LVS YOUTUBE

In preparation for LVS's F2Q 2013 earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.

 

 

POST CONFERENCE CALL FORWARD COMMENTARY (Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference)

 

MACAU

  • "Right now about 51% of the people that come in to Macau don't stay. They go home. I think that's very encouraging, frankly, because that means 49% of the people are staying. And basically, although Guangdong is the closest province with 100 million people, the infrastructure from the bridge, Henqin Island development and other things that are happening with the trains, et cetera, the airports, all create from the distant areas – Beijing, Shanghai, all that– a very, very significant amount of traffic over the next number of years."
  • "We're yielding at the Venetian $12,000-plus a table last quarter. Obviously, we need more tables going forward. Even if we're doing 400 tables, we probably could use another 50 or 100. The junket yields are just down across the market because no matter who you are, you're not getting the yield per table. But we just simply follow the trends. It's hard to predict, but the good news is the government's very helpful, allowing you to move tables around."
  • "We are investing $100 million in the theater and in Site 5, which is in the Holiday Inn, Conrad area to produce 80 more tables at the premium mass level, which will open sometime in the third quarter of 2014."

SINGAPORE

  • "Our VIP business remains okay. I mean, we did have a great quarter, $18 billion, but we always tell people it's a very concentrated segment that you can't predict quarter-to-quarter. It's $1,000 – $2,000 accounts that really matter in that segment. So, it's highly concentrated."
  • "We'd like to target to get that mass market business back up to about $4.6MM or more a day."
  • "The mall continues to get better and better, and we leased that during a rather difficult time. And as we keep changing out tenants, that gets better by the day and that's a wild asset. The upside of that mall, I think, is yet to be seen."
  • "We're already going to start major room rehabilitation in 2014."

BETHLEHEM

  • [Bethlehem] "We're happy with the results, and unless we're able to get what we want for the property, we have no big rush to sell it and may not sell it."

 

YOUTUBE FROM Q1 CONFERENCE CALL

 

MACAU

  • "Based on our current construction schedule and subject to timely government approvals, we're still targeting the opening of The Parisian for late 2015."
  • [SCC] "We're putting in another 80-some odd tables, pushing 100 tables...Our competitors, I'm sure, are doing the same thing. They're putting their underperforming tables to better use and increased revenue. We've got the CapEx approval from our Board of Directors meeting yesterday, and we're moving forward on that. That is going to take about 10 months or so, maybe a little more, 10 or 12 months. It will be ready, I think, next April."
  • [Competition]  "I think it's competitive. Obviously, you have three segments there. Our strength resides in the pure mass. Because our table size and capacity, I think we dominate that segment. The premium mass and super premium mass are obviously very competitive."
  • [Mass table]  "Our goal is to re-segment the Four Seasons, getting more. We did $14,200 per table in the Four Seasons. We want to re-segment that, get a lot more aggressive in that mass table market, or I should say premium mass table market. We want to grow our business, especially at the SCC."

SINGAPORE

  • "Slot segment continued to show weakness. And that's because Slots is primarily driven by the local market, which has not recovered."
  • "We'll continue to see table growth. We're hoping to see more growth from the slot side as well. But we were back in a positive place in Singapore in the most important segment, the non-rolling and Slot ETG segment.:

JAPAN

  • "There's a lot of noise about Japan, about 100 people in the legislature wanting to get legislation as early as November."

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