拉斯維加斯金沙集團 (LVS) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands Second Quarter 2022 Earnings Conference Call. (Operator Instructions)

女士們，先生們，美好的一天，歡迎參加金沙 2022 年第二季度收益電話會議。 （操作員說明）

It is now my pleasure to turn the floor over to Mr. Daniel Briggs, Senior Vice President of Investor Relations at Sands.

現在我很高興將發言權交給金沙投資者關係高級副總裁 Daniel Briggs 先生。

Sir, the floor is yours.

先生，地板是你的。

Thank you. Joining the call today are Rob Goldstein, our Chairman and Chief Executive Officer; Patrick Dumont, President and Chief Operating Officer; Dr. Wilfred Wong, President of Sands China; and Grant Chum, Chief Operating Officer of Sands China.

謝謝你。今天加入電話會議的是我們的董事長兼首席執行官 Rob Goldstein； Patrick Dumont，總裁兼首席運營官；金沙中國總裁王英偉博士；金沙中國首席運營官格蘭特·楚姆。

Today's conference call will contain forward-looking statements that we are making under the safe harbor provision of federal securities laws. The company's actual results could differ materially from the anticipated results in those forward-looking statements. In addition, we may discuss non-GAAP measures. A definition and a reconciliation of each of these measures to the most comparable GAAP total measures is included in the press release. We have posted supplementary earnings slides on our Investor Relations website. We may refer to those slides during the Q&A portion of the call.

今天的電話會議將包含我們根據聯邦證券法的安全港條款做出的前瞻性陳述。該公司的實際結果可能與這些前瞻性陳述中的預期結果存在重大差異。此外，我們可能會討論非公認會計原則的措施。新聞稿中包含了這些衡量標準與最具可比性的 GAAP 總衡量標準的定義和核對。我們在投資者關係網站上發布了補充收益幻燈片。我們可能會在電話的問答部分中參考這些幻燈片。

Finally, for those who would like to participate in the Q&A session, we ask that you please limit yourself to 1 question and 1 follow-up. So we might allow everyone with interest the opportunity to participate. Please note that this presentation is being recorded.

最後，對於那些想參加問答環節的人，我們要求您將自己限制在 1 個問題和 1 個跟進。所以我們可能會讓每個有興趣的人都有機會參與。請注意，此演示文稿正在錄製中。

With that, I'll turn the call over to Rob.

有了這個，我會把電話轉給 Rob。

Thank you, Dan, and thank you for joining our call today. A few brief comments and then move to Q&A. The recovery in Singapore at MBS accelerated during the quarter with property EBITDA reaching USD 319 million. The relaxation of pandemic-related restrictions in Singapore and many of its source markets has enabled this encouraging improvement in the financial performance at MBS. We expect a more robust recovery over time as additional airlift in Singapore comes online and further relaxation measures in the region are implemented. Our conviction to the long-term opportunity in Singapore market remains steadfast. Our $1 billion capital investment is underway at Marina Bay Sands as introduced exceptional new suite product and premium segment focused amenities to the resort.

謝謝你，丹，感謝你今天加入我們的電話會議。一些簡短的評論，然後轉到問答環節。 MBS 在新加坡的複蘇在本季度加速，房地產 EBITDA 達到 3.19 億美元。新加坡及其許多客源市場放寬了與大流行相關的限制，使 MBS 的財務業績出現了令人鼓舞的改善。隨著新加坡的額外空運上線以及該地區進一步放鬆措施的實施，我們預計隨著時間的推移會出現更強勁的複蘇。我們對新加坡市場長期機遇的信念依然堅定。我們正在濱海灣金沙進行 10 億美元的資本投資，為度假村推出了卓越的新套房產品和以高端細分市場為重點的設施。

More offerings will be added throughout the remainder of 2022 and '23 and this will enhance the property's appeal to premium customers seeking the highest-level travel experiences. In addition, we look forward to substantially increasing our investment in the Singapore market as we execute our expansion plans at Marina Bay Sands in the years ahead. Singapore remains an outstanding market for additional investment.

2022 年剩餘時間和 23 年將增加更多產品，這將增強該酒店對尋求最高級別旅行體驗的高端客戶的吸引力。此外，隨著我們在未來幾年執行濱海灣金沙的擴張計劃，我們期待大幅增加對新加坡市場的投資。新加坡仍然是額外投資的傑出市場。

Let's turn to Macau. The operating environment there remains very difficult in periods when the restrictions have been lifted, the customer demand and spending in Macao has proven resilient at the premium mass level from both a gaming and a retail perspective. As the market eventually recovers, our $2.2 billion investment program at Four Seasons in London will provide outstanding growth opportunities in both the premium and mass customer segments. We appreciate the clarity of the revised gaming law in June. We look forward to participating in the concession retendering process as it proceeds. We continue to have the largest footprint in this incredible market.

讓我們轉向澳門。在解除限制期間，澳門的經營環境仍然非常困難，從博彩和零售的角度來看，澳門的客戶需求和消費在優質大眾水平上表現出彈性。隨著市場最終復甦，我們在倫敦 Four Seasons 的 22 億美元投資計劃將為高端和大眾客戶領域提供出色的增長機會。我們讚賞 6 月份修訂後的博彩法的明確性。我們期待著參與特許權重新招標過程。我們繼續在這個令人難以置信的市場上擁有最大的足跡。

We retain great optimism and our ability to perform to pre-pandemic levels and beyond the Macau visitation returns. We would welcome the opportunity to invest billions of additional dollars in Macao, we continue to believe Macao is an outstanding market for additional investment. We can see our portfolio of resorts in Asia to be an ideal platform for growth in the years ahead and additionally, we continue to pursue other opportunities in large land-based destination resorts in the U.S. and Asia.

我們保持極大的樂觀態度，並有能力達到大流行前的水平，並超越澳門的訪問量。我們歡迎有機會在澳門額外投資數十億美元，我們仍然相信澳門是一個出色的額外投資市場。我們可以看到我們在亞洲的度假村組合將成為未來幾年增長的理想平台，此外，我們將繼續在美國和亞洲的大型陸上目的地度假村尋求其他機會。

Let's go to Q&A.

讓我們去問答吧。

(Operator Instructions)

（操作員說明）

And the first question is coming from Joe Greff from JPMorgan.

第一個問題來自摩根大通的 Joe Greff。

Would love to start with Singapore here. When you look back at trends within the 2Q, which were obviously encouraging, and you look at the premium mass and the VIP segments, was there anything notable in one segment versus the other throughout the quarter? How -- even with the recovery month-to-month in the segments throughout the quarter other than seasonality, you talked about source markets driving improvement. What geographies are driving that improvement? And then lastly, with my multipart question number one here, can you talk about what you've seen so far in July and the first 20 days here?

很想從新加坡開始。當您回顧第二季度的趨勢時，這顯然是令人鼓舞的，並且您查看了高端大眾和 VIP 細分市場，在整個季度中，一個細分市場與另一個細分市場有什麼值得注意的地方嗎？如何 - 即使在整個季度中除季節性以外的各個細分市場逐月復蘇，您也談到了客源市場推動改善。哪些地區正在推動這種改善？最後，關於我的第一個多部分問題，你能談談你在 7 月和前 20 天看到的情況嗎？

A lot of questions there, Joe. We're not going to break out the quarter. I think we'll be -- it's suffice to say, we're pleased that we back in the -- in a strong position in Singapore. And the fundamental growth there comes from obviously both base and premium mass. I don't think either one outside the other is consistent movement in the right direction.

有很多問題，喬。我們不會打破這個季度。我認為我們將 - 可以說，我們很高興我們回到 - 在新加坡處於強勢地位。那裡的基本增長顯然來自基礎和優質大眾。我不認為在另一個之外的任何一個都是朝著正確方向的一致運動。

I think the biggest thing we're seeing is the airlift is opening up, and that also remains to be the most challenging part of the Singapore recovery. Airlift is still a challenge. We're getting a lot of good business out of the region, especially of Indonesia and Malaysia, but I think there's a lot more opportunity as the Airlift returns. And I think you see that in our deck. The Changi monthly visitation numbers are still relatively less than 50% of what they were pre-pandemic. So although we're delighted with Singapore and the numbers reflect that, we think there's reason to be optimistic in the months ahead.

我認為我們看到的最重要的事情是空運正在開放，這也仍然是新加坡復甦中最具挑戰性的部分。空運仍然是一個挑戰。我們從該地區獲得了很多好生意，尤其是印度尼西亞和馬來西亞，但我認為隨著 Airlift 的回歸，會有更多的機會。我想你在我們的甲板上看到了這一點。樟宜的每月訪問人數仍然相對低於大流行前的 50%。因此，儘管我們對新加坡感到高興並且數字反映了這一點，但我們認為未來幾個月有理由保持樂觀。

If you want to just keep -- that's what I think I heard you say. Is there more to it?

如果你只想保留——這就是我想我聽到你說的。還有更多嗎？

No. I mean -- can you just talk about what you've seen so far in July? Has that trend continued?

不，我的意思是——你能談談你在七月到目前為止所看到的嗎？這種趨勢是否持續？

I think you know we're not going to do that. We're not going to talk about July. I think the numbers -- our deck gives you a real good sense of what happened in Q2. And again, I think the story in Marina Bay Sands is a regional story and Singapore story. As that place gets more visitation. I think if you look on Page 16 of your slide present today -- your deck there, you'll see that we've not even reached 50% capacity into China, it's like 46% of what it was May of '19. So we're doing these numbers with still a very, very distressed airlift. And I think you know, unlike the U.S. where there's unfettered ability to get to regional markets, airlift is back, transportation is still a place you need to apply to.

我想你知道我們不會那樣做。我們不打算談論七月。我認為這些數字——我們的套牌讓你對第二季度發生的事情有一個真正的了解。再說一次，我認為濱海灣金沙的故事是一個地區故事和新加坡故事。隨著那個地方越來越多的訪問。我想如果你看一下你今天幻燈片的第 16 頁——你在那裡的甲板，你會發現我們進入中國的產能甚至還沒有達到 50%，這就像 19 年 5 月的 46%。所以我們仍然在非常非常痛苦的空運中完成這些數字。而且我想你知道，與美國可以不受限制地進入區域市場不同，空運又回來了，運輸仍然是你需要申請的地方。

And so the Airlift story can just hamper the recovery. So I think the $300 million plus quarter is a pleasant upside to what we thought we'd do. But there's, I think, a lot more room to run as this market opens up into places like Japan, Korea and more travel. We're really more dependent right now on the closer in foreign markets.

所以空運的故事只會阻礙復甦。因此，我認為 3 億美元以上的季度是我們認為我們會做的一個令人愉快的上升。但我認為，隨著這個市場向日本、韓國等地開放，以及更多的旅遊業，還有更大的發展空間。我們現在真的更依賴外國市場的收盤價。

Joe, one other thing, it's Patrick. I think one thing to note when you look at Marina Bay Sands is that we're not at capacity. And what I mean by that is, to Rob's point, if you look at the amount of airlift coming into Singapore, it's not where it can be but we're at levels that are very strong relative to 2019. If you look at our non-rolling volumes, which are really speaking to the premium mass segment from the catchment area. This is only going to grow. And the good news is we have our team together.

喬，另一件事，是帕特里克。我認為當您查看濱海灣金沙時需要注意的一件事是，我們的容量不足。我的意思是，就 Rob 而言，如果你看看進入新加坡的空運量，它不是可以達到的水平，但相對於 2019 年，我們處於非常強勁的水平。如果你看看我們的非-滾動量，這確實與集水區的優質大眾細分市場有關。這只會增長。好消息是我們的團隊在一起。

One of the things that's been slowing some of the growth coming out of the pandemic and really capturing some of the pent-up demand and the return to normalcy is the fact that many operators in the luxury segment didn't necessarily keep their team together throughout the pendency of the pandemic. We were fortunate enough to do that. And so now our team is ready to respond. So we have plenty of capacity to absorb the growth as it comes in. So our view is that this is a good start, but we have more room to run.

大流行導致的一些增長放緩並真正抓住了一些被壓抑的需求並恢復正常的原因之一是，奢侈品領域的許多運營商並不一定會在整個過程中保持他們的團隊在一起大流行的未決。我們很幸運能夠做到這一點。所以現在我們的團隊已經準備好做出回應了。因此，我們有足夠的能力來吸收增長。所以我們認為這是一個良好的開端，但我們還有更多的運行空間。

To Patrick's point, Joe, one more thing I think you're aware. We were there, I guess, a month or so ago. One thing that's disturbing is the hotel business, even the luxury brands haven't been able to get open to 100%, some running at 40%, 50% capacity because they don't have adequate personnel and that obviously feeds into Marina Bay Sands. So as they get open fully this year, as that market returns as employment grows, I think we'll grow with that. There's a lot of room to run here if we get that place fully open and airlift returns to pre-pandemic numbers.

就帕特里克而言，喬，我認為你還知道一件事。我們在那裡，我猜，大約一個月前。令人不安的一件事是酒店業務，即使是奢侈品牌也未能達到 100% 的開放率，有些以 40%、50% 的產能運行，因為他們沒有足夠的人員，這顯然會影響濱海灣金沙.因此，隨著它們今年全面開放，隨著就業增長，市場回歸，我認為我們將隨之增長。如果我們讓那個地方完全開放並且空運恢復到大流行前的數量，這裡還有很大的空間可以運行。

Great. there. Switching over to Macau. Can you just talk about what your average daily operating expense average cash burn rate has been during this most recent casino closure there?

偉大的。那裡。轉機到澳門。您能否談談在最近的賭場關閉期間您的平均每日運營費用平均現金消耗率是多少？

Grant, are you awake?

格蘭特，你醒了嗎？

Yes, we're here. So yes, sorry, just momentary lost you. Yes, Joe, I think. Obviously, second quarter, we were running at this $110 million EBITDA loss. So we'll basically just over 1 million a day. Now as we went into second half of June, we have a local outbreak of COVID in Macau and therefore, into the third quarter, clearly, the revenue environment is lower than it has been in the second quarter, especially with the last week's closure of the casinos as well. So I think you can look back to where we were in 2020 in a very, very low tourism environment in the middle of that year and take it from that in terms of the actual daily cash burn rate although I think our operating expenses have moderated a little bit since then, but that's the ballpark region.

是的，我們在這裡。所以是的，對不起，只是一時失去了你。是的，喬，我想。顯然，第二季度，我們的 EBITDA 虧損為 1.1 億美元。所以我們基本上每天都會超過100萬。現在進入 6 月下半月，澳門本地爆發新冠肺炎疫情，因此進入第三季度，收入環境顯然低於第二季度，尤其是上週關閉賭場也是如此。因此，我認為您可以回顧一下我們在 2020 年年中旅遊環境非常非常低的情況，並從實際每日現金消耗率的角度得出結論，儘管我認為我們的運營費用已經緩和了從那以後有點，但那是球場區域。

And the next question is coming from Shaun Kelley from Bank of America.

下一個問題來自美國銀行的 Shaun Kelley。

Rob, just sort of going back to Singapore for a moment, the Changi numbers are really interesting. Is that a pretty good guide for, I guess, visitation levels at the property and sort of where I'm going is thinking about spend per visitor, right? We've obviously seen the pent-up demand and that those numbers rise across U.S. regional gaming, Las Vegas Strip. And I think we're all struggling a little bit to know exactly what Asia is going to do, but we can all, I think, do the math if visitation is down 50%, and obviously, you're at 75% or 80% of your productivity levels already that suggests very good spend-per-visit levels, but obviously, I don't want to extrapolate just from the airport, if you could give us a little bit more guidance.

Rob，有點像回到新加坡片刻，樟宜數字真的很有趣。我想，對於酒店的訪問水平以及我要去的地方考慮每位訪客的消費，這是一個很好的指南，對嗎？我們顯然已經看到了被壓抑的需求，並且這些數字在美國區域博彩拉斯維加斯大道上都有所上升。而且我認為我們都在努力確切地知道亞洲將要做什麼，但我認為，如果訪問量下降 50%，我們都可以計算一下，顯然，你是 75% 或 80您的生產力水平的百分比已經表明每次訪問的支出水平非常好，但顯然，如果您能給我們更多指導，我不想僅從機場進行推斷。

Well, I think it'd be careful in terms of extrapolating without recognizing we are running high occupancies already at Marina Bay Sands where I think you struggle a bit is to factor in when the rest of the market recovers. That's why I referenced the other high-end luxury hotels. There are lots of sleeping rooms, who we benefit from. They come to shop, eat with us, gamble with us. We're not getting that lift. And I think that's the -- could be very impactful down the road. We're very happy with the spend levels we're seeing, and we're happy with the occupancy we're getting, but we're not getting that extra -- people don't sleep in our hotel necessarily coming over to gamble, shop, et cetera. So I think that's where we're trying to point out the visitation levels. I also think it will be helpful in driving better levels of play and spend as these other markets. So you can't lose 3 million people in a month like May and not have some impact on your numbers.

好吧，我認為在推斷時要小心，而不要意識到我們已經在濱海灣金沙酒店的入住率很高，我認為你會有點掙扎，因為要考慮其他市場何時復蘇。這就是我參考其他高端豪華酒店的原因。有很多臥室，我們從中受益。他們來購物，和我們一起吃飯，和我們一起賭博。我們沒有得到那種提升。我認為這就是——在未來可能會非常有影響力。我們對我們看到的消費水平感到非常滿意，我們對我們得到的入住率感到滿意，但我們沒有得到額外的 - 人們不一定會在我們的酒店睡覺來賭博、商店等。所以我認為這就是我們試圖指出訪問水平的地方。我還認為，與其他市場一樣，這將有助於提高遊戲水平和消費水平。所以你不可能像 5 月那樣在一個月內失去 300 萬人，而不會對你的數字產生一些影響。

The question you raised is how high is up. And I don't -- I'm not prepared to answer that. I don't know. But you can't ignore the fact that you're losing tens of millions of people versus pre-pandemic. The point here is just to make it clear how different is it over there versus in the U.S. where visitation levels are back and access to these properties is back here in Las Vegas and regionals. It's not the case yet in Asia, and I think we'll benefit as that rises, spend will get better. There are retail numbers that you might look at on Page 31 as some indication is how powerful the recovery is happening even without full visitation. You can see the sales per square foot at MBS and the power of what's happening over there.

你提出的問題是多高。我不 - 我不准備回答這個問題。我不知道。但是你不能忽視這樣一個事實，即與大流行前相比，你正在失去數以千萬計的人。這裡的重點是要弄清楚那裡的情況與在美國有多大不同，美國的訪問水平又回來了，而且在拉斯維加斯和地區也可以訪問這些房產。亞洲的情況還不是這樣，我認為隨著這種情況的增加，我們會受益，支出會變得更好。您可能會在第 31 頁上查看零售數據，因為一些跡象表明即使沒有完全訪問，復甦的力量也有多大。您可以看到 MBS 每平方英尺的銷售額以及那裡發生的事情的力量。

So the good news is we're getting -- we're profitable, we're seeing growth. The better news is there might be a lot more ahead of us if we can access more people into Changi, fill up more hotels around our hotel and see a full visitation return. It's not there yet.

所以好消息是我們得到了——我們盈利了，我們看到了增長。更好的消息是，如果我們能夠讓更多的人進入樟宜，在我們酒店周圍填滿更多的酒店，並看到全面的訪問回報，我們可能會有更多的機會。它還沒有。

Great. And maybe just as my follow-up, thinking about margins in Singapore, right, without the revenues being back online, it's been hard to analyze. But can you just talk a little bit about puts and takes there now as we get back to very recovered levels on the revenue side about some of the kind of on a stabilized basis as different segments come online because I think there was a tax change there that impacted the market and some other things. So can you just help us think about pros and cons or segments of business that could impact margins on a stabilized basis?

偉大的。也許就像我的後續行動一樣，考慮新加坡的利潤率，對，如果沒有重新上線收入，就很難分析。但是，隨著我們在收入方面恢復到非常恢復的水平，您現在能不能談談看跌期權和看跌期權的情況這影響了市場和其他一些事情。那麼，您能否幫助我們考慮可能穩定地影響利潤率的利弊或業務領域？

Pat, do you want to take that?

帕特，你想拿那個嗎？

Yes, sure. So a couple of things to think about. First off, just as you mentioned, after March 1, our gaming tax increased both by 3% in the premium and the non-premium side. So that 3% does impact margin. Now the -- I think there are some other things going on in Singapore. There are some higher expenses, there's utility costs that have gone up, there's other costs to operate in the market that have gone up, inflation that you've seen in other markets are impacting some of the things that we buy. There's also some wage inflation because there's scarcity of labor in the marketplace in Singapore. It's a high-quality environment to work in. It's just a high demand as their economy continues to grow for high-quality labor. So we've seen some labor increase.

是的，當然。所以有幾件事需要考慮。首先，正如您提到的，在 3 月 1 日之後，我們的博彩稅在保費和非保費方面都增加了 3%。所以這 3% 確實會影響利潤率。現在——我認為新加坡還有其他一些事情發生。有一些更高的費用，公用事業成本上升，市場上的其他運營成本上升，你在其他市場看到的通貨膨脹正在影響我們購買的一些東西。由於新加坡市場勞動力稀缺，工資也有所上漲。這是一個高質量的工作環境。隨著他們的經濟持續增長，對高質量勞動力的需求很高。所以我們看到了一些勞動力的增加。

So there are some things that from a cost basis side are impacting our margin. But the flip side of this is we're not at full revenue yet. So as we grow revenue and as we make investment in these higher-value suite products and as we grow some of the services that we offer to our patrons, in the long run, we'd like to believe our margins return back towards where they were before. We just need to be operating under a normal environment. So we still have some start-up, let's call it fits and starts related to some expenses. And I think our goal is to get our margins back to where they were, but it's going to take some revenue growth for us to get there.

因此，從成本方面來看，有些事情正在影響我們的利潤率。但另一方面，我們還沒有獲得全部收入。因此，隨著我們收入的增長，隨著我們對這些更高價值的套件產品進行投資，以及隨著我們為顧客提供的一些服務的發展，從長遠來看，我們希望我們的利潤能夠回到原來的水平以前。我們只需要在正常環境下運行即可。所以我們仍然有一些啟動，讓我們稱之為與一些費用相關的間歇性啟動。我認為我們的目標是讓我們的利潤率回到原來的水平，但我們需要一些收入增長才能實現這一目標。

The next question is coming from Carlo Santarelli from Deutsche Bank.

下一個問題來自德意志銀行的 Carlo Santarelli。

Rob, maybe you could help here just in terms of the -- at Marina Bay Sands. Obviously, I think VIP recovered to close to 75% of '18, '19 levels. As you think about that kind of moving forward, are clearly some channels, as you mentioned Korea, Japan, and I would assume, to some extent, Mainland China is curtailed to say the least. But when you think about like the stability of that in the current environment, does it feel as though that's a number that's kind of a new baseline thereabouts at least as we move forward?

Rob，也許你可以在濱海灣金沙提供幫助。顯然，我認為 VIP 恢復到接近 18、19 年水平的 75%。當您考慮這種前進時，顯然是一些渠道，正如您提到的韓國，日本，我認為至少可以說中國大陸在某種程度上受到限制。但是，當您考慮當前環境中的穩定性時，是否覺得至少在我們前進的過程中，這是一個新的基線？

You mean this current quarter's results being a baseline?

你的意思是本季度的業績是基準？

I'm referring more to VIP rolling chip volume and kind of the stability of that segment of the market.

我更多地指的是 VIP 滾動籌碼量和該市場部分的穩定性。

I think there's room to run. I think there's room in there. I mean, look at what's happened in Singapore, let's begin with (inaudible) in the beginning, but we're putting $1 billion in that product. I'll be very blunt about it. It's always been a very appealing building, but it's never had the FF&E component in the suite and room product, I think, it observed. It now has that, over the next 18 months will finish. We were there and the product we're putting together is as good as any place we've ever operated. And I think that's going to be very helpful.

我認為有空間可以運行。我想那裡有空間。我的意思是，看看新加坡發生了什麼，讓我們從一開始（聽不清）開始，但我們在該產品上投入了 10 億美元。我會非常直言不諱。它一直是一座非常吸引人的建築，但我認為，它觀察到的套房和客房產品中從未有 FF&E 組件。它現在有，在接下來的 18 個月內將完成。我們在那裡，我們組裝的產品和我們曾經經營過的任何地方一樣好。我認為這將非常有幫助。

Two, let's be clear that Singapore is more desirable than ever as a destination. It's growing in appeal to a lot of people for a lot of reasons. We referenced the airlift. You referenced China, you're absolutely right. China is obviously not there. But I think you add these things together, the desirability of Singapore as a destination, the rethinking of the FF&E in that building, the return of a lot more airlift than there was, hopefully, in 2019.

第二，讓我們明確一點，新加坡比以往任何時候都更受歡迎。由於很多原因，它對很多人的吸引力越來越大。我們參考了空運。你提到了中國，你完全正確。中國顯然不存在。但我認為你把這些東西加在一起，新加坡作為目的地的可取性，對那棟大樓裡的 FF&E 的重新思考，比 2019 年希望的空運多得多。

Yes, I think that segment can run, yes, I do. I think we can -- we also have less competition in the region. Obviously, Macao is not operating at this point. But I think this Singapore business is going to continue to grow because the region, the city state of Singapore is very desirable and more and more people are going to come to us.

是的，我認為該部分可以運行，是的，我可以。我認為我們可以——我們在該地區的競爭也較少。顯然，澳門此時沒有運作。但我認為這個新加坡業務將繼續增長，因為新加坡這個城市國家非常受歡迎，越來越多的人會來找我們。

So you add our better building with a more desirable Singapore with airlift, the opening of China, with the opening of Japan, Korea at all. I think the cumulative impact here is every segment can grow. I have a lot of belief that we can drive. We have to drive it because there's the clear cost side, as was referenced by Sean and Patrick in the previous call. So we will drive revenue in all segments, and we'll be very attuned to it. But I think we're in a very, very privileged position in right now of what's happened there, both of our building and with the destination itself.

因此，您可以通過空運、中國的開放，以及日本、韓國的開放，將我們更好的建築與更令人嚮往的新加坡相結合。我認為這裡的累積影響是每個細分市場都可以增長。我非常相信我們可以開車。我們必須推動它，因為成本方面很明顯，正如 Sean 和 Patrick 在上一次電話會議中提到的那樣。因此，我們將推動所有領域的收入，我們會非常適應它。但我認為，對於那裡發生的事情，無論是我們的建築還是目的地本身，我們現在都處於非常非常有利的位置。

Great. That's helpful. And then just as it pertains to the expansion, the 1,000 new rooms, I believe you guys had the construction start kind of, I guess, it was an extension on when you had to begin construction in 2Q of next year, if I'm not mistaken. Is there anything firmer that you guys have around cost and/or plans there that you'd be able to share?

偉大的。這很有幫助。然後就涉及到擴建，1000 間新房間，我相信你們已經開始建設了，我猜，如果我是沒有弄錯。你們有什麼更堅定的成本和/或計劃可以分享嗎？

Yes. Patrick, do you want to...

是的。帕特里克，你想...

Sure, absolutely. So Rob referenced our visit to Singapore. It was a great visit on a lot of fronts. I think we spent time in the building, and we have the opportunity to continue our dialogue around the IR2 expansion. We're very excited to begin. I think one of the things that the pandemic did, unfortunately, was slow down that process. There's just a lot of things that have to be considered to fit it into this very complex and a very busy environment to make it sort of fit all the requirements that are necessary to get the approvals to begin. And so I think we're working on that now. And it's something that we hope in the coming months that we'll be able to get more firm about a start date. But we're excited about it, and we're working with the government currently, and hopefully, we'll get a chance to begin soon.

當然，絕對。所以 Rob 提到了我們對新加坡的訪問。在很多方面，這是一次很棒的訪問。我認為我們花了一些時間在大樓裡，我們有機會繼續圍繞 IR2 擴展進行對話。我們很高興開始。不幸的是，我認為大流行造成的其中一件事就是減緩了這一進程。有很多事情需要考慮，以使其適應這個非常複雜和非常繁忙的環境，使其符合開始獲得批准所需的所有要求。所以我認為我們現在正在努力。我們希望在接下來的幾個月中，我們能夠更加確定開始日期。但我們對此感到興奮，我們目前正在與政府合作，希望我們能有機會很快開始。

And the next question is coming from Chad Beynon from Macquarie.

下一個問題來自麥格理的 Chad Beynon。

I wanted to ask about M&A in this environment. And I know that's not a normal question for you guys. But given your strong cash flow position, your balance sheet, and just compressed multiples kind of across the gaming, lodging and leisure space. How are you thinking about maybe considering some opportunistic looks across the world?

我想問一下這種環境下的併購。我知道這對你們來說不是一個正常的問題。但考慮到你強勁的現金流狀況、你的資產負債表，以及遊戲、住宿和休閒空間的壓縮倍數。您如何考慮可能會考慮世界各地的一些機會主義外觀？

Patrick?

帕特里克?

So I think one of the things as a company that all through the pandemic and part of the pandemic, we've always focused on is how we allocate capital and how we drive the highest returns for shareholders. And you may have heard in the past, say, that our highest and best use of capital to do new development from the ground up. And that's really what we're focused on. If you look at the history of the company and success and the way it's delivered outside shareholder returns, is exploiting a strategy of building large-scale integrated resorts in new jurisdictions. And that's what we're focused on.

因此，我認為作為一家公司，在整個大流行和部分大流行中，我們一直關注的一件事是我們如何分配資本以及如何為股東帶來最高回報。你可能在過去聽說過，例如，我們最高和最好地利用資本從頭開始進行新的開發。這才是我們真正關注的重點。如果你看看公司的歷史和成功，以及它在股東之外提供回報的方式，你就會發現它正在利用在新的司法管轄區建設大型綜合度假村的戰略。這就是我們所關注的。

And so for us, I think we have opportunities unique to who we are. We have a long track record with Rob in his decades of experience and the rest of the team's decades of experience in developing these resorts. And so we're going to look to do that before we look to buy anything. I don't think the idea is that we would never look at something. I think we're always interested. I think we're interested in seeing if there's a way to create greater returns for our shareholders. But as a practical matter, we're not an M&A-driven business. And I think for us, our priorities are going to be look for new markets, develop, build and scale and invest over the long term to create sustainable and durable returns. And that's really what we're going to look to do.

所以對我們來說，我認為我們擁有獨一無二的機會。我們與 Rob 在他數十年的經驗以及團隊其他人在開發這些度假村的數十年經驗方面有著長期的合作記錄。因此，在我們購買任何東西之前，我們都會考慮這樣做。我不認為這個想法是我們永遠不會看一些東西。我想我們總是很感興趣。我認為我們有興趣看看是否有辦法為我們的股東創造更大的回報。但實際上，我們不是併購驅動的企業。我認為對我們來說，我們的首要任務是尋找新市場、開發、建設和擴大規模，並進行長期投資，以創造可持續和持久的回報。這就是我們真正要做的。

So I understand that there's variability, particularly in the digital side, there's a lot of things that have valuations now that made people see them as compelling for the long term. There's perhaps some land-based opportunities that may come up over time. But as a practical matter, like everyone else, we'll look at it, see if it makes any sense for us, but we're really going to be focused on route of development. That's who we are.

所以我知道存在可變性，特別是在數字方面，現在有很多東西都有估值，這讓人們認為它們在長期內具有吸引力。隨著時間的推移，可能會出現一些基於陸地的機會。但作為一個實際問題，像其他人一樣，我們會看看它，看看它是否對我們有意義，但我們真的會專注於發展路線。這就是我們。

And then on MBS, again, just on margins. You kind of touched about some of the different pieces of that. Has the promotional environment between you and your competitor in the market changed versus pre-pandemic? Or does it feel as rational as it was at that time? And do you expect anything to change from a promotional environment once Macao opens back up?

然後在 MBS 上，再次，只是在利潤上。你有點觸及其中的一些不同部分。與大流行前相比，您與市場上的競爭對手之間的促銷環境是否發生了變化？還是感覺和當時一樣理性？一旦澳門重新開放，您預計促銷環境會發生什麼變化嗎？

We've always been lucky that, that environment is not promotion driven. I don't think it will be in the future either. And I have to wait and see what happens in Macao, but my sense is Macao, when opens, will not be a challenge either. There'll be plenty of demand. And usually, promotional activities get out of control in this lack of revenue. I don't think it be a lack of revenue in Macao or Singapore. So I feel pretty good about it.

我們一直很幸運，那個環境不是促銷驅動的。我也不認為它會在將來。我還得等著看澳門會發生什麼，但我的感覺是澳門，一旦開放，也不會是挑戰。需求量會很大。通常，促銷活動會在收入不足的情況下失控。我認為這不是澳門或新加坡缺乏收入。所以我對此感覺很好。

And the next question is coming from Brandt Montour from Barclays.

下一個問題來自巴克萊的 Brandt Montour。

First one was on Singapore, a follow-up on that last question, but more just for the Singapore market, specifically. And we've heard a bunch of chatter out there in terms of potential interest in your main competitor in the Singapore market. Is there any scenario in which a different operator would come in and take that over and that would change the way you look at that competitive landscape?

第一個是關於新加坡的，是對最後一個問題的跟進，但更多的是針對新加坡市場，特別是。我們已經聽到了很多關於您在新加坡市場上的主要競爭對手的潛在興趣的喋喋不休。在任何情況下，不同的運營商會進來接管它，這會改變你看待競爭格局的方式嗎？

We don't have any opinion on that. That's up to the government to make that decision, but it's a duopoly market, and I don't see it having an impact either way.

我們對此沒有任何意見。這取決於政府做出決定，但這是一個雙頭壟斷市場，我認為這兩種方式都不會產生影響。

Yes. I think one thing that's important to note is that we view Marina Bay Sands as the best building in the world. And in our mind, it's an unbelievable opportunity to continue to invest and operate the building and grow it over time. So I don't think we view it any differently. We think the market opportunity in Singapore is absolutely unique, and we're very committed to long-term investment there. So for us, I'm not sure it matters who operates it, that's up to the Singapore government and to the owners of that business. But for us, we're just focused on continuing to develop our property and grow the market as best we can.

是的。我認為需要重點注意的一件事是，我們將濱海灣金沙視為世界上最好的建築。在我們看來，這是一個令人難以置信的機會，可以繼續投資和運營這座建築，並隨著時間的推移不斷發展。所以我不認為我們對它有任何不同的看法。我們認為新加坡的市場機會絕對是獨一無二的，我們非常致力於在那裡進行長期投資。所以對我們來說，我不確定誰來經營它，這取決於新加坡政府和該企業的所有者。但對我們來說，我們只專注於繼續開發我們的房產並儘我們所能擴大市場。

The one thing I would say about Singapore, we said it before but just reiterate is that, that place has evolved to even better than it was when we started years ago, and it keeps getting better. And you look at Changi running at such a still 40%, 50% capacity, look at the desirability of that market, the things we're doing, I'm sure Genting is as well to improve the product. It just feels like that market has a lot of room to run and to grow for us and for our competitor. The offerings get better. Our Phase 2 will be even stronger. So to me, that's a market just beginning to feel its muscle.

關於新加坡，我要說的一件事，我們之前說過，但只是重申一下，那個地方已經發展到比我們幾年前開始時更好的地方，而且它一直在變得更好。你看看樟宜機場仍然以 40%、50% 的產能運行，看看那個市場的可取性，我們正在做的事情，我相信雲頂也在改進產品。感覺這個市場對於我們和我們的競爭對手來說有很大的運行和增長空間。產品變得更好。我們的第二階段將更加強大。所以對我來說，這是一個剛剛開始感受到它的力量的市場。

Okay. Great. That's helpful. And then just as a follow-up on that, as we sort of think about how to think about the constraints for how fast that MBS property can recover. The Singapore Tourism Board recently put out a number for 2022 international visitation that -- something along the line well 4 million to 6 million for '22. That it doesn't seem like that would incorporate a ton of ramp from here. And I know that's not necessarily exactly what you guys would see. But does that make it seem like the Changi airlift is for the rest of the year is baked into the cake now? Or is there -- can that be flexed up, do you think?

好的。偉大的。這很有幫助。然後作為對此的後續行動，當我們在考慮如何考慮 MBS 資產恢復速度的限制時。新加坡旅遊局最近公佈了 2022 年的國際遊客人數——22 年的國際遊客人數大約為 400 萬至 600 萬。從這裡開始似乎不會包含大量的坡道。我知道這不一定是你們會看到的。但這是否讓人覺得今年餘下時間的樟宜空運現在已成蛋糕？或者有沒有 - 你認為可以彎曲嗎？

I'm not going to speak for the government and what the numbers say. I think the capacity opportunity speaks for itself. I think it's more dependent not on Singapore, but on the airlines themselves and the other countries wanting to reengage and to open. I think the airport can obviously have the capacity. I'd be surprised if Singapore wouldn't welcome more access, more flights. It's a question of getting the requisite employees in these airlines to get the lift going and open up these countries in a major way. I think it's hard to forecast. We're in a world of change, every day is different. And I'd like to think there's a lot more opportunity than that, but remains to be seen if the governments want to engage and if the airlines can get the employees make it happen. I think demand -- underlying demand is absolutely there, just getting the ability to get there.

我不會代表政府和數字所說的。我認為產能機會不言自明。我認為它更多地依賴於航空公司本身以及其他希望重新參與和開放的國家。我認為機場顯然可以有容量。如果新加坡不歡迎更多的訪問，更多的航班，我會感到驚訝。問題是讓這些航空公司擁有必要的員工，以推動這些國家的發展並以一種主要方式開放這些國家。我認為很難預測。我們處於一個變化的世界，每一天都是不同的。而且我想認為還有更多的機會，但政府是否願意參與以及航空公司是否可以讓員工實現這一點還有待觀察。我認為需求 - 潛在需求絕對存在，只是有能力到達那裡。

And the next question is coming from Robin Farley from UBS.

下一個問題來自瑞銀的 Robin Farley。

Great. Just a quick one on -- I don't know if I missed in your introductory comments, any comments on what you've talked about in the past related to online gaming and sports betting and kind of looking at B2B investments. I didn't catch if you had an update there.

偉大的。只是一個簡短的 - 我不知道我是否錯過了您的介紹性評論，任何關於您過去談論的與在線遊戲和體育博彩以及 B2B 投資相關的評論。如果您在那裡有更新，我沒有註意到。

We didn't have an update. We didn't mention it. We're focused right now on what's happening. We remain committed to our digital investments and looking at that market. But right now, the story for us is this land-based recovery, which we're filling in Singapore. And we made some major strides in this company in terms of liquidity, the reopening of Singapore, and we think the upside potential in Singapore, the licensing process and how we're focused on that. And of course, most importantly, the return to a normalized operating environment in Macao is paramount. We've just been so busy with that. The focus wasn't on digitally right now. We continue to look at that opportunity. We continue to invest. We made 2 investments, as you know, in the past. So just simply we're focused right now on land based.

我們沒有更新。我們沒有提到它。我們現在專注於正在發生的事情。我們仍然致力於我們的數字投資並關注該市場。但現在，對我們來說，故事是我們正在新加坡填補的陸上復甦。我們在這家公司的流動性方面取得了一些重大進展，新加坡的重新開放，我們認為新加坡的上行潛力，許可程序以及我們如何專注於此。當然，最重要的是，澳門回歸正常的經營環境至關重要。我們只是忙於那個。現在的重點不是數字化。我們繼續關注這個機會。我們繼續投資。如您所知，我們過去進行了兩次投資。所以只是簡單地說，我們現在專注於陸基。

Okay. Great. And then also, has there been a change in what you expect for timing and spend in a potential New York project since last quarter?

好的。偉大的。然後，自上個季度以來，您對潛在紐約項目的時間安排和支出的預期是否發生了變化？

I'm sorry, I missed you about New York.

對不起，我想念你關於紐約的事。

Timing and spend?

時間和花費？

No, I think we remain a believer in that market, and the process is taking longer than I thought it would. But hopefully, it will come to -- hopefully, this year or early next, we'll know what's happening there.

不，我認為我們仍然相信這個市場，而且這個過程需要的時間比我想像的要長。但希望它會來 - 希望今年或明年初，我們會知道那裡發生了什麼。

Now, still the density of population and the ethnicity and the access in New York makes it very appealing and lack of capacity still remains a premier market in my mind, if we can get there. A lot of competition, we're one of many in the hunt there. So nothing new to report. We have a plan in place. We're executing to it. Let's wait for the RFP to unfold. So we have nothing new in New York.

現在，紐約的人口密度、種族和交通便利仍然使它非常有吸引力，如果我們能到達那裡，容量不足仍然是我心目中的首要市場。競爭激烈，我們是眾多競爭者之一。所以沒有什麼新的報導。我們有一個計劃。我們正在執行它。讓我們等待 RFP 展開。所以我們在紐約沒有什麼新鮮事。

And the next question is coming from Steve Wieczynski from Stifel.

下一個問題來自 Stifel 的 Steve Wieczynski。

So this will probably be for Grant and it's probably going to be a difficult question to even answer. But Grant, I guess for us, non-Chinese citizens, it's extremely tough for us to understand where China is with respect to the reopening process. But I don't know if you can help us understand maybe what you're hearing around the zero-COVID policy, which I mean, I think the rest of the world probably fully knows at this point is never really going to work. And if some of these harsher stances toward the virus could start to get relaxed before, maybe is there a time frame you guys are watching? Or is there anything you've heard maybe is it the October election, I guess. Anything around that would be very, very helpful.

所以這可能是給格蘭特的，而且這可能是一個很難回答的問題。但是格蘭特，我想對於我們這些非中國公民來說，我們很難理解中國在重新開放過程中的位置。但我不知道您是否可以幫助我們了解您所聽到的關於零新冠病毒政策的內容，我的意思是，我認為世界其他地方可能完全知道，在這一點上永遠不會真正奏效。如果之前對病毒的一些更嚴厲的立場可以開始放鬆，也許你們有一個時間框架嗎？或者你聽說過什麼，也許是十月的選舉，我猜。周圍的任何事情都會非常非常有幫助。

Yes. Thanks for the question. I think as you alluded to, there's not much that we can help with in terms of any speculation on timelines or changes. I think what we are focused on is what's happening in Macao. So I think the things that we can effect is to make sure that we do help the prevailing government policy so that we can actually get Macao reopen back with Zhuhai, the neighboring city in Mainland as quickly as possible. And that means, I think, aligning ourselves fully and safely with the overall COVID policy. And that's what's happening right now. And so hopefully, over the coming weeks, we will be progressively reopening all of the facilities that we've had to close in the past week. That's what we're really focused on. And it's really not our place to speculate on future changes on the overall health policy. I don't know if Wilfred has more to add on that.

是的。謝謝你的問題。我認為正如你所提到的，就時間表或變化的任何猜測而言，我們無能為力。我認為我們關注的是澳門正在發生的事情。所以我認為我們可以做的事情是確保我們確實幫助現行的政府政策，以便我們能夠盡快讓澳門與內地鄰近城市珠海一起重新開放。我認為，這意味著我們要完全、安全地與整體 COVID 政策保持一致。這就是現在正在發生的事情。因此，希望在接下來的幾週內，我們將逐步重新開放過去一周不得不關閉的所有設施。這才是我們真正關注的。我們真的不適合推測未來整體衛生政策的變化。我不知道威爾弗雷德是否還有更多要補充的。

No, I think, Grant, you're right. At this stage, I think the whole country is also employed in this COVID situation. And obviously, policies will evolve. And we in Macao trying our best to support the local government in order that Macao can return to normalcy.

不，我認為，格蘭特，你是對的。在這個階段，我認為整個國家也都在這種COVID情況下受僱。很明顯，政策將會演變。而我們澳門人也盡最大努力支持當地政府，讓澳門回歸正常。

Okay. Great. And then, Rob, obviously, there's been some bet some movement with regards to the new Macao gaming laws, regulations, whatever way you want to think about it, which actually seemed pretty favorable, but wondering how you guys are viewing those regulation changes and maybe any of the pros or cons that you see emerging from those?

好的。偉大的。然後，Rob，很明顯，關於新的澳門博彩法律、法規，無論您怎麼想，都發生了一些變化，這實際上看起來很有利，但想知道你們如何看待這些法規變化和也許您從中看到的任何優點或缺點？

Well, we're grateful for the clarity from the government. I think the process is moving very well. And I think a lot of the concerns some people have, have been eliminated. So we're just going to process and hoping to complete this thing in due course. But obviously, we're all pleased. I think all the operators are pleased how this is playing out, and we're hoping for a positive conclusion. I think a lot of their fears have been erased. Grant or Wilfred are going to comment, that's as far as I can take it.

好吧，我們感謝政府的明確性。我認為這個過程進展得很好。而且我認為一些人的許多擔憂已經消除。所以我們只是要處理並希望在適當的時候完成這件事。但顯然，我們都很高興。我認為所有運營商都很高興這是如何發揮作用的，我們希望得到一個積極的結論。我想他們的很多恐懼都被消除了。格蘭特或威爾弗雷德將發表評論，這是我能接受的。

I think that's right, Rob.

我認為這是對的，羅伯。

Yes. absolutely. Grant, go ahead.

是的。絕對地。格蘭特，繼續。

I'm just going to add that, obviously, we're very appreciative that during this difficult time on the COVID front that the government and the legislature were able to move forward to complete the passing of the revised gaming law in -- towards the end of June and that we were able to also execute the 6-month extension. That takes us to the end of this year. So I think the whole process is moving forward expeditiously. And as Rob said, we look forward to participating in the tendering process.

我只是要補充一點，顯然，我們非常感謝在 COVID 戰線的這個困難時期，政府和立法機構能夠向前推進以完成修訂後的博彩法的通過——朝著6 月底，我們還能夠執行 6 個月的延期。這將帶我們到今年年底。所以我認為整個過程正在迅速推進。正如 Rob 所說，我們期待參與招標過程。

Steve, one thing I would say, our company, as you know, has been through, it's been an awfully difficult couple of years more than most because we're Asia-focused. But we've now completed -- the Sands in Las Vegas gives us more than ample liquidity no matter what happens. Singapore is up and making money, and there's more to come. It's a very -- we're very grateful for what's happening in Singapore. We see a lot better days ahead. The Macao licensing process is the same way. It feels like we've survived as a lot of people are concerned. But in the end, it's worked out for everybody in a positive manner, thus far. I hope that continues.

史蒂夫，我想說的一件事是，我們的公司，如你所知，已經經歷了幾年，比大多數人都困難得多，因為我們專注於亞洲。但我們現在已經完成了——無論發生什麼，拉斯維加斯的金沙都為我們提供了充足的流動性。新加坡正在崛起並賺錢，而且還有更多未來。我們非常感謝新加坡正在發生的事情。我們看到未來會好得多。澳門的發牌程序也是如此。就像很多人擔心的那樣，感覺就像我們活了下來。但最終，到目前為止，每個人都以積極的方式解決了問題。我希望這種情況繼續下去。

And we're just waiting for the thing you referenced initially, which is when does Macao, when does the government rethink the zero-COVID or how does that play out? We don't know. Don't pretend to know, but that's the last thing we're waiting for to get our company back to a much better place. But 3 of the 4 have been achieved. So we'll continue to press on with the license and wait patiently for the government to advise us on the reopening of Macao.

我們只是在等待你最初提到的事情，即澳門什麼時候，政府什麼時候重新考慮零新冠病毒，或者它是如何發揮作用的？我們不知道。不要假裝知道，但這是我們等待讓我們的公司回到更好的地方的最後一件事。但是這4個中的3個已經實現。所以我們會繼續抓緊辦證，耐心等待政府對澳門重新開放的建議。

The next question is coming from David Katz from Jefferies.

下一個問題來自 Jefferies 的 David Katz。

Number one, I wanted to ask about just the physical plant in Macao. And recalling that those are -- have a significant number of private rooms that were historically used for VIP. How do we think about kind of that spatial layout and planning going forward? And then I have a follow-up in another direction.

第一，我想問的是澳門的實體工廠。回想一下，這些都是 - 有大量歷史上用於 VIP 的私人房間。我們如何看待未來的空間佈局和規劃？然後我有另一個方向的跟進。

Grant, do you want to take that because I have my own views, but I think you should...

格蘭特，你想接受那個，因為我有我自己的觀點，但我認為你應該......

Sure. I think we've been watching as the market has been evolving and also planning for the future. I think a lot of the salons and certainly, that applies to the new salons that we've developed as part of the Grand Suites or Four Seasons and the London and Macao projects.

當然。我認為我們一直在關注市場的發展以及對未來的規劃。我認為很多沙龍，當然，這也適用於我們作為 Grand Suites 或 Four Seasons 以及倫敦和澳門項目的一部分而開發的新沙龍。

I think, they're really premium salons, premium gaming salons that could be applicable and used by the different segments, whether that's the VIP rolling or the premium mass. So clearly, I think Macao overall may be relooking at how they each operator redeploys the assets. But as far as we're concerned, especially the new products that we've developed over the past 2 years, we feel pretty positive about redeploying a lot of those gaming spaces for the premium mass segment. But also over time, as we look towards the future, also the premium direct segment and attracting the overseas markets in the rest of Asia into those products.

我認為，它們真的是高級沙龍，高級遊戲沙龍，可以適用於不同的細分市場，無論是 VIP 滾動還是高級大眾。很明顯，我認為澳門整體可能正在重新審視每個運營商如何重新部署資產。但就我們而言，尤其是我們在過去 2 年開發的新產品，我們對為高端大眾市場重新部署這些遊戲空間感到非常樂觀。但隨著時間的推移，當我們展望未來時，高端直接細分市場也會吸引亞洲其他地區的海外市場進入這些產品。

So we've been currently going through a planning exercise on the future deployment of those areas. But as the market evolves and as things normalize, we'll be able to get more definition around that. But even as of the past 12 months, we've been redeploying some of those rooms that were assigned to the rolling segment to the non-rolling segments.

因此，我們目前一直在對這些領域的未來部署進行規劃。但隨著市場的發展和事情的正常化，我們將能夠對此有更多的定義。但即使在過去的 12 個月裡，我們也一直在將一些分配給滾動段的房間重新部署到非滾動段。

David, no one ever thought additional gaming space in Macao is a bad thing. As we focus more on base mass and premium mass, I think it actually expands our ability to make more money. The junket business, we always know is a margin-challenge business. I feel grateful we have all this new space coming back to us that we can redeploy and what is still going to be the world's biggest gaming market for land based, and we'll have the biggest footprint. So as this -- as we -- as Grant and Wilfred and the team rethink that space, I think it adds all kinds of premium opportunities for base mass, premium mass and direct premium as well.

大衛，沒有人認為在澳門增加遊戲空間是一件壞事。隨著我們更多地關注基本大眾和優質大眾，我認為它實際上擴大了我們賺更多錢的能力。我們一直都知道中介業務是一項挑戰利潤的業務。我很感激我們擁有所有這些新空間，我們可以重新部署，這仍然是世界上最大的陸基遊戲市場，我們將擁有最大的足跡。因此——正如我們——格蘭特、威爾弗雷德和團隊重新思考這個空間，我認為它為基礎質量、優質質量和直接溢價增加了各種優質機會。

So to me, it's a very valuable transition to a higher focused margin business that enables us to -- again, Singapore -- I mean Macao, the penetration in China is still, I think, sub-3% for the China population. It's going to be a growth market. Capacity will be an issue down the road because there are new casinos opening. So I think that space may prove to be very valuable as we get back to work in Macao, hopefully this year or next. But I think we're lucky to have all that extra space we can redeploy a more profitable way down the road. So happy to have it back.

所以對我來說，這是向更高利潤業務的非常有價值的過渡，這使我們能夠——再次，新加坡——我的意思是澳門，我認為在中國的滲透率仍然低於中國人口的 3%。這將是一個增長的市場。容量將是一個問題，因為有新的賭場開業。所以我認為當我們回到澳門工作時，這個空間可能會被證明是非常有價值的，希望今年或明年。但我認為我們很幸運擁有所有額外的空間，我們可以在未來以更有利可圖的方式重新部署。很高興能把它拿回來。

Understood. And as my follow-up, you've done, obviously, the Singapore MBS did a lot better than what we had. But just looking at the ADR of, I think, $330. And I'm not sure that you covered this directly so far. When we look back to 2019, it was -- there's still some headroom there. It was about $90 ADR higher. How do you sort of see that evolving as we roll forward?

明白了。作為我的後續行動，你已經完成了，顯然，新加坡 MBS 做得比我們擁有的要好得多。但只要看看我認為 330 美元的 ADR。到目前為止，我不確定您是否直接涵蓋了這一點。當我們回顧 2019 年時，那是——還有一些空間。它大約高出 90 美元 ADR。隨著我們向前發展，您如何看待這種演變？

Pat, do you want to take that?

帕特，你想拿那個嗎？

Yes, sure, happy to. I think some of it has to do with sort of start up across the quarter. I think one of the other things to note is that it's not fully recovered and with all the different segments because there is sort of not as much FIT and MICE demand as we had across 2019. So you're going to see some ADR spread from that. But I think the most important thing to note is we're making, as Rob referenced, $1 billion investment in our product there. Over time, our ADR will be higher. So across the next 6 quarters, and let's sort of focus on at the end of '23 in time for Chinese New Year of '24, we're going to have 400 new suites that we never had before. And they're the highest-quality suites we've ever done as a company and we're going to drive different ADR.

是的，當然，很高興。我認為其中一些與整個季度的啟動有關。我認為需要注意的另一件事是，它並沒有完全恢復，而且所有不同的細分市場都沒有像我們在 2019 年那樣多的 FIT 和 MICE 需求。所以你會看到一些 ADR 從那。但我認為最需要注意的是，正如 Rob 所說，我們正在那裡對我們的產品進行 10 億美元的投資。隨著時間的推移，我們的 ADR 會更高。因此，在接下來的 6 個季度中，讓我們專注於在 23 年底以及 24 年農曆新年之前，我們將擁有 400 間我們以前從未有過的新套房。它們是我們作為一家公司做過的最高質量的套件，我們將推動不同的 ADR。

So while we're out a couple of hundred suites now with that rooms out of inventory, we've got a lot of things going on through the building, start-up period, I wouldn't look at this as ADR as representative. And so over the next couple of quarters as we have rooms out of inventory, it's going to -- there's going to be some choppiness. But by the time we're done getting into '23 and getting across '23 when the project is completed, then you'll have a good look at what ADR can really be under the value of the full investment, which is substantial. It's basically a complete redo of Towers 1, Towers 2 and some of the common spaces and amenity spaces that we have. It's going to be a fundamentally different experience for our guests, and we hope and believe very strongly they'll pay a lot more for it because it will attract a higher-value tourists, and that's really our goal.

因此，雖然我們現在有幾百套套房，但這些房間已經沒有庫存了，但我們在整個建築、啟動期間發生了很多事情，我不會將其視為 ADR 的代表。因此，在接下來的幾個季度中，由於我們的房間庫存不足，將會出現一些波動。但是，當我們完成進入 23 年並在項目完成時跨過 23 年時，您將很好地了解 ADR 在全部投資價值下的真正價值，這是可觀的。它基本上是對 1 號塔、2 號塔以及我們擁有的一些公共空間和舒適空間的完整重做。對於我們的客人來說，這將是一種完全不同的體驗，我們非常希望並堅信他們會為此付出更多，因為它會吸引更高價值的遊客，而這確實是我們的目標。

Our biggest problem today (inaudible) MBS is as that Changi recovery continues and [Parisian] come back as our game, our biggest problem won't be ADR. It is going to be putting -- have enough rooms to accommodate all the demand. ADR will climb, either the casino direct or through cash customers or to convention. There'll be no problem getting back. That's not the issue. The issue has always been we're capacity constrained at MBS, we need more sleeping rooms and we'll get the ADR. That market, the recovery you're seeing here is in its infancy, just beginning and be assured that we can get the ADR back to pre-COVID levels and above. In fact, I hope we can do much better with casino demand and drive the casino ADR as well.

我們今天（聽不清）MBS 最大的問題是樟宜復甦仍在繼續，[巴黎人] 作為我們的遊戲回歸，我們最大的問題不會是 ADR。它將是——有足夠的房間來滿足所有的需求。 ADR 將攀升，無論是賭場直接還是通過現金客戶或約定俗成。回去不會有問題。那不是問題。問題一直是我們在 MBS 的容量有限，我們需要更多的臥室，我們會得到 ADR。那個市場，你在這裡看到的複蘇還處於起步階段，才剛剛開始，請放心，我們可以讓 ADR 恢復到 COVID 之前的水平或更高水平。事實上，我希望我們能在賭場需求方面做得更好，並推動賭場 ADR。

And the last question is coming from Dan Politzer from Wells Fargo.

最後一個問題來自富國銀行的 Dan Politzer。

So given the momentum you're seeing in Singapore and the recovery is still in its infancy, how do you think about the long-term path to getting back to pre-COVID, the $1.7 billion of EBITDA in the event China doesn't open? Do you need China to reopen to kind of get back or get close to that level or given what you're seeing now, do you have a line of sight to getting near there in the absence of China reopening.

因此，鑑於您在新加坡看到的勢頭和復蘇仍處於起步階段，您如何看待回到 COVID 之前的長期路徑，如果中國不開放，17 億美元的 EBITDA ?您是否需要中國重新開放以恢復或接近該水平，或者鑑於您現在所看到的情況，在中國沒有重新開放的情況下，您是否有可能接近那裡。

It's a good question. And we're watching like you all. I think let's not ever dismiss the importance of China in any of our businesses. China is still a powerhouse as a consumer market, and we should never dismiss it as powerful. Can we get to $400 million a quarter without China, most of you would think not. But then again, I would have thought we wouldn't have on this well with Changi still having underperforming in terms of visitation. So it depends -- like the U.S., I think you have to question what -- where will the over-indexing come from?

這是個好問題。我們和你們一樣在看。我認為我們永遠不要忽視中國在我們任何業務中的重要性。作為消費市場，中國仍然是一個強國，我們永遠不應忽視它的強大。如果沒有中國，我們每個季度能達到 4 億美元嗎，你們中的大多數人都不會這麼想。但話又說回來，我原以為我們不會在這方面做得很好，因為樟宜在訪問方面仍然表現不佳。所以這取決於 - 就像美國一樣，我認為你必須質疑什麼 - 過度索引來自哪裡？

Well, Indonesia, Malaysia and other source markets over-indexed. And that's the question, we don't know the answer to that. Will there be pent-up demand coming out of Thailand and Vietnam and Indonesia and could they -- could Korea outperform? I just don't know. We have to wait and see how those markets open up again. We're in uncharted waters here, it's new. But I would never dismiss the importance of China as a market for anybody in our retail business, our hotel business, our casino business. China is very, very critical to everybody in Asia. And you can see that in any market that you participate in.

那麼，印度尼西亞，馬來西亞和其他來源市場指數過高。這就是問題所在，我們不知道答案。泰國、越南和印度尼西亞是否會出現被壓抑的需求，它們——韓國的表現會更好嗎？我只是不知道。我們必須等待，看看這些市場如何再次開放。我們在這里處於未知領域，它是新的。但我永遠不會忽視中國作為零售業務、酒店業務和賭場業務中任何人的市場的重要性。中國對亞洲的每個人都非常非常重要。您可以在您參與的任何市場中看到這一點。

But how high is up without China returning, I think we'll have to wait and see it together. There's a lot of good drivers here that make us feel good, the visitation makes us so there's opportunity there. Our renovation feels like it's going to be very impactful as it comes online, the over-indexing of non-China markets feels like it's coming on strong. But I think we'll revisit that and we'll have a better answer for you next quarter when we print our numbers.

但中國不復出能漲到多高，我想我們還得一起拭目以待。這裡有很多好司機讓我們感覺很好，來訪讓我們有機會，所以那裡有機會。我們的改造感覺就像它在上線時會產生很大的影響，非中國市場的過度指數感覺它正在強勁增長。但我認為我們會重新審視這一點，當我們打印我們的數據時，我們會在下個季度為您提供更好的答案。

Got it. And then just as a follow-up. I know COVID cases in Singapore actually have been rising lately. Given your experience working with the government and your perception, I guess, and stance of living with COVID, and the stage of reopening we're in, do you see any risk with additional restrictions coming back or being put in place?

知道了。然後只是作為後續行動。我知道新加坡的 COVID 病例實際上最近一直在上升。鑑於您與政府合作的經驗和您的看法，我猜，以及與 COVID 一起生活的立場，以及我們所處的重新開放階段，您是否認為額外限制措施的恢復或實施有任何風險？

Patrick, want to grab that.

帕特里克，想抓住那個。

Yes, sure, happy to. I think at this point, all we can do is be optimistic about the public health posture that Singapore has shown, they've shown a lot of leadership. They have a significant history of investment in their hospital system and their public health infrastructure, and I think they're proceeding as they've said. I think they broadcast it all along and they follow what they've laid out. So as we sit here right now, I think they're moving in the way they said they're going to do, which is continue to have visitation, continue to be involved in the growth in their economy and move forward with this is an endemic situation. But we don't know. And I think this is something where we've obviously shown flexibility to respond as needed to support the government and their initiatives. But at this time, it seems like we're heading in the right direction. But could that change in the future? We don't know.

是的，當然，很高興。我認為在這一點上，我們所能做的就是對新加坡表現出的公共衛生態勢持樂觀態度，他們表現出很多領導力。他們在醫院系統和公共衛生基礎設施方面有著重要的投資歷史，我認為他們正在按照他們所說的那樣進行。我認為他們一直在廣播它，並遵循他們所佈置的內容。因此，當我們現在坐在這裡時，我認為他們正在按照他們所說的方式前進，即繼續訪問，繼續參與他們的經濟增長並繼續前進，這是一個流行情況。但我們不知道。我認為這是我們顯然表現出的靈活性，可以根據需要做出回應，以支持政府及其倡議。但在這個時候，我們似乎正朝著正確的方向前進。但這種情況將來會改變嗎？我們不知道。

Thank you. And thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. We thank you for your participation.

謝謝你。謝謝你們，女士們，先生們。這確實結束了今天的電話會議。你可以在這個時候斷開你的電話線，並有一個美好的一天。我們感謝您的參與。