Grant Chum: Yes, Patrick, I think you covered it well. I think it’s dependent on revenue growth as the market continues to grow, and we will be more than a full participant in that market growth. The margins will have a positive trajectory. I think we obviously have a more efficient and more productive cost structure today than we did in 2018 and 2019. So, we will — we are benefiting from that as revenues grow and you get the operating leverage on the fixed costs. We will continue to do so. And I think it is very much about how revenues grow from here. And as revenues grow, our margins will have further upside.
Dan Politzer: Got it. And congratulations on the promotion Grant.
Grant Chum: Thank you very much.
Operator: Thank you. Your next question is coming from George Choi from Citi. George, your line is live, please go ahead.
George Choi: Thanks for taking my questions. My questions were answered earlier, but do have a housekeeping question. Would you please remind us how the overran mechanism works at the Macao properties? Should we expect a normal uptick in the quarter? That is when you guys received for rent? Thank you very much, I will come back to the queue.
Rob Goldstein: I’m sorry, George, I think we missed that. Could you repeat yourself? It was unclear there was some difficult — static, yes. Can you try again, George, about Macao?
George Choi: Apologies. So, I just wonder how the turnover rent mechanism works in the Macao properties. Is it a fourth quarter event? Is that when you receive your term rate?
Rob Goldstein: Grant, do you want to handle the fourth quarter turnover to retail.
Grant Chum: George, there are leases that are on monthly turnover rents and there are leases that are on annual turnover rents. So, historically, what happens is for those annual turnover rent leases as we get into the third quarter, the end of the third quarter and the fourth quarter, we will obviously be recognizing more of those turnover rents, as we hit the annual sales targets. So, historically, you should expect seasonally the second half of the retail rental revenues will be higher than the first half.
George Choi: Okay. Understood. That’s all I have. Thank you very much.
Rob Goldstein: Before we finalize the call, I want to reach out and recognize the great contributions of Wilfred Wong, who is now Executive Vice Chair. Wilfred has been with us about eight years and made a great contribution. And Wilfred, congratulations on the elevation of Executive Vice Chair. Grant Chum, well deserved. We hired Grant many years ago, the big concern was, was he old enough to win the casino at that time? And over the years, he’s aged insufficiently, so he did not win the casino. Congratulations to you Grant. Both of you guys have built a terrific team over there. We’re very proud and grateful for your efforts and look forward to many more years working together. Thank you for your time today and interest in our company. We bid you adieu.
Operator: Thank you, ladies and gentlemen. This does conclude today’s conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.
