accessibility to adjustable market is so huge in Macao. And so the product offering. To Grant’s point, the Peninsula, versus the Cotai, it’s got such enormous capacity and great product. It’s hard to — that market is so outsized when it just back at full capacity, it’s hard to compare than anything. It’s so powerful.
Brandt Montour : Okay. Okay. Thanks for that. And then on Slide 22, the long-term commitments in Macao slide, on the capital, the left side of the slide, I was curious, looking at your plans for the next 10 years if you think you’re going to be able to achieve return levels commensurate to recent projects that you’ve done in that market and you’ve enjoyed in that market?
