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

Carlo Santarelli : That makes sense, Rob. Thank you. And then just as a follow-up, and I understand kind of looking backwards at things that are Macao related is somewhat pointless in the environment that we’re in right now. But it’s just — it does stand out a little bit when looking at your base and premium mass table revenues from the slide deck, your premium mass is representing, I think, 20% of 4Q ’19 base mass kind of more like mid-teens, 16, something like that. However, the premium mass is down considerably year-over-year, whereas the base mass is reasonably steady year-over-year. Is that a whole dynamic on just lower than normal historical volumes? Or is there something else that’s kind of made those 2 diverge more recently here, and then the fourth quarter specifically?

Rob Goldstein : No, I think it’s just a visitation issue. It’s not a whole issue. It’s visitations sure. I think you’re going to find that washes out. I wouldn’t take those numbers too much to heart. I think when you look at Q1, I wish when you see January, when those numbers are out there for the market, I think it will all wash away quite nicely. It won’t be — it won’t enter into your thinking, Carlo. It’s a nonevent. I think you’ll see a surprising strength in both those segments. I would say in Macao, we’re going to be very strong, very represented in the base mass because we have the capacity. We’re a scale player. And so we have the capacity in the gaming, non-gaming, retail, restaurant space to do extraordinary things in the base mass.

And again, as I’ll reiterate, base mass in Macao is a different animal than the U.S. It’s a $200 base bet, $175 base bet. So pretty special customer. We are going to represent because of our scale. But on the other hand, with all of our suite product, et cetera, I think we’ll also be the leaders in the premium mass business. So we have a very strong future ahead of us in Macao. I always chuckle, people, if you’re looking for a negative commentary in the Macao market, you’re in the rolling earnings call.

Carlo Santarelli : Understood. And then, Rob, just quickly, if you could remind us, to the extent you guys are willing to share it, 2019, your direct VIP volume, your in-house VIP volume as a percentage of total, would you guys be able to share something like that?

Rob Goldstein : We would, but we won’t.

Carlo Santarelli : Understood. You could, but you won’t.

Rob Goldstein : We could share it, we just won’t. No, we’re not going to do that. But Carlo, thank you. It’s good to hear from you.

Carlo Santarelli : Thanks, guys. You as well. Take care.

Operator: Thank you. The next question is coming from Stephen Grambling from Morgan Stanley. Stephen, your line is live.

Stephen Grambling : Hi, everyone. Thanks. Can you hear me okay?

Rob Goldstein : Pretty clear, Stephen. Go ahead.