Financial Data and Key Metrics Changes - The Macau market's total gaming revenues grew by 24% in Q2 2024 compared to Q2 2023, with mass play revenue increasing by 29% [4] - Macau EBITDA was reported at 512 million, with a margin of 48%, which would have been 220 basis points higher if hold had met expectations [9] Business Line Data and Key Metrics Changes - The Venetian Macau achieved 30 billion in gross gaming revenue next year, indicating strong future growth potential [4] - The visitation recovery rate in Macau has decreased, with current levels at about 79% compared to pre-pandemic figures [51] Company Strategy and Development Direction - The company focuses on investing in high-quality assets and maintaining scale to ensure market leadership in Macau [4] - There is a strong interest in exploring new development opportunities in jurisdictions like Thailand, New York, and Texas [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Macau market's growth despite competitive pressures and ongoing renovations [4][25] - The company anticipates that once renovations are completed, particularly at the Londoner, EBITDA growth and margin expansion will follow [8][25] Other Important Information - The company repurchased $400 million of its stock during the quarter and continues to pay dividends, indicating a commitment to returning capital to shareholders [10] - The ongoing renovations at the Londoner are expected to impact operations, with a significant reduction in available rooms and gaming capacity [70] Q&A Session Summary Question: How is the performance of players and visitors geographically, particularly from Mainland China? - Management noted that there has not been a significant slowdown in visitation from China, with a diverse customer base contributing to stable performance [12] Question: Can the company return to 2019 margin levels in the current environment? - Management indicated that while the Macau market is competitive, they believe they can achieve pre-pandemic margin levels through strategic investments and operational improvements [21][25] Question: What is the impact of the ongoing renovations on performance? - The renovations have led to a temporary decrease in available rooms and gaming capacity, but management expects strong performance once renovations are completed [70] Question: How does the company view the impact of tariffs on the Chinese economy? - Management refrained from making specific predictions but acknowledged the potential impact of economic conditions on visitation and spending [34] Question: What is the company's approach to capital allocation and share repurchases? - The company remains focused on returning capital to shareholders while also investing in growth opportunities, with plans to continue share repurchases [30][74]
LVSC(LVS) - 2024 Q2 - Earnings Call Transcript