Rob Goldstein: And Chad, going back yeah, just to find going back, I don’t know, maybe eight, 10 years ago, we had a horrific number of quarters in a row due to a few players, I think, was Indonesia or Malaysia and we lost obscene amounts of money quarter after quarter to them. And some people on our Board were concerned as they want to be sure. And we talk — we looked at everything, and we’re very comfortable. And there is a belief therefore a while that these people were magical and could be beaten and they lost back their entire winnings and then some. It always goes that way. I don’t think you can ever get too emotional about this quarter, it’s very interesting to see the Macao miss and the Singapore overachieving. But in the end, the games stay consistent, pairs and ties versus straight bets do matter.
But the Asian gambler is special. And he or she shows up consistently and they’re great customers. I wouldn’t let the success of a few quarters change your views on the mathematics of backlog. We don’t. So thank you.
Chad Beynon: Great. Thank you.
Grant Chum: Thanks, Chad.
Operator: Thank you. Your next question is coming from Robin Farley from UBS. Robin, your line is live. Please go ahead.
Robin Farley: Great. Thank you. Two questions, if I could crease it in. One is just any comments on Chinese New Year upcoming anything with trends approaching that? And then Cole-related just your latest expectations for timing of a decision in New York? Thanks.
Rob Goldstein: I’ll take New York first, Robin. The governor, Governor Hochul, I think it was this week commented on seeing something happen this year. I hope that’s true. We’re — as you know, are — we’ve been working in New York for quite a long time. And we think we have a very compelling bid. But we don’t have any great insight if that will happen. We sure hope the Governor is correct. And either way, win or lose we’ll get decision in calendar year 2024. That’s our hope. But I think it’d be [indiscernible] any insight beyond the governor’s comments. I think we just — we worked very hard on this project. We believe we have a really good chance of getting one, but I don’t give you — I couldn’t give you any guidance beyond that. Grant, Chinese New Year. Do you think he’ll be any there for that? Will the year of the dragon bring anybody to the building?
Grant Chum: Well, Robin, I mean, we can’t really comment on the current quarter and obviously, booking windows are short here. But I think you can see from the December holidays in these peak holiday periods, even though the end of December is not a big China holiday. It is in Hong Kong and some other parts of the region. But the ramp-up in demand during those peak periods was tremendous. So hopefully, that will be replicated through into this Chinese New Year as well. So there is a lot of optimism and expectations that this will be a strong one, yes.
Rob Goldstein: Robin, I do think, Robin, I think December was really great tell what might happen in Chinese — December numbers that closed were just terrific. And again, you see the market numbers for January. So we’re very hopeful that the year of Dragon is a huge year for us into the market.
Robin Farley: Great. Thank you. And Grant, congratulations on the new role. Thanks.
Grant Chum: Thank you, Robin.
Operator: Thank you. Your next question is coming from Brandt Montour from Barclays.
Brandt Montour: Good evening everybody. Thanks for taking my question. So in Singapore on the Phase II, I was wondering if you could maybe remind us the total room count exiting the year and then specifically with regards to disruption cadence what is the quarter-to-quarter and overall year look like in terms of how that will flow through the P&L?
Rob Goldstein: Patrick, do you want to grab that?
Patrick Dumont: Yeah. So, yes, sure. So I think when we finished the year, we were around 2,200 keys available next year because of the construction in T3, Tower 3, we’re going to get down to the mid 1,600 in Q3, it’s probably going to be our peak of disruption. But those rooms are smallest right now and really have our lowest yield. So hopefully, the impact will be minimal, and we’ll be able to yield because of the compression to higher-value customers. The performance today on Sands has been quite good, and you think we’ll be able to yield up in the renovated portion of the building. Sorry, what was the rest of your question?
Brandt Montour: And sorry, so then the ending key count when all is said and done with suites and normal rooms?
Patrick Dumont: It’s mid-1800s.
Brandt Montour: Mid 1800, perfect. Okay. And then as a quick follow-up, just a broader question. We haven’t really talked about non-gaming spending. I was just curious if you could give us update on your efforts on that front and maybe how your outlook has evolved for the return profile as we sort of go into 2024 on non-gaming spend?
Rob Goldstein: When you say non-gaming, can you be more specifically talking about retail, food and beverage, hotels?
Brandt Montour: Of course, sorry about that. Yeah, with regards to the concession agreements.
Rob Goldstein: Oh, I see. Okay. I’m going to let Grant handle that, but I would say we are a little bit different than the rest of our competitors in terms of we’ve been spending money aggressing Macao forever for 20 years on entertainment and other things. We believe it’s a huge value add. I’ll let Grant take the question specifically. But I think, again, it’s important to note, we are a different animal than other people in terms of this concession. We welcome it. We’ve been doing it before the concession mandate. I think it’s been very beneficial to our company. Grant?
Grant Chum: Yes. Thanks for the question. Yes, I think in 2023, we went very intensely on investing across all of the non-gaming categories that we committed to in the concession. As Rob said, many of these categories are categories that we have been investing in involved in for a very long time. So I think whether you look across entertainment, we had almost 80 shows that we put on during 2023 with some amazing record runs attendance. Obviously, firstly, with the Jacky Cheung concert in Cotai Arena, and then towards the end of the year, [indiscernible] a singer in Hong Kong and had a great 14 show run at the Londoner. So it’s probably set a new standard and precedent for many residencies in Macao. And then across other categories in MICE, in art and culture, in themed attractions and gastronomy.
