Shaun Kelley: Thank you, Rob for that. And then maybe just as a quick follow-up, last quarter, it was mentioned, Grant, I think in one of your comments or one of your responses, a little bit about a bit of an uneven recovery we were seeing coming out of some of the source markets from broader Mainland China, as some of the air travel reopening. Wondering if we’re continuing to see that uneven recovery or just any other broader signs of the kind of where the macro situation sits in China? Because so far, and again, seems to be continuing through January. Seems like Macao is relatively unaffected there, but I wanted sort of an update on that trajectory, if you could give one.
Grant Chum: Sure, Shaun. I think if you look at fourth quarter, it did even have quite a bit. I think if you look at bans visitation from non-Guangdong versus Guangdong slides…
Daniel J. Briggs: Page 20.
Grant Chum: Are catching. Yes. Thanks, Dan. We’re catching up significantly on the recovery rate in non-Guangdong. That said, it is still uneven in the sense that if you look at the breakdown by province, some of the wealthier provinces, have recovered way beyond pre-COVID levels of visitations, particularly in the Yangtze River Delta versus even Guangdong, the recovery rate is actually much higher. But overall, I think you can see an evening out in terms of the recovery rate in Guangdong versus non-Guangdong. And then also, I think the fourth quarter, the overseas, the foreign country visitation also started to accelerate and even out as well against the nearby region source markets. So I think you are seeing I think, a progressive improvement across all the source markets. I don’t know, maybe Wilford, I don’t know if you have anything to add on the China side in terms of the – the economy.
Wilford Wong: Yes, Shaun, China is still recovering from the tough COVID period. And –but what is evident is the company’s quarterly performance has actually been trending well. We have seen as Grant alluded to, healthy growth in the number of visitors, especially from the non-confidential region. Now one observation is that when long-haul travels of Chinese travelers has not fully recovered, Macao is emerging as a top tourist destination for short-haul drivers from the Chinese mainland.
Shaun Kelley: Thank you everyone.
Rob Goldstein: Thank you. Appreciate it.
Operator: Thank you. Your next question is coming from Chad Beynon from Macquarie Chad, your line is live. Please go ahead.
Chad Beynon: Afternoon. Thanks for taking my question. I wanted to ask one, just about the retail portfolio. We’ve been hearing and seeing a little bit of pressure just kind of in the luxury retail space, particularly in Asia based on the numbers that you put out and I guess, the turnover rent that you collected, you’re not seeing that. But how are you thinking about the recovery in retail? Are you getting the right customers in there now? And do you think this could continue to improve as visitation and overall spend improves in 2025 or 2024? Thank you.
Rob Goldstein: If you look at your deck on, I think it’s Page 28 and 29, it gives you a pretty good look at our retail portfolio in Asia and be blunt about it, how it could be in half of these numbers, almost $3,000 a foot and a 600,000-foot more at MBS. Finished $2,000 a foot with 800,000 feet, of course, $9,200 a foot at the Four Seasons luxury and a mere $4,200 a foot on the non-luxury, so the answer is we are seeing our retail portfolio that’s approaching $700 million of contribution and growing. Of course, there’s discussions out, they’ll be mentioned a slowdown globally. But it looks to me that I spoke to David, because they are retail experts. It feels like we continue to see opportunity to remerchandize and get better and better at the retail segment.
We still believe that retail is a long way to go. Our buildings are a little different than other retail and that we attract a higher value customer both in Macao and Singapore, as you reference the lack of supply in Singapore. So I think that mall just keeps appreciating and we keep re-merchandizing it to be more effective every day, more luxurious, more upscale. In Macao, we’ve got work cut out for us in some of our buildings, not there yet in the Parisian. There’s some work to be done, but I don’t know how you could argue with these kind of results, $677 million of contribution, and it just keeps accelerating. It compares very favorably with 2019. So we feel very bullish about our retail prospects. And again, it takes work. David Sylvester constantly remerchandize read things and reassesses the portfolio.
He’s got a lot of work to do. But the numbers, I think, are stellar and I think we’ll continue to be stellar for years to come.
Chad Beynon: Thanks. Rob. Makes sense. And then just in terms of the hold, understanding that it’s kind of random here in terms of luck or unlucky. Has there been any difference in terms of game play or you talk about kind of the recovery from the Chinese consumer. And I’m speaking of Singapore, but hold has been high now for three quarters. So is there anything that could kind of lead to maybe an elevated hold in that market in the near term, or should we expect kind of the reversion to the mean that we’ve seen in prior quarters and years? Thanks.
Rob Goldstein: I think it’s safe to say this business always runs on mathematics. The mathematics prevail, and I wouldn’t take three quarters as an ongoing trend forever. There’ll be a dark day in Singapore will miss by $70 million, because we take the highest volume players in the world, people who bet lots of money. And some days, it goes with you and someday it doesn’t. This quarter, obviously, in Singapore went with us. But I would caution you, I don’t think that the betters are changing. In fact, if any of the there’s more of them, more affluence coming out of Asia, and we’re fortunate enough to have the capacity to handle all of it. But I don’t think you can point to a change in betting patterns in either jurisdiction that would elevate or hurt the whole percentage.
It will be revert the mean always. And Macao will come back next quarter probably and do $70 million higher and Singapore may have a bad quarter. Grant, do you have any comment on that? That’s how I see it.
Grant Chum: That’s exactly right, Rob. And people have relatively short memories. But in the fourth quarter of 2022, there is like $100 million plus adjustment on the downward impact from low hold at Marina Bay Sands. So I think one or two, three, four even five quarters is actually a relatively short period of time and sample size for you not to get potentially very random results that deviate from the expected normal hold. But I think it’s fair to say, yeah, the mathematics always prevail. And given the scale of our business, over time over one year, two years, we should stay very much in the expected range. As you saw in Macao as well, we had the first three quarters holding significantly above the expected mean hold and then fourth quarter reversed. And for the whole year, we end up at about 3.3%, which is exactly where we expect it to be.
