Vitaly Umansky

Vitaly Umansky from Seaport Research Partners noted that Melco's declining player reinvestment at City of Dreams is an outlier trend and asked for an explanation. He also inquired about what has changed in the behavior of the high-end customer driving recent market strength.

Answer

President & Director Evan Winkler explained that Melco is leveraging better data and player insights to be more strategic and targeted with reinvestment, rewarding the most valuable customers. Regarding player behavior, Winkler attributed the strength in the affluent tier to the dissipation of economic concerns in China, leading to increased confidence in travel and spending.

Vitaly Umansky of Seaport Research Partners highlighted the divergent trend of lower player reinvestment at City of Dreams despite high-end growth, asking for an explanation. He also asked what was driving the strength in the higher-end customer base.

Answer

President & Director Evan Winkler explained that the company is using better data and analytics to be more strategic and targeted with reinvestment dollars, rewarding the most valuable customers. Regarding the high-end strength, Winkler attributed it to a dissipation of economic concerns in China, leading to increased consumer confidence in travel and spending.

Vitaly Umansky asked a multi-part question covering Sands China's capital return policy, the financing plan for MBS Phase 2, and the company's current perspective on the New York gaming license process.

Answer

President and COO Patrick Dumont expressed hope for Sands China to resume dividends and repay its intercompany note. He outlined a plan to finance MBS IR2 with cost-efficient debt and equity. Chairman and CEO Robert Goldstein addressed the New York opportunity, noting a potential decision in early 2026 but raising new concerns about the long-term impact of online gaming on large-scale, land-based investments.