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DATE

Wednesday, April 22, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• President and Chief Operating Officer — Patrick Dumont
• Chief Operating Officer, Sands China Ltd. — Grant Chum

TAKEAWAYS

• Marina Bay Sands EBITDA (Singapore) -- $788 million, up over 30%, with a 53% margin; $6 million higher if rolling hold met expectations.
• Macau EBITDA -- $633 million, up over 18%; margin 29.6% when adjusted for rolling hold, down 200 basis points from 2025.
• Macau Mass Market Revenue Share -- 25.7%, cited as the strongest performance since 2024.
• Slot and ETG Segment Growth (Macau) -- 31% year over year and 10% sequentially, outperforming market growth especially at The Parisian and Sands Macao.
• Tenant Sales (Macau Retail Malls) -- Grew 37% to a quarterly all-time high, with jewelry, watch, and fashion segments contributing.
• The Venetian (Macau) Margin -- 33.5% for the quarter; Londoner achieved 29.6%.
• Las Vegas Sands Corp. Share Repurchases -- $740 million during the quarter; total of 14.3% of outstanding shares retired over the last ten quarters.
• Quarterly Dividend -- Paid $0.30 per share in the current period.
• Sands China Ltd. Ownership -- Company continued to hold a 74.8% stake as of March 31, 2026.
• VIP Rolling Chip Volume (Singapore) -- $18 billion for the quarter, with a blended hold of 3.6% attributed to mixed betting behavior.
• Slot and ETG Product Uptake (Macau) -- Management noted progressive growth in side wager adoption and newly introduced bet types.
• Renovation Timeline (Macau Venetian) -- Refreshed room inventory begins entering service in 2026; full transformation targeted for completion by late 2027 or early 2028.
• Operational Focus -- Investment in service training and hiring expected to temporarily pressure margins, with revenue and cash flow growth targeted as offsets.
• CapEx (Maintenance and Strategic) -- Management increased guidance, describing $500 million as non-discretionary to maximize building quality and future cash flow.

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RISKS

• Macau EBITDA margin declined by 200 basis points versus 2025 after normalizing for rolling segment hold.
• Management stated, "Our investments in improving service offerings will naturally increase expenses and will continue to negatively impact margins as we implement our strategy."
• Competitive intensity in premium Macau segments persists, with management citing, "The competition in that segment remains intense."

SUMMARY

The call highlighted continued revenue and EBITDA gains across both Singapore and Macau, supplemented by retail and gaming volume growth. Strategic investments in product upgrades and service hiring were announced, with associated near-term margin pressures acknowledged. Management reiterated confidence in long-term growth targets, emphasizing expected improvements as portfolio enhancements are completed and market conditions support further expansion.

• No shares of Sands China Ltd. were repurchased during the quarter, though management expressed ongoing valuation conviction for both corporate entities.
• Investments in entertainment upgrades across Macau properties have resulted in a higher frequency and diversity of shows, supporting tourism demand outside of gaming.
• IR2 in Singapore is expected to introduce unmatched luxury and amenities designed to attract top-tier global tourists and gaming patrons.
• The rolling program continues to introduce volatility in reported performance; management attributed quarterly variance primarily to customer mix and betting patterns.
• Workforce expansion and service enhancement initiatives are being phased in, with a significant portion of new hires already reflected in current operating expenses.

INDUSTRY GLOSSARY

• ETG (Electronic Table Games): Casino table games administered via electronic terminals, often blended with live dealer elements, enabling higher volume play and lower labor intensity.
• Rolling Program: A gaming segment where high-value patrons wager with credit lines, 'rolling' funds through the game to accrue gaming volume, often associated with VIP and commission-based play.
• Side Bets: Optional wager types in casino games allowing players to bet on outcomes beyond the core game, typically offering higher payouts for longer odds.
• Hold: The percentage of total gaming wagers retained by the casino as gross gaming revenue after player winnings are paid.
• Reinvestment Programs: Marketing incentives, such as free play, comped rooms, or bonuses, provided to patrons to drive loyalty and repeat visitation.

Full Conference Call Transcript

Patrick Dumont: Thanks, Daniel. Good afternoon. Thank you for joining the call. As we look to the future, we could not be more enthusiastic about the opportunities for our company. Our strategic priorities remain clear and consistent with the goals of investing with discipline and creating meaningful shareholder returns. Turning to our current quarter results, we once again delivered outstanding financial results at Marina Bay Sands in Singapore, with EBITDA increasing over 30% to reach $788 million. Singapore is an ideal market for high-value tourism spending; our focus on creating unique and memorable entertainment and hospitality experiences for our guests has been a tremendous success. The company’s fundamental operating strategy relies on three critical pillars: our people, our product, our service.

When we get these three pillars optimized, we can create outstanding financial and operating performance. We are seeing that at Marina Bay Sands today, and we could not be more enthusiastic about our additional opportunities for growth in Singapore as we continue to enhance the customer experience for our guests in the years ahead. Turning to Macau, we delivered $633 million in EBITDA for the quarter, an increase of over 18%. Mass market revenue share reached 25.7% for this quarter, our strongest performance since 2024. As in Singapore, the operating pillars of people, product, and service underpin our strategy to deliver growth in Macau.

We believe we will deliver growth over time in Macau as we implement specific strategies to improve both our products and our service levels. We have a goal of reaching $700 million in quarterly EBITDA, and beyond over time, as we fully implement our investment and operating strategies and as the Macau market continues to grow. Today, the growth in the Macau market is primarily driven by the premium segments. The competition in that segment remains intense, and luxurious suite product coupled with outstanding service levels are critical to success. We have the suite product to effectively compete in the premium segment at both The Londoner and Grand Suites at Four Seasons.

We are singularly focused today on matching that suite and room product with the service levels that the most discerning and valuable customers in Macau increasingly demand. We are making progress. We have meaningfully increased our gaming revenues, gaming volumes, and premium customer patronage since implementing the recent changes to our reinvestment programs. Implementing meaningful improvements in the service pillar of our strategy in Macau will be critical to realizing additional growth and securing our long-term success. We believe we have outstanding opportunities for growth in every segment as we implement our strategies. Accordingly, we will be making targeted investments in training and hiring of additional customer-focused team members throughout the portfolio.

Creating and delivering unique and memorable hospitality experiences is the centerpiece of our strategy, and improving service levels in Macau is critical to the achievement of our long-term financial and operating objectives. In addition, we plan to introduce refreshed and luxurious room and suite products throughout the portfolio, as we further execute the product pillar of our strategy. We are focused on the highest-return projects to increase cash flow over the next three years. We will begin with The Venetian, where work is already in progress, with refreshed room product beginning to come into service in 2026. Additional luxurious suite products and the total product refresh are targeted to be completed by 2027.

Meaningful patron growth we have seen in The Londoner and Grand Suites at Four Seasons provides support for these investments. It is important to note that the work we envision will not create significant disruption throughout the portfolio. The scale of our portfolio will allow us to serve customers in other properties and elsewhere in each resort while work is in progress. Nothing we are doing as we invest in the portfolio over the next several years will hinder our ability to use our scale advantages to outperform the non-premium segment should spending in that segment accelerate in the future.

We are confident in our strategy in Macau, and we look forward to updating you on our progress as we execute our plans. Let us move forward to provide some additional detail on our current quarter financial performance. Macau EBITDA was $633 million. If we had held as expected in our rolling program, our EBITDA would have been lower by $15 million. When adjusted for higher-than-expected hold in the rolling segment, our EBITDA margin for the Macau portfolio of properties would have been 29.6%, down 200 basis points compared to 2025. Our principal focus in 2026 is to deliver revenue and cash flow growth across the portfolio.

Our investments in improving service offerings will naturally increase expenses and will continue to negatively impact margins as we implement our strategy. We do expect margins to improve over time as we grow revenue in the lower end of the premium segment and in the non-premium segment, where the scale of our hotel inventory gives us natural advantages as we improve our service levels and further refine our reinvestment strategies. Margin for the quarter at The Venetian was 33.5%, while margin at The Londoner was 29.6%. We expect growth in EBITDA as revenues grow. We will use our scale and product advantages together with service level improvements and targeted incentives to effectively compete in every market segment.

In Singapore, Marina Bay Sands EBITDA for the quarter was $788 million at a margin of 53%. If we had held as expected in our rolling program, our EBITDA would have been higher by $6 million. The outstanding financial and operating results at MBS reflect the impact of high-quality investment in market-leading product, world-class service, and the growth in high-value tourism. Turning to our program to return capital to shareholders, we repurchased $740 million of Las Vegas Sands Corp. stock during the quarter. We also paid our recurring quarterly dividend of $0.30 per share.

We have now purchased 14.3% of the company’s outstanding shares over the last ten quarters, and we believe additional repurchases of Las Vegas Sands Corp. equity through our share repurchase program will be meaningfully accretive to the company and its shareholders over the long term. While we did not purchase any shares of SCL during the quarter, we do continue to see value in both the Las Vegas Sands Corp. and SCL names. The company’s ownership of SCL remained at 74.8% as of March 31, 2026. We look forward to continuing to utilize the company’s share repurchase program to increase returns to shareholders. Thanks again for joining the call today and for your interest in Las Vegas Sands Corp.

We will now open the call for questions.

Operator: Thank you. Ladies and gentlemen, the floor is now open for questions. If listening on speakerphone today, please pick up your handset to provide optimum sound quality. Also, we ask that each participant limit themselves to one question and one follow-up. Please hold a moment while we poll for questions. The first question today is coming from Daniel Politzer from JPMorgan. Daniel, your line is live.

Daniel Politzer: Hey, good afternoon, everyone, and thanks for taking my questions. Singapore, it has gone from strength to strength to strength. I think you had $18 billion of rolling chips in the quarter. I mean, I guess, how do you think about what is driving this? I mean, it is just kind of the levels here. And to what extent are you seeing any benefit from some of the things kind of evolving in the geopolitical landscape that may be hitting other regions and possibly benefiting Singapore?

Patrick Dumont: Thanks. So there are a couple of things about the Marina Bay Sands growth story, which is really a story about investment. The more we invest in high-quality assets, the better service levels we have, the more we are going to differentiate the product that we have, and the more high-value visitation we are going to get. Look, I think the VIP segment is just a very competitive segment across Asia. The fact that we are able to see success here with these very high-value patrons is really just an example of the execution there at the property. I will tell you that our main driver of profitability at Marina Bay Sands is mass win and slots.

VIP is a very volatile segment, and it can be concentrated at times. It is high-value customers, and they can vary from quarter to quarter. What I will tell you is that with the introduction of IR2, we will have more product to address this market and scale with it. But the one thing to note is that we had an outstanding quarter. The team did a phenomenal job. These quarters can be highly concentrated and can vary. And then just turning to Macau, you mentioned the goal to get back to that $700 million in quarterly EBITDA level. Obviously, it is going to require a little bit more investment.

But, I mean, in terms of the market growth that you have to get there, how—at what level do you have to see the overall market or mass grow? Is that something you can kind of get to or achieve independent of the market really accelerating here? Look, I think we are heading in the right direction in Macau. I think you see the growth this quarter, and you see that our focus on service and improving our product—we have some work to do there across the portfolio, as we mentioned—is starting to show some progress. And so, in our mind, that is a milestone that is achievable. Obviously, it is going to require some growth in the overall market.

But more importantly, it is going to require us to continue on the execution of hospitality and service that we are showing. Grant, do you have anything else to add?

Grant Chum: First of all, the market continues to grow. We had 14% growth year-over-year this quarter, and it is notable that we achieved significant revenue outperformance against each segment. So we gained share in every single segment both on a year-over-year basis as well as sequentially. So we achieved the EBITDA growth as well as sequential margin improvement at the same time as we optimized our reinvestment levels.

Daniel Politzer: Got it. Thanks so much.

Operator: The next question will be from Brandt Montour from Barclays. Brandt, your line is live.

Brandt Montour: Hi, everybody. Thanks for taking my questions. So over in Singapore, you have a slide that you show us on theoretical rolling hold. And I know that is just a pure statistical output from betting mix, but you do show it kind of curling over and reverting back lower. I just want to make sure: are you guys seeing a change in betting behavior or any type of reversion away from side bets, or the sort of long-odds bets that you talked about?

Patrick Dumont: Yeah, I appreciate the question. You know, the VIP business is very volatile, and there is an interesting occurrence in the way patrons play now, which is some customers who are high-end VIP customers on rolling programs play traditional bets and they bet in a much more traditional, conservative way. And then we have other patrons who really enjoy the volatility and the side bets that we present. And so, if you look at 2025, where we hit the peak of 4.2% with $9.1 billion in rolling volume, we had patrons in the building who really loved those side bets, and so it drove the theoretical higher.

In the case of this quarter, with $18 billion of rolling volume, it was a barbell. We had people in the building who were betting the traditional bets in a very conservative manner and rolling a lot of volume, and then on the other side, we had some people who were really playing the side bets. And so the way we got to 3.6% was a more traditional VIP hold mixed with people who were taking advantage of the side bets and having a more, let us call it, modern approach to the game. So what you ended up with was this 3.6%, but it was not like an average play. It really was a barbell.

Brandt Montour: Okay. That is really helpful. Thanks for that. And then a second question would be on Macau. You know, the base mass is not where most of the growth appears to be coming in the broader industry right now. And I am just curious if you guys are starting to see any green shoots in that customer, given we have seen a little bit of better stock market and maybe some other green shoots in the macro. But just anything that you check or are watching from your KPIs on the macro level that gives you any sort of confidence or incremental confidence in that segment?

Grant Chum: Thanks for the question. The market growth is driven by premium segments, both in rolling and non-rolling segments. But we can point to a couple of indicators to show that the base mass and the mass growth is actually solid. If you look at not so much the base mass tables, but the slot and ETG segment, we are seeing strong growth as a whole in the market, and Sands China outperformed the market in that segment by a significant margin this quarter. So our slot and ETG segment grew by 31% year-over-year and 10% sequentially, especially driven by our more mass-orientated properties in Parisian and Sands, where you can see the slot and ETG number has grown tremendously.

The second indicator is our retail business. We actually hit a quarterly all-time high in tenant sales in this first quarter, which is an exceptional performance. Tenant sales grew by 37%. Yes, it was driven by the jewelry and watch sector, but the spending was very broad across all of our malls, and we also saw significant growth in the fashion segment as well. So from the slot segment and from the retail mall, you can see that consumption is solid, but clearly for the GGR, the premium segments are still driving the majority of the growth.

Operator: Excellent. Thanks, everyone. The next question will be from Robin Farley from UBS. Robin, your line is live.

Robin Farley: Great, thanks. Just circling back, Patrick, you were making comments about Singapore and you talked about both VIP and mass, and then you said something like IR2 will give us more product to address that. Were you suggesting that IR2 would be focusing on one or the other of those markets, or did you just mean broadly product to address the Singapore market? So I just want clarification on that. And then I do have a follow-up.

Patrick Dumont: Yeah, no problem. Thanks for asking a follow-up on IR2. In our mind, this will be the most luxurious and most highly amenitized hotel in the world. And our intention is to set a new standard for luxury hospitality, which will naturally attract very high-end patrons, some of whom are gaming patrons on rolling programs. And so my comment around the volatility and concentrated nature of the VIP/CIP play that we see in Marina Bay Sands, in our mind, can be smoothed a little bit by having more inventory to bring in more of these very high-value patrons.

And so while IR2 will not be focused solely on VIP patrons, it is really going to be for all the high-value tourists that we have coming into our building. But it is really going to set a new standard, and those types of customers tend to gravitate to those types of hospitality and amenities environments. It will also have an unbelievable entertainment component, which we believe will also appeal to the highest-value tourists that we have—highest-value patrons we have coming into the building. So we hope that gives us additional inventory and strength at the highest levels of patron rating.

Robin Farley: Great. Helpful. Thank you. And just a follow-up on Singapore in general. I do not know if you have any thoughts about how we should think about the two properties and what combined EBITDA might look like or incremental EBITDA from IR2—any sort of, I know it is early, but big picture. Thanks.

Patrick Dumont: I think for us, we are really looking to get our targeted return on invested capital across the total investment. We have always said that we kind of target a 20% return. So that is kind of where we are trying to get to. And if you look at the productivity that we are seeing out of our highest-end products within Marina Bay Sands, we believe that this is achievable, and that is why we are investing in the project. The market is very unique.

The tourists that are coming into the market, the structural tailwinds that are supporting growth in Singapore, the value that Singapore has demonstrated as a tourism destination, the fact that we are going to have an arena now that we control that will have some of the best presentation technology in the world—we are very excited about the opportunity there, so we think it will enhance not only the experience you would have at IR2, but the type of guests we have coming across the portfolio, because of what it will bring in terms of additional amenities. So, for us, we are looking at a total project return in excess of the 20% we talked about.

Robin Farley: Great. Thank you.

Operator: Thank you. The next question will be from Stephen Grambling from Morgan Stanley. Stephen, your line is live.

Stephen Grambling: Hi. Thank you. This is maybe digging into one of the questions on Marina Bay Sands. Can you maybe just talk about how the customer concentration may have evolved over time? Are you actually getting more customers, and is the comment about having the highest-end customer meaning that your IR2 being able to attract—you are hitting some kind of threshold where you just do not have enough space for some of these customers, or is it just that you are getting more play out of each individual and you have not seen any kind of upper bound on that? Thank you.

Patrick Dumont: We went from 132 suites to 770, and we need more capacity. We wish we could have IR2 tomorrow. I think for us, there was a sea change in the way that we presented our products there. You hear us talk about the quality of the design—our design excellence initiatives—and our design team has done outstanding work. The service levels there are extraordinary. Our hospitality team has really stepped up. Our culinary efforts have really improved over time. Our nightlife is really accelerating. And with the strength in our retail business there, we really have so many amenities that just drive the highest-value tourist from the region to Singapore and to our property.

And we are able to use a lot more capacity when it becomes available. So we are looking at IR2 as a way to really increase the high-end suites that we have, add amenities across the portfolio that we do not have today in terms of entertainment, additional ballrooms, additional culinary, additional sights to be seen. For us, this is something that we hope will have a multiplier effect on what we have on offer there. But we need more capacity. Yes, we made the change; we started bringing in much higher-value tourists into Singapore and to our building. But there are more of them.

And so we are looking forward to the opportunity to grow and to take advantage of what we see as the market opportunity.

Stephen Grambling: That is helpful. And maybe one follow-up, but just on Macau. I think you mentioned some of the investments going on there. Can you just remind us of some of the timing of some of the renovations and work that you are doing and how you are thinking about where to invest based on what you are seeing in the market now?

Patrick Dumont: So a couple of things I will highlight, and then I will turn it over to Grant. I think for us, we have a very strong fundamental view for the long-term success of Macau, and our company has been built from Sheldon’s original vision that investment and scale create a competitive advantage. What you see in Macau today is—even though the market is hypercompetitive in certain segments—we continue to perform in those segments with high-quality product, the right service levels, and the right marketing. So for us, we are going to look to invest in our portfolio.

We do have scale, we do have rooms, we do have amenities, we do have retail, we do have entertainment—to invest in a way that will give us the maximum opportunity to take advantage of what we see as growth in segments that we are getting the benefit of today. I think the next couple of years, you will see us invest in certain areas that we think we have underinvested in over the last five years, in an attempt to reposition some of our assets to better address the market today and make us more competitive. Grant, would you like to add anything?

Grant Chum: Sure. We can see exceptional results from our new product throughout the last three to four quarters. So part of our market share gain is a function not just of our reinvestment strategies, but also the ramp-up of The Londoner and Grand Suites. You can see that very clearly in our results. And, of course, Four Seasons with the Grand Suites product is also very competitive. Looking forward, we have said, I think in Patrick’s opening remarks, we are starting the renovation of The Venetian. This is our flagship property, and we are very excited by the upcoming transformation of The Venetian.

This will deliver new inventory progressively starting in 2026 and then the entire project should finish by late 2027 or early 2028.

Stephen Grambling: Very helpful. Thank you.

Operator: The next question will be from Elizabeth Dove from Goldman Sachs.

Elizabeth Dove: Hi. Thanks for taking the question. So it looks like the buyback stepped up a little bit this quarter. I am just curious, especially as you see this continued Singapore EBITDA going from strength to strength, is this an appropriate kind of quarterly run rate? Or how do you think about capital returns more broadly longer term?

Patrick Dumont: I think we have said for a long time, we see significant value in both Las Vegas Sands Corp. and SCL equity. We are going to continue repurchasing shares. We thought this quarter represented a significant opportunity where levels were, so we were a little more aggressive than maybe you have seen in prior quarters. But our goal is to continue to repurchase shares in a meaningful way. We think it is an important part of our return of capital strategy, and it is something that really creates long-term value for our shareholders over time. You see the share count reduction over the last couple of years.

It is very meaningful, and we are going to continue to look in that direction as we think about return of capital.

Elizabeth Dove: Got it. Thanks. And then, as we think about Macau for the rest of the year, we are only a couple of months away from comps starting to get a little bit tougher. Obviously, you are making progress on the margin side with that sequential uptick, but how do you think about your ability to keep improving on that, especially as the comps get a little tougher going forward?

Grant Chum: Thanks for the question. First of all, revenue growth is an important factor. Over time, we expect higher revenues will drive margin improvement. Outside of that, we are investing heavily, as Patrick referenced, in improving our service offerings across our operating capacity, across our salesforce and distribution, and also importantly, into our hospitality and gaming service levels. Those initiatives are having an impact on the cost structure and will continue to impact the margin in the near term. At the same time, we are driving revenue growth. We are achieving revenue share gains, and over time, we intend to grow margin as the revenue levels continue to increase.

In terms of the reinvestment levels, we have been able to spend less on reinvestment relative to revenue on a sequential basis. We see, at least in our strategy and our ability to optimize, stabilization in the reinvestment levels. The market continues to be very competitive; we have to continue to monitor the dynamics very carefully. But for this quarter, we were able to achieve both revenue growth and sequential stabilization and improvement in our reinvestment strategy.

Operator: Thank you. The next question will be from Chad Beynon from Macquarie. Chad, your line is live.

Chad Beynon: Hi, good afternoon. Thanks for taking my question. Two questions on Macau. One, just wanted to ask about how the entertainment calendar looks maybe through the rest of the year at Cotai Arena and then at the smaller venues. And then my second question is more around just the sentiment with the base mass customer—really good growth in the first quarter, as we have talked about a couple of times—and particular growth in the Chinese stock market and just overall what we are able to see in consumer sentiment indicators. But are you getting any different sense from your customers since the tensions in the Middle East have started, or do you think most of the base mass customers—

Patrick Dumont: Hey, Chad. You have a lot going on there. Sorry. We will answer all these questions so you do not have to ask nine questions at once. Let us just break them into little segments. We will get through them all, I promise. Alright, first on the entertainment calendar, and I will stop there. First on the entertainment: one of the things about the entertainment calendar, you know, we have been investing in entertainment assets for years in Macau. We feel that entertainment is a great way to drive inbound tourism into Macau from both China and actually from the surrounding region.

We are very happy to have some uptick in tourism from outside of Macau coming in, and we think over time entertainment is an important component of that. We also feel like entertainment is a great way to show off the quality of our assets and the quality of the experiences that you can have at our portfolio of properties. So we have been really focused on not only investing in our entertainment assets—you saw the renovation of the arena that allowed us to have the NBA games—but also other things that we are doing around the portfolio to enhance the customer experience with our entertainment assets, including programming.

I did want to address that just in terms of the physical asset side, and I would ask Grant to comment on the calendar.

Grant Chum: The calendar was strong in the first quarter for us, which helped our performance. We did 11 to 12 shows during the quarter. If you look at the pacing of the calendar, like Patrick said, we will continue to use entertainment content as a driver for resort visitation, and it helps us across every segment of the patron value chain. We do see that the big tours have slowed down in the Asian tour stops this year versus the prior immediate two years. However, we have the ability to bring content of different size and different spectatorship because we have access to both the Venetian Arena, which is the bigger arena, as well as the mid-sized Londoner Arena.

So we are able to bring a more diverse range of acts and content because we do have the scale on the performance venues, which is an attraction for different artists and promoters, because being able to access high-quality venues at different times of the year is not always easy. We do have an advantage with a number of acts and artists in the region where we can offer them best-in-class and a different range of performance venues all the way from the Venetian Arena to Londoner Arena and then also to our performance theaters.

Patrick Dumont: In regards to the mass gaming, I think you have seen 30% growth year-over-year in the overall market. For us, that just speaks to the attractiveness of the assets in the market, liquidity, accessibility, and just the overall growth in demand, which I think has been super helpful for us. Grant, I do not know if there is anything else you want to bring up as far as mass.

Grant Chum: I think that is it.

Patrick Dumont: And then you were going to ask us about Middle East disruption. Was that your next one?

Chad Beynon: Yeah. Just if you think that the Chinese customer can power through in the same way that we are seeing a U.S. customer, given where oil prices are and how that all factors into sentiment?

Grant Chum: The way to think about this is the number of options available to the outbound Chinese visitor. If you look at the options available today versus three months ago, six months ago, the reality is destinations that are closer to home are going to gain share in general as a result of the current environment, for all sorts of reasons that you are familiar with. So the net effect from a demand standpoint is, I think, a positive one for both Macau and Singapore because these destinations are going to be more desirable and more preferred during the current geopolitical environment and also given the cost of air travel.

All of those factors put together in this environment right now mean the short-haul destinations, especially ones of this appeal in Macau and Singapore, are going to be more popular with the Chinese market.

Chad Beynon: Thank you both. Very helpful. Thanks.

Operator: Thank you. The next question will be from George Choi from Citigroup. George, your line is live.

George Choi: Thank you very much for taking my question. Just a quick one from me. Based on the numbers that you are seeing right now, how do you see the popularity of side bets amongst your Macau players versus Singapore? And do you guys introduce more new side options in Macau? Thank you very much.

Grant Chum: You are normally the first one to notice on the side bets. We have introduced some new side wager options in Macau over the past week. In terms of your question about popularity, it remains true that the take-up of side bets, especially as a percentage of total wagers, is much higher still in Marina Bay Sands than in Macau. That said, the take-up of side wagers in Macau is increasing. The propensity to wager on these side wagers—we do see a progressive trend upwards, and I think the introduction of these new side wagers that we will be implementing now and in the next few months will further enhance that propensity. Thank you very much for calling.

Operator: The next question will be from Joseph Stauff from SIG. Joseph, your line is live.

Joseph Stauff: Thank you. On MBS, I wanted to follow up on the rolling chip volume—just an absolutely huge number in the quarter. I am wondering about the volatility associated with this. Is it visitations and what those visitations will do in terms of volume? What is easier for you to program, I guess, between the two? And was there a particular reason maybe in the first quarter that drove higher visitation from this clientele versus, say, other quarters?

Patrick Dumont: The VIP segment is volatile. It can be concentrated, and it depends on who shows up when. So it is about visitation, and it is about bringing the highest-value patrons we have who want to be on a rolling program into the building. The great news is, we have longstanding relationships with historical customers, and we have new customers coming into the building. They love our service, they love the hotel suites they get, they love the food, entertainment, and retail. So it is really a total experience proposition. Then they show up and they play. For us, it is about having the right amenities to satisfy these very high-value customers and just getting them into the building.

Joseph Stauff: Got it. Thank you.

Operator: The next question will be from Analyst from Wells Fargo. Your line is live.

Analyst: Hey, guys. Thanks for the question. I guess just one on CapEx. The maintenance CapEx and the SCL-level CapEx in the slide deck moved up the next couple of years. Is that maybe just, one, you guys are doing so well, so why not reinvest a little more aggressively? And then two, is it a pull-forward concession—just curious on those two numbers. Also, some of the things you guys referenced around the Venetian rehab? Thanks.

Patrick Dumont: One of the industry greats a long time ago said that depreciation is real in our business, and we have to spend money to maintain our positioning and to grow. We are doing a full portfolio review to make sure that we are deploying capital in the most efficient way and that the highest-return projects generate cash flow growth. This increase in CapEx is based on our expectations that if we invest more, we will grow more.

Analyst: Perfect. Thank you. And one other question. The promotional activity in Macau looks like it ticked down a little bit sequentially. Could we kind of assume that it is higher year-over-year again in Q1, but it is getting better as we look forward—is it just you guys really ramped it in Q4, kind of stickiness you are seeing from early promotional activity, demanding less of it as we go forward? And should that be one of the factors helping out this drive towards that $700 million number? Thanks a lot, guys.

Grant Chum: We have been able to optimize some of our programs having started to change our reinvestment programming and approach since 2025. This is a natural progression as we change our programs. We assess what worked or was less effective, and great credit to the team—we were able to achieve good optimization in this quarter whilst continuing to gain market share and grow revenue. We are also able to optimize the reinvestment level because we have been more successful in leveraging our product advantage. We have been able to ramp up The Londoner and Grand Suites especially, and that has helped us tremendously, especially in the core premium mass mid-tier segments, growing the customer base there.

That speaks to the CapEx and the upgrading of product referenced by Patrick. As we review the portfolio, there are going to be other significant opportunities for us to invest for growth, and at the same time as it is growing, it also allows us to be more targeted and disciplined in reinvestment as these products come online.

Analyst: Great. Thanks for the time, guys.

Operator: The next question will be from Steven Moyer Wieczynski from Stifel. Steven, your line is live.

Steven Moyer Wieczynski: So, Patrick, I am going to ask another question about getting to the $700 million a quarter in Macau. Obviously, there is a lot of promotional activity taking place right now in the market. To get to $700 million eventually in EBITDA, does that assume your competitors pull back so-called aggressive promotions, or, said differently, does that assume more of a normalized promotional environment from not only yourselves but also your competitors as well?

Patrick Dumont: No. Actually, we are thinking about that in the context of current conditions. It is a very competitive market. Look at the growth that we experienced in Q1, but I think the market is growing, and I think we are also helping to grow the market with the high-quality assets that we have. For us, when we think about $700 million, it is about continuing to invest, having the right marketing programs, utilizing our assets more efficiently. It would be helpful if the market grows a little bit; additional growth in the market and expansion of GGR market-wide is helpful. But we think that it is in the context of the current conditions.

Steven Moyer Wieczynski: Gotcha. And then, sticking with that, Patrick, I know you do not give guidance, but based on what you just said there, is it fair to think that this sort of run rate of, let us call it, $600 million a quarter in Macau is probably the right way to think about the market for the foreseeable future until that base mass business really does return?

Patrick Dumont: I think the one thing I want to be careful about is, there is seasonality in our business. I know you know that. The second quarter is typically our softest, and sequential comparisons between Q1 and Q2—given we have Chinese New Year in Q1—are always tough and sometimes not that helpful. But just directionally, we would like to believe that we are in a really solid place as we continue to grow our business and make the right moves in terms of marketing and utilizing our assets. That is kind of how we think about it.

Steven Moyer Wieczynski: Thanks so much. Appreciate it.

Operator: Next question will be from David Katz from Jefferies. David, your line is live.

David Katz: Hi, afternoon. Thanks for taking my question. I appreciate it. Can we just talk about The Venetian a little bit and the degree to which we should be factoring in some disruption as you go through that room renovation? Any qualitative perspective would be helpful. Thank you.

Grant Chum: Thank you for the question. No, we do not expect meaningful disruption impact. We will be balancing the out-of-inventory with the business needs, and we are able to redistribute the demand throughout the rest of the portfolio. At the same time, new rooms will continuously be coming back to the active inventory starting from the third quarter of 2026. So even as total number of keys will be reduced modestly during this period, we are going to be benefiting from brand-new suites coming online over the coming quarters, especially when the multi-bay suites come back online towards the back end of 2027.

David Katz: Understood. And as my follow-up, I know we have touched on this just a bit, but maintenance CapEx we usually think about in the context of non-discretionary versus projects that can be decided upon and moved around. I understand every company’s perspective on it is different, but just noticing in the deck—should we think about that $500 million number as something that is non-discretionary? And how did that come about?

Patrick Dumont: First off, we believe that it is necessary to maintain our business. It is split between Marina Bay Sands and Sands China. We just want to be realistic about what we believe we need to spend going forward to ensure our buildings are kept in the best possible condition to maximize our cash flow. We do not view this as optional. We view this as something that is a responsible move to take care of our buildings into the future.

David Katz: Thank you.

Operator: And the next question will be from John DeCree from CBRE. John, your line is live.

John DeCree: Hi, everyone. Thanks for taking the question. I know we have covered the topic of OpEx in Macau a little bit, but maybe just to round it out, if you could provide a little color, maybe coming at it from a modeling angle. Are we expecting the investment in service you have talked about to grow in line with revenue? Are these going to be fixed-cost people coming online—more staff—and will that happen regardless of which way revenue goes? Or is it something that you will time throughout the year as revenue increases at different paces, you will add service levels?

Just trying to get a sense of how much fixed cost is coming in this year versus variable depending on revenue.

Patrick Dumont: These are hires that are designed to increase and enhance the service levels of our buildings. Ideally, as we grow revenue—because we are bringing in higher-value patrons—we get some scale or some operating leverage across these fixed costs, but they are primarily payroll. We are adding people in certain areas to service certain patron tiers, to enhance their experience, and make sure that we are at the highest standards for service.

So this hiring, in our mind, is actually beneficial because while we have to hire and train these people and add them to our team so that we can accomplish our goals in providing leading hospitality in the market, combined with the investments and the renovations that we are doing, this will put us in a better position to grow. You need the people and you need the physical product in order to provide the patron experience that allows you to differentiate and draw the highest-value customers into your buildings. This is an investment in the future.

John DeCree: Got it. Thanks, Patrick. Maybe just a quick follow-up on that. For the new hires—apologies for being granular—are they coming on a rolling basis going forward, or have they already been hired? When should we think about the lion’s share of the additional staff coming online?

Patrick Dumont: A significant number are actually in the OpEx now. We have people joining our staff, and some of that is actually in the margin today—some of the additional payroll associated with the service enhancement. It will continue to be added over the next couple of quarters.

Operator: That concludes today’s Q&A session, and it also concludes today’s conference call. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation.