Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| And we feel very strongly that the Venetian Macao is going to run as mass visitation continues to return to the market |
| I think the earnings power through the holistic and expanded experience of the Londoner and Macao will be significantly enhanced |
| And then, I think what you see is actually a very strong acceleration in that non- Guangdong visitation this quarter |
| It's a great asset and will continue to grow |
| And so what we're starting to see is, I mentioned earlier, some of the infrastructure for mass store groups are returning, which is very positive, starting to see some of the increased volumes due to their visitation |
| A few reference points to consider, third quarter EBITDA represents strong growth compared to previous quarters, as I mentioned |
| It gives us a very efficient cost of capital, which in the long run provides flexibility but also drives returns on our new projects |
| And so having this investment-grade balance sheet also helps us in new jurisdictions because we have the financial capability to execute on projects we propose |
| MBS is a testament that quality assets prevail and validates the thesis that reinvesting in our assets will generate sustained returns |
| But for us, you see the size of the authorization, you see our balance sheet strength |
| We're also receiving strong local support from the local community |
| But we like where this business is going, and we think the future is very strong |
| It's a very successful thing in Asia |
| We are very excited about the prospect |
| And as Rob said earlier, we're going to shift assets to the segment that is most productive and provides the best returns |
| But our long term there is going to be with strong margins, with revenue growth just based on our investment and what we're seeing in the market |
| As the Macao market revenues continue to recover, our margins will naturally benefit from an improved business mix |
| We've been able to manage expenses, manage business mix, manage pricing and push the business to be better |
| But to be fair, we think there’s strength in margins to continue as revenue continues to come into the market through visitation |
| We're very proud about what's going on to The Londoner |
| This is an example of a property achieving strong revenue recovery with financial performance and margin that reflect the improved business mix |
| The Londoner Macao grew EBITDA to $167 million during the quarter, with EBITDA margin expanding 660 basis points sequentially to reach 32.2% |
| The strong flow-through of revenue to EBITDA reflects the operating leverage of our business, once the fixed costs have been covered |
| So we feel very strongly about the margin potential |
| And I think our investments will prove in the end we make works in many places is supremely strong buildings with great service and great architecture, and that's what you have Rosadi (ph) and MBS |
| We will naturally have some construction disruption in 2024, but we expect future EBITDA growth and margin expansion over time, so that's Macao |
| This underscores our confidence and the returns will be generated by our capital investment programs in our portfolio |
| Our retail business in Macao has far exceeded pre-COVID numbers |
| It's a great business environment to trade and I think Singapore has benefited from its years of investment in the structure and people are going there and people are going there and consuming |
| People know the Macao market is back with all the non-gaming investments and events that are driving the interest in the destination I think that base mass segment will naturally improve over time as it did already significantly this quarter |
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| And then over on Macao, on Slide 14, it shows the win per visitor coming down quarter-over-quarter, it's the second quarter that's declined |
| If you've been there, it's got some real challenges from a physical perspective |
| Remember, Macao visitation is still about 20% less than it was pre-pandemic, we're down about 1 million visitors in the same period |
| I think you'll see some disruption on the gaming side in the middle of next year |
| And it been along, all of a sudden, it caught fire and now it's certainly performed, we're surprised how strong it is and because the place is kind of turn up |
| We've gone from a dead stop in January back to the very difficult times of no one coming to mere in nine months later about 80% of Q3 '19 |
| You see the amount of cash flow we're generating down in the business |
| Some of the casino space were just not very good |
| Singapore opened up, it wasn't that powerful in the first couple of quarters |
| And as my follow-up, with the very, very good quarter that you had, and it's not just for your stuff, but many in our coverage, the market seems to expect some macro pressure in the future |
| A lot of people scratched our heads until we have a certain answer we consider confidence |
| I think the biggest story is the suite product, which we haven't -- you haven't seen it's pretty extraordinary |
| As you think about kind of the margin profile, the 40.1% margins in the period at the property kind of rivaled '19 despite annualized third quarter net revenue being down, I think, close to 18% versus what you did in 2019 |
| But getting to ‘24, while not easy, I think it’s very manageable to see deploy other assets in the portfolio intelligently |
| We just had to get -- and it was not a known product in the market |
| But we're still not back to normal |
| I always felt that MBS as good as was architecturally is lack of [indiscernible] inside the building |
| Disruption notwithstanding MBS is hitting on all cylinders from a gaming, lodging and retail perspective |
| We've got 2,500 hotel rooms are going down as we add more suites |
| I hate to say, if that's happening |
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