Las Vegas Sands (LVS) Q2 2026 earnings call transcript

We will open the floor for your questions and comments following the presentation It is now my pleasure to turn the floor over to mr. Daniel Briggs senior vice president of investigations at SAMs.

Sir the floor is yours Thank you Paul joining the call today our Dr. Dumont our chairman and chief executive officer Dr. Wilford Wong executive vice chairman Sanj China and grant chump CEO of president and president of Sanj China and EVP of Asia operations Today's conference call will contain forward-looking statements We will be making those statements under the safe harbor provision of federal securities laws The language on forward-looking statements included in our press release also applies to our comments made on the call today The company's actual results made it for materially from the results reflected in those forward-looking statements in addition We'll discuss known gap measures Reconciliation to the most comparable gap financial measure are included or in our press release We have posted an earnings presentation on our website We will refer to that presentation during the call finally for the Q&A session We asked those with interest to please post one question and one follow-up question So we might allow everyone with interest the opportunity to participate This presentation has been reported.

I'll now turn the call over to Patrick Good afternoon everyone, and thank you for joining the call I just want to start out by saying our strategic priorities remain clear and consistent We will continue to invest with discipline with the fundamental objective of creating meaningful shareholder returns over the long term Turning to our current quarter. We get delivered strong financial results of renovate sands in Singapore generating the EBITDAB six hundred and eighty nine million dollars for the quarter if we had held as expected in our rolling play Our EBITDAB would have been thirty seven million lower or six hundred fifty two million dollars That performance has achieved despite the seasonally softer tourism demand that exists in both Singapore and Macau in the second quarter of each calendar year There's another factor to note.

There was a decrease in visitation to both Maria Bay Sands and our Macau properties by our high value patrons During the World Cup football tournament It was very noticeable in June given the trajectory of the businesses and both markets earlier in the quarter Despite these headwinds, mass gaming revenues of Maria Bay Sands grew five percent for the quarter Compared to the second quarter of 2025 which highlights the resilience and underlying strength of the business Singapore remains an ideal market for high value tourism spending and our focus on creating unique and memorable entertainment and hospitality experiences for our guests Continues to generate outstanding financial performance Our results this quarter reinforce our view that Maria Bay Sands structural earnings power has been elevated following our significant product investments Sweet renovations service enhancements and the successful execution of our premium customer strategy We remain confident that our market leaving product service and focus on driving high value tourism Will enable us to create unrivaled hospitality experiences for the world's most discerning customers and deliver additional growth at Maria Bay Sands in the years ahead As I shared last quarter the company's fundamental operating strategy relies on three critical pillars Our people our product and our service When we get these three pillars optimized as we have the Maria Bay Sands We are positioned to drive high value tourism to the market and to create outstanding financial and operating performance We remain excited about the growth opportunity presented by the Maria Bay Sands expansion The expansion will meaningfully increase our premium suite capacity service and entertainment offerings Including the debut of a state-of-the-art arena envisioned to be the finest in Asia We remain on track with the development process and look forward to opening the expansion early in 2031 subject to the required government approvals Now let's turn to Macau Our 430 million in EBITDA for the quarter was negatively impacted by the exceptionally low of the IP rolling hold of 1.35 for the quarter If we had held as expected our rolling play our EBITDA would have been 87 million dollars higher or $517 million for the quarter The actions that we have taken to improve our service levels and the customer experience are clearly achieving some early success We are encouraged by our progress during the second quarter Sanchai's growth in gaming volumes meaningfully exceeded the growth in gaming volumes in the Macau market overall When compared to the second quarter of 2025 we delivered strong growth in gaming volumes in all segments Our rolling volume was up 73 percent a year over a year Our non-rolling drop was up 15 percent year over a year And our slot in the EPG handle was up 30 percent year over a year Sanchai's mass growth gaming revenue grew at 8 percent for the quarter year Why is this fast as the overall markets 4 percent mass GGR growth for the quarter?

Sanchai's total GGR grew by 4 percent for the quarter compared to the second quarter of 2025 While the Macau markets total growth gaming revenue was flat for the quarter If we had held as expected our rolling play Sanchai's san china's total GGR growth would have been 14 percent year over a year Sanchai's VIP rolling ship volume share reached a markedly 26 percent in the quarter Burning to our reinvestment strategy. We have been optimizing reinvestment levels since the beginning of the year I wanted to highlight our approach to reinvestment has remained consistent over the last several quarters Our approach has not changed If you look at the metrics reinvestment as a percentage of revenue did increase during this quarter The increase as a percentage of revenue was driven by changes in business mix and lower whole percentage on our non-rolling play Our goal was to continue to remain consistent with our reinvestment strategy going forward And to achieve greater profitability as revenues grow in the future With respect to operating expenses we have elected over the last year to invest in additional table operating hours Increased sales marketing and customer service personnel and enhanced levels of customer service The increased investment in operating expenses related to our efforts should begin to level off in the second half of 2026 These investments are critical to the achievement of our long-term objectives of being able to service our customers to the highest standards And to create unique and memorable hospitality experiences for our guests We remain steadfast in our belief.

That's a successful execution of our initiatives We'll support growth in both revenue and profitability over time The growth in the Macau market remains primarily driven by the premium segment The competition in that segment remains intense and luxurious sweet product coupled without standing service levels are critical to success We remain singularly focused today on matching that sweet and room product with the service levels That the most discerning and valuable cost of risen Macau in recently demands We retain our goal of reaching 700 million and quarterly even done and beyond over time As we fully implement our investment in operating strategies and as the cow Macau market grows in the future I want to turn to the product pillar Macau As I highlighted last quarter, we are focused on investing in the highest return projects over the next three years In order to create the best opportunities to increase cash flow renovation of Venetia rooms and suites commenced in March and is and work is progressing Well, we have some pure product coming back into inventory across the work period Our target is to have all 2,900 rooms and suites completely refurbished and reintroduced by Chinese New Year of 2028 We will also introduce new premium focus gaming salons and related amenities as a component of the Venetia investment program The meaningful patron and volume growth we have seen in the Londoner and grand suites of four seasons provide support for these investments It's 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 and other properties and elsewhere in each resort flow workers and 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 and the non premium segment?

Should spending in that segment accelerate in the future We will use our scale advantage and product advantage together with service level improvements and targeted incentives to effectively compete in every market We expect growth and EBITDA and the EBITDA margins as revenues grow over time Turning to our program to return capital to shareholders. We've repurchased 787 million of us stop of LVS doctoring quarter We also paid our recurring quarterly dividend of 30 cents per share We have now repurchased 16.3 percent of the company's outstanding shares over the last 11 quarters Our board of directors recently increased our repurchase authorization to six billion dollars We believe additional repurchases of LVS equity through our share repurchase program Will be meaningfully accretive to the company and share holders over the long term While we did not purchase any additional shares of SEL during this quarter We do continue to see value in both the LVS and SEL names The company's ownership of SEL remained at 74.8 percent as of June 30, 20, 26 We look forward to continuing to utilize the company's share of purchase program to increase returns to shareholders Thanks again for joining the call today and for your interest in the company now.

We felt like we're headed in the right direction Over gone The market was tracking very well in macao in april and may And sel our gaming volumes were very strong In fact may was an all-time high for us in sel in terms of monthly mass gdr Shoom was clearly softer and there was some impact from world cup But as we look overall for the quarter We see very strong underlying trends across all of our different gaming segments VIP rolling segment We were gaining share significantly during the quarter About 73 percent year over year was the market was flatish In terms of our table games and non rolling We were impacted somewhat by the lower whole percentage, especially in June And then in slot in etg Uh, we had clearly outperformed the market with uh 21 percent uh revenue growth for the quarter So overall If you take account of the lower whole percentage and non rolling in the business mix We're able to achieve gains Uh in every segment in the market share year over year and remain consistent in terms of market share sequentially With a very similar reinvestment levels Once you adjust for those whole percentage factors and business mix sequentially And I I do want to come back to mbs as well.

I just want to highlight that this was an incredibly powerful quarter In several of our segments Uh, but the key is we were impacted by our world cup there as well given the high value nature of our patrons And uh, you know, I think as we look to that asset in the future We see a very strong market very strong visitation And uh, you know for us we're going to continue to invest there because we see the long-term potential Um growth in singapore given what we see today Got it and just to follow up on that.

You know basis changing how you think about what that right run rate is for mccow at least over the next kind of year or two No, I think our target is still with 700 million. I think historically what we've always seen is that two q has always been our softest quarter And so we talked about that our last earnings called this quarter had some seasonality Built into it. And so we saw that here, but I also think that if we held better We'd be having a little bit of a different discussion and certain things. So I think for us we look to Um, the progress we're making in the market If you sort of look at the growth that we've had you over a year If you look at the fact that we did this through the the World Cup cycle I think there's some positive things there that we look to and I think our goal is still with 700 million And I think we have some work to get there, but we feel like the process in place for us to keep working to add in that direction We know what we need to do Thank you.

Yeah, sure. I think what we said before is the big step function growth in singapore was the switch from the sweet product from the room product So we went from 135 suites to 770 And so that was the step function In terms of our product pillar to be able to accommodate the substantial growth that you saw in run rate We also added a significant service component So according to the team there for revamping our service model adding food and beverage And of course very importantly the service levels on the casino floor as well as some of the novel games As well as just the overall presentation So all those things came to bear that allowed us to have the growth that you saw Now the growth is going to be based on yielding and more incremental growth as we continue to invest in the property that's there So there are still things that we're doing that we think will create growth over time particularly in patron types That are higher value But I think for us looking forward in singapore It's it's going to be about continuing to serve with these customers.

We have a very strong base there And you know visitation matters for the highest end customers, particularly the highest end it is concentrated We've talked about that before and whether it's world cup or other things Some of those people weren't in the building this quarter And when they show up we do incredibly well and when we play favorably We are margins look like extraordinary And when some of those people don't show up and scale and they don't play in high volume And we don't hold very well. Our margins can look less So, but we're heading in the right direction I don't know that there's a gaming business that grows forward in the straight line And I'd like to believe that this business is heading in the right direction and To be fair, we're also seeing the benefit of a lot of wealth creation in southeast Asia So we feel very good about the long-term prospects of both our investment and the trajectory of the business there Got it.

So I think first off this quarter was impacted with seasonality. We talked about that You know, we see it. There was the World Cup impact that we just mentioned Uh, but I also think uh for us as we continue to invest and get higher value patron Um fulfilling inventory will be able to grow our market share and grow our revenues And so for us, this is this is what we talked about We talked about a multi-year investment strategy as we updated our portfolio there and invested for the highest value premium That segments that we do really well in that's very a very deep part of our database And so nothing's changed from our strategy from our approach and from the timelines that we talked about before Grant, I don't know if there's anything else that you want to add I think it does have capital projects We have still long way to go in terms of ramping up londoner.

Uh, it's done very well so far Uh, as you can see both londoner and for seasons We are even for this quarter. We're above where we were in 2019 on a normalized basis. So that's a very positive Uh evidence of how the product upgrades can drive the revenue growth and market share gains Uh, secondly, we are very focused on the upcoming completion of the Venetian renovation Which would take us all the way as patrick referenced to early 2028 But we should start to see the benefits of those new suites as we progressively get more critical mass of new suites Through uh throughout 2027 and certainly by the end of that we're going to have a completely new hotel In and I think what is still amazing property for people to visit Uh, but with an entirely upgraded refreshed Uh product both in hotel and also in parts of the premium gaming sections.

So I think what's really important is We have product and service now that allows us to attract the most important patrons in both markets That's a big step The good news is sometimes we get that play at singapore Sometimes we get that play in macao sometimes we get it in both Sometimes we have a lot of it. Sometimes we have less of it Sometimes when we have less of it the volatility works against us given the number of decisions And the bet size and the volatility during the quarter of measurement The good news is we take this business and over time it really works in our favor This is the largest whole adjustment we've ever had in the history of macao And the good news is it happened after the pandemic at a time when a lot of people thought high level of vip play wouldn't show up in macao And now we're earning it So over time we believe that things will there's an old expression right the gate of luck swings both ways And we like to believe that over time by taking this play and providing right service and keeping these patrons playing with us over time That will be more successful And so the play is very concentrated The other thing is for some of these patrons we tend to think about it across both of our properties Right do we have the right amount of offsetting play across our entire portfolio of properties So for us, I think the important thing is the most asserting patrons want to stay with us and play high volumes with us Bad thing is we got beat really bad this quarter and we actually got beat on the math side too There's a belief in gaming that goes back a long time that when customers play lucky They continue to strengthen their bonds in relationship with you because over time they'll eventually lose And so I think for us customers winning is an investment in future marketing And gives us the ability to retain high value customers over time.

This quarter didn't work in our favor. Hopefully in the future.

Sorry, I think the fact is shown if you look at both vip rolling and the premium s segment We have gained significant amount of market share at that very top end Given all of the strategies we've deployed since may of last year. So, yeah, there's no secret We have we have done huge Games in vip segment against a flat market this quarter We've come from a position where we were number four in the rolling segment a year ago And now we're number one with 26% falling share and part of that share game is coming from the super vip segment Where we also very be very successful in the marine base ads property So so that's the vip segment and then in terms of the premium mass We all keep saying that the macao growth is driven by the premium segment in the current environment And within that yes, there is some very high end premium mass play Which is available to capture and we've been capturing more than a fair share of that in the last six months And unfortunately at this quarter the love just didn't play our way But we are gaining the customers we're gaining the volume and they will be back and we'll we'll we'll luckily even now in the end Perfect.

Operating expense looking there So first off we're really happy with the 50% even dot margin where do they sense And we have a fixed cost base there that's really focused on providing the highest levels of service We can do really really well with more visitation from high value patrons and their play We can also see higher margins when we have higher volumes from those patrons and things happen to go our way on the gaming tables So in quarters past we've seen higher margins because we had a lot of great play and that play was favorable Um look in the long run we're really happy to make these investments to attract and keep our high levels of patrons Um we're going to continue to invest in things necessary to support great experiences for our patrons really at the highest levels And look sometimes from time to time some of these customers require provisions Sometimes they require some promo, but it's a practical matter We're this is a great business and we believe in the margin structure over time And just broadly We believe that we have a significant opportunity to continue to invest And optimize and grow uh as we have given the strong customer interest that we have And and just the growing amount of Patrons that we see coming out of Southeast Asia that are high value tourists that want to go to Singapore So we're going to continue investing behind the ceases for the long term.

We see obviously a higher level of reinvestment because we only started to adopt a more aggressive reinvestment strategy to adjust to the market in the second half of last year Right, but you had the world cup in there which I imagine if you're not having some people that require higher reinvestment Maybe that would suggest that perhaps it's even ticking up sequentially just as we think about the underlying So are you seeing any change in the competitive dynamic if you kind of pull back the onion a bit There's no change in either approach or the reinvestment levels The level of reinvestment into all of these custom customer ADT segments And what we're finding as we were successful in first quarter is that we're able to adjust some of those reinvestment levels And still achieve the market share gain So as we look into the second half Will continue that process of optimization and we aim to achieve a higher level of gross margin from this higher level of revenues Okay, fair enough.

We saw in the first half and not a higher rate of increase Just to clarify Robin. There are two different Topics here. One is the reinvestment and the other is the operating expenses so for reinvestment What we're looking to do is to continue to optimize the reinvestment percentage as as a proportion of Actual revenue and that process has started since the beginning of the year We've had some success in this and we'll continue that into the second half In terms of patrix commons on operating expenses. We have had some opx growth During the first half of 2026 But we do expect the rate of opx growth to moderate into the second half We've been investing in the table operating hours in the sales network distribution And also in the service elevation But the big step change in those investments have largely happened And what we expect into the second half into 2027 is a more moderate rate of opx growth and we should therefore Be able to achieve some operating leverage on the eBITDA margin as revenues grow And um, is that saying that the second half rate of increase in topics will be similar to the first half slower I mean, it's going to be slower Thank you.

Thanks I do want to point out the final was on sunday So i'm not i'm not really sure yet how we how we think about it I will tell you that this was quite an unbelievable sporting event Uh, the level of success the world cup in the us is really really remarkable Uh, I think the earnings that they generated were a record in the attendance might have been record I think the involvement with the broader field really captured a global phenomenon And it was something that I think a lot of people went to and unfortunately a lot of our high value patrons Are our followers or a lot of the players and a lot of the teams would representation and the world cup or um had You know, are from countries that participated and it just drove a lot of tourism away from our two core markets And so, um, you know, we're obviously very mystic optimistic about Uh, about the long term, but also we think uh, you know, we think our patrons want to come back to doing what they're doing So we look forward to seeing them back in our our properties looking forward to seeing them back in our markets and we'll go from there Uh, but it's a little early to to tell you about any stat back given that everything uh, everything ended only a few days ago Thanks very much Thanks for all Thank you.

Sorry, I couldn't hear the question. Could you say that again, please?

Sorry x Hold before world cup start Yeah, I would just say we typically don't do that, but just directionally We were impacted in June And then in your slides you have a a slide about the mccout airport passenger volume Um, it took a big step back in the second quarter Uh, more in line with with the last second quarter, right?

So I just wanted to clarify you're referring to slide 39 Or we yeah talk about the county airport monthly passenger volume That's right 39. Yeah, it looks. I think if you look at it Oh, and you look at it.

It's not too much different from the second quarter of 25 um, just sort of highlighting the fact that there is seasonality Invisitation to mccout That's kind of what my takeaway from that would be Grant, I don't know if you've any anything else you'd like to add Yeah, I think you can see clearly second quarter is seasonally softer And in the second half, we had the much higher levels of passenger volume But it's fair to say international visitation during a quarter, but especially june Uh did slow down For a number of reasons, but also affected by by the well-cut in june So I think it wouldn't it's not surprised to see that the airport passenger volume Is not as strong as as the second half of last year And this is just one airport too.

Obviously, there's the hong kong airport, which isn't reflected here There's the shoe high airport, which isn't reflected here These carriers are trying to make money obviously and there's a lot more money to be made when people are traveling than You have this very soft periods april and june So far enough to just supply and demand with respect to what those what those people are doing Thanks for the question Thank you.

um availability or appetite to stay at this pace versus reverting to maybe where you were in 25 next So first off We see meaningful value in both lvs and spl equity and we're going to continue to action this belief And so you see that on display this border uh, I think for us um Share purchases are a great way to return capital. They shrink the share count Uh, you know, they they are a creative for eps And we have a very strong view about repurchases given where the equity is today And uh, you know, if you look at the board and the board has been very supportive. We're very appreciative Uh, they just approve the six billion dollar authorization And our goal is to use it Uh, so, you know, I I think for us Um, we see a lot of long term value in the investments we're making We feel very strongly about the markets that we're in and so we're going to continue to Be aggressive in the way that we think about the value of our equity and how we reverse stock Thank you very much.

Yes, we started to Uh, make a step change in our reinvestment levels from the second half of last year And as we have gone through The last four quarters We've been able to be more efficient in the way we reinvest Especially at some of those higher end customer segments And I think the first half of this year You've seen that we've been able to continue to gain share But while staying at a lower level reinvestment versus fourth quarter of last year So we're happy that how is working out, but we will stay alert to how the market environment adjusts Um, and we'll stay close to the market But the goal is most definitely to continue to optimize Into the second half and to earn a higher gross margin from this higher level of revenue You know, and I appreciate the question Our goal is to get back to our even though market share And that's why we're investing but in order for us to do it.

We need to see some market growth Uh, we need to continue with our reinvestment program and the approach that we're taking today And we need to see uh, the high value product Come online and the way that we've seen with the Londoner grand the Londoner courts and the grand suites in the four seasons So as we continue the Venetia renovation as we work through the rest of the property that we've the rest of the property that we're planning on investing in As we get that higher value product as grant mentioned earlier as we continue to have the highest level of service Uh, we will have the opportunity to grow back to that level of even that that's what our goal is Thank you very much.

I'm getting top here artist, um to perform at your Venetian and Londoner arenas first out of venues in mccow Thanks George for that question The competition in entertainment content is fairly intense across the region So it will be Acts that are stopping in Asia where mccow as the destination is competing for against the other cities in the region That hasn't really changed versus the last two years Within mccow, there is obviously more entertainment acts going on and therefore there is competition for similar acts However, as you just highlighted, we have a very strong lineup into the second half Uh, and we feel very good about our event calendar able to drive Or more segments of of the business And we've seen some positive Impact from these events in the first six months of the year But the second half looks very strong for us, especially as we build into August, september and then obviously culminating in the mba games in october Thank you very much for the color Thank you.

So you have to divide between the different components of the Additional headcount that we've invested in first of all the the biggest headcount increases come from our Investment in additional operating hours in table games And that actually feeds all segments of the market And that obviously leverages our scale advantage with our 1,680 tables So so first off that's a multi segment investment In terms of the sales distribution and the service elevation Those are more targeted at the premium segments, but not only to rolling segment also into the premium mass table games And all three components have started to benefit our revenue capture But certainly position us much much better for the future As we bring on some of these product upgrades in the portfolio as they progressively complete Over the next two years So we are We're very happy that we've made the step changes in the investments in in table hours sales and service elevation the bulk of Those additional investments have already been made But we'll continue to tweak and add as needed In accordance with the the market growth opportunities Thank you.

So You know, we'll let's talk again in 92 days and we'll let you know what happened Fair enough and then on um At nbs, you know, like dan was asking earlier, you know where you're into the launch of the new renovations Is there any way or measure you can give us in terms of like the new customer development where you are in that um Through the highest end number of uh population set that you have, you know, where are you in that development? Are you early? Are you?

You know, if there's any sense you can give us in terms of of that. It's it's been a year Um, so you probably see some patterns, but just wondering how much is left I think it's early days yet In the market for high value tourism in southeast asia If you look at the population size if you look at the economies in the countries in our catchment area Where are tourists come from and where are the tourists that come the singapore come from? There is a huge amount of four direct investment There is a huge amount of wealth creation and there are a lot of young people who are becoming very successful as entrepreneurs And many of those people want to come to singapore And so we are the beneficiary of singapore status in southeast asia and asian general as an incredibly desirable tourism destination for high value tourists The most successful people in asia are coming to singapore and they keep growing And their wealth keeps compounding So you have the benefit of our patrons creating more wealth over time for themselves and growing within the mbs ecosystem And then you have a lot of new patrons who we've never seen before We're very successful in our catchment area showing up because they want to experience the great things that mbs has on offer Entertainment hospitality food and beverage both very importantly retail It's a huge component of our customer activity and of course gaming And all of these things come together and create a very unique high level experience We also have a lot of customers who are very successful.

We're also with mice customers You know where we're located and singapore's focus on mice tourism and facilitating trade and business Creates a lot of opportunities for very high net worth people to have mice interactions on our property And then return again and be leisure patrons or to both So We think we're in very very early innings Of the marina based and story and to be fair of the story of singapore's success as a center of trade and business So we're very excited about the long-term opportunity there because assessments we're making and about the patron profile that we have And how so many of them are are young and how they're creating wealth and how Economies are developing in and around singapore all throughout south east Asia Thanks, Patrick.

So we'll continue for a bit.

I can I can go back and look it up Did you tell us how many rooms are out at the venetian And you know we should expect to out per quarter just so we can get a model set up the right way Yes, david It's approximately 400 keys out of inventory on average for the second quarter And you can assume that figure will fluctuate between four to five hundred Every quarter between now and into 2027 Not a work.

I think that's exactly right as as revenues grow in the market There will be uh some kind of decompression on the need to continuously Uh elevate the reinvestment levels the in competition environment hasn't really changed for the past several quarters And as we've continuously said on this call Our approach has been very consistent Especially since the start of the year and we'll continue to look to optimize that reinvestment Uh, but we're cognizant of any changes in the market as well Uh, so we will be adjusting in accordance with that But at this stage we don't see any change significantly change in the competitive landscape as far as reinvestment is concerned Okay, great.

Thank you Yeah, uh, thank you. Really appreciate the question a couple of thoughts Uh, so first off this world cup had a larger number of teams participating Uh, so that was maybe one factor being in the u. s Given the infrastructure and tourism infrastructure here including airports hotel rooms and the ability to Um, you know attract tourists from all over the world. Uh was another benefit Uh for the world cup, maybe not for visitation to mccowan singapore, but definitely for the world cup I think um just the uh increase in viewership of european football globally over the years Probably hasn't heard and the star power of some of the players that were participating Uh, there's some players there that are really of note and generational talents And this might be maybe their last world cup or their first world cup so there was a lot of interest Uh, and I think um You know most importantly the last world cup was really during the pandemic You know is it was 22 Um Visitation to both mccowan singapore was very different Uh transit around asia was very different And so it's very hard for us to have a comp to look at and understand what the impact could be on a run rate basis So I think you had two things here you had an extraordinary Sporting event that captivated the world and that was one part of it And then the other part is we didn't really know what would happen Uh because we haven't seen a world cup in more than eight years in a normal run rate environment And there's prediction markets that weren't there four years ago too Great.

Thank you. Appreciate it.