In preparation for LVS FQ3 2013 earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.




  • "The original idea for The Parisian would be a three-star to four-star property, that would have mass market appeal, that's what the government wants there. We want to be middle market in The Parisian, we're positioned just below the Venetian."
  • "Based on our current construction schedule, and subject to timely government approvals, we are targeting the opening of the Parisian Macao for late 2015."


  • "We are also advancing our plans to sell shares in a co-op venture to prospective buyers of Four Seasons branded properties in the Apart Hotel on the Cotai Strip."
  • "We're lining up the project management and the sales team. And we don't need any further approval." 


  • "The macro view about China is not affecting the visitation to Macao. If anything, the visitation is increasing."



  • "SCL mass table games has grown 60% in the last year to $920 million from $577 million a year ago in this segment and the margin is still mid-40s, 45%, 46%, 47%."
  • "Upside in this segment comes from the organic growth in the Macau market, specifically in Cotai, our ability to leverage our hotel and retail asset base in Macau and in Cotai, in particular, to drive much higher win per unit, we're just in a unique position to improve dramatically and see SCL's mass table growth grow to $4 billion to $5 billion, $6 billion years ahead."


  • "If they work on time, their goal is to get the integrated resorts opened, a couple of them open by 2020 for the Olympics which is in the summer of 2020. To do that, they'll have to make decisions in by the end of 2014 or very early 2015. There'll be a lot of competition for those particular facilities at the high-end, the integrated resort, they definitely will pick integrated resorts probably for Osaka and Tokyo, that's our feeling, two major ones. What else they do, we really don't know, there's talk about Okinawa as well as an integrated resort."
  • "We prefer the Singapore model to any of the other models of integrated resorts."


  • "We submitted the feasibility study. We're waiting for the government. There are actually four governments involved, there is the local government, the regional government, the national government and the EU, all of which."


  • "We've been pretty consistent in the range of $12 billion to $16 million roll per quarter. I think that will remain intact for the foreseeable future."



  • "We publicized last year that our dividends would increase by a minimum of 10% per year, most of the market expectations are that we'll do actually more than that. But there is a dividend bias in the company to continue to increase the yield on our stock, the stock has gone up, so that means we have to increase our dividends to keep the yield at where it should be. We have announced a $2 billion buyback of stock. We are progressing with that buyback and we'll continue to do that until the $2 billion is taken care of."
  • [Special dividend]  "The specials are generally unlikely. We need to save some of the cash for development opportunities that are coming up, although our balance sheet and the cash for our free cash flow as most everybody knows about is pretty significant."


  • On the gaming side, we are very dependent on high-end premium Asian players who come here. And although we've participated, we've done very well in that segment, we're happy to be in it, the entire town doesn't share equally in that.  Slot and mass tables continue to be mediocre. I wouldn't call it a head fake as much as it's just a challenging market that will slowly get better, but I wouldn't look for rapid improvement in the next few quarters."
  • "The word you hear on groups and conventions is it has improved and it certainly has, there's no question about it, our advanced sales on conventions are amongst the highest we've had ever."
  • "The problem we have in Las Vegas is more rate than it is the prices are going up but they're not coming up to 2006, 2007 levels."
  • "I think Vegas gets better on the mass side slowly, slots, ETG slowly getting better, but not rapidly. And on the table game side, very tough sledding on new mass tables and better on the high-end Asian."
  • "Win per unit per day on the pure mass in Las Vegas is very challenging. The premium mass, the better customer who comes in for special events, fights, high frequent, out of Southern California, that is getting better."


  • "As we move more into this premium mass business there, I think the numbers will get better and the hold percentage will be what it's going to be. We know with that kind of volume, the hold percentage pretty much stays flattish when it's all said and done."
  • "When we sell out the 300 apartments at the Four Seasons, that'll bring us in a lot of premium direct at the high end because anybody spending several million dollars is going to play at the Four Seasons. There'll be direct play or there'll be premium mass. So that's one element that's going to contribute to an increased gross and increased EBITDA number."


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