The company continues to invest in Phase II of The Londoner Macao, and is upgrading Marina Bay Sands. These projects aim to enhance the leisure and business tourism appeal of the properties.

Milestones include the opening of The Londoner Grand casino and the conversion of the Sheraton Grand Macao into Macao's first Marriott International Luxury Collection hotel, indicating progress in enhancing the property portfolio.

The company continues to evaluate additional development projects in each of its markets and pursue new development opportunities globally, indicating a forward-looking growth strategy.

Management expects to benefit from lower unit costs due to the economies of scale inherent in operations, including lower utility costs and more efficient staffing of hotel and gaming operations.

The scale and product mix of Integrated Resorts allow the company to participate very effectively in all segments of the market, focusing on the higher-margin mass market gaming segment.

The management team is focused on delivering growth, increasing return on invested capital, and has a proven track record in the industry.

The company's performance is closely tied to consumer and corporate spending habits, making it vulnerable to economic downturns and reduced discretionary spending.

The company is subject to extensive regulations that govern its operations, and changes in gaming laws or regulations could adversely affect its operations.

The company's international operations, particularly in Macao and Singapore, are subject to political and economic risks, including changes in government policies and regulations.

The company's operations in Macao and Singapore compete with numerous other casinos and resorts, and increased competition could negatively impact its performance.

The Macao and Singapore governments could grant additional rights to conduct gaming in the future and increase competition the company faces.

The company focuses on driving higher-margin mass market gaming, while providing luxury amenities and high service levels to VIP and premium players, indicating a strategic focus on profitability.

Management expects to benefit from lower unit costs due to the economies of scale inherent in operations, including lower utility costs and more efficient staffing of hotel and gaming operations.

Operating expenses increased by $837 million, driven by increases in casino expenses, depreciation and amortization, and corporate expenses, indicating potential areas for cost management focus.

The scale and product mix of Integrated Resorts allow the company to participate effectively in all segments of the market, focusing on the higher-margin mass market gaming segment.

The company incurred $157 million for digital gaming related efforts and $65 million in New York and Texas

The company faces global cybersecurity and information security threats, which may range from uncoordinated individual attempts to sophisticated and targeted measures directed at the company.

The company's data security measures are reviewed periodically and the company relies on proprietary and commercially available systems, software, tools, and monitoring to provide security for processing, transmission, and storage of customer and employee information.

The company has a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $3.65 billion and available borrowing capacity.

The company continues share repurchase and dividend programs to return excess capital to stockholders.

Capital expenditures for the year ended December 31, 2024, totaled $1.57 billion, with a significant portion allocated to construction and development activities in Macao and Singapore.

The company focuses significant attention on minimizing its environmental impact with the goal of reducing the environmental footprint of existing properties and offsetting the impact of new developments.

The company strives to enhance its culture by creating a safe environment that consists of an inclusive and diverse workforce where all employees are treated fairly and equally and can excel in the performance of their duties.

The company could be negatively impacted by environmental, social and governance and sustainability matters.

The Macao government announced total visitation from mainland China to Macao increased approximately 28.6% during the year ended December 31, 2024, as compared to the same period in 2023. The STB announced total visitation to Singapore increased from approximately 13.6 million during the year ended December 31, 2023 to 16.5 million during the year ended December 31, 2024.

The Macao government also announced gross gaming revenue increased approximately 23.9% during the year ended December 31, 2024, as compared to the same period in 2023.

The company's business, financial condition, results of operations and cash flows may be materially and adversely affected by significant political, social and economic developments in Macao and Singapore, and by changes in policies of the governments or changes in laws and regulations or their interpretations.