Las Vegas Sands Corp. (NYSE:LVS) Q4 2022 Earnings Call Transcript

Grant Chum : Thanks, Patrick. Not a lot to add. I mean, all of our rolling business currently is in the premium direct program. And I think the second point is premium mass is doing recovering much, much faster than premium direct. I think that’s what we’re seeing right now.

Dan Politzer : Got it. And then just a follow-up on the New York investment, the $4 billion to $5 billion you mentioned, I mean, is there — should we expect a commensurate return on that type of project that you’ve seen in your Asia-based investments or given the high density population, the spend curve per unit, is there reasonable to think that there could actually be upside to that kind of 20% historical return?

Patrick Dumont : I think for us, we’re very focused on return on invested capital. So Rob and the rest of the team really looks everywhere that we can to try to best deploy capital in the highest return outcomes. And so we would be interested in New York, if we didn’t think the returns were there. We think it’s a very strong potential opportunity. And for us, it’s going to be about the jobs we create, about the tourism we drive about the investment in the local community, the relationships that we have. In every market that we’re in, we’re typically the largest trade partner with small and medium enterprise. We’re looking to develop deep community routes, so we can support the community and really show this industry is something that can benefit everyone. So we’re very excited about it. We think the returns are there. Otherwise, we wouldn’t be interested.

Dan Politzer : Got it. Thanks so much.

Operator: Thank you. And ladies and gentlemen, this does conclude today’s conference call. You may disconnect your phone lines at this time. And have a wonderful day. Thank you for your participation.