Steve Kent (Goldman Sachs): You talked about some of the expenses specifically headcount, managing that in Macao. Can you talk about the relationship between keeping expenses in line versus boosting more mass market revenue and where you are focusing?

Brad Stone: Labor is an opportunity for us. We want to take advantage of the opening in the Four Seasons to readjust our labor counts here at The Venetian Macao, and move people that have experience over there without disrupting the labor market here. We are sensitive about that. The Four Seasons provides an opportunity to get ourselves more efficient here, and we will do that. There are other opportunities here in Macao, energy as a huge cost we are looking and focusing on areas like that. The reality is you are never going to save is way to success here in Macao. Our goal has to be the drive to correct our market share at The Venetian Macao on the VIP business. You will see our efforts becoming evidence this month as discussions with junket reps and etcetera, do take, they can not move immediately. So month end is a time where people can shift some of that business. We are hoping to see some of our more competitive moves on the VIP market start reflecting, truly in the month of May.
On the mass side, the good news is, we have tremendous amount of business here at the property. It is the serving win. If you look at the fact that we have 2.5 times the size of the amount of visitation here at The Venetian than we do at our sister property at The Sands. And yet we are generating only about 15% more in mass line. So what are our goals there have to be to convert a lot of that traffic. We have significant upside in the ferry business, in terms of bringing people directly here. Our goals have to be twofold, one, translate more the visitation in the gaming win, drive more visitations to the gaming for itself, and adjusting our VIP commissions. We drive both more revenue and more EBITDAR or cash flow out of that market. At the same time addressing as we understand our business better now and as we have opportunities like the Four Seasons to correct some of our structural issues as far as staffing and we will do that. You will start seeing those translations later in this quarter, and going particularly into the third quarter.

Steve Kent (Goldman Sachs): What can you do to reduce expenses on a go forward basis given the economic environment in Vegas?

Brad Stone: We have always done a good job there on managing costs. We told investors that we believe the synergies between the Palazzo and The Venetian would generate in the area of about $60 million of efficiencies compared to, if they are two separately operated entities. Our initial analysis of that shows that we are meeting that goal, so I think that as base restructure that we set up in terms of the overhead at The Venetian Palazzo in Las Vegas, will work. As a property matures, and we get the product in place, we see an increase in occupancy and rate, as we have seen in April. We will see the revenues dry, the majority of the EBITDA growth and that the cost structure is in good shape. Like any new property we will learn more and we will make adjustments accordingly. I usually do not make adjustments in the market like Las Vegas than it is necessary over here.

Robin Foley (UBS): You talked about focusing more in the profitability of your existing facilities and the timeline you gave for additional co-type property sounds unchanged. When you talked about focusing on existing facilities in the near term, is there some thought to filling the openings of additional capacity at this point?

Bill Weidner: The intention is to continue to aggressively develop those properties now as quickly as we can. We need to make sure that we turn our efforts in the near term to make sure that between now and significant completions in 2009 that we generate as much income in the near term as we can. We have an opportunity with the Four Seasons coming along and in Macao now as we begin to more rationalize the cost structures there and then as we ramp up The Palazzo. It is more a matter of controlling the cost as that comes online. We can deliver more EBITDA. We are not loosing focus of the near term for the construction process for the long-term.

Robin Foley (UBS): You have taken actions in the market in Macao and then at the end of the month you may start to see the impact to some of that. The market is moving towards 45% of revenues as payments to junkets, but in some cases it is 48% of revenue in some cases. What level you are now and do you expect to announce anything?

Bill Weidner: We are not going to broadcast what we are going to do on a conference call. We are going to act and react to market as we see fit and appropriate.

Joe Greff (Bear Stearns): What was the average VIP commission rate of Venetian Macao in the first quarter and what it was in the fourth quarter?

Brad Stone: The commission rate for the first quarter was 1.13% and that compares to the prior quarter about 1%.

Joe Greff (Bear Stearns): Can you comment on margins on VIP gaming revenues?

Brad Stone: I do not have the breakout directly of all the based upon, I do not think, we want to get in to that I would say that as commissions goes up the profit margin are going down, our goal is to drive enough volume and being competitive we are cordless switches, rates went up, they did not go up enough, so we encouraged some expenses, additional expenses but we did not drive enough volume through the door, that will not happen again.

Joe Greff (Bear Stearns): If you look at CapEx on the Cotai Strip, what is left to spend assuming for the remainder of the development pipeline and what do you have existing right now in terms of your existing available cash?

Scott Henry: As far as required funding necessary to completion a portion of that is expected to be generated by a combination of cash flow that comes from operations, as well as from the sale of residences. That is what we are forecasting internally. I do not think we shared that was internal estimates, because we do not want to give forward forecast for those properties. The balance that we are talking about and focusing on to take us out to completion of all of our funding requirements goes out through 2011. Some of the costs even leak into 2012, because of the way construction contracts and contractor, or payment schemes are practiced in that part of the world. It is several billion dollars what we indicated during on investor day. As we require approximately an incremental $4 billion, to get us to what we believe is completion and a fully funded program over in Macao.

Joe Greff (Bear Stearns): You lowered internal forecast for 2008. Do you want to comment on that?

Scott Henry: That was mostly including first quarter or this quarter results. That was a revenue number and relating to internal forecast that, mostly included updates based on this quarter. It is backed in the numbers.

Celeste Brown (Morgan Stanley): The non-gaming was down sequentially in Macao. Is there seasonality?

Scott Henry: As good as Chinese New Year is to the gaming side, it does affect us. You do not book a lot of group business before or after Chinese New Year. We ended up going more in this particular quarter into our wholesale business, and other segments, and that has affected rate and affected to some degree the occupancy. The time before Chinese New Year is slow here, and is not group business you can fill in typically. You do not have FIT, you do not have group sale, relying wholesale.

Celeste Brown (Morgan Stanley): Could you comment on the shortened Golden Week this year?

Scott Henry: The Golden Week this year is weaker than last year. Even though Golden Week is no longer seven days, there are still a couple of days in there where they do celebrate it. It is not as strong as it was last year or as far as the number of days and they still do not book group business around Golden Week itself. It is a one or two day holiday that they stay away from group business, as oppose to a seven day holiday. It affected us, although we see more demand on the shoulders of it on weekends and things like that. You will have an increase in shorter term vacations as it were, as opposed to the seven to ten of Golden Week.