[Management View]
Las Vegas Sands management acknowledged underperformance in Macau, emphasizing the need for competitive customer reinvestment. They highlighted a strategic shift mid-quarter, which showed initial positive impacts. In Singapore, Marina Bay Sands achieved a record EBITDA of $768 million, driven by mass gaming and high-value tourism.

[Outlook]
The company aims for a $2.7 billion Macau EBITDA run rate, contingent on market acceleration. Singapore's expansion is expected to reinforce long-term investment, with no disruption to current operations.

[Financial Performance]
Macau's EBITDA was $566 million, with a 31.3% margin, down 80 basis points YoY. Marina Bay Sands reported $768 million EBITDA at a 55.3% margin. Macau Mass Gaming and Slot Win increased by 40% YoY.

[Q&A Highlights]
Question 1: How is Las Vegas Sands addressing the competitive shortfall in Macau?
Answer: The company implemented a more aggressive customer reinvestment program in late April, showing encouraging results in May and June. They plan to adjust reinvestment levels according to market conditions and aim for a $2.7 billion run rate.

Question 2: What is driving the improvement in Macau's market GGR?
Answer: The market accelerated from May, with June benefiting from a strong event calendar. The VIP segment performed well, and non-rolling and slot wins improved, driven by increased citywide visitation.

Question 3: Can you provide insights into Singapore's remarkable performance?
Answer: Singapore's performance is attributed to completed renovations, a diverse premium mass patron base, and government support. The company is cautious about predicting future quarters but sees potential for sustained high performance.

Question 4: What are the strategic goals for Macau's EBITDA share?
Answer: The short-term goal is a $2.7 billion run rate, with a focus on leveraging strong assets and adjusting reinvestment strategies to improve market share and EBITDA.

Question 5: How does the competitive environment in Macau affect promotional strategies?
Answer: The market remains competitive, with all operators fighting for market share. Las Vegas Sands is now more competitive in reinvestment levels, particularly in high-end segments.

[Sentiment Analysis]
Analysts expressed cautious optimism about strategic adjustments in Macau and were impressed by Singapore's performance. Management maintained a confident tone, emphasizing strategic reinvestment and market adaptation.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 | YoY Change |
|-------------------------|---------|---------|------------|
| Macau EBITDA | $566M | N/A | N/A |
| Marina Bay Sands EBITDA | $768M | N/A | N/A |
| Macau Mass Gaming & Slot| $843M | N/A | +40% |

[Risks and Concerns]
Key risks include competitive intensity in Macau and the need for sustained market acceleration. The company must balance reinvestment with maintaining margins.

[Final Takeaway]
Las Vegas Sands is actively addressing its competitive position in Macau through strategic reinvestment, aiming for significant EBITDA growth. Singapore's record performance underscores the success of their investment strategy. The company remains focused on leveraging its strong asset base and adapting to market dynamics to drive future growth.