But obviously, the actual flow-through in the percentage margin we ultimately deliver from this very positive structure is really dependent on the rate of volume recovery. So we still need the top line to recover to a certain level before you get the flow through. And then to go beyond that, obviously, we hope and we all are working towards that, is for this market to continue to grow and, hopefully, at least in the mass segments and non-gaming segments glad to go beyond where we were in 2019. So if that happens, obviously, our margin structure should be very positive. So hopefully, that gives you a sense of how we think about the structure of margins going forward.
Stephen Grambling : Absolutely. Thanks so much.
Rob Goldstein : Thanks, Stephen.
Operator: Thank you. And the next question is coming from Robin Farley from UBS. Robin, your line is live.
Robin Farley : Great, thanks. I wanted to ask, you’ve obviously always been very focused on the mass business there. But some of your competitors that have been more VIP focused, are you seeing them do things differently now that there’s not the VIP market to go after in the same way there had been? Is that — is it too soon to be seeing what changes that might mean?
Rob Goldstein : I would assume it is, but I’ll defer to Grant since he’s on the ground. I can’t imagine we have any visibility into that at this point. But clearly, we have a new market here, which favors our asset base. And our approach for the last 20 years has been scale. As you well know, Robin, it’s a mass story with premium mass and retail commencing, et cetera. So we don’t have things like — it’s tailor made for what we do, this environment. Our competitors will adapt and have to change. But I don’t know. Grant, any color on that?
Grant Chum : Yeah. I think, Robin, the competition for premium mass has always been very intense. And I think we’ll continue to be, given the dynamics you just referenced. At the same time, I think as Rob says, we’ve got a footprint and scale advantage on our non-gaming asset facilities, I think really position us very well for all segments of mass. And then as Patrick referenced at the outset, the product that we’ve been developing for the last three years, especially, The London and the Grand Suites at Four Seasons, are really prime position to help us be more competitive the premium lifestyle segments up in market as well as, I think, hopefully, to drive overall high-value tourism to Macao over the coming years. And I do as to point about international tourism as well.
I think our footprint to combine with our new products and our traditional strength in MICE, in international marketing network really position us very well to bring those high-value guests to Macao as well.
Rob Goldstein : Great. Thank you for that color. And then just for my follow-up question on Macao. Can you give us sort of a rough sense of that dollar commitment that you’ve made to invest over the next 10 years in Macao? Kind of roughly what percent of that might be new projects and what percent might be — might kind of fall into the OpEx line, kind of like overseas marketing and things? Just kind of CapEx versus OpEx split, just ballpark? Thanks.
Patrick Dumont : Yeah. Sure. I think one thing that would be helpful. If you turn to Page 22 in the presentation, you’ll see some details on that. So it might be best to refer to those pages because we do break it out, and there are several pages behind it that explain what our concession renewal commitments actually are. So it’s there in the presentation.
Robin Farley : It’s always tough to get through all of your slides before the earnings call.
