Las Vegas Sands’ recovery from the Covid-19 pandemic is gaining steam, and Asia is a big reason why.

A key measure of profitability in the gambling industry, adjusted property EBITDA, was $1.12 billion for the world’s largest casino operator on Wednesday. Compared with the same time period in 2019, that’s just 6% below pre-pandemic levels.

The Las Vegas Sands Company reported earnings of 55 cents per share on revenue of $2.8 billion. LSEG, formerly known as Refinitiv, reported that earnings were in line with expectations and revenue was slightly higher than expected.

Marina Bay Sands is posting gaming, retail shopping, and other spending numbers that surpass pre-pandemic levels, despite lower visitor numbers. A profit margin of more than 48% has been achieved.

Sands said its occupancy in Macao was 96% higher in the third quarter than it was before Covid lockdowns, and its customers are spending more per person. Visitation there is still about 15% below pre-pandemic levels.

According to official government figures, mass gaming revenue in Macao reached $92% of third-quarter 2019 levels, or $5.1 billion. During Las Vegas Sands’ earnings call, CEO Rob Goldstein predicted the destination could reach $40 billion annually in the near future.

Las Vegas Sands is refocusing its capital expenditure priorities as cashflow increases. The company will continue to remodel Marina Bay Sands, which will result in nearly four times as many suites and higher prices. A second phase of construction has begun on The Londoner, the company’s newest project in Macao.

In addition, Las Vegas Sands announced a $2 billion share repurchase plan through 2025.