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    George Choi • Citigroup Inc.

    George Choi's questions to Melco Resorts & Entertainment Ltd (MLCO) leadership

    George Choi's questions to Melco Resorts & Entertainment Ltd (MLCO) leadership • Q2 2025

    Question

    George Choi of Citigroup inquired about any near-term renovations to gaming floors at City of Dreams or Studio City and asked if hold-normalized EBITDA is expected to improve sequentially given recent momentum.

    Answer

    Chairman and CEO Lawrence Ho Yau Lung confirmed the Countdown Hotel renovation and emphasized competing on product and experience. President & Director Evan Winkler provided a detailed list of ongoing and planned enhancements at both properties, including new gaming spaces, lounges, F&B offerings, and improved accessibility. Regarding Q3, both executives expressed optimism, noting strong momentum from June carried into July and a stabilizing Chinese economy.

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    George Choi's questions to Melco Resorts & Entertainment Ltd (MLCO) leadership • Q1 2025

    Question

    George Choi of Citigroup inquired about the competitive impact of new market supply on City of Dreams and asked for an update on the strategic review of the City of Dreams Manila property.

    Answer

    CEO Yau Ho and Executive Evan Winkler stated they have not felt a material impact from new competition, citing strong performance and a renewed brand identity. They noted the market has become more rational on reinvestment. Regarding Manila, CFO Geoffrey Davis confirmed the strategic review is actively proceeding with advisers and potential buyers.

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    George Choi's questions to Melco Resorts & Entertainment Ltd (MLCO) leadership • Q4 2024

    Question

    George Choi inquired about the growth prospects for Macau's overall market GGR in 2025 and asked about the implications of the company's asset-light strategy on its Studio City property.

    Answer

    Executive Yau Ho explained that the company is committed to an asset-light strategy, making increased ownership in Studio City a non-priority. He also noted that while Chinese New Year was less concentrated, business has been strong and more spread out in January and February, which he views as a healthy development. Executive Evan Winkler added that Melco has gained market share due to property activations and has strong momentum heading into 2025.

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    George Choi's questions to Melco Resorts & Entertainment Ltd (MLCO) leadership • Q3 2024

    Question

    George Choi inquired about Melco's performance during the October Golden Week and asked for a potential timeline for the resumption of dividend payments.

    Answer

    CEO Lawrence Ho stated that Golden Week was strong, with mass drop up over 20% YoY and record drop days at key properties. CFO Geoff Davis added that while debt reduction is the priority, a return to dividends is possible in the second half of 2025, subject to business conditions. President Evan Winkler noted that both City of Dreams and Studio City saw several of their top 10 all-time mass drop days during the period.

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    George Choi's questions to Las Vegas Sands Corp (LVS) leadership

    George Choi's questions to Las Vegas Sands Corp (LVS) leadership • Q2 2025

    Question

    George Choi noted the introduction of successful Singapore-based products like side bets and progressive jackpots into Macau and asked if there were other best practices from Marina Bay Sands that could be implemented in the Macau operations.

    Answer

    Chairman & CEO Robert Goldstein confirmed that transferring best practices is a 'work in progress' and that the company is a firm believer that the markets are not that different in terms of customer activity. He expressed confidence that innovations like side bets and smart tables, which are newer to Macau, will prove successful over time and that LVS aims to be a leader in this evolving process.

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    George Choi's questions to Las Vegas Sands Corp (LVS) leadership • Q3 2024

    Question

    George Choi asked if the lower baccarat table minimums at the new Londoner Grand casino were temporary and inquired about the potential impact on neighboring LVS properties once the Londoner is fully operational.

    Answer

    Chairman and CEO Robert Goldstein asserted that the lower minimums are temporary and will rise as the hotel suites above the casino are completed. He believes a stronger Londoner will not weaken other properties but will strengthen the entire portfolio, with the ultimate upside dependent on the return of the base mass segment. He projects the Londoner and Venetian will each eventually generate over $1 billion in EBITDA.

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    George Choi's questions to Las Vegas Sands Corp (LVS) leadership • Q1 2024

    Question

    George Choi asked about the popularity of new side bets in Macao compared to Singapore and questioned the future dividend policy for both Sands China and Las Vegas Sands.

    Answer

    CEO and President of Sands China Grant Chum noted that while the adoption of side bets in Macao is strong, it still lags Singapore, but is growing. Chairman and CEO Robert Goldstein added his belief that the two markets will become very similar over time. Regarding dividends, President and COO Patrick Dumont expressed pleasure at the resumption of the SCL dividend, with hopes to grow it. At the LVS level, he emphasized that the current capital return focus is heavily weighted towards share repurchases, which are seen as highly accretive.

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