Las Vegas Sands Corp. (LVS) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 19, 2023 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks：

Operator

Good day, ladies and gentlemen, and welcome to the Sands' First Quarter 2023 Earnings Conference 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.

Daniel Briggs

Thanks, Paul. Thank you all for joining the call today.

With me today are Rob Goldstein, our Chairman and Chief Executive Officer; Patrick Dumont, our President and Chief Operating Officer; Dr. Wilfred Wong, President of Sands China; and Grant Chum, EVP of Asia Operations and COO of Sands China.

Today's conference call will contain forward-looking statements. We will 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 will discuss non-GAAP measures. Reconciliations to the most comparable GAAP financial measure are included in our press release.

We have posted an earnings presentation on our website. We may refer to that presentation during the call.

And finally, for the Q&A session, we ask those with interest to please pose one question and one follow-up question, so we might allow everyone with interest the opportunity to participate.

This presentation is being recorded.

I'll now turn the call over to Rob.

Rob Goldstein

Thank you, Dan, and thank you for joining the call.

The results speak for themselves. There is a powerful recovery underway in Macao in both gaming and the non-gaming segments. The future looks very good for both markets. Our commitment to investing in both Macao and Singapore has never wavered.

In Macao, following the relaxation of travel restrictions, increased visitation has driven gaming volumes, retail sales and hotel occupancy during the quarter. In other words, business is back. Sands China is in unique position to capture the opportunities. Our diversified IR model with continuous investment in non-gaming segments MICE, hotel suites, live entertainment, retail, food and beverage, positions us well to deliver strong growth in the years ahead.

Our focus is on all segments in the Macao market, including international tourists. We're excited to have the opportunity to develop -- to deploy more capital to expand our non-gaming offerings in Macao. The $3.8 billion commitment we made as part of the concession tender is just the baseline. We will invest more in this extraordinary market. I look forward to everyone having the opportunity to see, to witness The Londoner and the Four Seasons. The quality of our new products is exceptional.