Macau Margins
Q: Can margins in Macau return to 2019 levels?
A: Management believes margins can reach pre-pandemic levels as renovations complete, particularly at the Londoner Grand. Despite competitive pressures, they expect improved margins with the return of full capacity. They highlighted that the Londoner is currently operating at partial capacity, and when fully operational, it will enhance profitability. "

Macau Visitation Trends
Q: What's causing the slowdown in Macau visitation recovery?
A: Visitation recovery in Macau has slowed, particularly from regions outside Guangdong. Management isn't certain why but notes it's impacting base mass gaming. However, premium segments remain strong, with the highest spend per visitor arrival since the recovery began. " "

Londoner Renovations Impact
Q: How are Londoner renovations affecting performance?
A: The closure of parts of the Londoner for renovations is impacting margins and volumes. They are carrying costs for shuttered casino space and 1,500 rooms, affecting EBITDA and margins. Disruption will increase in Q3 with more rooms offline, but once completed, they expect strong contributions from the Londoner. " " "

Capital Allocation and Share Repurchases
Q: Will you be more aggressive with capital allocation?
A: The company sees meaningful value in share repurchases and plans to continue them. As their current authorization is used up, they'll discuss increasing it with the board. They are focused on being shareholder-friendly while maintaining an investment-grade balance sheet to support future growth opportunities. " " "

Singapore Visitor Trends
Q: Is there a slowdown from Mainland Chinese visitors in Singapore?
A: Management hasn't seen a slowdown from Mainland Chinese visitors at Marina Bay Sands. Their customer base is diverse across the region, including China, Vietnam, Japan, Korea, Indonesia, and Malaysia, and business remains solid despite seasonality and construction disruptions. "

Development Opportunities
Q: Any updates on development opportunities like Thailand or New York?
A: The company is actively exploring new development opportunities in jurisdictions like Thailand, New York, and Texas. They find Thailand particularly interesting due to its strong tourism market and are interested in expanding there if opportunities arise. "

High VIP Hold in Singapore
Q: Is the high VIP hold in Singapore becoming structural?
A: Management acknowledges that the VIP hold has been higher due to changes in game mix and additional wagers. They are considering adjusting their normalized hold percentage to reflect these changes but will do so when the statistics warrant it. "

Tariff Impact on Chinese Economy
Q: Thoughts on tariff impacts on the Chinese economy next year?
A: Management refrained from speculating on potential tariff impacts, noting that they don't know what's going to happen nor the impact it might have. They emphasized the importance of the missing visitors but didn't comment further on politics. "

Group Visitation in Macau
Q: Is Macau pricing out group visitors?
A: Management notes a broader supply chain issue and changes in consumer habits affecting group visitation, not just in Macau but in key markets globally. They also mention policy announcements aimed at boosting visitation over time, including expanding the individual visa scheme to additional cities with 60 million population. "

China's ARR Cut Impact
Q: Will China's ARR cut boost consumer spending soon?
A: Management cannot predict the timing or impact of economic policies but notes positive signs such as the highest premium mass volumes ever. They remain hopeful for further economic growth benefiting their business. "