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Analyst
George Choi
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 11on tracked calls
- Challenge rate
- 9%1 of 11 questions
- Companies
- 1questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 11 of 11 questions from 1 company
LVSLas Vegas Sands11 questions · 7 reporting periods · 1 of 11 challenging
Calendar 2026 Q2
do you believe you can get back to the EBITDA market share that you used to attain without changing your current
Show response
Management said reaching prior EBITDA share requires continued reinvestment, high-value product coming online, and market growth.
Calendar 2026 Q1
how do you compare the popularity of best amongst your Macao players versus Singapore? And will you guys to use more new cyber options in Macao
Show response
Grant confirmed new side bet options recently introduced in Macao. Take-up as a percentage of total wagers remains higher in Singapore but the trend in Macao is progressively upward.
Calendar 2025 Q4
it looks like MBS generated enough master yard to trigger the higher mass gaming tax rate. Can you confirm
Show response
Patrick confirmed the higher tax rate kicked in from July with a $44 million Q4 impact, contributing to sequential margin pressure.
would you be interested in any other opportunities around the region
Show response
Patrick maintained openness to Japan but stressed focus on existing assets and IR2 construction.
Calendar 2025 Q3
how do you strike a balance between improving the incremental excitement and experience for players from obviously, these new side bets versus any potential cannibalization
Show response
Patrick emphasized side bets are additive options, not replacements. Traditional bets remain. LVS iterates, bets that don't sell get rotated out for new ones.
when will you do the same thing in Macao? Is there any significant difference in terms of the player behavior
Show response
Grant confirmed smart tables are fully deployed on Macao non-rolling baccarat with rolling rollout completing within months. Side bet take-up is smaller than Singapore but rising.
Calendar 2025 Q2
do you still have any best practices at Marina Bay Sands that your Macao operations can learn from
Show response
Rob described ongoing knowledge transfer between markets, expecting Macao side bet adoption to converge with Singapore over time.
Calendar 2025 Q1
Should we expect the payout ratio to be maintained at around 50% level
Show response
Patrick signaled intent to grow SCL dividend over time as CapEx rolls off, while LVS return is weighted toward share repurchases at current valuation.
how popular are these new side bets in Macao thus far. And how does it compare to Singapore
Show response
Grant noted strong take-up of side bets in Macao, though behind Singapore. Rob predicted the two markets will converge over time in hold percentage.
Calendar 2024 Q4
we noticed the introduction of some new baccarat side bets since late September in Macao. And would you please comment on how popular they have become
Show response
Rob described side bets as having great potential with higher house advantage, noting early days but very positive trajectory for baccarat-centric companies like LVS.
I'm just wondering if you have opened any new premium mass capacity at the Londoner Grand
Show response
Grant confirmed a new premium mass salon opened at Londoner Grand, with gaming capacity ramping in sync with room inventory.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| LVS Las Vegas Sands | 11 | 9%1 of 11 questions |
- LVSLas Vegas Sands · 11 questions9%1 of 11 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
| 2026 Q2 | 1 | 100%1 of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q21 question · challenge rate 100% (1 of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Innovation & R&D6
- Revenue Growth4
- Competitive Dynamics2
- Capex Investment1
- Regulation Policy1
- Margin1
- Geographic Expansion1
- Capital Allocation1
- Product Launch1