Capital Allocation and Share Repurchases
Q: Is the current pace of share buybacks adequate for the year?
A: Management believes the current pace is appropriate and plans to continue aggressive share repurchases, seeing significant value in their stock. They favor buybacks over dividends, aiming to shrink the share count and will remain opportunistic in the market.

Singapore's Strong Performance and Growth Outlook
Q: Can Singapore sustain the $500 million quarterly run rate?
A: Management is confident that Marina Bay Sands can maintain and exceed a $500 million quarterly EBITDA, citing strong market dynamics, continuous events, and upcoming hotel suite expansions. They see immense growth potential as renovations complete and new suites are added.

Path to Mid-High 30s Margins in Macao
Q: What will it take to return to mid-high 30s margins in Macao?
A: As renovations conclude and visitation increases, management expects margins to normalize to the upper 30s percent. The completion of the Londoner and the return of the Cotai Arena will enhance revenue and margins. Currently, disruptions and lower visitation are impacting margins short term.

Impact of Renovations on Revenue and EBITDA
Q: How are renovations affecting revenue and EBITDA?
A: Renovations at the Londoner and Cotai Arena are causing significant but temporary disruptions, particularly impacting entertainment revenue. The worst effects are expected over the summer, but completion will lead to stronger assets and improved financial performance.

Base Mass Recovery in Macao
Q: Why is base mass recovery lagging in Macao?
A: While premium mass has recovered more quickly, base mass is still missing some patronage. Management believes base mass will improve as the economy strengthens and more events and attractions draw visitors. They are well-positioned to capture this growth due to their scale.

Reinvestment Strategy Amidst Competition
Q: Will you adjust reinvestment strategy due to market competition?
A: Management will maintain their current reinvestment strategy, focusing on product quality and service rather than engaging in aggressive promotional activities. They aim to compete sustainably based on their superior assets and offerings.

Increasing Ownership in Sands China (1928.HK)
Q: Will you increase your stake in Sands China beyond 71%?
A: They seek to own more of Sands China, seeing significant value. While exchange rules limit ownership to 75%, waivers are possible. They plan to be aggressive in increasing their stake.

Interest in Thailand Market
Q: Are you interested in pursuing opportunities in Thailand?
A: Management is very interested in Thailand, considering it an exciting market with potential to develop ahead of Japan. They are exploring opportunities and conducting due diligence.

Debt Maturities and Refinancing Plans
Q: How will you address upcoming debt maturities?
A: The company plans to address LVS maturities and Sands China’s 2025 bonds shortly, with intentions to reduce debt levels. They will manage capital structure prudently while investing in growth opportunities.

Financial Policy and Investment Grade Ratings
Q: How do development plans affect your investment grade rating?
A: Maintaining investment grade is crucial for accessing liquid debt markets and favorable capital costs. They target gross leverage of 2–3x and believe they can fund developments while upholding their financial policy.

Tax Rate and One-Time Tax Benefit
Q: Was there a tax benefit in Q1, and will tax rates normalize?
A: A one-time $57 million tax benefit related to a Macao reserve was recognized in Q1. Going forward, tax rates are expected to return to normal levels consistent with prior years.

Macao Mass Market Share Decline
Q: What caused the decline in Macao mass market share?
A: Disruptions from renovations led to reduced revenue and market share. While promotional competition exists, management focuses on long-term performance and expects share to recover as assets come online.