Joe Greff: Okay. And then one final thing, congratulations, Grant, on your promotion. That’s all for me. Thanks.
Rob Goldstein: Thank you, Joe. Thank you very much.
Operator: Thank you. Your next question is coming from Stephen Grambling from Morgan Stanley. Stephen, your line is live. Please go ahead. Stephen, your line is live. Please you may go ahead with your question now.
Stephen Grambling: Hey, there. Sorry, can you hear me?
Rob Goldstein: Yes.
Patrick Dumont: Yes.
Stephen Grambling: Sorry about that. So you may have touched on this a little bit, but as we think about the renovations coming up for the remainder of Sands Cotai Central/Londoner. Can you just maybe help contextualize how that will compare to the first renovation, both in terms of disruption and then contribution?
Rob Goldstein: Yes. I think we’ll turn over to Grant for that comment. Grant, Londoner?
Grant Chum: Sure. Thanks, Rob. Thanks for the question, Steve. I mean, I think we can say in terms of the time line, we have already commenced the renovation of the Sheraton Hotel, and that will continue through the whole of 2024, and we’ll hopefully complete sometime in the first quarter of 2025. And yes, there could be some impact from construction disruption, especially as we go into the second half of the year. And that a little bit depends on when the works are approved to commence on the Sheraton side of the casino floor, and also as well as the number of keys that will be our at any given time at the Sheraton. That said, I think we’ll be managing this whole process just as we did in the first phase when we converted the holiday in into the London starting in 2019.
So, we’ll be well used to yielding the rest of the portfolio. As you know, the yields we’re getting at the Sheraton side of the building is lower than the rest of the portfolio. So, we will be trying to not miss any opportunity to yield the rest of the portfolio whilst the works are going on. And this is something that we’ve been doing throughout these existing building renovations. Right now, the schedule is still a little bit fluid, just pending some statutory approvals. But at this point, our expectation is the first half will be relative normal and then expect to see some disruption into the second half. But then by 2025, we’re going to be in a dramatically elevated and different position in terms of the entire Londoner. You asked about the Phase I and Phase II contribution.
Well, we have done the bulk of the work in the public areas and external facade in the Phase I and the retail mall and one the two casino floors, but we only touched 1,000 keys out of the 6,000 that we have. So, the main difference is that Phase II is going to address the majority of the hotel inventory in terms of renovation and of course, the other main gaming floor that we have on the Sheraton side.
Rob Goldstein: Stephen, just to follow on Grant’s comments. I understand the market is concerned about London disruption. It’s a valid point. However, two thoughts for you. One is that I think if the market continues to accelerate like we’re seeing January market numbers, perhaps we can overcome that by using other assets in the portfolio. But secondly, to Grant’s comment, I think when you see the eventual transformation of Londoner, it will be a juggernaut on par with the — or beyond. So it gives us two assets we think can probably make $3 billion by themselves. And while there’s disruption 2024, 2025 in Beyond gives us something that’s unique in that market. The number one and two assets are number one in on assets in that market for years to come. So, there may be some disruption but maybe market force can overcome that, but I think the end result is well worth the pain.
Stephen Grambling: That’s all super helpful. Maybe an unrelated follow-up on Singapore. Looking at least at the visitation data, it seems like it was mixed at best, but yet you’re still seeing that market grow sequentially from an EBITDA standpoint, revenue I guess, what are you seeing from China customers coming back to the market? Any initial reason how we should be thinking about that building into next year?
Patrick Dumont: I think I’m happy to give — go ahead, Rob. Go ahead.
Rob Goldstein: Go ahead, Patrick. I’ll follow yours. Go ahead.
Patrick Dumont: Yes. So, I think the key thing about Singapore is it’s really about quality of tourism. So, we’ve been very focused on investment. If you heard us over the last couple of calls and what our investment thesis is, that the higher-quality assets we have, the higher-quality tourism will attract, and that’s really on full display here. So, it’s not about quantity. It’s not about the full recovery. It’s the fact that we’re getting very high-value tourists if you look at Singapore as a market, it’s incredibly attractive, right? It has a growing high net worth population. There’s a lot of family offices moving there. There’s a lot of business activity there. There’s political stability, there’s strong tourism infrastructure, it’s got a strategic location, all of those things are benefiting the Singapore market overall and helping drive the business that we’re in.
And so for us, there’s been a ramp from China. That’s true. But there’s still a lot more to go. It’s still, let’s call it, 50% on visitor arrivals. You may have heard that at some point, they’re going to go visa-free this year. We’re hopeful that, that actually occurs, which there’s no way to know exactly how that official that it will be, but it can’t hurt. But I think the key thing is just a very attractive market, but it really — the results you see in this quarter in a building that was really under construction, didn’t have its full suite complement and didn’t really have a lot of the amenities that we’ll have in halfway through 2024 and 2025. I think really speaks to the capability of the market and where this building can go. You heard Rob in his remarks about our view of the trajectory of this business, we’re very bullish on it.
