Craig Billings: Sure. I mean, look, there’s a lot — we have a lot of different avenues for growth. We’ve got a huge land bank here in Vegas, right? We’ve got the land across the street. We’ve got the golf course. There’s a lot that we can do here. We’re in pursuit as I think everyone knows, in New York, we have a project that’s actually coming out of the ground in the UAE, and that’s going to be a very substantial opportunity for us. There’s some additional states that are moving, albeit at a relatively slow pace that might prove to be opportunities for us. We obviously don’t do every possible — every potential jurisdiction. We’re very selective. And then there are certain international jurisdictions like Thailand, for example, that are also in the process of considering gaming.
So we’re always balancing really two things. Our ability to do what we do so well, remember, we’re one of the last in the industry that maintains its own design and development group. And so it’s not as though you can bang for these out in any particular year. So that’s always a consideration. And then the other is capital, as you rightly pointed out. So we’re always looking at what is the highest and best use of capital that we can deploy, and then we’re making decisions accordingly. We will certainly make use of that land across the street in Las Vegas. It’s not a question of if, it’s a question of when, and we’ll see how things play out in New York and things play out in a couple of other jurisdictions in determining the timing of the use of that land.
Daniel Politzer: Got it. And then just for my follow-up, right, Macau is certainly continuing along a nice trajectory here. You outlined some CapEx as you think about it related to the concession renewals. But how do you balance that with maybe the subsidiary paying up dividends to the parent. Is that something that we could see within the next 12 to 18 months? Or is that something longer term that you’d like to envision coming back?
Craig Billings: Yes. It really depends, you’re right. There’s a lot of moving parts there, right? We have a debt maturity later this year there. We need to think about our leverage profile in Macau. And what that longer-term leverage profile should be. We have some capital that we need to put in the ground there. We had nearly three years of closure and cash burn. So the question is, what do we want the balance sheet to be? How will the CapEx plans come together in terms of the timing of capital deployment, which we’re studying and learning more about as we go through the design and development process every day. And then, of course, the dividend. And as you know, the dividend just as a global statement, dividends are the cornerstone of our capital return strategy. So stay tuned. We are looking very closely at it, and we’ll figure it out in due course.
Daniel Politzer: Got it. Thanks and congrats on the quarter.
Julie Cameron-Doe: Thank you.
Craig Billings: Thank you.
Operator: Our next caller is Robin Farley with UBS.
Robin Farley: Great. Thanks. I wanted to ask about Vegas. It sounds like clearly very strong events calendar and outlook for February. Your January comments sounded like it was maybe a little bit flattish year-over-year. I’m just wondering how much is looking on kind of a year-over-year basis when you get past some of these big events in Feb? Thanks.
Craig Billings: Sure, Robin. Yes, January, well, keep in mind, last year, Chinese New Year started in January. And so this year, it starts in February. So as I mentioned in my prepared remarks, February really sets the tone for the quarter, and it’s where all the action is this year in Q1. March has a couple of headwinds. Easter timing is one of them and then the absence of CON/AGG is another. But our forward booking indicators continue to look strong, and we feel good about it. I’ve said probably five times on the last three or four calls that trees don’t grow to the sky, and I would continue to tell you how things are looking in Vegas, and they continue to look good. They continue to look good for us. So how the quarter plays out will be very dependent on February. And again all forward indicators look strong for February. But subsequent to that, we’ll take it from there.
Robin Farley: Okay, great. Thank you very much.
Craig Billings: Sure.
Operator: Thank you. Our next caller is Brandt Montour with Barclays. You may go ahead, sir.
Brandt Montour: Thanks. Good evening, everybody, and congrats on the results. In Macau and Palace, I guess, specifically, but these are — it’s a broader question. Can you comment on just the broader competitive environment for premium mass players, how it’s evolved sort of into the early part of this year, which with volumes being strong, infrastructure, travel infrastructure going back, how has that changed? And is that a tailwind for you as we go forward here and as volumes continue to grow?
Craig Billings: Sure. Specifically as it relates to Wynn Palace. Wynn Palace is incredibly well positioned and has been since the day it opens Encore time. But it only grows more so as we continue to evolve the amenities in Wynn Palace. Competition for premium mass customers has been fierce for ever end of day. So it’s really nothing new. What we try to do is really focus on what we do well, stay true to who we are and be really, really disciplined, including on reinvestment because at the end of the day, I don’t think the bank takes market share. I think they take cash. And so we’re really focused on generating cash and EBITDA. So I think Palace turned in a great quarter, its future is bright, and we will continue to aggressively chase market share responsibly.
