Yahoo Finance

Patrick Dumont

Thanks, Rob. There's something I want to mention before we get are the details of the quarter. The fourth quarter tourism to the Macau market was impacted by the celebration and events in December that marked the 25th anniversary of the special administrative region [indiscernible] with China. Macau EBITDA was $571 million for the quarter. If we had held as expected in our rolling program, our EBITDA would have been higher by $22 million.
When adjusted for lower-than-expected hold in the rolling segment, our EBITDA margin from Macau portfolio properties, excluding the Londoner, would have been [ 35.1% ] or down 230 basis points compared to the fourth quarter of 2023. Our turnover rents in Macau were $27 million lower in the fourth quarter of 2024 than the prior year fourth quarter.
Our margins at the Londoner were directly impacted by the reduction in elbow room inventory during the quarter. We will have approximately [ 20% ] rooms and suites on Cotai by May of this year and approximately 47% more rooms at the Londoner as we complete the Londoner Grand renovation. Margin at Venetian was 36.7% and while margin at the Plaza and Four Seasons was 37.2%. We continue to expect margin improvement as our revenues grow as we use our scale advantages to better address the unrated play in the market and as we focused on managing our costs including refining our reinvestment optimize cash flow.
As Rob mentioned, we are nearing the completion of our Londoner Grand rebation program. Upon completion, our competitive position will be stronger than ever. We expect full EBITDA growth and margin expansion in the future. Turning to Singapore, MBS' EBITDA came at $537 million. Assuming expected to hold our rolling play, our EBITDA would have been approximately $2 million lower.
The strong financial results reflect the impact of high-quality investment in market-leading products and growth in high-value tourism. Had we held as expected in our rolling Play segment, MBS's EBITDA margin would have been 47.2%. We will have substantially completed our $1.75 billion reversement program at MBS by May of this year. We are still in the initial stages of realizing the benefits of these new products. We expect growth in the future as we continue to attract high-value tourism to Singapore with our enhanced product offering.
Turning to our program to return capital to shareholders. we repurchased $450 million of LVS stock during the quarter and paid our recurring quarterly dividend of $0.20 per share. Our annual dividend will increase to $1 per share or $0.25 per quarter for the 2025 calendar year. In addition, we purchased approximately $250 million of Sands China stock during the quarter and in a year of 2025, bringing LBS equity interest in Sands China to approximately 72.3%.
We look forward to continuing to utilize the company's capital return program to increase returns to shareholders in the future. Thanks for joining the call today. Now let's take questions.

Question and Answer Session

Operator

Ladies and gentlemen, the floor is now open for questions.
(Operator Instructions) Please hold a moment while we poll for questions.
Carlo Santarelli, Deutsche Bank.

Carlo Santarelli

Patrick, obviously, you guys have been active in the Sands China stock. And when you look at kind of the valuation of that stock today, coupled with the announcement of the dividend increase, has your thinking changed at all around the way you allocate capital, perhaps maybe being more advantageous looking forward with respect to the SCL shares?

Patrick Dumont

Look, I think we really believe in the SCL story. We've been big investors in growth in Macau for years. And if you look at our investment program, it's designed to grow our business and our strategic advantages there. And we've been investing to create growth for 2025 and beyond in every segment. Look, our view is that we want to execute against our massive asset base there.
And I think for us, the way we show that is not only through growth but also through acquiring more shares. We want to own more of SCL and you'll see us be active in the market over time to do that. We really believe in SCL. We think there's real value in the future and owning the shares there. And so we're going to exercise against that thesis.

Carlo Santarelli

Very good. And then if I could just follow up as it relates to MBS, there's clearly been a lot of change in the property, all the rumor models, all the things that you've been doing over much of 2024. And in the fourth quarter, clearly, across the mass side, whether it's drop revenue on the table side, drop revenue on the slot side, you guys saw a very nice acceleration of year-over-year growth when looked at relative to the -- how much of that do you think is -- I don't know, maybe exogenous or maybe not, don't want to say onetime but a result of some other things going on in the market versus how much of that is the successes of kind of the capital you put in and the fruits of that?

Robert Goldstein

One thing I would say, causes not a onetime event no one knowing event that keeps accelerating. I think you're right, good observation. If I look at these numbers, non-rolling win and slot win is a $3 billion under discrete discounting. And I think it's a few things favor. One is a very strong market, and also we bring assets to coming to fruition.
So when you invest headwind something is that to the market, get the right thing, right place, right time it all comes together. It's not a onetime thing or is it peaked. The final product will be there this summer. It's an amazing place that he been there recently, and he keeps on going. But you're right, the acceleration year-on-year is really exceptional.
But I think we're just at the beginning of a huge growth surge in the Singaporean we're the right place, right time with the right products.

Patrick Dumont

One thing I do want to say is the key thing about Singapore, and you've heard Rob and me and the rest of the team talk about this many quarter calls. The key thing about Singapore is about the quality of turf. It really is an unbelievable market in terms of the value of the turn showing up there. And we've been very focused on investing in the highest quality of assets to match that high-quality of tourism. I think for us, this quarter validates the investment thesis.
And the growth that's available to us in this market because of the strength of what's going on in the catchment area. And so when you look at Singapore as a market, it's incredibly strong and desirable. There's a growing high net worth population. There's growing high-value visitation. There's a lot of business activity there, and there's continued investment and strong tourism infrastructure.
So from that standpoint, it's a very unique market, and we really believe in it. We think the highest quality cash flow in our industry.

Operator

Robin Farley, UBS.

Robin Farley

This is Arpine for Robin. I know you don't talk about the current quarter, but I was wondering if you could take a few minutes to give us your overall take on the Chinese consumer, what you are seeing in terms of bookings for the upcoming holiday? And more importantly, do you feel there are macro indicators that the base consumer could return to the COVID levels in Macau this year? How do you see that recovery? And then I have a quick follow-up.

Patrick Dumont

So I think, first off, I think we're still talking about a $30 billion GGR market. It's the largest market in the world. It's been growing. It looks like it's going to continue to grow for the foreseeable future. We very strongly the strength in this market.
We've been investing into it for that reason. I think it's very hard for us to point to a specific indicator of the Chinese consumer that is an indicator for our business since we represent such a small level of penetration into our core market, which is China. And so from our standpoint, we sort of look at the market, would we do better with a stronger Chinese economy? I think that's an easy thing to say yes to. But I think overall, we're very happy with the direction of our business, our investment.
And hopefully, as things progress over time will be the beneficiary of a stronger Chinese economy and see our investments produce more cash flow. Grant or Wilfred, do you guys have any other comments regarding this question?

Grant Chum

I think the GGR and E&C throughout last year in 2024 has been very resilient. And I think if you look at the premium side of the business, very strong throughout the year. And you saw October, we had the best month since the pandemic for GGR. Yes, there are other parts of the consumption universe, which are much weaker than what gaming has been. And you see some of that reflected in our retail business where the retail sales were down against the prior year, whereas for the Macau market, the GGR was still up 6%, as Rob referenced in his opening remarks.

Robert Goldstein

Our actions speak loud and we keep investing, investing in buying into Macau we believe in Macau, we believe in China. And we believe the return of the base mass as well as the continued strength of premium mass will grow. We're big believers. We wouldn't be putting billions of dollars on the ground if we didn't believe. So yes, we do believe it's going to come back.
And we don't -- we can't pin put or handicap a day at a time, but I think, as Pat alluded to, it's still a $30 billion market in the face of a very difficult techonomic environment macro. So -- we believe in it. It's going to come back. We just don't know when. But our actions are going to be very loud with billions of dollars of investment and we keep investing in it. So we believe in the turns and that it will come.

Robin Farley

I just have a quick follow-up. Could you share your late thoughts on New York license iGaming could be legalized there two years into construction, let's say, as an assumption of your thoughts how that changes the return profile of a potential casino in that market?

Robert Goldstein

You've asked and answered my concerns. First, I believe in New York is a very strong market. with a deceleration of pump a long time. However, the iGaming possibility to meet the end market that has land-based gaming has sportseting, i-gaming sea inevitable -- and so I think you have to agree -- I mean, read your comments that sometimes during the disruption date, you could be faced with high gaming competitive tool, which dilutes the value of the product. So that's our in -- and -- and you said it well, the results coming out of neighboring states of New Jersey or Pennsylvania or as far ways Michigan underscore that concern.
So you've asked an answer to the question, great market, -- we like to be there. The caveat is how do you deal with the ongoing threat, which appears to be the inevitable in a lot of states especially land-based properties, coupled with sports betting, I don't know why you wouldn't have gain you sometime in the future. So that's our concern as we look at that market. You're absolutely correct.

Operator

Shaun Kelley, Bank of America.

Shaun Kelley

Robert, Patrick, I want to start with just the Londoner. Obviously, some of the disruption timing probably came in a little bit differently than maybe everybody thought. But could you just walk us through your thoughts about kind of ramp up from here? And how we should think about it? It's a pretty big margin drag I think it's pretty understandable given the impact of hotel rooms on margins.
But just help us think about maybe your thought process behind how that property should ramp in the next couple of quarters, if you could?

Patrick Dumont

Yes. I think it's really interesting because I have to hand it to the team in Macau. They did a phenomenal job this quarter being disciplined in our reinvestment and actually generating this much EBITDA with a rooms out. We are at an inventory -- a room inventory-driven reinvestment model. So we base our reinvestment on the scale of our ecosystem, the diversity of amenities, the quality of room product, the quality of experiences.
And so when you're down 20% of your inventory, there will be a meaningful impact into your productivity. We carry the expense base, right? Our second largest expense is payroll, and that doesn't change.
And so we had less inventory to sell in the quarter. There wasn't disruption, there was just less inventory. So credit to the team for creating the quarter that they did in this market, given the competitive dynamics. But I think now that we start to get these rooms back across the quarter on these 2,000 rooms, think about it, it's 2/3 of Venetian. When you think about the productivity of the Venetian resort, the Venetian Macau and the room count that it has and the number of tables and the scale that it has, Imagine if 2/3 of the rooms were not available.
And that's the case with Londoner. And so they were able to create this performance without that inventory. The good news is it's coming online. Some of it is online now, and the rest of it should be outlined by May, as we mentioned in our opening remarks, and that should position us well to get to our ultimate goal, which is to have two properties that have an equivalent run rate. And maybe one day, the Londoner does better than the The Venetian because of the key count.
But I think the opportunity is there for the productivity to really increase now that the rooms are becoming available and now that we've completed this renovation, which in our mind, creates one of the best properties in the history of our business.
And we're not just saying that because we did it. We think it's really good. So I think from our standpoint, we have the Venetian, we have the Londoner, we have to have 4 seasons. We have the Parisian. We have this high-quality portfolio and getting these rooms back online will enhance our competitive positioning, but also allow us to grow cash flow and EBITDA because we're carrying the expense anyway, and now we'll have the inventory to sell.
So I think it was pretty meaningful, but I do want to give credit to the team there for the quarter that they put up. Grant, do you have any comments?

Grant Chum

Yes. Patrick. Like you said, the room inventory was at the low point during the fourth quarter. Like we said last quarter, it reached the lowest point around 8,700 keys in November and December. And for the whole quarter, we continue to have to 315 Londoner Grand suites.
And then shortly after the year-end, we got licensed for further 700 suites and Keys and so for this Lunar New Year. We have at a disposal just over 1,000 keys to use from now on. We expect that the continued ramp-up in rooms to continue throughout the first quarter and the first part of the second quarter, yes, culminating the goal is to have the full 2,405 keys for the operational by May Golden Week, and we believe we can achieve that construction-wise. We're well on track. It's a matter of statutory licensing at this point.

Shaun Kelley

And then maybe just as a quick follow-up, going back to New York. Rob, we did notice that New York did not include the casino licenses or the downstate casino license in the state budget figures. So we were just kind of curious, does this imply as it may, especially given the timing of the fiscal year that the down date process is slipping further, at least for, I think, the third license that many of us are very focused on here for LBS?

Robert Goldstein

Hard to say. I can speak you are, but I don't know if you're right or wrong. I think it was it was in the budget. I don't renew the answer that. So to be honest, it's hard to -- what I keep curious on this June with the determination of a license by year-end.
Again, as you're saying, it's hard to know because they haven't been clear about this so a long time. I have to wait and see with you.

Operator

Brandt Montour, Barclays.

Brandt Montour

So a follow-up on Shaun's question on the Londoner in the Pacifica Casino floor, especially which I know you own and you opened in September but without any hotel rooms of it, I have to imagine it's hard to activate that casino floor in the fourth quarter. Can you give us a sense on how you activate the casino floor. And if 1,000 rooms would be enough natural foot flow to actually create a buzz and get that asset almost sort of all the way up in sort of producing before you can get the last batch? Or is it specifically correlated with how many rooms are open?

Robert Goldstein

(Inaudible) question to me is pretty simply. Where do you -- in our industry, whether it's Macau or Las Vegas or [indiscernible] where you have sleeping is above the years where you get gaming below you. So it correlates the more rooms, more gambling. 1,000 keys is still our people. I think as can create a buzz, but that buzz will obviously increase as you have more key.
So 2,000 is better 2,400 is better than that is I'm not sure it's better than having 300, but again, to your point, it begins with only 300 this quarter and goes to 1,000 is a very good in the Lunar year and even get this spring to 2,400, I believe. And then, of course, you get through adjacent to it on the same group and other places Londoner, plenty of rooms there, more than most hotels have in any place else. So I think the results speak for themselves. This has been a long hard process from team over there that is probably coming to a head, and we believe and we always believe that assets drive results -- this asset is extraordinary.
And yes, we'll see some buzz in February, March, but you'll see more in May over this for long haul and Londoner will be a world-class asset and cakes placed alongside some of the legformers so like Marina Bay Sands did and (inaudible).

Brandt Montour

Okay. That's super helpful. And then a follow-up question would be on the Thailand opportunity. I know it's really early but I'm sure you guys have done plenty of work so far on that market. And maybe you could just talk high level about that opportunity versus your large coming second build-out investment in Singapore and sort of how you think about those 2 markets vis-a-vis each other?
And if they sort of are totally separate opportunities that wouldn't have to be considered in relation to each other?

Patrick Dumont

So a couple of things here. So I think, first off, Thailand is unbelievable terms of that. It has very desirable attributes, great culture, great food, just beautiful center. It's a great place to visit. And I think it has a great opportunity to add destination resorts and create a very large-scale industry there.
The great news is there's an enormous tourism-based there already, and it's separate in the thing from people who go to Singapore. Is there overlock sure. Do people go back and forth between Bangkok and Singapore all the time? Absolutely. Is there an argument that it actually strengthens our ecosystem because people have more choice within our environment, there's an argument for that.
Although I would say that I think they're both different offerings. I think if you look at what we have in Singapore, it's specifically tied to the highest level of high-value tourism. It's rarified air. When you look who's in that environment and the type of consumption that's there and type of both business and leisure turn that takes place. I think in Thailand, it's a completely separate market.
I think there will be some overlap inevitably because people are going to want to see it on both sides. But as a practical matter, given the population base, the visitation they have today and where people are coming from in terms of inbound tourism, it's a separate and distinct opportunity, and that's how we see it. and we're excited about it. But there's a lot that has to be done and a lot of that has to be learned before something that we can evaluate. That being said, it would be great for our industry to be fair, great for all us if it's possible.

Robert Goldstein

Can I say to you on think about your comment about . The mix of those two markets. Think about this for a second. There's about four billion Asian people, which I think is about three billion more in the entire United States. As I look at the window here in Las Vegas, there's more casinos in Las Vegas than there is all of Asia.
Okay? So my point is there's a lot of people in Asia, high propensity and gamble, I wouldn't worry too much about Singapore doing very, very well. There's just noncapacity shell as to say, I'd like to know the strip in every Asian country as possible. The point being will do very well in the second quarter for the year and the years to kind of make all kinds of money there, but time is an extraordinary market and it will do very well. Again, Las Vegas was a, I don't know, 200 casinos, there's about 200 casinos in all of Asia.
So the concern about it cannibalizes aegis not necessarily even valid to think about four billion people in Asia looking at a place to go. Thailand will do very, very well but so Singapore (inaudible).

Operator

Daniel Politzer, Wells Fargo.

Daniel Politzer

First, I wanted to touch on Venetian. Last couple of quarters, it looks like mass volumes have slowed a bit there. Can you maybe talk about a little bit what's going on with that property relative to some of your other properties in the market? And also, I think the arena recently opened there. So any kind of incremental details on how that's been trending?

Patrick Dumont

One thing I do want to mention, I think the Venetian really is for us to benchmark in Macau, and we're very focused on growing revenues in Venetia and maintaining margin there and generating a lot of cash flow. And we think it has the capacity to do it. In the first half of the quarter, things were going great and things were accelerating. In the second half of the quarter, there was some disruption and visitation because of what I mentioned earlier on in the prepared remarks, which is the 25th anniversary to [ Londoner ]. And so there were a lot of things going on in this quarter.
And one of the things that went on is that base mass was impacted most meaningfully by that event and by that 30-day period. And so I would not necessarily look at this quarter as representative of the base mass run rate associated with the Venetian going forward. Grant, I don't know if you have anything else to add?

Grant Chum

Yes, that's right. And I think with the premium mass, I think the business continues to be very strong there. Also, I think you have to consider that most of the largest in Venetian, together with the full seasons it plays as a complex for that segment. So you can see how strong the full seasons past was in the non-rolling segment this quarter, up 26% against prior year. So I think you should look at it in a composite as patrons move around between the two properties.
But the base mass -- as Patrick said, was affected during the quarter. We had a very strong first half of the quarter and then softened thereafter. As in regards to the Venetian arena, we launched a fully upgraded arena in late November. We've had a few events, some of them more like a warm-up events during fourth quarter. We had concerts.
And then we also hosted the NBA legends game that accompanied announcement of the strategic collaboration with the NBA over the next few years. So the facility gives us, I think, very strong scope to program content for our calendar entertainment, sporting events, mice groups. And at the same time, we'll continue to use London arena. And really, this is another example of the scale advantage and the product diversity that we have. We've learned how to program the London arena successfully.
We'll be hosting some major concerts in the Venetian arena as well as the NBA games in October in 2025. So we'll have the full flexibility and benefit of having these 2 great venues for different types of programming events and we believe that it's going to support the growth of the business in 2025 and beyond.

Daniel Politzer

Got it. That's helpful color. And then just a follow-up. I think for the Londoner all in, you'll be -- have invested around $8 billion. How do you think about, I guess, the return on this, is this consistent with some of your other properties in the mid- to high teens?
And -- and if not, why would that be? And then how do you think about the timing in terms of the ramp? And do you need to see that base mass business come back into the market given that you've certainly invested in making this property at more premium mass centric?

Patrick Dumont

Yes. So I think the key thing here to note is depends on how long your IRR measurement period is. And so I think for us, when we first opened the property, it had a ramp-up period where if you sort of looked at it at peak it was out, I think, $1.1 billion run rate of EBITDA. And so if you sort of drew your trend line off that, it would be an unbelievable investment. Then events overtook that measurement, and we realized we need to reinvest and reposition, which we did.
So if you think of this as a 30-year asset, which we do, and you look at the potential cash flow generation out of this asset, given its positioning, its theming, its amenities and its structure, which is not replicatable anymore in Macau, we feel like this is a very high return potential asset.
And that's why we put the capital into it. If you look at its structure, if you look at the room count, you look at the organization of the casino floors and the retail and of the amenities around it to support the activity of our patrons, there's nothing like it. right? And so we feel like this asset will provide very high returns over time. Otherwise, we would have done it if the model didn't work, it wouldn't have happened.
But I think it depends on how you view the market and how we then assets to be running this way. But we've done the major structural lift. So we think we're in good shape to carry this asset forward for years to come.

Robert Goldstein

Dan, one additional comment to Patrick. And I think you made a comment that BMS centric, I would disagree its market segment is open to everyone. It makes these buildings so powerful like the Londoner and Venetian, successful buildings in the world get everybody. We get the basement, the grinds pretty met because they are all kinds of capacity. We got sleeping roots.
They've got retail, they've got entertainment, and they got this capacity. What makes it special versus some our competitors, they can't -- they have that scale capacity in lodging and gaming. This Londoner than better have an overall segment to hit the numbers obviously to get to is far beyond $1 billion. And I think the answer is Patrick said as well, it's a time issue and how you view the market not pick the Londoner it wouldn't be competent and since ticential couldn't withstand the pressure of this market. London will not do well, do very well.
They will do well with notes premass the base mass drawing everything. It's been down just like at least as didn't get there simply with high raw to get to it. to log in this is poker, there's base mass, all kinds of logs on all kinds of retail, all kinds of food and beverage. That's how we model the Londoner, that's less than the $1 billion plus dollar building when it gets fully operational

Operator

Chad Beynon, Macquarie.

Chad Beynon

Rob, you mentioned in your prepared remarks that there was a decline in the turnover rent. It looks like I believe, pretty much all of that may have been at the Four Seasons. The other properties in Macau and in Singapore had some nice increases year-over-year. So firstly, just kind of wanted to ask about that, if that was something related to maybe some VIP business that was there last year, anything structural in the property? And then secondly, I know the market and everyone are expecting visitation GGR to be up next year.
Is there anything in the model that would put a lid in terms of what's happening with retail given where the base is right now?

Robert Goldstein

Yes. I'm going to defer Grant Chum, who should answer this question. Grant?

Grant Chum

Yes. Thanks, Rob. Yes. The turn of the rent change is largely related to the full seasons mall. Last year, or I should say, 2023, that was a record year.
That was an all-time high for the full seasons more in terms of retail sales coming out of that post-COVID spend. So when you look at year-on-year comparison, '24 against '23, the turnover rent is heavily impacted by the sales at the Four Seasons being down year-on-year. And there's nothing structural. There's nothing one-off about the '23, I think it's just the way the cells evolved straight after pandemic. And of course, the softening macro environment thereafter.
I think we're strategically very well positioned for the retail sector over the next 18, 24 months. We are opening a number of very significant flagship stores across a number of the major brands.
You've seen the first of these opening in November full seasons with the [ automotive ] AP House, the largest in Asia. That will continue in 2025 with some other major flagships and also significant store openings. So we feel that between now and end of '25, you're going to see a further strengthening in the tenant mix and the product offering in the more. And hopefully, that positions us very well for the eventual recovery in the macro and the retail sales that will come with it.

Chad Beynon

Great. And then back to the U.S., I know we talked about a few potential legislation positives or opportunities. Anything changed in terms of your view on Texas, the timing of that and kind of where things stand down there?

Patrick Dumont

So as we said before, we think Texas has a great potential as a market for our business, but there's really nothing to report at this point this session just began, and we'll see how it goes.

Operator

Joe Stauff, Susquehanna.

Joseph Stauff

Rob Patrick Grant. I had 2 questions on MBS, please. One, where are you seeing the, say, the biggest early returns from your investments thus far. I'm wondering if it's more heavily weighted towards a particular metric, longer stays, new customers, higher spend. And then my second question really is on a longer-term basis for for the MBS -- for the 3 towers.
As we think about the ramp in EBITDA, Patrick, you had mentioned Singapore certainly is rarefied air. But could you comment on longer term, what these new investments and where you think the biggest opportunity is for you to ramp EBITDA?

Patrick Dumont

So really appreciate the question. I think for us, Renova Sands customer base is very diverse, diverse markets around Singapore, who all want to do business in Singapore or I want to go there for leisure purposes. And the spending habits are very powerful. And I think the biggest growth that you'll see as you sort of look across our business, it's in every facet credit to the team there. They've done phenomenal work this quarter and utilizing the assets that were put into production and they still don't have everything in inventories.
And so I think the key thing here is if you sort of look at our gaming growth. It's been fantastic, particularly on the non-rolling side, absolutely phenomenal. And in both segments, in terms of slots and tables.
But also on a rolling basis, it's been very strong. I think the other thing is if you look at the non-gaming side, it's been extraordinary. If you look at the -- across the board, things have performed incredibly well. We just had a question about retail in Macau. But if you look at the retail in Singapore, it's performed incredibly well and shown to be very resilient.
So I think the offering there is quite strong, addresses the market properly. And I can't really point to one thing to say that it's the way to measure the investment. I think it's a very holistic approach. Rob earlier mentioned that we addressed all segments. I think in Singapore, the market is fill with high-value tourists and we really address with a variety of amenities something that's very unique.
And that experience in our ecosystem is not replicatable.
And so I think we get the benefit of that. And I think you see the results in our EBITDA this quarter. And I think there's more to come. And I think when we get the rest of Tower 3 online and we get some of the other investments fully in the room to room is completely done. I think you'll see the power of this building as people start to figure it out.

Robert Goldstein

I think that building you've been here you see a (inaudible).

Patrick Dumont

(inaudible).

Robert Goldstein

Okay. If you in the building, you see it there's just nothing like it. And the epicenter of affluence in terms of it's got the room product, it's got the sweep buy, food and beverage, retail, it's not at all. And I think for people who can afford the experience and want to gamble there a lot of people in Asia. It's just a very unique product.
It's going to capture all those people. It's also got a wonderful place to be Singapore itself. So I think we're in the right place, right time to keep growing that. And we're measured obviously, the profitability and the profitable is soaring. But I think you're just -- and the best is yet to come.
I mean, Singapore is just the beginning of its run. As Patrick alluded to, the quality of assets and the finishes, et cetera, are extraordinary, and it's hard to replicate. So I think we have every confidence we're just at the beginning of this thing, not the end is not aberrational. It's just the way it's going to be. Singapore is an exceptional asset in a very strong market.
Lots of countries driving it and also is the beneficiary of lots of great publicity and awareness of how people call MBS, they see it on the newspapers, magazines the Internet is very powerful, a real brand to us now. So I think you're at the beginning of a exceptional growth story in Singapore as the assets mature this summer. Again, I think the future is very, very strong.

Operator

George Choi, Citigroup.

George Choi

First of all, you noted the introduction of some new background be since late September in Macau? And would you please comment on how popular have to come and is a potential impact on whole rates longer term? And then I have a follow-up.

Patrick Dumont

George, you got to tell you they're very popular with me. I think they're great.

Robert Goldstein

Of course, you had the best one. George, I think you know the story I appreciate the question. It's a very, very powerful possibility. It's not a reality yet. But the side that, as you know, are akin to partly avatar wages on the sports betting.
It's more of a profit more a long shot type event, which people gravity do something like it. You know the house advantage is much higher than the flatbed the usual than fighter time payer. So for the industry, we're at the forefront of this we want to offer those bets. And hopefully, the customers will come towards them. It's got great potential.
It's early days yet. But as you know, this borons our primary business. It could be very, very powerful in the years to come, yet the customers decide to take higher long-run type bets so they do benefit the house, most of us.
There's Oracle recently on the as the journal about sports betting and parlay bedding it's akin to that. So we're hopeful that more people will partake in that it helps drive the cure and if you very advantageous for those companies who have bought centric like Las Vegas Sands.

Patrick Dumont

And just to sort of additional thought. Yes, I think the key thing here is it's early days yet. And so I think our goal is to continue to evaluate how the market is adopting and actually choosing to utilize those bets. But we'll see --

George Choi

And obviously, very encouraging to learn that you had 700 most Londoner Grand opened after the year-end. I'm just wondering if you have opened in new premium mass capacity at the Londoner Grand.

Robert Goldstein

On the gaming floor?

George Choi

Yes. Yes.

Yes, we did -- we just opened yes, just around the time to Lunar New Year, we opened a new premium mass salon on Level 1 of Londoner Grand. So we're obviously ramping up on the gaming side in sync with the (inaudible).

Operator

Steve Wieczynski, Stifel.

Steven Wieczynski

So Patrick or Rob or maybe even Grant, if we go back to the Londoner. Obviously, you have that coming back online over the next couple of months. And obviously, your competitors in the market know that property is coming back online as well. So the question is, have you seen any changes in the promotional activity from your competitors in the market in anticipation of that property coming back online?

Patrick Dumont

I think, first off, I think we've mentioned this in the prior quarter's call. Macau has always been incredibly competitive and very promotional. And I think to the team's credit there, they've been very disciplined. When we closed the P6 Casino, there was some promo in there to move people around, and we talked about that. But I think it's a practical matter.
We're very focused on leveraging the assets that we invest in for the long term to drive customer visitation and patron experience. And I think for us, the goal is to be disciplined in the face of this market, which, by the way, is ever evolving. If you go back more than a decade, there were different segments that are in favor, different ways that people thought about those segments and invested against the opportunity. And I think that's what we have today. I think we have a very competitive market as we've always had.
I think people are investing against the segments the way they think that will create the most profit for them. . And I think for us, we're doing the same thing. But our model has been pretty consistent, which is about investment in product, investment in a great team, great service levels and focusing on the way that we can drive margin and cash flow. Grant, do you have any other comments you'd like to add?

Grant Chum

I think you said it well, I think we remain focused on EBITDA generation and the profit share. And if you look at the third quarter results when all the results came out from all of the operators, I think those who gained revenue shed it didn't necessarily see that translate into profit share gain. And I think we continue with our strategy. I think it remains competitive regardless of whether we're bringing Londoner Grand suites online or not. I don't think that changes.
I think that's a constant -- and so our constant is that our strategy remains leveraging our core products, leveraging the quality and scale of what we have and the coming online of the rooms for Londoner Grand is the perfect opportunity for us to really drive home that strategy. And we really look forward to having to full inventory in place and then from May Golden Week into the summer and for the rest of the year, we hope to see that really deliver for us.

Steven Wieczynski

Okay. And then real quick, Patrick, you obviously brought up the President's visit in December. I'm not sure if you're going to be able to do this or that. But just wondering if you guys have some sort of estimate on what the potential impact from his visit was on your properties during that time frame?

Patrick Dumont

Unfortunately, I really can't give you an estimate. All I can tell you is that there was a noticeable change. But the important thing is that we're looking forward to a great '25. We're excited about the opportunity. We feel really good about where our assets are positioned.
We have a great team. We have great service levels, and we're excited about what we can do now that we're finally getting all of our assets back in inventory. We're looking forward to it.

Operator

There are no questions at this time. Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.