LAS-VEGAS-SANDS Earningcall Transcript Of Q2 of 2024

Robert Glen Goldstein -- Chair and Chief Executive Officer

Thanks, Dan, and thanks for joining us today. Macao market continues to grow. Total gain 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 the future growth in Macao market. I believe Macao market for gross gaming

revenue  will  exceed  $30  billion  next  year  and  continue  to  grow  year  after  year.  Our  business

strategy is predicated or investing in high-quality assets and also have scale. Macao is and always

has been a deeper 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  from  the  long  term  and  large  share  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  London  cell  continues  to  lead  the  market  in

gaming and non-gaming revenue and a market share of EBITDA.

We will continue -- 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  of  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  disruption  from

construction.

The  financial  results  in  Marina  Bay  the  positive  impact  of  our  capital  investment  program  and  the

growth  of  high-value  tours.  The  growing  appeal  of  Singapore  is  a  destination  enhanced  by  the

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robust  entertainment  and  lifestyle  event  calendars.  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 down, and then we'll go to Q&A. Patrick?

Patrick Dumont -- President and Chief Operating Officer

Thanks, Rob. Macao EBITDA was $561 million. 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  London  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 increased 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' EBITDA came in at $512 million.

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Our  strong  results  reflect  the  impact  of  high-quality  investments  in  market-leading  products  and

growth in high value tourism. Had we held as expected at our roll-in Play segment, EBITDA would

have  been  $64  million  lower.  Had  we  held  as  expected  in  our  rolling  play  segment,  MBS  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 '25. This will further support growth in 2025

and beyond. Turning to our program to return capital to state 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.

Questions & Answers: