拉斯維加斯金沙集團 (LVS) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands' First Quarter 2023 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode, but we will open the floor for your questions and comments following the presentation.

女士們先生們，美好的一天，歡迎來到金沙 2023 年第一季度收益電話會議。目前，所有參與者都處於只聽模式，但我們將在演講結束後開放您的提問和評論。

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

現在我很高興將發言權交給 Sands 投資者關係高級副總裁 Daniel Briggs 先生。先生，地板是你的。

Thanks, Paul. Thank you all for joining the call today. With me today are Rob Goldstein, our Chairman and Chief Executive Officer; Patrick Dumont, our President and Chief Operating Officer; Dr. Wilfred Wang, the President of Sands China; and Grant Chum, EVP of Asia Operations and COO of Sands China.

謝謝，保羅。感謝大家今天加入電話會議。今天和我在一起的是我們的董事長兼首席執行官 Rob Goldstein；我們的總裁兼首席運營官 Patrick Dumont；金沙中國總裁王英偉博士；金沙中國亞洲區執行副總裁兼首席運營官 Grant Chum。

Today's conference call will contain forward-looking statements. We will be making those statements under the safe harbor provision of federal securities laws. The company's actual results may differ materially from the results reflected in those forward-looking statements. In addition, we will discuss non-GAAP measures. Reconciliations to the most comparable GAAP financial measures are included in our press release. We have posted an earnings presentation on our website. We may refer to that presentation during the call.

今天的電話會議將包含前瞻性陳述。我們將根據聯邦證券法的安全港條款作出這些聲明。公司的實際結果可能與這些前瞻性陳述中反映的結果存在重大差異。此外，我們將討論非 GAAP 措施。我們的新聞稿中包含與最具可比性的 GAAP 財務指標的對賬。我們已經在我們的網站上發布了收益報告。我們可能會在通話期間參考該演示文稿。

And finally, for the Q&A session, we ask those with interest to please pose one question and one follow-up question so we might allow everyone with interest the opportunity to participate.

最後，對於問答環節，我們請有興趣的人提出一個問題和一個後續問題，這樣我們就可以讓每個有興趣的人都有機會參與。

This presentation is being recorded. I'll now turn the call over to Rob.

正在錄製此演示文稿。我現在將電話轉給 Rob。

Thank you, Dan, and thank you for joining the call. The results speak for themselves. There's a powerful recovery underway in Macao in both gaming and the non-gaming segments. The future looks very good for both markets. Our commitment to investing in both Macao and Singapore has never wavered in Macao following the relaxation of travel restrictions, increased visitation has driven gaming volumes, retail sales and hotel occupancy during the quarter.

謝謝你，丹，也感謝你加入電話會議。結果不言自明。澳門的博彩業和非博彩業都在強勁復甦。這兩個市場的未來看起來都非常好。隨著旅行限制的放寬，我們在澳門和新加坡的投資承諾從未動搖，增加的訪問量推動了本季度的博彩量、零售額和酒店入住率。

In other words, business is back. Sands China is in a unique position to capture the opportunity. Our diversified IR model with continuous investment in non-gaming segments, MICE, hotel suites, live entertainment, retail, food and beverage positions us well to deliver strong growth in the years ahead. Our focus is on all segments of the Macao market, including international tourists. We're excited to have the opportunity to develop -- to deploy more capital to expand our non-gaming offerings in Macao.

換句話說，生意又回來了。金沙中國在把握機遇方面處於獨特的地位。我們多元化的 IR 模式持續投資於非博彩板塊、MICE、酒店套房、現場娛樂、零售、食品和飲料，使我們在未來幾年實現強勁增長。我們的重點是澳門市場的各個部分，包括國際遊客。我們很高興有機會發展 - 部署更多資金來擴大我們在澳門的非博彩產品。

The $3.8 billion commitment we made as part of the concession tender is just the baseline. We will invest more in this extraordinary market. I look forward to everyone having the opportunity to see to witness The Londoner and the Four Seasons, the quality of our new product is exceptional.

我們在特許權招標中做出的 38 億美元承諾只是基準。我們將在這個非凡的市場上投入更多。我期待大家有機會親眼見證《倫敦人》和《四季》，我們新產品的質量非常出色。

Marina Bay Sands delivered EBITDA of USD 394 million for the quarter, mass win was an all-time property record of $549 million. Growing volumes have nearly equal to 2019 level. Our $1 billion suite in casino innovation program is progressing more suite inventory will continue to come online throughout the remainder of the year. We'll have 400 suites available by the end of 2023, up from just 150 prior to our renovation.

濱海灣金沙本季度的 EBITDA 為 3.94 億美元，中場贏利創下 5.49 億美元的歷史記錄。增長量幾乎等於 2019 年的水平。我們價值 10 億美元的賭場創新套房項目正在取得進展，更多套房庫存將在今年餘下時間繼續上線。到 2023 年底，我們將提供 400 間套房，而翻新前只有 150 間。

Okay. Let's take some questions, and please ask away.

好的。讓我們提出一些問題，請問。

(Operator Instructions) And the first question today is coming from Joe Greff from JPMorgan.

（操作員說明）今天的第一個問題來自摩根大通的 Joe Greff。

Congratulations on these results. Rob, Patrick or Dan, whoever wants to take this first one. In Macao, presumably, March was better than February and February obviously was better than January from an EBITDA and an EBITDA margin perspective. I was hoping you can maybe help us understand maybe the margin exit rate coming out of the quarter as we head here into the second quarter. If you reported 31% margins for the quarter, March was something much higher than that. I was hoping you can help us maybe understand the cadence of EBITDA generation by month and maybe the same thing for margins by month. Just so we're, I guess, thinking about it the right way in terms of our projections going forward.

祝賀這些結果。 Rob、Patrick 或 Dan，誰想拿下第一個。在澳門，據推測，從 EBITDA 和 EBITDA 利潤率的角度來看，3 月好於 2 月，2 月明顯好於 1 月。我希望你能幫助我們了解當我們進入第二季度時本季度的利潤率退出率。如果您報告本季度的利潤率為 31%，那麼 3 月份的利潤率要高得多。我希望您能幫助我們了解按月計算 EBITDA 生成的節奏，以及按月計算利潤率的節奏。我想，就我們未來的預測而言，我們正在以正確的方式考慮它。

Joe, I'll ask Patrick to take it, but before I do, I'll just say I think you have to realize -- I think you do realize that Macao is in this inventory as far as the return to a more normal operating environment. It's not even -- I think we're -- it's still early days there. This first quarter is still not a representation of what can happen or what will happen. So I wouldn't call it normal operating mode. And as you referenced, the acceleration of revenues is clearly there, and that will accelerate margins. Patrick, you want add some more color?

喬，我會請帕特里克接受它，但在我這樣做之前，我只想說我認為你必須意識到——我認為你確實意識到澳門在恢復正常運營方面就在這個清單中環境。它甚至不是——我認為我們是——它還處於早期階段。第一季度仍然不能代表會發生什麼或將要發生什麼。所以我不會稱之為正常操作模式。正如你所提到的，收入的加速顯然是存在的，這將加速利潤率。帕特里克，你想添加更多顏色嗎？

Thanks, Rob. Joe, it's an interesting question. I think we've been very focused on margins for many years at SCL. Unfortunately, the operating environment during the pandemic made it very hard to see the benefit of some of the work that the team has done over the years to make the business itself more efficient. I think in the long run, we're going to look to see some significant operating leverage in the performance out of Macao, particularly as we reach a higher level of performance in a more normalized environment.

謝謝，羅布。喬，這是一個有趣的問題。我認為我們在 SCL 多年來一直非常關注利潤率。不幸的是，大流行期間的運營環境很難看到團隊多年來為提高業務本身效率所做的一些工作的好處。我認為從長遠來看，我們將看到澳門以外的業績有一些重要的經營槓桿，特別是當我們在更正常的環境中達到更高水平的業績時。

I will say that there was a material difference in performance across the quarter. January was obviously impacted (inaudible) January 8, the opening occurred. And then subsequent to that, February is typically a very slow month post the Lunar New Year. But March was a very exciting time. A lot of things were going full steam ahead. It was very exciting to see the recovery, the increase in tourism and so margins did recover to a more normal level. There is a lot of noise in the quarter because of the start-up but I think overall, our long-term outlook for our margins is quite strong.

我要說的是，整個季度的業績存在重大差異。 1 月明顯受到影響（聽不清） 1 月 8 日，開盤。然後在農曆新年之後，二月通常是一個非常緩慢的月份。但三月是一個非常激動人心的時刻。很多事情都在全速前進。看到復蘇、旅遊業的增長以及利潤率確實恢復到更正常的水平，真是令人興奮。由於啟動，本季度有很多噪音，但我認為總體而言，我們對利潤率的長期前景相當強勁。

I think we've done a good job managing costs historically. I think the business itself will set up to be efficient. And I think in the long run, given the mix of business, we should see a favorable margin operating environment.

我認為從歷史上看，我們在成本管理方面做得很好。我認為企業本身將變得高效。而且我認為從長遠來看，考慮到業務組合，我們應該會看到有利的利潤率運營環境。

Grant, I don't know if you have any comments you'd like to add to that?

格蘭特，我不知道你對此是否有任何意見要補充？

Sure. Yes. Thanks, Patrick. Yes, maybe I can just give some color on the March trends. I think, Joe, you're right, the market experienced a strong recovery through the quarter. So pretty much across all operating metrics, March was better than January and February average. I mean just as a starting point, the Macao overall visitations citywide were up 22% in March versus the first 2 months of the year.

當然。是的。謝謝，帕特里克。是的，也許我可以給三月的趨勢一些顏色。我認為，喬，你是對的，整個季度市場經歷了強勁的複蘇。因此，幾乎在所有運營指標中，3 月都好於 1 月和 2 月的平均水平。我的意思是，作為一個起點，3 月份澳門全市的整體遊客人數比今年前 2 個月增長了 22%。

For our portfolio, the gaming volume, Non-Rolling drop and slot handle were both up 10% in March versus the first 2 months. Rolling volumes accelerated a lot more than that during the month not least because we're starting to get some traction on the foreign VIPs coming to Macao to our properties. Hotel occupancy improved, Occupied room nights increased by 8% in the month versus the first 2 months as we were able to operate more hotel rooms with the additional manpower coming on board in the second half of the first quarter, and that will significantly increase further into the second quarter.

對於我們的投資組合，3 月份的博彩量、非滾動投注和老虎機遊戲手柄均比前 2 個月增長了 10%。滾動交易量比本月加速了很多，尤其是因為我們開始吸引到澳門來我們酒店的外國貴賓。酒店入住率有所提高，與前兩個月相比，當月入住間夜數增加了 8%，因為我們能夠在第一季度下半年增加人力來經營更多的酒店客房，而且這一數字將進一步顯著增加進入第二季度。

So overall, yes, I mean, March was a very pleasing month in terms of evolving trends. And as Patrick said, our operating margin did recover and recover more in March. But hopefully, this is just the beginning.

所以總的來說，是的，我的意思是，就不斷發展的趨勢而言，三月是一個非常令人愉快的月份。正如帕特里克所說，我們的營業利潤率在 3 月份確實恢復了，而且恢復得更多。但希望這僅僅是個開始。

Great. You mentioned that 31% of your rooms in Macao are out of service related to labor constraints. Where does that stand now? And can you talk about labor constraints now? And how are you remedying that?

偉大的。你提到你在澳門有31%的房間因勞動力限製而停止服務。那現在在哪裡？你現在能談談勞動力限制嗎？你是如何補救的？

Rob, should I take that?

羅布，我應該接受嗎？

Yes, please, Grant. Yes, you're the closest to that. Sure.

是的，請，格蘭特。是的，你最接近那個。當然。

I mean, hotel room inventory, Joe, availability, the actual availability for the first quarter, yes, what was around 7,700 rooms for SCL portfolio-wide. So effectively, we were accommodating as many rooms as we could given the manpower constraints during the quarter. As I just referenced, it did improve somewhat in March as the first additional hiring of the labor came on board. And the Macao government and (inaudible) have been very supportive in helping us to bring on the labor that we need to operate, especially the hospitality side of the business, the hotel and the restaurants, as we go into second quarter, we would expect that, on average, second quarter, we can reach 10,700 rooms in terms of our operating capacity.

我的意思是，酒店房間庫存，喬，可用性，第一季度的實際可用性，是的，SCL 投資組合範圍內大約有 7,700 間客房。鑑於本季度的人力限制，我們非常有效地安排了盡可能多的房間。正如我剛才提到的，隨著第一批額外的勞動力的加入，它在 3 月份確實有所改善。澳門政府和（聽不清）一直非常支持幫助我們帶來運營所需的勞動力，尤其是在我們進入第二季度時，我們預計業務的接待方面、酒店和餐廳也就是說，平均而言，第二季度，我們的營業能力可以達到 10,700 間客房。

So that's roughly 3,000 additional hotel rooms that will be able to operate in the second quarter. And that obviously takes us up to much closer to our physical available inventory and we will reach the 12,000 probably sometime in the third quarter in time for the summer peak season as additional hiring and training completes through the second quarter.

因此，大約有 3,000 間額外的酒店客房將能夠在第二季度運營。這顯然使我們更接近實際可用庫存，隨著第二季度完成額外的招聘和培訓，我們可能會在第三季度的某個時候達到夏季旺季的 12,000 個。

So Grant, is it safe to say the labor issues are not event for the entire market by summertime?

所以格蘭特，可以肯定地說勞工問題到夏季不會影響整個市場嗎？

Yes, Rob, I think for most of the market, for the second quarter, it's effectively a nonissue from a hotel of capacity. Obviously, our -- the size of our inventory is the biggest, will take a little bit of time to get up to full capacity. But obviously, there's a big difference already that we can see between operating 10,700 rooms versus 7,700.

是的，Rob，我認為對於第二季度的大多數市場來說，這實際上不是酒店容量的問題。顯然，我們的——我們的庫存規模最大，需要一點時間才能達到滿負荷運轉。但顯然，我們已經可以看到運營 10,700 間客房與 7,700 間客房之間存在很大差異。

Thanks, Grant. Good, Joe?

謝謝，格蘭特。好嗎，喬？

The next question will be Carlo Santarelli from Deutsche Bank.

下一個問題將是德意志銀行的 Carlo Santarelli。

Rob, just as it pertains to MBS, obviously, now Macao has gotten up and running and you're starting to see things normalize with obviously, the comments there on March. Have you guys seen anything change behaviorally? I mean we see the results, it doesn't look like anything's changed. But I was just wondering if there was anything that you've seen change in terms of demand around either the high end or the premium mass segments in MBS post kind of resumption of activity in Macao as it continues to ramp?

Rob，就 MBS 而言，很明顯，現在澳門已經開始運行，你開始看到事情正常化，很明顯，3 月份那裡的評論。你們有沒有看到任何行為上的變化？我的意思是我們看到了結果，看起來沒有任何改變。但我只是想知道，在澳門恢復活動後，MBS 的高端或高端大眾細分市場的需求是否有任何變化，因為它繼續上升？

Carlo, the one thing I thought I understood and I think I was wrong in retrospect was the super high-end premium customer in Asia, I thought we would dominate completely in Singapore, we're seeing in Singapore is doing very well. We've equaled our 2019 rolling volume. But what surprised me to the upside is the international demand for Macao. And a rolling volume in Macao has been very pleasant, much more than I thought that we could be rolling in that market far in excess of $20 billion, $25 billion annually this keeps going. So there's been a pleasant surprise.

Carlo，我認為我理解的一件事是亞洲的超高端優質客戶，我認為我理解並且我認為我錯了，我認為我們將在新加坡完全佔據主導地位，我們看到在新加坡做得很好。我們已經達到了 2019 年的滾動量。但令我意外的是國際對澳門的需求。澳門的滾動交易量非常令人愉快，比我想像的要多得多，我們可以在這個市場上滾動，遠遠超過 200 億美元，每年 250 億美元，這還在繼續。所以有一個驚喜。

It has not hurt us in Singapore, if you look at the numbers. But of course, there's only so much money out there, so it may have some impact. Singapore, as you see, had record numbers on the -- the stock numbers are astounding to be at 900 plus per unit. I've never seen that in any market I've worked in. Especially the scale of machines in the market, plus our non-rolling win to exceed 6 million a day, it's pretty extraordinary. And that's what the impediment and the big headwinds of our rooms being down, our casino being torn up and there's yet to be a recovery of the Chinese consumer into Singapore at the level I think we'll get to.

如果你看看這些數字，它並沒有傷害到我們新加坡。但是當然，那裡只有這麼多錢，所以它可能會產生一些影響。正如你所見，新加坡的數量創下歷史新高——庫存數量驚人地達到每單位 900 多只。我工作過的任何一個市場都沒有見過，尤其是市場的機台規模，再加上我們每天的非滾動盈利超過600萬，非常了不起。這就是我們的房間倒塌的障礙和巨大的逆風，我們的賭場被拆毀，而且中國消費者還沒有恢復到我認為我們會達到的水平。

So the pleasant surprise is Macao is attracting a very strong international Asian high-end customer. And yet, we're doing fine in Singapore. We may be sharing a very large rolling business between Singapore and Macao for a long time to come. I had that wrong pleasantly. I do think the stock business in Singapore and the non-rolling is just the beginning of our -- of a trend, a very strong trend. Once we get these rooms back in the casino. And who knows where it goes to, if we make $2.5 billion, $3 billion out of those segments in the years to come, maybe, but clearly, we're very happy with the results.

因此令人驚喜的是，澳門正在吸引非常強大的國際亞洲高端客戶。然而，我們在新加坡做得很好。在未來很長一段時間內，我們可能會在新加坡和澳門之間共享一項非常龐大的滾動業務。我愉快地犯了這個錯誤。我確實認為新加坡的股票業務和非滾動業務只是我們趨勢的開始，一個非常強勁的趨勢。一旦我們把這些房間拿回賭場。誰知道它會走向何方，如果我們在未來幾年從這些細分市場中賺取 25 億美元、30 億美元，也許，但很明顯，我們對結果非常滿意。

For Singapore to do this well this early today without a full-blown China recovery, it's pretty impressive. I think we can believe we can make $500 million a quarter in the near future when things get back to a stronger place. So we're very pleased in both markets for different reasons.

對於新加坡來說，在中國沒有全面復甦的情況下，今天這麼早就能做到這一點，真是令人印象深刻。我認為我們可以相信，在不久的將來，當情況恢復到更強勁的水平時，我們可以每季度賺取 5 億美元。因此，出於不同的原因，我們對這兩個市場都非常滿意。

Great. That's helpful. And then just as a follow-up, I guess my question is more along the lines of are you surprised by when you look in the deck, obviously, your premium mass business looks like it's recovering -- or I should say your base mass business is recovering relative to the first quarter of '19, very similarly to the premium mass business. And given where visitation is today relative to '19. Is that dynamic surprising to you guys at all?

偉大的。這很有幫助。然後作為後續行動，我想我的問題更多的是你是否驚訝於當你看甲板時，顯然，你的優質大眾業務看起來正在復蘇 - 或者我應該說你的基礎大眾業務相對於 19 年第一季度的複蘇，與高端大眾業務非常相似。並考慮到今天相對於 19 年的訪問量。這種動態讓你們感到驚訝嗎？

It is to me. I think we go Page 14 of our deck to see the visitation being like 40% and yet see a recovery where it's at. It's very encouraging for future. The trajectory of Macao feels very good to us. And as Joe alluded to, the growth between January, February, March, it looks very -- (inaudible) not be encouraged when you see we made $400 million roughly without -- this patient really coming back very much, without hotel rooms being fully occupied, without a lot of impediments, a lot of headwinds, and yet here we are.

對我來說。我想我們去甲板的第 14 頁看到訪問量大約是 40%，但看到它所在的位置正在恢復。這對未來非常鼓舞人心。澳門的軌跡給我們的感覺很好。正如喬提到的，一月、二月、三月之間的增長，看起來非常——（聽不清）當你看到我們大約賺了 4 億美元而沒有——這個病人真的回來了很多，酒店房間沒有滿忙碌，沒有很多障礙，很多逆風，但我們就在這裡。

So yes, it's very encouraging for us into the market. And of course, we're the biggest beneficiary of the recovery of base mass since we -- that's our dominant position. But I want to also allude to the fact that we believe with our new Londoner and Four Seasons suite and physical product, we're going to compete very favorably not just for the base mass, not just retail, we're going to the very top end of the market as well to dominate that. And we believe we can do it in both the rolling and non-rolling segments.

所以是的，這對我們進入市場非常鼓舞人心。當然，我們是基礎質量恢復的最大受益者，因為我們——這是我們的主導地位。但我還想指出一個事實，我們相信憑藉我們新的 Londoner 和 Four Seasons 套件和實體產品，我們將在競爭中非常有利，而不僅僅是基本質量，不僅僅是零售，我們將非常高端市場也將佔據主導地位。我們相信我們可以在滾動和非滾動領域做到這一點。

We have both scale in terms of suite of product, but also a great aesthetic. When you see we've done -- we were there and you see the new Londoner, you see the new Four Seasons. I promise you will be overwhelmed with the product, the quality of what that team has done is exceptional work. So for us, we see no segment in Macao to our competitors. We want to be first in every category. I believe it's possible with our new products.

我們既有產品套件的規模，也有很好的審美。當你看到我們已經完成時——我們在那裡，你會看到新的倫敦人，你會看到新的四季。我保證你會被這個產品所震撼，這個團隊所做的工作質量非凡。所以對我們來說，我們認為澳門沒有競爭對手。我們希望在每個類別中都成為第一。我相信我們的新產品是可能的。

Rob, maybe I can add something on the...

Rob，也許我可以在...上添加一些內容

Yes, please jump in, Grant.

是的，請加入，格蘭特。

Sorry, can I just add something (inaudible) comments on the premium mass versus mass of the question. Yes, it looks like from the deck that we recovered at a similar rate on the premium mass and the mass win versus first quarter of 2019 but overall, in terms of volumes and headcount, it was definitely a premium mass led recovery and the quality of customer has been increasing and the spend per head. The wind comparison with 2019 is more a hold-related issue on the premium mass segment for both 2019 and 2023. But overall premium mass gaming volume, gaming drop and head count recovery is faster than base mass.

抱歉，我可以添加一些關於優質質量與問題質量的評論（聽不清）。是的，從甲板上看，與 2019 年第一季度相比，我們在優質大眾和大眾獲勝方面以相似的速度恢復，但總的來說，就數量和人數而言，這絕對是優質大眾主導的複蘇和質量客戶一直在增加，人均消費。在 2019 年和 2023 年，與 2019 年的風向比較更多的是與高端大眾市場相關的問題。但整體高端大眾博彩量、遊戲下降和人數恢復比基本大眾更快。

But I think to Rob's point, we've been essentially out competing in the premium segments in both VIP and premium mass, as you can see from the market share in the first quarter. Our non-rolling drop recovered to 2/3 of the first quarter of 2019 level. That's in line with the overall market recovery in mass despite a much bigger dependence on base mass. So as the base mass, which has been lagging and the recovery starts to ramp up, especially as more hotel rooms come online for city -- for the whole city and for our portfolio and also that visitations pick up and transportation logistics improve.

但我認為，就 Rob 的觀點而言，從第一季度的市場份額可以看出，我們基本上在 VIP 和高端大眾的高端細分市場中處於競爭優勢。我們的非滾動跌幅恢復到 2019 年第一季度水平的 2/3。儘管對基礎質量的依賴要大得多，但這與質量的整體市場復甦一致。因此，隨著一直滯後的基本質量和復蘇開始加速，特別是隨著更多酒店客房上線城市 - 對於整個城市和我們的投資組合，以及訪問量增加和運輸物流改善。

We should obviously be the biggest beneficiary of that base mass recovery. And some of that, you can already see in the way we've outperformed in a slot electronic gaming market, slot handle recovering to over 73% of 2019 that has a lot more exposure. I mean, Hong Kong base mass is a much bigger part of slot than tables and obviously Hong Kong base mass has recovered fast, as you can see from visitations where Hong Kong visitations are 75% of where they were in 2019. And you can see that our performance in electronic gaming has been strong, both in absolute terms and relative to the market.

我們顯然應該是大規模回收的最大受益者。其中一些，你已經可以看到我們在老虎機電子遊戲市場上表現出色的方式，老虎機手柄恢復到 2019 年的 73% 以上，曝光率更高。我的意思是，香港的基數在廣告位中所佔的比例比桌子大得多，而且很明顯，香港的基數恢復得很快，從訪問量中可以看出，香港的訪問量是 2019 年的 75%。你可以看到我們在電子博彩方面的表現一直很強勁，無論是絕對值還是相對於市場而言。

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

下一個問題來自瑞銀的 Robin Farley。

Great. Grant, following on your comments about the strength of the recovery being led by the premium mass side. I'm curious if you're seeing any impact at all from visa policy that is sometimes turning down kind of frequent visitors or multiple visits in a period. Sounds like it's not impacting the recovery in your view, but I'm just curious if you're seeing any impact from that?

偉大的。格蘭特，根據您對優質大眾方面引領的複蘇力量的評論。我很好奇你是否看到簽證政策有什麼影響，有時會拒絕某種常客或一段時間內的多次訪問。在您看來，這聽起來好像沒有影響經濟復甦，但我很好奇您是否看到了任何影響？

Grant?

授予？

Rob, shall I take that?

羅布，我要拿那個嗎？

Please, yes.

拜託，是的。

Yes, Robin, I think for -- if you look at the visitation overall, we're seeing a much faster recovery from Guangdong than from the non-Guangdong provinces. I think that's for obvious reasons, the proximity, the ease with which the visitors from the neighboring province can get to Macao. From my point of view, I think the biggest impediment to a higher rate of recovery in non-Guangdong visitation is actually the amount of hotel room inventory that was unavailable in the first quarter and we were the biggest repository of to rooms and with offline by 36%. And for the city as a whole, obviously, the percentage of out of rooms availability was also very significant.

是的，羅賓，我認為——如果你看一下整體的訪問量，我們看到廣東的恢復速度比非廣東省份快得多。我認為這是顯而易見的原因，鄰近省份的遊客可以輕鬆到達澳門。從我的角度來看，我認為非廣東訪問量恢復率較高的最大障礙實際上是第一季度無法使用的酒店客房庫存量，我們是最大的客房庫存量和線下36%。顯然，對於整個城市而言，可用房間的百分比也非常顯著。

So I think people have high propensity to think about coming to Macao. I think the hotel room inventory issue has been a big impediment, but that's obviously easing dramatically as we get into second quarter. And the transportation is still only a fraction of what it was, especially in routes like from Hong Kong to Macao are ferries only at 20% of where they were in 2019 during the first quarter. And yet, obviously, the visitation from Hong Kong has been so strong. So I think overall, the visitation recovery is progressing very well. But you've got to bear in mind a couple of those pain points that are both, I think, I would say, easing quite significantly, and that's the hotel room inventory and the transportation.

所以我認為人們很可能會考慮來澳門。我認為酒店客房庫存問題一直是一個很大的障礙，但隨著我們進入第二季度，這顯然會大大緩解。而且運輸仍然只是以前的一小部分，特別是在從香港到澳門的航線上，第一季度的渡輪數量僅為 2019 年的 20%。然而，很明顯，來自香港的訪問量如此之大。所以我認為總體而言，探視恢復進展順利。但你必須牢記其中的幾個痛點，我認為，我會說，這兩個痛點都大大緩解了，那就是酒店房間庫存和交通。

Great. And that's helpful. And then just as my follow-up, if I could, understanding it's going to take a couple of quarters for all your hotel rooms to be up and running. At that point, when you think about the run rate where you are for operating expense, how would you compare that to 2019? Is there any kind of permanent reduction in some way in operating expense? Or in fact, does the labor issue mean that costs are going to be higher when you're kind of fully ramped up?

偉大的。這很有幫助。然後就像我的後續行動一樣，如果可以的話，我了解到您的所有酒店房間都需要幾個季度才能啟動並運行。到那時，當您考慮運營費用的運行率時，您如何將其與 2019 年進行比較？運營費用是否會以某種方式永久性減少？或者事實上，勞動力問題是否意味著當你完全提升時成本會更高？

Thank you, Grant.

謝謝你，格蘭特。

Yes. I think clearly, as we add headcount to man to operate all of our inventory on the hospitality side, our payroll costs -- our payroll costs will start to go up. But obviously, we expect the revenue to be rebounding a lot more. So I think this is just the ordinary course of ramping up the capacity. We achieved multiple rounds of cost savings over the years after the 2014 downturn, we achieved some sustainable savings from that round. We made some additional structural cost savings on our expenses during the pandemic and we hope to hold on to some of those savings.

是的。我清楚地認為，隨著我們增加員工人數以在酒店方面經營我們所有的庫存，我們的工資成本——我們的工資成本將開始上升。但顯然，我們預計收入會反彈得更多。所以我認為這只是提高容量的常規過程。在 2014 年經濟低迷之後的幾年裡，我們實現了多輪成本節約，我們從那一輪中實現了一些可持續的節約。在大流行期間，我們在支出上節省了一些額外的結構性成本，我們希望保留其中的一些節省。

But in terms of the labor portion, absolutely, we have to invest in the manpower and to get our assets back up to full operating capacity. And obviously, the costs will grow in line with that. But clearly, we want to be operating 12,000 rooms (inaudible) 7,700. So this is something we're trying to do as quickly as we can.

但就勞動力部分而言，我們絕對必須投資人力並使我們的資產恢復到全部運營能力。顯然，成本將隨之增長。但很明顯，我們希望運營 12,000 個房間（聽不清）7,700 個。所以這是我們正在嘗試盡快做的事情。

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。

Just maybe to start, if we can go back to a couple of your comments, Rob, on the base mass versus some of the premium mass mix and the surprise there. I mean is a healthy way to think about the mix that we're seeing in the market today, this kind of low double-digit increase in spend per visit? Is that -- if I look at the 62% in base mass versus, let's call it, 48% overall visitation growth, is that reflective of market conditions? Or is there some subtext or some difference that we should be thinking about? Or did that change throughout the quarter at all? Just trying to kind of get a sense of what's pent-up demand and how much of this is just getting the bodies back into the property.

也許只是開始，如果我們可以回到你的一些評論，Rob，關於基本質量與一些優質質量組合以及那裡的驚喜。我的意思是，這是一種健康的方式來思考我們今天在市場上看到的組合，這種每次訪問支出的低兩位數增長？那是——如果我看一下 62% 的基本質量，我們稱之為 48% 的整體訪問量增長，這是否反映了市場狀況？還是我們應該考慮一些潛台詞或差異？還是整個季度都發生了變化？只是想了解一下什麼是被壓抑的需求，以及其中有多少只是讓屍體回到財產中。

I think one thing we'd be careful of we're -- again, we're in early innings here. In fact, we haven't -- I would say if you're playing golf, we're still in the driving range. We haven't even gotten the first tea yet. This market, 100 days ago, Grant reminding me, we're kidding about the market, hoping to see a profitable quarter in '22. We now just gave you a $400 million number. I think my point is it's evolving so quickly. And the movement -- if you look at -- I don't think it's easy spot trends. I think clearly, the base mass to Grant's comments has been somewhat confusing, and this loss recovered much better than base mass tables.

我認為我們要小心的一件事是——再一次，我們在這里處於早期階段。事實上，我們還沒有——我會說如果你在打高爾夫球，我們還在練習場上。我們甚至還沒有喝到第一杯茶。這個市場，100 天前，格蘭特提醒我，我們在拿市場開玩笑，希望在 22 世紀看到一個有利可圖的季度。我們現在剛剛給了你一個 4 億美元的數字。我想我的意思是它發展得如此之快。而運動——如果你看——我不認為這是容易發現的趨勢。我清楚地認為，格蘭特評論的基礎質量有點令人困惑，而且這種損失比基礎質量表恢復得更好。

But again, I think it's very difficult to assign a certainty to where the trends are going. I just think when you look at the slides 16 or 14 you see the non-Guangdong visitation, which is pretty weak, and there's so much more room to run here. I think when this is all said and done, we will make a lot more money with a very healthy margin, and all this will be left behind the dust. I just don't think we can take -- what really is effectively half of January and 2 months subsequent and assign real value to it yet. It's just too early to figure it out. Grant, please jump in.

但同樣，我認為很難確定趨勢的走向。我只是認為，當您查看幻燈片 16 或 14 時，您會看到非廣東省的訪問量非常微弱，而且這裡有更多的運行空間。我認為當這一切都說完之後，我們將賺更多的錢，而且利潤率非常可觀，所有這一切都會被拋在腦後。我只是認為我們不能採取 - 實際上是 1 月的一半和隨後的 2 個月並為其分配實際價值。現在弄清楚還為時過早。格蘭特，請加入。

Not a lot more to add to that, Rob. Yes, I think you covered it well.

沒有更多要補充的了，Rob。是的，我認為你涵蓋得很好。

Something else you got?

你還有別的東西嗎？

Great. I mean the other question would be the follow-up and maybe a little bit indulgent, but I'll try. Just trying to get a sense of kind of...

偉大的。我的意思是另一個問題是後續問題，可能有點放縱，但我會盡力。只是想獲得一種感覺...

Indulge us.

放縱我們。

Just trying to get a sense of market share as we -- let's call it exited the quarter, be it March or some come out of run rate. As we looked at it, some of the checks suggested that it was accelerating and you did very well. It probably depends a little bit of the timing on some of that base mass recovery. But for the quarter, we calculated you at around 27% share. I'm just kind of curious if that was level across the quarter? Or did you kind of -- was your exit rate meaningfully higher than that? Just kind of trying to, again, probably extract a little too much from where we are in the recovery, but we want to try anyway.

只是想了解我們的市場份額——我們稱之為退出本季度，無論是 3 月還是一些超出運行率。當我們查看它時，一些檢查表明它正在加速並且你做得很好。這可能在一定程度上取決於一些基礎質量回收的時間。但對於本季度，我們計算出您的份額約為 27%。我只是有點好奇這是否是整個季度的水平？或者你有沒有——你的退出率比這高得多嗎？再次嘗試，可能從我們正在恢復的地方提取了太多，但我們還是想嘗試。

Patrick is going to take a look at that.

帕特里克將看看那個。

Yes, it's an interesting question. I think when we look at Macao, it's a story of investment. So if you think about the growth in Macao and the asset base that we have and why we're able to get the visitation and the productivity out of the assets, it's because of our scale of investment in non-gaming. It's the rooms, it's the retail, it's the entertainment, it's the food and beverage, it's all the things that drive tourism value.

是的，這是一個有趣的問題。我認為，當我們審視澳門時，它就是一個投資故事。因此，如果你想想澳門的增長和我們擁有的資產基礎，以及為什麼我們能夠從資產中獲得訪問量和生產力，那是因為我們在非博彩方面的投資規模。客房、零售、娛樂、食品和飲料，所有這些都推動了旅遊價值。

And so we invested $2.2 billion across the pandemic. So from our standpoint, it's a new day, right? We have probably one of the most important assets we ever created in the Londoner, which was Sands Cotai Central. There's a lot of productivity that's available there. We have 650 new suites that we did have pre-pandemic. There's a lot of volume that we're going to be getting that we never had access to now that the pandemic recovery is underway.

因此，我們在這場大流行病中投入了 22 億美元。所以從我們的角度來看，這是新的一天，對吧？我們可能擁有我們在倫敦人創造的最重要的資產之一，那就是金沙城中心。那裡有很多生產力。我們有 650 間新套房，這些套房在大流行前就有。由於大流行的恢復正在進行中，我們將獲得很多我們從未獲得過的數量。

And I think the other thing that's important to note is we've done this 2 other times. So we were in the Las Vegas market during the recovery, and we saw the schedule and let's call it the slope of recovery related to pent up demand in the marketplace and recovery of tourism. We went through that. We saw it in Singapore and in the different stages of tourism access that occurred in a very controlled market in that recovery. And now we're seeing unfettered access to what is probably the best cost of tourism assets in all of Macao globally. And they've been continue to be invested in. There's a lot of depth in the market and it is the beginning innings. It's early.

我認為另一件需要注意的重要事情是我們已經完成了另外 2 次。所以我們在復蘇期間進入了拉斯維加斯市場，我們看到了時間表，我們稱之為與市場被壓抑的需求和旅遊業復甦相關的複蘇斜率。我們經歷了那個。我們在新加坡以及在復蘇期間一個非常受控的市場中發生的旅遊准入的不同階段看到了這一點。而現在，我們看到可以不受限制地訪問可能是全球所有澳門旅游資產的最佳成本。他們一直在繼續投資。市場有很多深度，這是開始階段。現在還早。

So to call a market share now is a little tough because it's not really comparable to pre-pandemic because of the amount of investment and some of the dynamic changes that have happened to the market in the last 3 years. So from our standpoint, I think we put up a good quarter. I think we're positioned well. As Grant mentioned, we're very excited about the additional inventory coming online as we get manpower into the buildings. And I think we're in a good place to continue to grow.

因此，現在稱市場份額有點困難，因為由於投資的數量和過去 3 年市場發生的一些動態變化，它與大流行前並不能真正相提並論。所以從我們的角度來看，我認為我們有一個很好的季度。我認為我們的定位很好。正如 Grant 所提到的，隨著我們將人力投入到建築物中，我們對即將上線的額外庫存感到非常興奮。我認為我們處於繼續發展的好地方。

So we're not really looking at market share right now as much as we're looking at investment visitation, access, customer service and then margin and outcome. And you saw the results of that in the quarter that we just had. So March was really good. We're really excited about it. We're in a great trend, and we're going to keep pushing.

因此，我們現在並沒有真正關注市場份額，而是關注投資訪問、訪問、客戶服務，然後是利潤和結果。你在我們剛剛的那個季度看到了結果。所以三月真的很好。我們真的很興奮。我們正處於一個大趨勢中，我們將繼續推動。

The next question is coming from David Katz from Jefferies. David.

下一個問題來自 Jefferies 的 David Katz。大衛。

I wanted to just go back to the direct VIP business in both markets. And I know you made some commentary about sort of where Singapore is coming from and where some of the extra business coming from. But can you help us understand the direct VIP opportunity in Macao? And are there any insights that we can learn from about where that could evolve to over time relative to what we saw in the past, understanding that it's a completely different business today.

我只想回到兩個市場的直接 VIP 業務。而且我知道你對新加坡的來源以及一些額外業務的來源發表了一些評論。但您能幫我們了解一下澳門的直達VIP機會嗎？我們是否可以從中了解相對於我們過去所看到的隨著時間的推移可能會演變到什麼地方的任何見解，了解今天這是一個完全不同的業務。

Yes, I think we're all in the same boat here as far as not really knowing -- I think the first quarter is indicative that there's a VIP market our rolling volumes indicate that. We wonder if it can increase keep going. One surprise to me has been the acceptance of foreign visitation from non-China countries into Macao. And it makes sense to me, the quality of product there, the diversity of product, the experience there is very -- it's an exciting place to visit, easy to access, getting easier, especially for the foreigners. So I think that's going to continue to build. Also the people that are -- it's obviously because the structure of junket is disappearing. It's a much different approach. And these are people who have to know who they are credit-wise, et cetera, could be in business with them.

是的，我認為我們都在同一條船上，因為我們還不知道——我認為第一季度表明有一個 VIP 市場，我們的滾動量表明了這一點。我們想知道它是否可以繼續增加。令我感到驚訝的是澳門接受了非中國國家的外國遊客。這對我來說很有意義，那裡的產品質量，產品的多樣性，那裡的體驗非常 - 這是一個令人興奮的地方，易於訪問，變得更容易，特別是對於外國人而言。所以我認為這將繼續建立。還有那些人——這顯然是因為中介的結構正在消失。這是一種截然不同的方法。這些人必須知道他們在信用方面是誰，等等，可以與他們做生意。

But I don't think it slows down. My sense is Macao has such a compelling product and such a diversity of compelling product and has such great food and retail, it's just an exceptional place for a visitor internationally. I think you'll see more and more of that trend. I don't think it will cost this business in Singapore in terms of -- I think people still obviously get to Singapore for the same reasons. But Macao, I think has a better future on the direct rolling business that I anticipated that I think is driven by, again, access, quality of product and people want to go there, and it's evident here in the first quarter.

但我認為它不會放慢速度。我的感覺是，澳門擁有如此引人入勝的產品和如此多樣化的引人入勝的產品，並擁有如此出色的食品和零售業，對於國際遊客來說，這是一個絕佳的地方。我想你會看到越來越多的這種趨勢。我認為這不會讓新加坡的這項業務付出代價——我認為人們顯然仍然出於同樣的原因來到新加坡。但是澳門，我認為直接軋製業務有更好的未來，我認為我認為這是由訪問、產品質量和人們想去那裡驅動的，這在第一季度很明顯。

Obviously, it's the impact of our retail sales as well. You can see the quality of our retail business in Macao, which is a direct relationship with the super high and they come to visit. That's our -- again, early innings, non-junket liquidity issues, a lot of unknowns at this point. I don't think we should pretend to know what the future looks like. But I think there's a very positive trend in the right direction. Grant, do you want to comment?

顯然，這也是我們零售額的影響。大家可以看到我們在澳門的零售業務好壞，跟超高有直接關係，他們來參觀。這就是我們的 - 再次，早期局，非中介流動性問題，此時有很多未知數。我認為我們不應該假裝知道未來會是什麼樣子。但我認為在正確的方向上有一個非常積極的趨勢。格蘭特，你想發表評論嗎？

Sure. Yes. I think Rob is absolutely right. The attraction of Macao to the foreign VIP gamer is immense. And I think the pleasant surprise, although we were obviously redoubling our efforts post the concession tender in bringing international visitation to Macao. And the VIP gaming was the first natural place to start given that the general airlift, commercial air flights are still a fraction of where they were in 2019.

當然。是的。我認為羅布是完全正確的。澳門對外國VIP玩家的吸引力是巨大的。我認為這是令人驚喜的，儘管我們顯然在特許權招標後加倍努力為澳門帶來國際遊客。考慮到一般空運、商業航空航班仍然是 2019 年的一小部分，VIP 博彩自然是第一個開始的地方。

So I think this direct VIP performance that you referenced, it was very healthy during the quarter and kept growing and we don't know where it grows to, but there's no reason to believe that it wouldn't continue to grow given the quality of the product.

所以我認為你提到的這種直接 VIP 表現，在本季度非常健康並且一直在增長，我們不知道它增長到哪裡，但沒有理由相信它不會繼續增長，因為它的質量產品。

And you can see not just the strong product appeal for the premium customer that we provide, but we provide such a diversity of such a clustering effect of so many well-cost results, and we already have 4 of them in our portfolio. But together with all of the other colleagues in the industry, it's an amazing clustering of well cost, premium gaming destination that should appeal to the Asian regional players over time.

你不僅可以看到我們提供的對優質客戶的強大產品吸引力，而且我們提供瞭如此多的成本效益結果的這種集群效應的多樣性，我們的產品組合中已經有 4 個。但與業內所有其他同事一起，這是一個驚人的成本高、優質博彩目的地集群，隨著時間的推移應該會吸引亞洲地區的玩家。

And then I think the other point that is, I think, specifically for us, we've been doing this for a long, long time in terms of our international direct VIP around the Asia region, Las Vegas, Macao, Singapore. This is not a new structure to us. We've just got an enormous ability to promote Macao now to the foreign countries because we have the capacity and to Patrick's point, we have the new product that we've never had before the availability of the top quality suites, the top-quality salons.

然後我認為另一點，我認為，特別是對於我們來說，我們在亞洲地區、拉斯維加斯、澳門、新加坡的國際直接 VIP 方面已經做了很長時間。這對我們來說不是一個新結構。我們剛剛獲得了向國外推廣澳門的巨大能力，因為我們有能力，就帕特里克的觀點而言，我們擁有我們以前從未有過的新產品，提供頂級套房，頂級品質沙龍。

So we're going to be -- we have been and we're going to continue to use our international sales network that we have the biggest infrastructure across Asia in the industry. And that's where we're going to combine the benefit of this premium product in Macao as a destination for these Asian gamers with our sales infrastructure that we'll continue to expand. So I think the future is very bright for foreign visitation and foreign VIP market into Macao.

因此，我們將 - 我們已經並將繼續使用我們的國際銷售網絡，我們在亞洲擁有業內最大的基礎設施。這就是我們要將澳門作為這些亞洲遊戲玩家目的地的優質產品的優勢與我們將繼續擴大的銷售基礎設施相結合的地方。所以我認為外國遊客和外國貴賓市場進入澳門的前景非常光明。

And if I can just follow up quickly. In terms of which -- any color on sort of which countries and where this is sort of coming from and any sensibility about sort of the sustainability. Obviously, you feel like you can continue to grow them, but the non-Chinese, other countries and the degree to which extending credit may cost a little bit more along the way? Any color there would be helpful, too.

如果我能快速跟進的話。就哪個而言——任何關於哪個國家的任何顏色，以及它來自哪裡，以及對可持續性的任何敏感性。顯然，你覺得你可以繼續發展它們，但非中國、其他國家以及提供信貸的程度可能會在此過程中花費更多一點？那裡的任何顏色也會有所幫助。

We won't be, David, country specific. We won't do that. But I'll just say to you, demand is in a number of countries. And I think Grant's last point is very (inaudible). I was (inaudible) because he's absolutely right. We've been doing this for decades. In Asia, we have a very strong sales force. A lot of the same people win us for 20 years and represents in Las Vegas and of course, Singapore Macao.

大衛，我們不會針對特定國家/地區。我們不會那樣做。但我只想告訴你，許多國家都有需求。我認為格蘭特的最後一點非常（聽不清）。我是（聽不清）因為他是絕對正確的。幾十年來，我們一直在這樣做。在亞洲，我們擁有一支非常強大的銷售隊伍。許多同樣的人贏得了我們 20 年，並代表拉斯維加斯，當然還有新加坡澳門。

So we are the beneficiaries of that sales system. But I think the high-end property built now in Singapore and Macao is going to drive that customer. Is it sustainable? Does it grow? I don't want to predict the future. I just don't know. But if it does, I think we'll be the biggest beneficiary of it because, again, we have the biggest network and we have all these different places that we can take people within Macao, of course, to Singapore.

所以我們是那個銷售系統的受益者。但我認為現在在新加坡和澳門建造的高端物業將推動該客戶。它是可持續的嗎？它生長嗎？我不想預測未來。我只是不知道。但如果成功了，我認為我們將成為最大的受益者，因為我們擁有最大的網絡，我們擁有所有這些不同的地方，我們可以將澳門人帶到新加坡，當然還有新加坡。

So it's hard to predict because, again, it's early innings here. But I think we -- if there's a strong growing business in Macao, I think we'll get a big chunk of that. And time will tell how big it is, liquidity issues. But the (inaudible) junket business clearly is a new day there. But if we could roll $20 billion to $30 billion, it would feel like a good place to be, if that's possible.

所以很難預測，因為這裡又是早局。但我認為我們 - 如果澳門的業務增長強勁，我認為我們將獲得其中的很大一部分。時間會證明流動性問題有多大。但（聽不清）中介業務顯然是新的一天。但是，如果我們能夠將 200 億美元增加到 300 億美元，那將是一個不錯的地方，如果可能的話。

Thank you very much. Londoner looks great.

非常感謝。倫敦人看起來很棒。

Thank you. You saw it? Yes, we love people seeing it because it's only halfway there, but what we've built so far is we're just very proud of it. Thank you.

謝謝。你看見了嗎？是的，我們喜歡人們看到它，因為它只完成了一半，但到目前為止，我們已經為此感到非常自豪。謝謝。

The next question is coming from Brandt Montour from Barclays.

下一個問題來自巴克萊銀行的 Brandt Montour。

So given Grant laid out a pretty good case based on the transportation impediments and the hotel room inventory impediments that premium mass visitation could very well outgrow base mass visitation from here. I'm not putting words in anybody's mouth. But could you give us some insight into what you're seeing in terms of premium mass win per visitor and compare that to other markets that you saw reopening post COVID and sort of an index to 2019? Just trying to get a sense for how the pent-up demand on a per person basis is really trending.

因此，鑑於格蘭特根據交通障礙和酒店房間庫存障礙提出了一個很好的案例，即優質的大眾訪問量很可能會從這裡超過基本的大眾訪問量。我不會把話放在任何人的嘴裡。但是，您能否讓我們深入了解您在每位訪問者的優質大眾贏得方面所看到的情況，並將其與您看到在 COVID 後重新開放的其他市場以及 2019 年的某種指數進行比較？只是想了解按人計算的被壓抑需求的真正趨勢。

I'll just make a few comments, and I'll pass on to Grant. I think the key thing here is having seen, as I said before, in several other markets. This is an impressive recovery. It's very strong. The people that can get there are consuming meaningfully in all segments, retail, food and beverage, on the gaming side, on the hospitality side. So it's great to see. It's very exciting. I don't know that in any of our markets, we had a quarter with this amount of EBITDA recovery this quickly after opening. So that's a good indicator. And so I think we're very excited about that. I think it's hard to call. These things are it's -- I wish we had a crystal ball, but I think at this point, we look at the recovery, and it's very encouraging.

我只會發表一些評論，然後我會轉達給格蘭特。正如我之前所說，我認為這裡的關鍵是在其他幾個市場上看到的。這是一個令人印象深刻的複蘇。它非常堅固。能夠到達那裡的人們在零售、食品和飲料、遊戲方面、酒店方面的所有領域都進行了有意義的消費。所以很高興看到。這是非常令人興奮。我不知道在我們的任何一個市場中，我們有一個季度在開業後這麼快就實現瞭如此數量的 EBITDA 恢復。所以這是一個很好的指標。所以我認為我們對此感到非常興奮。我覺得很難打電話。這些事情是——我希望我們有一個水晶球，但我認為在這一點上，我們看到了復甦，這非常令人鼓舞。

I will turn it over to Grant to see if he has an additional remark.

我會把它轉交給格蘭特，看他是否有補充意見。

Yes. I would say the points that we're making on the hotel room inventory and transportation is more a reflection of what happened in the first quarter. I think, if anything, those factors obviously improved or have been improving dramatically into March and into second quarter. So we obviously hope that the base mass would catch up seeing as we are the biggest beneficiary of that segment.

是的。我想說的是，我們在酒店客房庫存和交通方面提出的觀點更多地反映了第一季度發生的情況。我認為，如果有的話，這些因素在 3 月和第二季度明顯改善或一直在急劇改善。因此，我們顯然希望基礎質量能夠趕上，因為我們是該細分市場的最大受益者。

And then I think spend per head for the entire market is clearly up, the quality of customer is very high. And I think it really applies to all segments, you only have to walk through the different properties. You can see the level of spending power, not least in our retail, more. We're up 18% in overall retail sales versus 2019, but clearly, the luxury segment is up a lot. And that's with obviously only 40-something percent of visitations that we had in 2019.

然後我認為整個市場的人均支出明顯上升，客戶質量非常高。而且我認為它確實適用於所有細分市場，您只需瀏覽不同的屬性。你可以看到消費能力的水平，尤其是在我們的零售業，更多。與 2019 年相比，我們的整體零售額增長了 18%，但顯然，奢侈品領域增長了很多。這顯然只占我們 2019 年訪問量的 40% 左右。

So not just in gaming but also in the non-gaming and retail, you can see those trends were consistent in the first quarter. But hopefully, we can start to see the base mass visitation growing and hotel room occupancy growing for the entire market.

因此，不僅在遊戲領域，而且在非遊戲和零售領域，你可以看到這些趨勢在第一季度是一致的。但希望我們可以開始看到整個市場的基礎大眾訪問量和酒店客房入住率都在增長。

Great. And switching gears maybe to New York. Just curious if you're willing to give any updated thoughts on the RFP process there if you think the time line has shifted since we've talked about it -- since we talked about 3 months ago. Any other comments on the factors for winning that their license?

偉大的。換檔也許去紐約。如果您認為自從我們討論 3 個月前討論以來時間線發生了變化，您是否願意提供任何關於 RFP 流程的最新想法，我只是好奇。關於贏得該許可證的因素還有其他評論嗎？

Yes. New York, work in progress, waiting the response from the government obviously has pushed back. We're hearing -- we don't know for a fact, let's begin there, but we've been told that it could be early first quarter of 2024 but again, we have no definitive date at this time. We do believe we have a very compelling bid. The project is in sync with our historical approach to development. It's a large-scale resort with enormous non-gaming amenities, hotel, convention space, entertainment, spa, et cetera, very beautiful design, very much the LVS spirit, and the way a hotel should be designed as a real resort, a real destination.

是的。紐約，正在進行的工作，等待政府的回應顯然已經推遲了。我們聽說 - 我們不知道事實，讓我們從那裡開始，但我們被告知可能是 2024 年第一季度初，但同樣，我們目前沒有確定的日期。我們確實相信我們的出價非常有吸引力。該項目與我們的歷史發展方法同步。這是一個大型度假村，擁有大量的非博彩設施、酒店、會議空間、娛樂、水療中心等，非常漂亮的設計，非常符合 LVS 精神，以及酒店應該被設計成一個真正的度假村，一個真正的度假村目的地。

We have close to 80 acres. So I think we have a very special bid, a very compelling bid and I hope the market sees it that way. Timing will remain with New York state's government. And again, we hope it's the first part of '24. No more to say about that at this time.

我們有近 80 英畝的土地。所以我認為我們有一個非常特別的出價，一個非常有吸引力的出價，我希望市場能這樣看。時間將由紐約州政府決定。再一次，我們希望這是 24 年的第一部分。這個暫時不用多說了。

The next question is coming from Steve Wieczynski from Stifel.

下一個問題來自 Stifel 的 Steve Wieczynski。

So Robert, whoever wants to take this. I mean if we look at visitation into Macao over the last, let's call it, a month or so. It seems like there might have been or there might have been a change in the makeup of the typical visitor coming into the market. And based on some reports that have been out there in the market, it seems like there potentially are more tour groups and stuff like that coming into the market versus pre-pandemic. So just -- I'm just trying to -- just wondering how you're thinking about the spending characteristics or wallet size is the typical customer today versus what that typical customer look like previously. I'm not sure I asked that question really the right way. So if I didn't, let me know.

所以羅伯特，無論誰想要接受這個。我的意思是，如果我們看過去訪問澳門的情況，我們稱其為一個月左右。似乎進入市場的典型訪客的構成可能已經或可能已經發生變化。根據市場上已有的一些報告，與大流行前相比，似乎可能有更多的旅行團和類似的東西進入市場。所以只是 - 我只是想 - 只是想知道你如何考慮消費特徵或錢包大小是今天的典型客戶與以前典型客戶的樣子。我不確定我問這個問題的方式是否真的正確。所以如果我沒有，請告訴我。

I think you answered it perfectly. It's a good question. Grant, do you want to tackle that first?

我認為你回答得很完美。這是個好問題。格蘭特，你想先解決這個問題嗎？

Sure. Yes. I mean I think we're trying to get recovery in all segments of the market as a tourism market is multifaceted in terms of the different segments and the 2 groups were the last segment to really be recovering. So that's only been taking place in the second half of the first quarter. So yes, the first visitors to come back have been more at the premium end -- and over time, you're going to get all the other segments recovering in good time.

當然。是的。我的意思是我認為我們正在努力讓市場的所有領域都復甦，因為旅遊市場在不同領域是多方面的，而這兩個群體是最後一個真正復甦的領域。所以這只發生在第一季度的下半年。所以是的，第一批回來的遊客更多是在高端——隨著時間的推移，你會讓所有其他細分市場及時恢復。

And I don't think there's any difference fundamentally in terms of how these different segments behave or perform versus 2019. I think in general, of the people who have been coming back I think you've seen a higher propensity to spend. But over time, as the other segments come back, I don't think we should necessarily expect a fundamentally different mix or fundamentally different profile within each of those segments.

而且我認為這些不同細分市場的行為或表現與 2019 年相比沒有任何根本差異。我認為總的來說，在回來的人中，我認為你已經看到了更高的消費傾向。但隨著時間的推移，隨著其他細分市場的回歸，我認為我們不應該期望每個細分市場中的每個細分市場都有根本不同的組合或根本不同的概況。

Yes, so the only different point to make at this juncture is that, yes, across all segments, the spend -- spending power is higher than what it was and potentially spend is higher, and we see where that evolves over time.

是的，所以在這個時候唯一要說的不同點是，是的，在所有細分市場中，支出——消費能力比以前更高，而且潛在的支出更高，我們看到了隨著時間的推移而演變的地方。

Steve, I think we all agree what Grant just said. We have full confidence that this market will look a lot like it did before. The only difference structurally is the junket situation. But maybe the more affluent have gotten better access earlier, but I'm a staunch believer that, that market will come roaring back in the base mass. If you walk around the peninsula, you'll see already, the base mass is booming down there, although it's a lower quality spend than previous base mass. But I think the base mass market will come back, especially how quick it does come back. But this market will look fundamentally the same in 2023, '24 as it did in '18, '19, I'm completely confident of that.

史蒂夫，我想我們都同意格蘭特剛才說的話。我們完全有信心這個市場看起來會很像以前。結構上唯一的區別是中介人的情況。但也許更富裕的人更早地獲得了更好的機會，但我堅信，該市場將在基層人群中捲土重來。如果你在半島周圍走走，你會發現那裡的基礎質量正在蓬勃發展，儘管它的質量支出低於以前的基礎質量。但我認為基礎大眾市場會回來，尤其是它回來的速度有多快。但這個市場在 2023 年、24 年和 18 年、19 年看起來基本相同，我對此完全有信心。

Okay. I appreciate that. And then, Rob, I think your -- the slide -- what number is it, number 23, it is pretty interesting in terms of how you laid out your Macao capital commitments for the next 10 years or so. I don't know if you answered this, but if you think about that potential all in, the $4.5 billion that you'll -- that you might have to spend over the next 10 years, is there any way you can help us think about what you guys are kind of targeting for a potential return on that commitment?

好的。我很感激。然後，Rob，我認為你的 - 幻燈片 - 它是多少，23 號，就你如何制定未來 10 年左右的澳門資本承諾而言，這非常有趣。我不知道你是否回答了這個問題，但如果你考慮一下所有的潛力，你將 - 在未來 10 年內可能不得不花費的 45 億美元，你有什麼方法可以幫助我們思考關於你們的目標是什麼，以獲得該承諾的潛在回報？

Patrick?

帕特里克？

Yes. I think we've always said publicly that we look towards a 20% return on invested capital there. But I have to tell you, Macao is a bit of a fantastic market to invest in over the last 20 years. We're very excited to follow through this commitment, and we look forward to the opportunity to actually invest more. If you look at the growth of our company, it's because of the investments we've made in Macao and non-gaming. It's an extraordinary tourism market. The consumer responds very well, and we're very excited about the opportunity this new concession to invest more than what we have on this page. So it's something that we're very focused on, and we look forward to the opportunity to do it.

是的。我認為我們一直公開表示我們希望那裡的投資資本回報率達到 20%。但我必須告訴你，在過去的 20 年裡，澳門是一個非常值得投資的市場。我們很高興能夠履行這一承諾，我們期待著有機會實際投資更多。如果你看一下我們公司的增長，那是因為我們在澳門和非博彩方面的投資。這是一個非凡的旅遊市場。消費者反應非常好，我們很高興有機會通過這個新的讓步來投資比我們在這個頁面上更多的東西。所以這是我們非常關注的事情，我們期待著有機會去做。

I think we're going to be raging bulls on Macao investment in the future. And then probably look back to our past and further you can see our future, which is going to be, we believe, non-gaming assets are wildly profitable, but they also drive gaming assets. It's all in sync. So when we build more hotels or we build more retail or anything, it drives the gaming win. We've got plenty of positions to fill and to grow those numbers. If you look at the slot numbers coming out Singapore and the win per unit and tables, you realize just how far Macao can get to.

我認為我們將來會非常看好澳門的投資。然後可能回顧我們的過去，您可以進一步看到我們的未來，我們相信，非博彩資產會帶來巨大的利潤，但它們也會推動博彩資產。一切都是同步的。因此，當我們建造更多酒店或建造更多零售店或任何東西時，它會推動遊戲獲勝。我們有很多職位可以填補並增加這些職位。如果您查看新加坡的老虎機號碼以及單位和賭台的贏獎金額，您就會意識到澳門可以走多遠。

So we never saw the investment in the concession being an ending point. We saw a beginning point. We much believe that Macao the next 10 years will make a lot of money for us. We're very bullish on the market, and we're thrilled to be there.

因此，我們從未將對特許權的投資視為終點。我們看到了一個起點。我們深信澳門未來10年會為我們賺很多錢。我們非常看好市場，我們很高興能在那裡。

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

今天的最後一個問題來自富國銀行的 Dan Politzer。

Congrats on the quarter. First, I wanted to touch on Macao. Can you talk a little bit about the recovery level across the properties there? And which have been most impacted by room and labor constraints versus mass versus premium mass mix? And then similarly, with Londoner and the suite investments that you've made, what's kind of been the kind of the early readout of the gate and your expectation on recouping that typical 20% return on those investments in terms of timing?

祝賀這個季度。首先，我想談談澳門。你能談談那裡所有房產的恢復水平嗎？哪些受房間和勞動力限制與大眾與優質大眾組合的影響最大？然後類似地，對於 Londoner 和您所做的套房投資，大門的早期讀數是什麼樣的，以及您對收回這些投資在時間方面典型的 20% 回報的期望是什麼？

Grant, are you still awake? Grant, please take that.

格蘭特，你還醒著嗎？格蘭特，請拿走那個。

Yes, sure. I think between the properties, Londoner clearly is the most impacted by the hotel room availability. So you can see that the reported number of physical inventory occupancy is only 46%, 47% for the property as a whole, and that's about the biggest repository of hotel rooms in our portfolio. So clearly the impact for that property was the greatest.

是的，當然。我認為在這些酒店之間，倫敦人顯然是受酒店房間可用性影響最大的。所以你可以看到，報告的實際庫存佔用率僅為 46%，整個物業的佔用率為 47%，這大約是我們投資組合中最大的酒店客房存儲庫。很明顯，對該財產的影響是最大的。

But at the same time, it kind of flips into your second part of your question, the portion that we were operating, especially the new product on the north side of the building and the new suites, we've really had an exceptional customer response to the product. I think not just the excellence of the design and the hardware but also combined with the actual programming of hospitality and just the levels of service and the bespoke hospitality that we're offering, but doing so at scale.

但與此同時，它有點轉向問題的第二部分，即我們正在運營的部分，尤其是大樓北側的新產品和新套房，我們確實得到了出色的客戶響應到產品。我認為不僅是卓越的設計和硬件，還結合了熱情好客的實際規劃，以及我們提供的服務水平和定制熱情好客，但規模如此之大。

So in terms of those return questions that you asked, we see the early signs are very, very positive from the new product, including the new suites at Londoner Hotel and also the brand-new Londoner Court with which offering very different kinds of bespoke luxury hotel experiences for the customer. But overall, for the property is a big property, we're hampered by the lack of hotel room availability during the quarter for sure. But of the new product that we're actually operating, the initial results have been very, very pleasing.

因此，就您提出的那些返回問題而言，我們看到新產品的早期跡象非常非常積極，包括 Londoner Hotel 的新套房以及全新的 Londoner Court，它們提供非常不同種類的定制奢侈品為客戶提供酒店體驗。但總的來說，由於該物業是一個大物業，我們肯定會受到本季度酒店客房供應不足的阻礙。但就我們實際運營的新產品而言，初步結果非常非常令人滿意。

Got it. And then just turning to Singapore. Maybe if you could talk a little bit about the puts and takes for the reopening of China and I know inbound travel from China has been a little bit slower to recover. But I guess how do you think about that recovering over the course of the year? And then similarly, of your China customer base that had been in Singapore, are you still seeing that customer? Or have those -- has that base gone back to China?

知道了。然後就轉向新加坡。也許你可以談談中國重新開放的條件和條件，我知道來自中國的入境旅遊恢復得有點慢。但我想你如何看待這一年的複蘇？然後類似地，您在新加坡的中國客戶群中，您是否仍然看到該客戶？或者那些 - 那個基地已經回到中國了嗎？

Patrick?

帕特里克？

Thanks. It's a very interesting question. I think with the opening of China on January 8, there hasn't been a huge influx of Chinese visitation in the early part of the quarter but there is an ongoing ramp of outbound tourism from China that we will be the beneficiaries from. And that's something that we've been anticipating a long time. There is not the normal level of flights. There is not the, let's call it, the normal airlift capacity that you would expect during a normal run rate period, which they're going to slowly ramp into. So across the year, our expectation is that, that visitation will recover.

謝謝。這是一個非常有趣的問題。我認為隨著 1 月 8 日中國的開放，本季度初期中國遊客並沒有大量湧入，但來自中國的出境旅遊人數持續增加，我們將從中受益。這是我們期待已久的事情。沒有正常水平的航班。沒有，讓我們稱之為，在正常運行率期間你會期望的正常空運能力，他們將慢慢增加。因此，在整個一年中，我們的期望是，訪問量將會恢復。

It's such a strong market for Singapore, has been historically and yet we're able to execute these levels without that market really contributing. So we're very bullish on the opportunity of outbound tourism from China to support Marina Bay Sands and its ultimate growth to where Rob has mentioned earlier in the call and beyond.

對於新加坡來說，這是一個如此強大的市場，從歷史上看，我們能夠在沒有該市場真正做出貢獻的情況下執行這些水平。因此，我們非常看好中國出境旅遊的機會，以支持濱海灣金沙及其最終發展到 Rob 在電話會議中及以後提到的地方。

There is one other comment that I do want to make. We had a very interesting question from Steve just prior to yours, about the level of investment that we're willing to make in Macao. And I think we're very optimistic about our investments there. It's a high return environment. We're very focused on continued investment there, not only through the fulfillment of our concession renewal, but also in general to grow our non-gaming asset base.

我還想發表另一條評論。就在你之前，史蒂夫提出了一個非常有趣的問題，關於我們願意在澳門進行的投資水平。我認為我們對在那裡的投資非常樂觀。這是一個高回報的環境。我們非常專注於在那裡的持續投資，不僅是通過實現我們的特許經營權更新，而且總體上也是為了擴大我們的非博彩資產基礎。

But the same thing is true in Singapore. I think we're very focused on growing Singapore as a market. The opportunity there is very unique. It's a really high-value tourism market that has a different catchment area than Macao. We're very excited about the Marina Bay Sands expansion. Although just to sort of comment on it kind of going down that vein, we have very high expectations for return on invested capital in both of these markets. But when we first went into the Marina Bay Sand's expansion in 2019 and we entered into development agreement in April of 2019. A lot of things have changed.

但在新加坡也是如此。我認為我們非常專注於發展新加坡作為一個市場。那裡的機會非常獨特。這是一個真正高價值的旅遊市場，其客流區域與澳門不同。我們對濱海灣金沙酒店的擴建感到非常興奮。儘管只是就此發表評論，但我們對這兩個市場的投資資本回報率抱有很高的期望。但當我們在 2019 年首次參與濱海灣金沙的擴建並於 2019 年 4 月簽訂開發協議時。很多事情都發生了變化。

So it's probably going to be a lot more expensive. The pandemic brought additional costs, there's been material labor and material cost increases. There's been significant inflation globally as everyone knows, and just overall market conditions. But I think from what you see in this quarter is that the strength of the market is on full display. We really believe that it's going to get stronger over time and particularly with investment in high-quality tourism assets, which is what the Marina Bay Sands expansion is, but I think it's really important to note that there's been significant inflation since we began discussions a year ago.

所以它可能會貴很多。大流行帶來了額外的成本，勞動力和材料成本增加了。眾所周知，全球範圍內存在嚴重的通貨膨脹，以及整體市場狀況。但我認為，從你在本季度看到的情況來看，市場的力量得到了充分展示。我們真的相信，隨著時間的推移，它會變得更強大，尤其是對高質量旅游資產的投資，這就是濱海灣金沙的擴張，但我認為，真正重要的是要注意，自從我們開始討論以來，通脹一直很嚴重一年前。

So the cost of Marina Bay Sand's expansion is going to be a lot higher. The good news is the market is so good, we think the opportunity is going to be a lot stronger, and we're going to do a lot better. So I think to set expectations, the investments that we make, both in Macao are going to be a very strong return. We're very excited about them over the next concession period. We're really looking forward to investing in Marina Bay Sand's expansion. We think that's going to be a great asset. But both of these are going to be expensive. The good news is that we believe the returns are there or we wouldn't be doing them.

所以濱海灣金沙的擴張成本會高很多。好消息是市場非常好，我們認為機會會更多，我們會做得更好。因此，我認為設定預期，我們在澳門所做的投資都將獲得非常強勁的回報。在下一個特許期內，我們對他們感到非常興奮。我們非常期待投資 Marina Bay Sand 的擴張。我們認為這將是一筆巨大的財富。但這兩者都將是昂貴的。好消息是我們相信回報是存在的，否則我們不會這樣做。

So I don't think our investment thesis has changed in either market with the cost inflation. We believe in our long-term success in these markets, we sort of have a very long-term thesis in both of them. We're going to deploy capital into both and scale. And we're going to look for high returns. And we feel very strongly about the opportunity in both of these markets. But I did want to say that it's going to be expensive, and it's going to be worth it.

因此，我認為我們的投資論點在這兩個市場都沒有隨著成本通脹而改變。我們相信我們在這些市場的長期成功，我們在這兩個市場都有一個非常長期的論點。我們將把資金投入到規模上。我們將尋求高回報。我們對這兩個市場的機會都感到非常強烈。但我確實想說它會很貴，而且會很值得。

We are fortunate to be in 2 markets that one are expense, but to reward the money you spend. And I think we're very fortunate to be in a market that can grow and grow. And we will continue to invest heavily because we believe we'll get back to much bigger numbers in both markets. So stay tuned. We appreciate your time today. Thank you very much.

我們很幸運能進入兩個市場，一個是費用市場，但要獎勵你花的錢。我認為我們很幸運能夠進入一個可以不斷發展壯大的市場。我們將繼續大量投資，因為我們相信我們會在兩個市場上恢復到更大的數字。敬請期待。感謝您今天的寶貴時間。非常感謝。

Thank you. Ladies and gentlemen, this does conclude today's conference call. You may disconnect your lines at this time, and have a wonderful day. Thank you for your participation.

謝謝。女士們，先生們，今天的電話會議到此結束。此時您可以斷開線路，度過美好的一天。感謝您的參與。