Craig Billings: It’s a week, right? In the grand scheme of things, it’s a week. So, it’s hard to read any tea leaves in a week. What I would say is that the market roared back, Macau was a rager on the mass side, on the direct VIP side, on the retail side and on the occupancy side during Chinese New Year, and it outperformed our expectations for the lull period shortly thereafter. Anything beyond that, it’s just too early to read.
Robin Farley: Okay. And just to clarify, when you say it outperformed your expectations, but you meant specifically that it was a better sequential drop off than what you’d seen in ’19 or just better than what your expectations were for this year?
Craig Billings: The former.
Operator: Our next question is Daniel Politzer, you may go ahead, from Wells Fargo.
Daniel Politzer: I wanted to circle back on the $4 million EBITDA per day for Chinese New Year that you mentioned. Is there any way you could put that into historical context, I don’t know what it was in 2019 or during other Golden Week or Chinese New York periods?
Craig Billings: Yes, it would have been — I don’t remember if we’ve quoted it previously. So, I want to be careful in terms of prior disclosure. But it’s substantial relative to prior periods. It’s not — it’s certainly not where we peak. I’ll put it to you that way, because the junket contribution wasn’t there this year. And that was, call it, $700 million to $1 million of EBITDA in a normal Chinese New Year. I think the point is, it’s a substantial number, given that the market really opened at the beginning of January, and it gives us confidence in the remainder of 2023 and beyond.
Daniel Politzer: Understood. And then, just pivoting to Las Vegas. I mean, to what extent since China is effectively reopened, have you seen that high-end Asia business kind of resurface your Vegas property?
Craig Billings: Too early to say. I mean, our box drop in the fourth quarter was pretty strong. So, we’ve been doing pretty well on the back of domestic box business. And in fact, those folks from the region that chose to sit it out — sit COVID out over here. So again, a little bit early to say. You have to go through the process of getting a visa, you have to arrange travel, et cetera, et cetera. But certainly, international travel is a tailwind that we hope to see in Vegas in 2023 given that really in 2022, it was only — the only real inbound visitation was some from Europe and from Latin America.
Julie Cameron-Doe: Operator, the next question will be the last one.
Operator: And our last question comes from Stephen Grambling with Morgan Stanley.
Stephen Grambling: I may have missed this. But in Las Vegas, can you just provide any additional color on what you’re seeing in terms of forward bookings, not only in — I guess, the first quarter should be particularly strong, but even as we look out over the course of the year, what you’re seeing, and any expectations as it relates to kind of convention mix?
Craig Billings: Sure. I’ll start, and then I’ll ask Brian to comment. So first and foremost, we have been really intentional over the past year and how we’ve approached our business in Las Vegas. Our business here is more relevant with the best customers than ever before. And so even with the tailwinds, we’ve outperformed, yet we’re keenly aware of the broader economic environment from interest rates to gas prices to layoffs, and we have a 2023 playbook for any number of economic scenarios. Brian, do you want to talk about your view on 2023 and then perhaps dig a little bit more into convention?
Brian Gullbrants: Absolutely. As we look to ’23, not only were we pacing strong coming out of ’22 going into ’23, has just accelerated. I’m so excited about what we’ve got coming in ’23. When you look at it, we’ve got the best teams in the business. We’ve got the best assets in the business. In Vegas, we’ve got strong pace of group, particularly as we look forward into ’23 and then even beyond. Q1 may be a record for us. It’s just really done well. We have strong pricing power in every channel. We got a new show we just launched with Awakening. We’ve got several projects coming in ’23 that are really exciting. And then we kind of kicked things at the end, up a notch with F1 in November. So our outlook for the year, pending no other macroeconomic impacts looks pretty good. We’re feeling pretty good about what we can see right now. So on the group side, very strong.
Craig Billings: We’re doing really well on what we can control. We don’t control the macro economy. That’s a fact. So, how that flows, I don’t know. But we’re feeling good about our business here.
