My name is Katrina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Las Vegas Sands first quarter 2021 earnings conference call. All lines have been placed on mute to prevent any background noise. I will now turn the call over to Mr. Daniel Briggs. Thank you, Katrina. Joining me on the call today are Rob Goldstein, our Chairman and Chief Executive Officer, and Patrick Dumont, our President and Chief Operating Officer. Also joining us on the call are Dr. Wilfred Wong, President of Sands China, and Grant Chum, Chief Operating Officer of Sands China. Before I turn the call over to Rob, please let me remind you that today's conference call will contain forward-looking statements that we are making under the safe harbor provision of federal securities laws. The company's actual results could differ materially from the anticipated results in those forward-looking statements. In addition, we may discuss non-GAAP measures. A definition and a reconciliation of each of these measures to the most comparable GAAP financial measures is included in the press release. Please note that we have posted supplementary earnings slides on our investor relations website. We will refer to those slides during the Q&A portion of the call. Finally, for those who would like to participate in the Q&A session, we ask that you please respect our request to limit yourself to one question and one follow-up question, so we might allow everyone with interest the opportunity to participate. Please note that this presentation is being recorded. With that, let me please turn the call over to Rob. Thanks, Dan, good afternoon, and a very early good morning to our colleagues in Asia. Some brief comments, then we'll go right to Q&A. Our results reflect the pandemic's impact. We did generate $244 million of EBITDA for the quarter, and we continue to have a strong belief in the Macao recovery because the March numbers were very different from those in January and February, and the recent visitation numbers and revenue numbers for April reflect continued acceleration. Obviously, we cannot define the timing of the full recovery, but it's underway, and we believe it will continue in 2021. At this time, Singapore is in the $500 million-$600 million range annually in EBITDA. There is no visibility as to when air travel will return to Singapore, and unlike Macao, it's more difficult to project additional or incremental EBITDA from MBS until the resumption of material air travel. Our investments in Macao continue to take shape as the market recovers. Four Seasons and The Londoner Macao will present, I think, large growth opportunities for us, and we do have the largest footprint in this incredible market of Macao. China continues to demonstrate economic resilience. The spending in Macao is very strong at the mass level from both a gaming and a retail perspective. You can reference that on page 29 and 30. From the retail perspective, there's some pleasant surprises there. Again, we have no reservations about our ability to perform to pre-pandemic levels once visitation returns. Our company today is sort of divided into three different areas: the Asia portfolio, Macao, and Singapore. While we believe Macao will accelerate this year and lead the recovery, Singapore will follow upon resumption of air travel and participate in the recovery as well. We anticipate a return to a $5 billion + EBITDA from Asia in the future. Our sale of Las Vegas assets enable us to have huge optionality to explore large-scale land-based destination resorts in both the U.S. and Asia. Finally, we have an eager material digital presence for the future. We are exploring multiple opportunities at the present time. This is obviously a departure from our historical approach, and we'll update you at the appropriate time. Let's go to Q&A and our first call, please. At this time if you would like to ask a question please press the star and then the number one on your touch-tone phone. If your question has been answered or you wish to remove yourself from the queue, please press the pound key. We'll pause for just a moment to compile the Q&A roster. First question, we have Robin Farley. I'm sorry. We have Carlo Santarelli from Deutsche Bank. Your line is open. Hey, guys. Thanks for taking my question. Rob, appreciate, there's probably some sensitivity around it. Yeah, in your prepared remarks, obviously, you talked about some of the Asia opportunities and clearly upon the completion of the Las Vegas sale, which obviously came at a very nice multiple for you guys, and I'm sure you'll have very nice proceeds coming out of it. How did you think about the use of those proceeds in light of some of the opportunities you're obviously kind of eyeing in Asia, relative to obviously the return of a dividend, the potential for buybacks longer term, potentially owning more of Sands China, all of the above. How do you kind of prioritize that pecking order and acknowledging that you could do several of those things, kind of with the balance sheet and the position that it's in? Sure. We look at, obviously, greatest opportunity for return. I think we continue to believe there'll be something happening in Macao at some point in the future which will enable us to reinvest in Macao on a non-gaming basis. We're hopeful that'll happen sooner than later. You know that our project in Singapore, our phase 2 project is we're still continuing to work through those issues there. We continue to look at other large-scale Asian opportunities. Leaving the U.S., there may be some opportunities for us here. Lastly, digital. I think we look at everything individually and look at the returns, but our priority remains getting back on our feet in Asia, getting back to a $5+ billion EBITDA. That's the backbone of our company, and that's where we'll start first. If something opportunistic opens up in the U.S., we'll obviously look at that. If something opens up digitally, we'll deepen into it digitally. We'll deep dive and figure out how to deploy capital intelligently to get a return, and I think there'll be some nice opportunities in the future there. As far as the dividend, I'd like Patrick to address that issue of return of the dividend. Patrick? Thanks, Rob. I think, as Rob mentioned, we look very cautiously at the way we deploy capital, and we're very patient, and we look for the way to maximize our returns for shareholders. When we look at the dividend, it really was, and hopefully will be in the future, really the cornerstone, and you've heard me say that before, of a return of capital program. I think where we are today is that we're going to look for operations to return to a baseline level and get a sense of where those operations are trending, and then make an assessment with the board and with management, looking at our long-term potential to where the dividend should be, given our ability to reinvest and allocate capital to other projects that are higher growth. I think it's pretty consistent what you've heard us say before on calls, and nothing's changed from that perspective. Great, guys. Thank you. Thank you, Patrick, for that. If I could, whoever wants to take this, it's more of an opinion question than anything else. Obviously, there is some consternation in the investment community around the status of VIP in Macao and the direction of VIP going forward in Macao, and whether or not. Sure. There's a perception that that will have a positive or negative impact on the premium mass segment. One could obviously make the case that VIP customers who are having a harder time accessing capital, who do like to gamble. Yeah. Could obviously move into the mass segment or premium mass segment, which wouldn't be the worst thing to happen. The fact that maybe some of that spillover play from VIP, if VIP is softer, doesn't show up in mass. Rob, maybe what's your view and the view from your folks in Macao on how they would expect that to play out? I had a very strong view, but since I woke up at 4:30 A.M., I want Grant to take that call. Grant, are you there? Yeah. Thanks, Rob. Yep, we're here. Yep. Okay. Sure. On the question of VIP and premium mass, I think you've clearly seen the segments have diverged in terms of the recovery. Clearly, premium mass has made a very significant recovery, and already approaching 50% of pre-pandemic levels. VIP, on the other hand, is still struggling at around 20% or sub 20%. The segments are actually following very different trajectories, and we would expect that to continue for the time being. Of course, your question about whether there's spillover or whether there's migration, I don't think those dynamics have really changed since a few years ago. That there is a structural change over time, where more of the customers and more of the new customers are dealing directly with the casino operators program. Of course, the great assets on the integrated resort that all of the operators, including us, we've built up, have attracted more and more of these consumers to premium mass program. We expect that to continue over time as these non-gaming lifestyle assets and products continue to attract people to play in our programs. Great. Thanks, everybody. I appreciate it. Sure, Carlo. Thank you. Next question, we have Joe Greff from JPMorgan. Your line is open. Hey, everybody. Hey, Joe. When you look at your advanced bookings for the Golden Week holiday in Macao, do these bookings suggest or imply a further acceleration in visitation or mix quality that might be tough on spend or GGR level, relative to April and March? Anything underlying that suggests that maybe people are anticipating any, or Macao patrons are anticipating any further incremental easing of travel restrictions? Joe, I don't even want to share with you our bookings for Golden Week. I think the best reflection of the market right now is the acceleration in April. I think across the board, both visitation and revenue's growing. We remain convinced Macao is in a recovery mode already. I think the turn came in March, very encouraging. I think it's foolish for us to try to even call the shots, so to speak, as to when this thing grows. I would think it might be an event that defined it, but instead it's a slow process of gradual growth, and I think the market will be disappointed waiting for an inflection point where just like Golden Week pops the numbers to a materially different level. I think we're seeing is a gradual growth. The easing restrictions are obviously the government decision. People are getting there, as evidenced by the numbers coming out of April and revenues. I think we believe that this will just continue to accelerate, with the only caveat being, hopefully, we don't see a return to any cases of the virus. Wilfred, Grant, any thoughts on that? Yeah. I think what Rob said is absolutely right. The turn really started in March. In March, we started to experience a pretty meaningful rebound in visitations versus January and February. As you've seen from the figures released by MGTO, that has continued on a similar momentum in April, with visitations reaching post-pandemic highs in the middle of April. The acceleration is seen very encouragingly across all the different segments, whether you're talking about premium mass. The encouraging thing is that since March, we've really seen an acceleration in the base mass as well as the leisure FIT guests at the hotel. Of course, retail, especially at the high-end consumption end of things. We've even had an initial resumption of the MICE segment activity in March and bookings for Q2 look encouraging for the MICE as well, which is a surprise. I think what you can see is a broad-based recovery in the different segments since early March. Joe, I don't think we're going to get very emotional if there's not as big a number that comes out in Golden Week. I think it's a slow but very steady upward. Here in Las Vegas, it looks like the weekend was pre-pandemic levels. I mean, it's amazingly busy here and demand is back. Macao will follow suit. Of course, Vegas is still waiting for the return of the group business, that's inevitable. I think U.S. is obviously in a different place than Asia, I think China and Macao are just going to continue to move forward, accelerate. I think we'll see a slow gradual return in the second half year. Could be very positive for everybody over there. Great. Then my follow-up question is maybe for all of you, those on Las Vegas and those on the ground early in the morning in Macao. I just wanted to ask a question about a topic you guys love to answer, is your thoughts on the timing or process for the concession renewals. I think I'm going to ask in a way that's answerable. If the government was thinking of renewing or extending 12 months in front of that extension, right, and we're knocking on that, and even if that was an extension for a relatively short period of time, would they have discussions for that with you by now? Maybe I'll let you open-endedly answer that question. Yeah, Joe, I don't think we want to speculate because we don't know. We're not talking to government. We don't know what they're thinking. As you said ad nauseam in the past, we remain strong believers in our position there. You know the story of LVS and what we've done in Cotai and the $15 billion investment and the non-gaming assets we've built. We just aren't that concerned. When the government tells us, they tell us, but we don't have insight and nor do we have any idea when they're going to do that. We feel renewals will happen. We feel very confident of our position. Other than that, I don't have any other insight. Unless Wilfred, maybe you want to add to that? Is that fair to say? Yes. All the six concessionaires are waiting eagerly for the government to make announcements as we draw closer to the expiration of the concession. As ever, we stand ready to cooperate with the government once they announce the timeline and what they intend to do over the next 12, 18 months. Thank you, guys. Sure, Joe. Thank you. Next question, we have Steve Grambling from Goldman Sachs. Your line is open. Hey, good afternoon. Thanks for taking the question. Hi, Stephen. As a follow-up, I think to Carlo's question on the proceeds from Las Vegas. I guess where would raising your ownership of Sands China factor into that list? Can you just remind us what the process or limitations might be if you did want to go down that path? Sure. Patrick, do you want to grab that? Yeah, sure. How are you, Stephen? I think from our standpoint, we feel very strongly about the long-term future and success of Macao as a world-leading leisure and tourism destination. As Rob has said before, and as you've heard on these calls, we're very interested in investing more there in non-gaming. We feel very strongly in the future of Macao. It's definitely something that we think about and consider over time. I think where we are now is we don't have the proceeds yet. We're looking at all the options, and we're going to consider everything. I think we're going to be very focused on returns. I think we're looking at new developments. We're looking at how to increase and develop more in the markets that we're in. I think that'll be something that we think of. I think really for us, there's a lot of opportunity in front of the company. We're being patient. We're looking at it all, and we're going to look through it through the lens of maximizing returns. It's not something that I'm going to say we're going to do now, but it's something that is in the things that we consider as we look across the way we might allocate capital. Just to clarify, is there a maximum ownership percentage that you can go up to for Sands China? I think technically, they want to have 25% of the float outstanding for the exchange, but there are exceptions. Got it. Grant, I just want to ask Grant and Grant, I want to make sure I didn't miss anything there. No, that's correct. You're right. That's helpful. As we think about the model going forward, I realize that you broke out the Las Vegas assets within the EBITDA calc, but is there any impact that we should be thinking about? This is more of a modeling question, but as we think about corporate expenses going forward, is basically what you reported this quarter kind of the right run rate to think about, or is there other things that might be in there? No, I think what you should see over time is that corporate expenses should adjust post-sale. I think in the long run, we will continue to have a corporate office that manages the activities of the enterprise as a whole. There's nothing in there that's noise right now, but you should expect to see some changes going forward after the completion of the sale. Makes sense. Thanks so much. I'll jump back in the queue. Thanks, Stephen. Thanks, Stephen. Appreciate it. Next question, we have Thomas Allen from Morgan Stanley. Your line is open. Hey. Just on Marina Bay Sands, the performance of the property improved quarter-over-quarter. Obviously, they're not getting any more Chinese visitors there. Can you talk about some of the drivers of that? Yeah, surprisingly, our slot business there is an exception. The biggest driver is the slot performance. We've been outside last year, marking up against pre-pandemic levels in the slot floor. I think that reflects the comfort level being able to provide slot capacity without having people feel uncomfortable. It's more difficult on the table side to do that. There's more spacing on the table side, which makes it difficult. As you referenced, not having that foreign visitation is very hurtful, because Singapore, traditionally, the residents there, and the visitors, and the permanent residents. It was a strong slot market before we got there. It just has gotten better over the years with our ability to provide a good quality product. That's the driver, no question about it. Without that foreign visitation, it's hard to grow the premium mass and the high-end table business. We continue to struggle, and I think we'll stay in this range until things improve. Unlike Macao, where I think we're going to see a move this summer and fall, I don't think we can see any reason to believe that happens in Singapore. The neighboring countries are still struggling with the vaccinations, be it Malaysia, Indonesia, or Japan. There's no real evidence that this is going to change in the short term. It's the slot business over there that's been really exceptionally strong. The other thing to note, and this is Patrick, is just keep in mind that while the pandemic-related restrictions have eased, the actual activity levels of the people in Singapore has gotten more back to normal over time across the quarter. Right? As people get vaccinated, as public health initiatives bear fruit, people who are in Singapore are more out and about. We've benefited from some of that as well. It's not as if there's a change, to Rob's point before, it's not as if there's a change in visitation, but there has been a change in activity in Singapore as things return more to normal there. Makes total sense. Just as my follow-up, it seems like you're getting more and more serious about your digital strategy. Can you just elaborate a little bit more there? I really can't, because we're not there yet, Thomas. We're like the new guys on the block. I think the game is just beginning. We're looking at it from many, many aspects. We're spending a lot of man-hours and a lot of people looking at the opportunities. We have a big appetite. As you know, that market is still developing. I think we're looking not just at sports or anything, but all aspects of digital. We find it fascinating and very complimentary to our lands business. We're just not ready yet to disclose more in detail. There's not much color there. I think you'll be hearing from us this year or next year about the direction we're taking. Perfect. Thank you. Good. Thanks, Thomas. Next question, we have Shaun Kelley of Bank of America. Your line is open. Hi. Good afternoon, everyone. I just wanted to go back to the kind of question around some of the possible reinvestment back in Asia as you've got so much cash or liquidity available on the balance sheet, and obviously, heading into the concession process. My specific question was that there was some press recently about possible investment in the broader Greater Bay Area being a potential criteria or potential result of the concession process. It just kind of piqued my thinking around, would that be something that LVS would consider potentially investing in non-gaming, let's call it, in the broader region, but outside of Macao directly? How would you react to that? Positively. Again, we're staunch believers in the rebound of Macao. It's coming back, and for the people who somehow don't believe it, we'll have to wait and see. It's going to come back in a strong way. We'll be the leading player in that space. Our Londoner and Four Seasons investments are going to be very well received. If the government wants us to invest in the region, we'll do it. We have capital, we have appetite, and we remain committed to Macao in a big way. We believe it's going to grow and go for us. Despite all the distractions and all the pandemic, all the issues, Macao still remains, from a land-based perspective, the most opportunistic and advantageous market in the world. We plan to be there for a long time and invest more capital in. Again, the government's directions will be paramount to our thinking. Great. Just maybe as a quick follow-up, potential reopening of Hong Kong, just kind of curious on the latest there. I think the case counts have been very low, and there's some positive news there, but I think the vaccination rate is also very low. Just curious on color from that part of the market and that as a possible avenue for reopening some of the travel in the region. Sure. Wilfred or Grant, can you grab that since you guys are right there, right in the middle of it? Yeah, I think it is gratifying to note that the cases every day has dropped to single digit. I think yesterday there was no home case in Hong Kong. Both governments of Hong Kong and Macao have announced that if there is a continuing period of 14 days of zero cases, they would open or consider opening the border between Hong Kong and Macao. I think the Hong Kong government is working very hard to achieve that. Hopefully, if that happens, that's going to help our business a lot. Thank you very much. Sure. Thanks, Shaun. Next question, we have Chad Beynon from Macquarie. Your line is open. Hi. Good afternoon. Thanks for taking my question. I know it's early on the Londoner opening of phase one here, just wanted to ask about the makeup of the customer or how you guys are running that right now between Londoner and Venetian. Is there a major difference in terms of the customers that are visiting one versus the other from a base or premium standpoint? Are you deciding to comp certain players into one versus the other? Just trying to get some additional color in terms of how that's running since it just reopened. Thanks. Mr. Chum? Yep. On the subject of Londoner, well, I think if you take a step back, we opened our first new product in the Four Seasons, the Grand Suites, last year, and that has progressed exceptionally well in terms of customer feedback. Clearly that is more targeted at the premium mass and the long-stay leisure family guests. When we got to early part of 2021, as you referenced, we opened the first phase of Londoner. That's really the main Londoner hotel and the north side of the building, with the Crystal Palace atrium, and some of the signature food and beverage outlets, and some other attractions that we've opened up so far. I think it's important to remember that a large part of the building, namely on the south side, the Sheraton side, is still under heavy construction, actually both on the interior as well as the exterior facade, because we have been bringing forward the construction works on that side of the building to take advantage of the low levels of traffic. In terms of your question about segmentation, it really follows the trajectory of the initial recovery that we see in Macao right now, therefore, not very much in terms of base mass traffic. That's both because of the demand side, but also the fact that the south side of the building is undergoing large scale construction, and is really focused more on the premium mass segment, as well as the FIT leisure guest. We've enjoyed a resumption of the FIT segment in the various hotels that we have in The Londoner Macao. Clearly there's a lot more to come in the remainder of the year into early part of next year in terms of the products that come online. We've got a second Four Seasons Hotel, Londoner Court, opening up later on in the year. The Sheraton side, we're going to have the second Wow Space atrium, Shakespeare's Hall, coming online imminently in the second quarter. Obviously, we still have The Londoner Arena, and another call it six, seven, eight food and beverage outlets, together with the themed attractions in the property as well as the re-theming of the retail shops. Hopefully that gives you a sense of where we are today. Okay. Yeah, that's great. Separately, just regarding your retail mall business in Asia, which is on slide 29, you've outlined that rental concessions have come down sequentially, which should be a positive just in terms of the health of your tenants. Is there anything that's going to change dramatically going forward, just in terms of a turnover versus base component of the makeup of this business, or when visitation gets back to more normalized levels, do you still expect for the profits of the retail mall portfolio to mirror what you saw pre-pandemic? Thank you. That absolutely expected to be very much like the pre-pandemic levels. I mean, what you're seeing now is similar to the U.S., outside spending by affluent people driving these crazy good numbers out of the luxury of Four Seasons and other. I think we expect a full recovery. We have no concerns or trepidation that as visitation to Macao returns, and to Singapore, our malls will perform back to pre-pandemic levels and perhaps even beyond that. I don't think we have any concerns that you're seeing the correction on the rent concessions. You're seeing it go the right direction. We're very pleased with the caveat that we want to see a return to mass traffic as well as very affluent people are driving these large performances. Yes, we expect it to look a lot like pre-pandemic levels, hopefully, as the year continues in Macao. Singapore, a little more difficult because again, until the resumption of air traffic and foreign travel, I think Singapore is going to lag their pre-pandemic levels. Again, we feel much more aggressive in the return of Macao than we do at Singapore at this time because we don't see the vaccinations kicking in as large in the region, nor does the air traffic, any visibility into resumption of air traffic. It's hard to see Singapore getting back to pre-pandemic levels this year. Thanks, Rob. Sure. Next question, we have Robin Farley from UBS. Your line is open. Hi. Thanks. A lot of my questions have been asked already, but I'm curious on the online strategy. It sounds like it's going to be a little while from your comment earlier, before there would be some announcement about LVS involvement. Is it fair to say, given that there's so much activity around getting market share when new markets open, that if you're kind of maybe coming to the online markets a little bit later than others, that maybe your strategy would be kind of M&A focused rather than building from scratch your presence in those markets? Robin, the thought is we can go either direction. We could do an M&A or we could build organically. At this point, again, I don't think we're late at all. I think the challenging businesses, despite the valuations, they still are challenging businesses. It's early innings, maybe it's national anthem time in terms of some of these businesses. Online U.S. online gaming, which has been the most positive, is still in a few states. I think the sports betting remains a conundrum to some extent as to what's really happened there. There's also a lot of room outside the U.S. There's Europe and there's North America. There's all kinds of opportunities. I don't think it'd be that long. We'll come back to you, but we're trying to, again, assess how to be smart and targeted. Obviously, with the kind of balance sheet we have, the optionality is endless, and we want to be careful and do it the right way. We really have the finest land-based business, so we want to get that back and healthy. We'll come back to you at the right time and the right strategy and the right thought process. I wouldn't want to obligate ourselves and say it's going to be organic more than M&A, but we'll get there, I promise you that. We have a pretty voracious appetite to be in that world. It may be different than you think it's going to be, but we'll let you know when we're ready to talk about it. Okay. All right, great. Thank you. Sure. Next question, we have Steve Wieczynski from Stifel. Your line is open. Hey, good afternoon, guys. Good afternoon. The guys on the ground earlier in the call touched on the favorable case counts they're seeing in Hong Kong. I guess the question is, can you guys provide any color around the actual vaccination progress in key feeder markets like Macao, Hong Kong, Guangdong? Obviously, it's very tough for us over here to get a good understanding where they are today versus maybe something like the U.S. is right now. Any color there would be pretty helpful. Wilfred or Grant, can you help me on that one? Yes. I think the situation on the ground in China, they have started the vaccination program. There's really no hurry for people to get the vaccination because China's been very safe for the last months. For Hong Kong and Macao has no incidents for over 380 days. The feeling of comfort is causing a lot of people to adopt a wait and see attitude. It's getting there. People are slowly taking up the vaccination. Same with Hong Kong. I think Hong Kong, there's unfortunately a few cases of people suffering after the vaccination. Again, there are people adopting a wait and see attitude. Slowly people are beginning to realize the importance, especially if they are thinking of traveling overseas, that the travel bubble may require vaccination certification. I think people are beginning to take up vaccination. Got you. Thanks for that. Rob, there's been some talk or some rumors out there about Macao potentially moving to a digital currency down the road at some point, try to combat money laundering. Do you have any high level thoughts around something like that being implemented? If something like that would get implemented, maybe the impact you potentially could see across certain business segments? I think a couple thoughts on that. One is, some people are concerned, we're not. We think it's an additional form of liquidity into the market. Two, it won't preempt other currencies or ways of having funds to gamble. I think some of the problem we have in our industry, we think that everything is done in Beijing. They're actually thinking about casinos in Macao. I'm not sure that's the case. There's a different thought process there. I think sometimes we are very limited in our thinking. I don't think Macao is a target or nor is it meant to anti-money laundering as much as it's a digital currency strategy by Beijing. I don't think it hurts Macao whatsoever. I think it just adds additional liquidity. Grant, do you want to weigh in on this at all? No, I think you said it well. I think it's a big and complex topic. It's really more about the digital currency strategy of China more broadly, and also how Macao can fit into that. Probably most helpful is to refer to the comments by the Chief Executive recently in the question and answer session in the legislature. Basically, this digital currency China has been looking at since 2014. Macao will also adjust and adapt in order to accommodate this broader strategy on digital currency. A prerequisite of that is also getting prepared in terms of amending the existing relevant legislation. This is still an early-stage process from the perspective of Macao. I think the assumption has been by a lot of people, this is a negative thing. We view it as a positive, as again, we would love to have more cross-currency and more cross-border currency. To me, along with the pataca, Hong Kong dollar, and the renminbi, it's another form of currency. For those who are concerned, look, our business is not built on money laundering, nor on necessarily a junket profile. We're looking to focus on the mass customer, premium mass. That's our bread and butter. That's who we are. We want to go in the future, and we believe we can build a business that keeps growing on the back of that. More visitation and more penetration of China, more ways of getting people to gamble and visit Macao is what we're looking for. This is another value add to me. I think it's positive. I know the common wisdom is, "Oh, it's going to be terrible," and I don't understand people think that way. It's not an immediate concern, nor I think is it a long-term concern. It might be a very positive thing for Macao market as it becomes more traditional, more integrated into China, and more consumer friendly. It will be very positive for us. Okay, great. That's great color. Thanks, Rob. Appreciate it. Sure. Our last question is from David Katz from Jefferies. Your line is open. Hi. I appreciate you taking my question. Rob, you used the term voracious appetite for digital before, and I appreciate it, and wondered what intelligence you have or what survey work that gives you a sense that your people, your customers here in the U.S., or you have an audience in the U.S., particularly in the context of Las Vegas going away, that that audience is there for you? Well, I think it's everybody. I guess the word voracious is a description of how we feel about that digital market. Look at it, you can't deny the cumulative power of all those different businesses. I think we have to determine which one we want to enter, which queue we want to enter. I'm not that concerned about the fact where some people sort of late to the party or don't have a sports betting presence, because I don't think it's all that difficult to enter them. If we want to buy something, we could. If we want to build a pathway, we could. I think we're looking at right now, it's a good time to reflect on what's making money, what's going to grow. I don't think it's necessarily in our thought process, just simply in the U.S. It may be outside in Europe. It would not be in Asia, because we would not do something that would upset the governments we do business with in Asia, but it could be in Europe. It could be in South America, North America. There's a lot of markets out there beyond the U.S., and it could be in the U.S. It could be B2B, it could be B2C. I do think the market, we are spending a lot of time reading and learning, and with our new balance sheet with the sale of Las Vegas, again, we have outsized capital to look at these things. Whether we build organically or we buy something remains to be determined. We won't do something just to do something. It'll be something that's intelligent, well thought out, and profitable. I think we all see, not to tell the U.S., but you can see the opportunities there for a digital market that grows to 20%, 30%, 40%, who knows what numbers. The numbers keep growing in people's minds, and I think there is a belief that the digital market will become probably the huge opportunity for people like us. We plan to be part of that. Again, it's fairly interesting just running the business. I don't think the question of selling Las Vegas takes us off the table. In fact, I think the sale of Las Vegas puts us in the game even further because it provides the capital and the incentive to grow. At the same time, I think people have this either/or concept. If you're land-based, you can't be digital. We're not either. We're going to be a land-based player for years to come, making probably $5 billion + in Asia in the near future. We're going to be a digital player. There's some speculation we'll leave the U.S. market, which is absolutely untrue. We just felt there's better places to earn more returns on our capital than in Las Vegas. We think that we can be in multiple businesses. We can be digital, land-based, Asia, U.S. Wherever the opportunities grow, that's where we'll go. We're not tied to any one strategy or any one thought process. Understood. Appreciate it. Thanks very much. Appreciate it. Thanks, David. Thanks. Thank you for sending us. Everyone, that's all the time that we have for today. Thank you all for participating. You may now disconnect. Have a great day.