Good day, ladies and gentlemen, and welcome to the Sands second quarter 2024 earnings call. At this time, all participants have been placed on a listen-only mode, but we will open the floor for your questions and comments following the presentation. It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands. Sir, the floor is yours. Thank you, Matthew. Joining the call today are Rob Goldstein, Patrick Dumont, Dr. Wilfred Wong, and Grant Chum. Today's conference call will contain forward-looking statements. We'll be making those statements under the safe harbor provision of federal securities laws. The company's actual results may differ materially from the results reflected in those forward-looking statements. In addition, we'll discuss non-GAAP measures. Reconciliations to the most comparable GAAP measure are included in our press release. We've also posted an earnings presentation on our website. We will refer to that presentation during the call. Finally, for the Q&A, we ask those with interest to please ask one question and one follow-up, so we might allow everyone with interest the opportunity to participate. The presentation is being recorded. I'll now turn the call over to Rob. Thanks, Dan, and thanks for joining us today. Macao market continues to grow. Total gaming revenues for the market grew 24% in the second quarter of 2024 when compared to the second quarter of 2023. In addition, mass gaming revenue grew 29% compared to one year ago. We remain confident in future growth in Macao market. I believe Macao market gross gaming revenue will exceed $30 billion next year and continue to grow year after year. Our business strategy is predicated on investing in high-quality assets that also have scale. Macao is and always has been a deeply competitive market. Our strategic approach has enabled us to compete very effectively. We have designed our capital investment programs to ensure that we will continue to be the market leader in the years ahead. Our approach allows us to grow fast in the long term and grow our share of EBITDA and generate industry-leading returns on invested capital. Turning to our results in Macao, we delivered solid EBITDA for the quarter despite material disruption at The Londoner. SCL continues to lead the market in gaming and non-gaming revenue and in market share of EBITDA. We will capture high-value, high-margin tourism over the long term. We have a unique competitive position in terms of scale, quality, and diversity of product offerings. Upon completion of the second phase of The Londoner and our Cotai Arena, our product advantage will be more pronounced than ever. Another strong quarter in Singapore, despite ongoing disruptions in construction. The financial results in Marina Bay Sands reflect the positive impact of our capital investment program and the growth of high-value tourism. The growing appeal of Singapore as a destination is enhanced by the robust entertainment and lifestyle event calendar. As we complete the balance of our investment programs, there will be considerable runway for growth. Thanks for joining our call. I'll turn it over to Patrick now, and then we'll go to Q&A. Patrick? Thanks, Rob. Macao EBITDA was $561 million. If we had held as expected in our Rolling Program, our EBITDA would have been higher by $4 million. When adjusted for lower than expected hold in the rolling segment, our EBITDA margin for the Macao portfolio of properties would have been 32.1% or down 80 basis points when compared to the second quarter of 2023. Context here is important. Our margins at Londoner were directly impacted by the disruption of the Londoner Grand renovation. We closed the casino at 1,500 keys out during the quarter. Margin at the Venetian was 38.2%, and we expect margin improvement as the Venetian Cotai Arena comes back online later this year and as visitation to the market and growth in unrated play in the market both increase in the future. Margin at The Plaza and Four Seasons was 40%. We are now deep into our Londoner Grand renovation program. We plan the completion of the first tower by year-end 2024 and of the second tower by May of 2025. The Londoner Grand Casino has been closed since May and is scheduled to reopen in December. As these products come online between the end of 2024 and the first half of 2025, our competitive position will be stronger than ever. We expect meaningful EBITDA growth and margin expansion in the future. Now turning to Singapore, MBS's EBITDA came in at $512 million. Our strong results reflect the impact of high-quality investment in market-leading product and growth in high-value tourism. Had we held as expected in our Rolling Play segment, EBITDA would have been $64 million lower. Had we held as expected in our Rolling Play segment, MBS's margin would have been 48% or 220 basis points higher than the second quarter of 2023. While we have substantially completed the original $1 billion refurbishment program at MBS, we are still in the initial stages of realizing the benefits of these new products. Tower gaming at Marina Bay Sands will be offered for the first time at the property in the third quarter of 2024. The next phase of our capital investment program at Marina Bay Sands is scheduled to be completed during the second quarter of 2025. This will further support growth in 2025 and beyond. Turning to our program to return capital to shareholders, we repurchased $400 million of LVS stock during the quarter. We also paid our recurring quarterly dividend. We look forward to continuing to utilize the company's capital return program to increase returns to shareholders in the future. Thanks again for joining the call today. Now let's take some questions. Thank you. Ladies and gentlemen, the floor is now open for questions. If you'd like to enter the queue to ask a question, please press star one on your telephone keypad now. If listening on speakerphone today, please pick up your handset to provide optimum sound quality. Also, we ask each participant to limit yourself to one question and one follow-up question. Please hold a moment while we pull for questions. Your first question is coming from Joe Greff from JP Morgan. Your line is live. ... Good afternoon, guys. I'd like to start off- Joe? on Singapore, I was hoping, can you give us a sense of maybe how players and visitors for, you know, geographically, how they're performing? I guess, more specifically, are you seeing any kind of slowdown from mainland Chinese visitation or mainland Chinese spend into MBS? And was there any, you know, more material trend change towards, you know, the end of the Q2, you know, versus maybe what you've seen over the last couple of quarters, as that's been sort of a growing segment? Joe, you know, we, as you know, in the past calls, we have a diverse customer base in Singapore. We come from all over the region, and certainly China is part of that, but we're all over the place, Vietnam, Japan, Korea, Indonesia, Malaysia. So I don't think we're so much different than the past year, except for, you know, obviously, the seasonality is in play in Q2. But our business in Singapore, the only way I would say really is impacting it, is we keep self-inflicting wounds by finishing our building. And it's near the end, finally, after what feels like a long time. But despite seasonality, despite the difficulties of construction, Tower 3 and tower gaming, we continue to move forward towards $500+ million quarters. And diversity of visitors is very clear to me. Really, where they're coming from, they're coming from everywhere. We've not seen a slowdown in China. We just simply see the same business we see in the last couple of quarters, which is solid, but it's also solid from all over the region. So Singapore keeps moving forward. I think you'll see a real important transition, probably in the early part of the Q2 when the building is really full board complete, and tower gaming is intact, all the suites are intact. We're really playing the game with one hand behind our back right now. We're still delivering $2+ billion run rate. So I feel very good about our prospect in Singapore. Not probably, it is the most, the largest earning EBITDA building in the history of gaming. So and it continues to get stronger. We think it's, as we said before, we think our goal is $2.5 billion out of Singapore, and I think it's, you'll see it happen in the upcoming years. Great. And then, people have not really asked me a question about Macao. Macao is self-sufficient or it speaks for itself. But Rob, Patrick, maybe can you give us an update on any development opportunities, you know, specifically Thailand? And I'm not sure there's much to add to what's going on in New York. So first off, I think the great news is, we're very ready to develop new ground of developments in new jurisdictions. We're very excited about it. Rob, the team, I spent a lot of time looking at opportunities for our company to expand and grow in new jurisdictions. As you know, we've been spending a lot of time in New York. We've been spending a lot of time in Texas. We've been looking at Thailand. I think Thailand is a very interesting opportunity. The market there is very strong for different types of tourism, and I think depending on the way it's set up and the opportunity that's there in terms of structure, it could be very interesting for us. You know, we love the market as a place to source customers. We think the tourism quality there is quite high. If you go and visit, you'll have a great experience there, and we'd love to be part of it. So if Thailand becomes available, we'd be very interested. But I think it's early days yet. I think we've been spending time there, along with the rest of our industry, looking to see if we could be helpful to that process, and we're waiting and seeing what happens. Thank you, guys. Thank you. Thank you. Thank you. Your next question is coming from Stephen Grambling from Morgan Stanley. Your line is live. Hey, thanks. I appreciate the comments on the Londoner Grand renovation impacting margins in Macao, but can you get back to 2019 levels in the current environment as that comes through and ramps up? Or do we need to see some change either in growth in the market or the competitive and promotional environment to get back there? So, a couple of things, and I think this is really important to note. Macao market has always been super competitive. From day one, it's been a very competitive market, and we've been very effective in the way that we compete because we have an investment-driven model. So if you go back pre-pandemic, if you go back in 2010, it was a very competitive market. And in fact, I remember when the premium mass segment didn't exist. And when it started, people, you know, Rob can reference this as well, some other people in the room can as well. When there was no premium mass segment, it was really rolling volume and mass play. And the market has always evolved over time. But the one thing that's been consistent is that our company has driven success through investment and through leading in non-gaming amenities, and to be fair, innovating on the gaming side as well. So when you look at our performance, if you go to page 14 in the slide deck, you can kind of see what, what happened in the quarter. The Venetian Macao did $262 million of EBITDA in the quarter at a 38.2% margin, and it's missing about half its volume of unrated play. So just with the arena out, which is also a very, very valuable amenity to drive premium mass performance, look at the strength of the performance of the Venetian. Same thing's true in the Plaza. Look at what the Four Seasons did. 40% margin, $100 million of EBITDA. So when we look at the Londoner, we basically took out an equivalent property like Melco or an equivalent property to Wynn Palace. We took that capacity out of the market for ourselves to renovate it. So for us to put up, you know, $550 million in the quarter, to, in my mind, this is a great result because we know that we have a limiter in place. We're missing what of a significant portion of what is ultimately going to be one of the best properties in Macao, if not the best property. And if you look at the success of the Londoner right now, if you look at the win per unit per day on the table side, the Londoner is the second best in our system. So, you know, in Macao. So when you think about that, the model has been proven, the investment has been validated. Now, we're going to open up the better half, hopefully by the end of the year in major part. But suddenly the limiters are going to come off. So in my mind, this is a very positive investment for us, and we'll get to the margins. We're already doing it at other properties. It's just a function of the renovation because we're carrying all the costs now associated with a shuttered casino and 1,500 rooms. So the Londoner impact is really one half of it's working. You see the performance, you see the slot win, you see the slot performance win per unit, you see the table win performance, you look at the hotel performance and the non-gaming amenity performance. And then you look at the side that's shut, and you realize that's the better side, but we're carrying all the cost. The potential in the future is really there. We feel very strong about the potential for the margins to reach where we need to go. And just remember, pre-pandemic, we were at 35%-36% EBITDA margin on a whole normalized basis business in aggregate. So we'd like to believe we're in a good spot. You know, we're competing effectively, we have great assets, we're investing for the future, and when we're done, we're going to have the newest and best products in the market. So we feel very strongly about the path that we're on. It's just going to take a little bit of time to get there. The only structural change, Steve, we need is getting open. Okay, the market is doing $30+ billion next year. We're going to have the two most important assets in the market speaking to each other. I mean, that's strategically going to have London and, and Venetian having 7,400 keys between them, the full power of the Cotai Arena, all the amenities between those two. I think those buildings will be very, very intertwined and give us by far, you know, $2 billion+ dollar assets speaking to each other. If Parisian and Four Seasons and Sands keep doing what they're doing, we will be at $3+ billion and, and Singapore will get $2+ billion. I believe that sometime in the near future, we'll have the highest EBITDA creation in this company's history without Las Vegas. So I, I'm pretty confident that London will perform and outperform the expectations, but I also get enhanced in the Venetian because the back and forth of those two buildings, they're very similar. You know, huge retail, huge suite capacity, entertainment, retail, F&B. They just. They're, they, they're much bigger and better than anything else in that market for making money. And I think when those come online next year, you add these results today to another, you know, $150 million out of London, all of a sudden, you're looking at, you know, $3+ billion of annualized EBITDA. That's how we view the market, and margins being what they are, making EBITDA is still the most important thing, and we will get there. We will get there. So maybe as a quick follow-up on capital allocation. You noted being consistent with capital return, and it sounds like you're confident in a ramp from here in Macao and really growing in MBS, yet the stock is near, you know, the lows during the pandemic. So what's the tolerance to be maybe not as consistent and actually being more aggressive with capital allocation or even rethinking about the leverage profile, at least in the near term? So I think first off, we have said this before. We see meaningful value in both equities. You know, where this stock is trading doesn't make any sense to us, both on a historical basis and how we view the value of our company and how we look to invest and grow. So we're going to continue to repurchase stock, as you saw we did the last couple of quarters. We feel fairly strongly about the value of our business, and we're going to continue to do it. Look, I think for us, we're very focused on being shareholder-friendly. We were a very shareholder-friendly company in the past. We're a shareholder-friendly company today. We're going to continue to do it. That's our goal. I think that the nice thing is that as we complete The Londoner, two things are going to happen. We're going to have less CapEx and more free cash flow and, to be fair, a more productive asset base. So hopefully, we'll have the opportunity to use that cash flow to return it to shareholders. So we're going to look to do that and continue what we've been doing. But we agree with you. We think where the stock is today is not reflective of our long-term value. Also, if we do invest in new, new opportunities, that's not in the near future. So you know that, you know, New York, Texas, Thailand, are years ahead in front of us, so lots of room to invest money if we please and plan to. Thank you. Thanks, Steve. Thank you. Your next question is coming from Robin Farley from UBS. Your line is live. Great, thanks. Two questions. One is, can you kind of share some thoughts on, there's a lot of concern about the tariff impact on the Chinese economy next year, and just is there any way to help us think about that broadly, how you're thinking about... You have a lot of CapEx going, you know, being up and running in the market next year, which should certainly position you well, but just sort of thinking about broader impact there. Thanks. When you say tariff impacts on the Chinese— Oh, so the US, the new president, whoever he or she may be? I see. I don't think we want to talk about it for two reasons. One, we don't know what's really going to happen, nor do we know the impact. Obviously, the Chinese economy speaks for itself. It's been a struggle this year, and I think it hopefully just gets better, we see more improvement in both business. The big thing in our business is the 2 million-plus visitors were lacking quarter-over-quarter. That really hurt us, and that was just today. I don't think we should comment on politics or what's going to happen with the taxes. We don't know. But obviously, I think the biggest risk for our company, which is both for scale and quality. We lose 8 million annualized visitors. It hurts us more than anybody else. So we'll leave it there, going into the political realm of who's going to do what to who and why. Okay, fair enough. Thanks. And then the other question, and you already commented on, you know, your interest in continuing share repurchase. Looking at the rate that you did this quarter, you'd be mostly through your remaining authorization at the end of this quarter. Is that, when we think about, like, your appetite for continuing beyond that, if you could just sort of comment on that? Thanks. ... Yeah, I think if you look at our prior practice, you can see that we've always been focused on return of capital, both through share repurchases and dividends, and that our board has been very supportive of trying to create shareholder value through return of capital. So, as our current authorization gets used up, we'll go back to the board, and we'll have a discussion about how we wanna allocate capital. But the board has been very supportive of in trying to enhance shareholder returns over time. Okay. Thank you. Thanks, Robin. Thanks, Robin. Thank you. Your next question is coming from Carlo Santarelli from Deutsche Bank. Your line is live. Hey, everyone. Good evening, or good afternoon. Rob, if you could, I mean, I know this is probably a difficult question, but if you think about- It's a long year, Carlo. I hear you. I hear you. So- A long time. My question was, maybe it's not as difficult as I framed it to be, but when you guys think about the rooms that are out of service at Londoner and, you know, those customers and recapture in your existing portfolio, whether you're able to recapture them at Venetian, Parisian or elsewhere, what do you think is actually the delta in what you're missing from those rooms being offline? i.e., how much of that, you know, shortfall that's being generated there relative to historical periods is actually elsewhere in the portfolio, versus how much do you think is just exiting the system and maybe showing up at competitors? Right. Before I give this question to Mr. Chum, we woke up to do this call in the middle of the night in Macao. I wanted to also reference the fact that the disruption, the size, the carrying labor, when you've been in these buildings before, when buildings are under construction, impacts both Londoner One and Two. I wanna be clear that the disruption isn't just limited to our current, you know, Londoner Two. Londoner One, which is a beautiful building, also feels the pain. Grant, would you answer the question about the rooms and the delta and how you see that? Yeah. Thanks, Rob. I think, first of all, yes, the performance definitely was impacted by the phase two renovation on the Sheraton side. But actually, despite that, you referenced the fact that we obviously worked hard to shift the patronage to other properties in the portfolio, and the team was actually incredibly successful at that. We actually reached a record high in any quarter on non-rolling drop, as well as a record high in any quarter on slot handle. So in terms of gaming volumes, I think we've managed to sustain the volumes overall. However, within the mix, I think what you do lose is some of that base mass, which is where Pacifica Casino was primarily positioned. And also, what you also can see in the numbers is the impact of the loss of the rooms impacting the cash hotel revenues. Because obviously when you have fewer rooms, we are yielding accordingly, and when you lose that cash revenues from the hotel side, because you have reduced inventory and we need to shift the customers to other properties on the casino side, that clearly impacts not just EBITDA, but it's a high flow-through segment, business segment, so it obviously impacts the percentage margin as well. Great. Thank you. That's helpful. And if I could, just one quick follow-up. Sorry, go ahead, Rob. Yeah, guys, wonder, do you have a dollar amount on the cash room sales lost in the quarter? I'm sorry, Rob? I was asking if you can give us a number for the dollar amount we lost in cash room sales with the closure of Londoner? If you look at the actual reduction in cash revenue for versus Q1, then you're probably looking at the range of around, you know, $15 million-$20 million impact. Although you can't- Yeah. You can't simply add that back because you've also got to consider that's a net impact of shifting more rooms into some customer segments and then having fewer rooms to sell. Yeah ... so it's a net impact that's probably not as high as that, but if you're looking at pure cash revenues, then that's the range of impact. Oh, sorry, your second question was what? Yeah, the second question was just more of a technical question. And I get it, luck could go both ways, but this is the fourth quarter, you know, in a row, where hold in Singapore has been, and the VIP side has been very strong. And I think when you look at the last four quarters, it's close to $30 billion of volume at an almost 4.4% win percentage. It feels a little bit more structural, and I know in your add-back math, you guys are obviously dinging yourselves for a much lower hold. Yeah. Structurally, is there any thought of perhaps changing, you know, what that, that metric is, as, as the normalized hold for that property going forward? It's a great question, and one we spend a lot of time on, and I think what you should realize, I think you do realize this, the world's changing in baccarat for two reasons. Smart Tables gives a better way of quantifying what the whole percentage should be, but also we've put games on the floor, you know, I'll call it prop bets or side bets, that change the whole percentage in baccarat. And your comment is spot on. We're debating how high we can take it. The team there feels it's understated, and you're right, we keep dinging ourselves quarter after quarter. And perhaps in the near future, we'll address that, because clearly something is happening here. But again, the Smart Tables opportunity, which we're deep into now, coupled with the game changes. The baccarat has been a pretty staid, pretty predictable game for many years, and the player, Banker and Tie play is changing dramatically. We were there a few months ago, and it was shocking to see how much money is being bet on the prop bets. No different than the Super Bowl, where you don't just bet the winning team, you bet every $3,000 on the side bets, which drives the PAR way up. We believe that's in play in Singapore. We're not ready today, but we're coming close to a decision this year, perhaps, to adjust that very issue. Because you're right, the team would argue there's something at play here. It's not simply, you know, better fortunes. There's better mathematics on the bets being made, and the ability to assess those mathematics through smart table, et cetera. Patrick, go ahead. Yeah, sure. It's the right question to ask. We've been following this for a while. Some of it depends on, on what Rob said, or it depends on what Rob said, which is the additional wagers that are available on, on the game mix that we have on the floor at the time. But it's also, you have to understand propensity. And so you have to observe empirically what people are gonna do before you can make that decision. So you'd argue that our theoretical is higher than this. But we're gonna continue to look at it, and we'll make adjustments as necessary when we think the statistics warrant it. But you're right, it, it is a, it is a, a very significant adjustment and one that we're gonna continue to look at. But our game mix has changed. The availability, as far as Rob calls them, prop bets, but really, high vol bets are on the floor now in a very different way than they had been previously, both pre-pandemic and even a year ago. And there, the patron uptake is very high. And so that is adjusting the way the mix on the floor is being exhibited through gaming win. And so we're gonna continue to take a look at it, and we'll make adjustments when we feel that it's appropriate. But it's a very good question to ask. There's more there. Thank you, everybody. Thank you. Thank you, Rob. Thanks, Rob, as always. Thank you. Your next question is coming from Shaun Kelley from Bank of America. Your line is live. Hi, good afternoon, everyone. For Grant or the team, just wanted to ask, can we get a little more color on just what you think is happening in sort of underlying visitation to the market? I think you capture it well on your slide 19, but, you know, we saw or noted a bigger sequential deceleration than we typically see in the second quarter. You know, and my question for you is twofold. Just one, you know, what's driving that? Is it, you know, is it macro? Is it something, you know, you're seeing or hearing out there? And, I guess, just as importantly, is it continuing at all into Q3, or what's your expectation for this to, you know, this pattern to possibly continue? Thanks. Wilfred and Grant, Wilfred, you want to take that one? Yeah, um- Wilfred- Thanks, Sean, for the question. Yeah, I think you're right. The visitation recovery rate has actually reduced. So, you know, that's actually taking account of seasonality when you compare the visitation recovery versus second quarter of 2019, we're about 79%, but we were as high as 90%, 85%-90% in the past six months, in the past two quarters. So clearly there has been, I think, more than just a seasonal slowdown, and that's particularly prominent in the visitation outside of Guangdong. So that does impact, I think, Rob referenced it earlier. It does impact, I think, the base mass business, especially the ready to play. We don't know exactly why, but I think that is a clear feature of this quarter, and it does feed into, as we said, the Base Mass segment. Thanks, Grant. And then just as a follow-up, I think you also talked about... I mean, obviously, I think you mentioned a number of times that the market is always competitive, always promotional. Could you just talk about, you know, sort of your own, you know, promotional, you know, allowance or cadence this quarter? Was it a little higher? Did you need to reinvest a little bit more? You know, I think on our math, that was possibly the case. Or is it all just mix? Just kind of how did you see it play out, and kind of how much are you reacting to, versus how much are you kind of letting, kind of letting go on market share just because it's not, you know, your game? Hey, one thing. I just want to say one thing, and then I'll turn it over to Grant. So just note that the visitation is very important. You know, you referenced slide 19 and the fact that there's 2 million visitors missing that were here pre-pandemic. We are geared for scale, and that scale is very high margin for us because of the volumes. And so our mix looks different, and our margins look different, and our reinvestment looks different because of the shift of business between unrated and rated play. So that's a very important thing when you look at our results and you consider what we're doing today. The mix of business has changed for us pre-pandemic, post-pandemic. So that's one thing. The other thing is, I would also like to highlight that if you look at the margins of our overall operations, they're consistent with prior performance. And when that unrated play returns and the volumes return of premium mass play, then our margins should improve. So yes, we look at reinvestment rates, but we also look at the total business. We like to understand how much money we're actually making on net. So when you look at the business overall, our margin performance and our competitive positioning is actually quite good given where things are. But I'll turn it over to Grant for some additional detail. Yeah. Thanks, Patrick. Yeah, I think it's a mixture of, firstly, the business mix point that Patrick referenced. And secondly, because we were closing Pacifica Casino and getting ready for that, yes, there is, you know, for a period of time, a high level of reinvestment as we prepare for that shift, which, as I talked about earlier, we did so very successfully, especially into the Parisian, but also the other properties. So those were the main factors affecting the reinvestment issue, the overall margin mix. But I think even though there are fluctuations from quarter to quarter, day to day, even in terms of tactical, I think we're very clear on our strategy, which is that we will compete on the quality and the scale of our asset base. And of course, at this point in time, we're hampered because we have a number of our key assets out. But when those assets come back online, really from Q4 this year into 2025, we absolutely intend to be competing on that basis. Because at that point, we not only have, I think, scale we always had, but the sheer quality of product that we'll have at that point at scale, I think that will be the fundamental difference from what we had before, and we intend to make full use of that in terms of competing for the market. Thank you, everyone. Thanks, Sean. Thanks, Sean. Thank you. Your next question is coming from Chad Beynon from Macquarie. Your line is live. Afternoon. Thanks for taking my question. On Singapore, which has been consistently strong for several quarters, it appears that there's still some quarterly volatility. I think last quarter we talked about some big events in the first quarter that drove, you know, non-gaming and obviously VIP play. As we think about the back half of the year, can you help us kind of square what seasonality should look like, and if there are any big events that are booked on the calendar in Singapore that could drive additional non-gaming or VIP business? Thanks. So, a couple of things. So, typically, 2Q is our trough quarter in the year, and so you saw that in Singapore this quarter. As a practical matter, we were also out of keys because of the renovation in Tower 3. So across the back half of the year and into Q1 of next year, all of that stuff's going to come back, so the limiters are going to come off. And so if you look at the tower gaming that we're adding, you look at the additional salons that are coming back online, some of the renovated gaming areas that are coming back, we're finally going to hit full stride in that building. So even though we put up this quarter and last quarter, which are, I think the two highest of all time, we have more room to go. We're not operating with full capacity. And so right now, when we look at Singapore, we see strength in the market. We've geared ourselves to focus on high-value tourism, which is coming into Singapore at a very high level. We are the premier place to visit from an amenity standpoint, entertainment, food and beverage, and we're benefiting from it. And our hospitality is now second to none, which we spent a lot of years working on, and we're finally there. So we're going to start to see this asset continue to grow and outpace. In terms of the calendar up and coming, I can't point to anything other than Formula One that would be fitting the category you just laid out. Formula One happens every year. It's a great event. It's something that's good for Singapore. Our patrons really enjoy it, and we look forward to its success. But in terms of calendar, unless Grant has something in mind, I can't think of anything other than that right now that's worth mentioning. Yep, that's the main one. Yeah. Okay, great. Thanks. Just to recognize how this market is so powerful and getting better by the day, and historically, Q2 is always the weak, weakest quarter seasonality. But still, what's happening in Singapore is almost unheard of in our industry. I mean, everything's coming together, converging that thing, and we're doing these numbers again with the capacity constraint. When that goes away, the market will continue to thrive, whether it's F1 or Taylor Swift or who's ever coming next. It just. Those, Those, those events are very additive, but that place as a market just becomes more and more desirable by the day. You can see by the visitation and their quality of visitation. So the entertainment will come, but I think our ability will speak for itself. Okay, appreciate it. And then I'm going to ask you to put on your, your economist hat again, not looking out to future years, but this year, obviously, the Triple R cut could, you know, bring some more money back into consumers' pockets in China. Just wondering, in prior cycles, how long that usually takes for it to trickle down. Obviously, you know, we've seen a nice little improvement in some of the July foot traffic. I don't think it would happen that fast, but is this something if it's kind of working in terms of some stimulus, you could start to see it in the third or fourth quarter here, just in terms of spend per play trends? Just wondering if you could kind of opine on what we've seen in prior cycles. Thanks. So this is a fascinating question. One thing I'll tell you, this was the highest volumes we ever had in premium mass and slots in a quarter. So clearly, like, something positive is happening. I think if you said that the economy was, you know, frothy and doing incredibly well, that we'd be doing better, I think that might be a fair statement. You could say that. But in terms of timing or specific economic actions, there are so many different things that could happen that may influence it. We have no idea. I mean, this isn't anything that we can comment on or have a view on, other than that we're hopeful that there will be further economic growth and further beneficial economic activity around the Greater Bay Area and, you know, hopefully we'll be the beneficiaries of that. But in terms of specific comments around timing or things of that nature, it's not something we can really do. Thanks, Patrick. Appreciate it. Thanks, Chad. Thank you. Your next question is coming from Brandt Montour from Barclays. Your line is live. ... I just wanted to follow up, maybe with Grant or anyone, on Shaun's question about visitation. visitation. And maybe just, you know, thinking about, you know, what's going on there. You know, I know that we don't have a crystal ball for the future, but in the 2Q, do you think macro was the biggest factor? Is there still infrastructure friction there with flights to non-Guangdong particularly, or is there something else that you think is at play as well? Yeah. Thanks, Brandt, for the question. Yeah, I don't have specific reasons why we have a slowdown in the recovery rate for non-Guangdong. I think what you can say is, there is a segment bifurcation here where the premium segments are still doing incredibly well. And you can see, I think it's on slide 18 on Dan's pack. Actually, this is the highest spend per visitor arrival since the COVID recovery began of any quarter. So clearly at the premium end, the strength of spending is very high. But at the same time, I think the lower price points in terms of, say, the slot performance is also incredibly strong. So those two, those two factors drove record-high volumes in our non-rolling drop and slot handle. But in the middle, especially the base mass tables, especially unrated, that is highly correlated to, to the strength of visitation, and it just wasn't as strong, this quarter, even if you adjust for seasonality. So I, I think we can, we can explain, how the segments have performed, but we don't, we, we don't know exactly why, the, the visitation base, isn't recovering as fast, in the middle in, in terms of that base mass visitation. Great. Thanks for that, Grant. And then, on the disruption, you know, the renovation projects, you know, if we were to try and and gauge the level of disruption from these projects in the third quarter versus the second quarter, you know, I know you lose the casino floor for a whole quarter versus a half a quarter. Can you, can you, can you maybe give us some finer points on what else is gonna be offline in the third quarter versus the second quarter, room count, et cetera? Yes. Yeah, go ahead, Grant. Go ahead, Grant. Sorry, Patrick. No, go ahead, please. Yeah, yes, the disruption will actually increase from a room perspective, so we're operating around 2,500 keys at Sheraton in the second quarter on average over the quarter. We expect to be down to about 1,300 on average across the third quarter. Obviously, a higher number of keys in the first half of the quarter and finishing up with fewer keys. And as you said, we will have a full quarter of Pacifica Casino closure versus, you know, 60-65% of the quarter in the second quarter. So yes, the disruption impact will actually increase during the third quarter. Perfect. Thanks, everyone. Thank you. Your- Your next question is coming from David Katz from Jefferies. Your line is live. Afternoon, everyone. Thanks for taking my question. I wanted to go back to the repurchases and just take a little bigger picture look, right? Just thinking about the factors, obviously, the stock and where it is, is one of them. But when we look at your capabilities, there are some, you know, maturities out there. You know, in the future, there's obviously the issue of the float. You know, with the current run rate, you know, that shrinks the float, and that's a consideration that some companies think about. If you could just sort of walk us through, you know, how you're thinking about those other issues, you know, in view of all of them, that would be helpful, please. So all very good questions, all things we talk about all the time, consider with the board, and we think about frequently. I think the key thing for us is, we always look to invest for growth. So when you think about capital allocation, our primary conversation is: How do we grow this business? We had a question earlier about new jurisdictions. We're looking at them. If you look at our Las Vegas sale, the fundamental driver of that was our ability to reallocate capital to faster-growing markets and new growth opportunities. And I think our investments in Macau and Singapore will prove out, and that will ultimately allow us to grow those businesses and create additional cash flow, which ultimately will be used for either new growth or shareholder return. And so when you look at our balance sheet, we think being investment-grade is incredibly important. We think it provides us with a strategic advantage. It reduces our cost of debt capital, which impacts our overall cost of capital, and makes the financing of new projects more efficient and creates better returns for equity. And also, to be fair, we think when we go to new jurisdictions, it puts us in a more competitive position because we have the financial capability to execute the projects we're proposing. And so all of these things are very helpful for us as we look to grow our business. When it comes to capital return, I think the idea of shrinking the share count is something we've talked about previously, where we think there's a benefit to doing so. We think there's a positive gearing towards share repurchases. We've been very aggressive over the last couple of quarters. We'd like to continue to shrink the share count over time. And to be fair, we're also a dividend payer. We think that's helpful to shareholder returns... as an S&P 500 member, we think it's good to have a dividend as well. So I think, you know, we have the free cash flow to continue return of capital. We're very happy about that, given our investment opportunities. We have the balance sheet strength to be able to develop the new jurisdictions. And so I think you're going to see a balance between growth and our ability to return capital over time. I think the nice thing is, when we're done with the Londoner and we're done with some of the other—with these major renovation projects in Singapore, given the growth that we're seeing, we'll have the ability, hopefully, to return more capital, and we'll have the ability to increase our program, and benefit shareholders. So you'll see us do that over time, as our business continues to operate and grow. And so, you know, I think the idea of shrinking the share count, I think, we're in a good position to do it. I think, we have a lot of liquidity out there in the market. We have very strong ability to execute, so I think we're in good shape in terms of our program and the way that we approach it. Thank you. Appreciate it. Thanks, David. Thank you. Your next question is coming from Daniel Politzer from Wells Fargo. Your line is live. Hey, good morning or good afternoon, everyone. Thanks for taking my questions. The first one on Singapore, the ADR was very impressive. You know, trends there seem overall pretty good, despite subdued visitation. Can you talk about, are you starting to see the benefits of the existing CapEx that you've put into the ground so far? And, you know, should we think about any disruption as it relates to Tower 3, you know, leading up to the completion next year? Thank you. Yeah, the obviously, the money we put into the building thus far has done very well. You see the results of, you know, we're getting to a $2 billion+ run rate. We're still under construction. There's more to go. Yeah, Tower 3 is disrupted because we don't have the product from the room. Tower Gaming is in, isn't there. I mean, we're doing very well there, but again, I referenced earlier, we have one hand tied behind our back and trying to get through it. So, the road ahead in Singapore is very positive to us. We think $500 million, $550 million, $600 million a quarter is in reach in the near future. As you referenced earlier, once the entire building is complete in, you know, 2025, I think we'll see better numbers than ever out of Singapore. It's a very, very rosy picture in Singapore, and yes, the CapEx we employed there is paying off very well, and, we, we think it's going to continue to get even stronger in time. As for ADR, while it's relevant, it's our cash sales are not the drivers. The drivers is our, is our casino business, especially our ongoing casino drop in the table side, baccarat. But it's a very positive picture. The disruption is real for the balance of the year into Q1 and Q2, but once that burns off and we get Tower Gaming open in the full complement of suites, I think you'll see Singapore just continue to be stronger and stronger. Got it. Thanks. And then, as far as it relates to the Cotai property portfolio, obviously there's a lot of CapEx going into Londoner. As it relates to the other properties there, is there anything that we should be thinking about as you start to wrap up Londoner toward later this year? Or, you know, should we expect 2025 to be pretty much disruption free there? Yeah, good point. Well, London will wrap up again in 2025. We should note that we are going to undergo... There was a misunderstanding, perhaps, one call about what happens in Venetian. We are going to rehab some of the rooms in Venetian, because we always do. But as typical, you won't see it in the numbers. The building will be, you know, hidden from the public view by doing it floor by floor, traditional way you approach these things in our industry. So we will undergo a renovation of the room product at Venetian next year, at the closure of Londoner renovation. Four Seasons is pretty much done, and then we'll sit and see what we want to do with those things in Parisian and perhaps in Sands, but nothing beyond that you should think about for the time being. Got it. Thanks so much. Sure. Thanks, Dan. Thank you. Your next question is coming from Steve Wieczynski from Stifel. Your line is live. Yeah. Hey, guys, good afternoon. So Grant, you've been asked, you know, question on question on visitation twice now. I'm actually going to try to ask it a third time. So, you know, if we look at slide 20, you know, it shows that the group visitation was, I think we've done about 1.3 million visitors in May and June so far. And, you know, so I want to ask more about kind of what's going on with the group side and just trying to figure out, you know, maybe has it, you know, do you think Macao has essentially gotten, you know, maybe too expensive and is pricing certain groups, you know, out of the market? And I hope that kind of makes sense. Yeah. Thanks for the question. I think the two groups is a broader supply chain issue and the change in consumer habits, not just applicable to the Macao market, but to all the key markets that were significant to group markets prior to COVID. I think the other aspect that I should have mentioned, and perhaps I could get Wilfred to give his perspective as well, is actually during this period, we also have a series of significant announcements on policies that would boost visitation over time, even though in this current quarter, the impact may not be prominent. You know, ranging from Individual Visit Scheme expansion to other types of visa relaxation. So I think we need to bear that in mind, that things are actually moving extremely positively on the policy side to support future growth in visitation. Wilfred, maybe you want to add to that? Sure. I think the government, both at the Macao level and at the national level, is monitoring the situation, and that's why you see the recent announcement that there's an additional 10 cities that people that qualify for IVS. And if you look at Macao, traditionally, about 55%-60% of the visitors use the IVS scheme. And this time they added 10 cities, which has close to 60 million population. So you're increasing that catchment area. And I think the other measures, such as a faster and nationwide application for business visa, will also benefit Macao. So it will take time for these policies to be promulgated, fully promulgated, and known in these cities. So we're expecting some positive impact in the months to come. Okay, great. Thanks, guys. That's all for me. Appreciate it. 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. We thank you for your participation.