You need to upgrade your Flash Player

You need to upgrade your Flash Player

William Lerner (Deutsche Bank Securities): You talked about $70 million to $90 million in cost saves in Vegas between the two properties and then you talked about $60 million to $70 million in cost saves in Macau going forward. Is that 80% margin or is there some revenue impact of some of those cuts?

Robert G. Goldstein: There''s going to always be some revenue risk. The goal is to cut the fat and not the muscle. We''re trying. We''re not going to do layoffs here. That''s not in the vocabulary. The idea is cost containment through the labor side. We have a hiring freeze in place currently. It is downsizing some hours of some things we think we can do without off hours.
It''s just being more judicious in our spending and paying attention to every corner of the building. This is a big building. There are 10,000 restaurant seats. There''s 7,000 plus rooms. There''s a lot that goes on here. We''re just trying very hard to be really focused on every area we can save money, from the package center to the purchasing to our light bills, etc.
How much of it flows through? At the Venetian, Palazzo it''s going to be important. I don''t want to put a percentage on that yet. We''re still measuring how far we can get. We started this back in April but obviously if you can reduce the headcount through attrition and if you can watch your spending, the flow-through is going to be dramatic.

Brad Stone: In Macau, the majority of it goes right to the operating line. We''re not talking about cutting back on the marketing programs. Most of the costs we''ve identified are costs associated with labor. Certainly the opening of the Four Seasons gives us an opportunity to take care of some of our labor sins at the current facility.
You will see some additional spending at the Venetian in terms of some of the mass play but we think that that''s going to return itself in spades in terms of revenues and drive and grow our EBITDA. Hence the costs that Bill identified in his presentation in Macau were primarily driven to affect totally the bottom line.