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In preparation for LVS's 1Q earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.



  • "I think the most underrated part of our portfolio is our pure mass table business and our slot/ETG business, we now have 6,000 positions in the slot/ETG segment, which we think will, the next few years, grow to $1 billion of top line at a 48% margin."
  • "[SCC] "We did do one thing, we're working on that, is improving the premium mass space for gaming. It doesn't have a great premium mass area. We're taking one of the theater boxes and repurposing that for gaming and that would be a very upscale 90 table first quarter of 2014. That's the missing component in the VIP segment in the mass and SCC."
  • [Site 3] "We'll raise project financing, which we're in the process, of doing of about $2.7 billion, so an equity check of about $700 million. Hopefully, we'll be done with it based upon our development timeline by, let's call it, the middle of December of 2015. That's at least the target timeframe. It's a wonderful theme property, probably about 3,000, 3,200 hotel rooms, probably about 4.3 million square feet or 4 million square feet."
  • "If you look at the premium direct business in Macao, the reserve against that's about 40%."


  • "The non-gaming piece, it's a magnificent hotel property. It's got 2,600 keys. The ADR is approaching 375. It runs almost full, 95%, 98%."
  • "The mall - it's got very, very successful segments. It's making more than $10 million a month, $30-some million a quarter. But we think there's magnificent upside in the mall as we rethink the mall."
  • "We'll have [VIP] margins about 30%, but it's not like Macao, where it's easy."
  • [VIP] "We should make $350 million or $450 million a year out of that segment."
  • [Mass win/per day] "And if we get that number from $4MM or was it, I think $4.4MM or $4.5MM last quarter, we get that back up into a growth market at a 70-point margin, that's the sweet spot of our Singapore growth on the casino side."
  • "We're about 30% reserved, if you will, in terms of the receivable balance. We expected our reserve provision against receivables to grow in that 35% to 40% range."


  • "I think Vegas remains challenging."
  • "I still think the spend – we can sell rooms and we can occupy buildings. And it looks busy, but the spending habits still haven't come back where they were. The two upside businesses here today in Las Vegas are high-end Asian, which we're very fortunate to be participating in that. We had a wonderfully busy Chinese New Year's and we stayed busy. I mean Chinese New Year's used to be the most of the business, now it's year-round Chinese people coming to Las Vegas."



  • "I think we're starting to see it in the first quarter (benefit from new hires targeting premium mass gamer). I think we'll see it progressive throughout this year. Frankly, we're doing two things. We're revisiting our database in the premium mass. We're also opening offices. And I think you'll see that progress fully in 2013. I do think there's real opportunity to grow this segment materially as we get into 2013 and 2014."
  • "Singapore is the most challenging credit market from a perspective of, a) highly concentrated; b) very little legal help in the region to collect; and c) there is no junket buffer. So as I said in the past, I remain optimistic, but cautious."
  • "We've been talking about Tower 3 putting a new VIP facility up there for some period of time. I was in Singapore just a few weeks ago and we did receive a request for information from the government from certain government agencies about putting more details on the request, which we are now submitting. But I don't expect you'll see something like that happen because there's about a year construction period where it would happen. As far as additional rooms are concerned and additional buildings, we've had some conversations but nothing is quite moving forward at this point."