拉斯維加斯金沙集團 (LVS) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands' Second Quarter 2023 Earnings Conference Call. (Operator Instructions) 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.

女士們、先生們，美好的一天，歡迎參加金沙 2023 年第二季度收益電話會議。 （操作員說明） 現在我很高興將發言權交給金沙集團投資者關係高級副總裁 Daniel Briggs 先生。先生，地板是你的了。

Thank you, and thanks for joining us today. Joining the call today are Rob Goldstein, our Chairman and CEO; Patrick Dumont, our President and COO; Dr. Wilfred Wong, the President of Sands China; and Grant Chum, EVP of Asia Operations and CEO -- COO, sorry, of Sands China.

謝謝您，也感謝您今天加入我們。我們的董事長兼首席執行官 Rob Goldstein 參加了今天的電話會議； Patrick Dumont，我們的總裁兼首席運營官；金沙中國總裁王英偉博士；格蘭特·查姆 (Grant Chum)，金沙中國亞洲運營執行副總裁兼首席執行官，抱歉，是首席運營官。

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.

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做出這些聲明。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，我們還將討論非公認會計原則措施。我們的新聞稿中包含了與最具可比性的 GAAP 財務指標的調節表。我們已經在我們的網站上發布了收益報告。

We may refer to that presentation during the call. Finally, for the Q&A session, we ask those with interest to please pose one question and one follow-up so we might allow everyone with interest the opportunity to participate. This presentation is being recorded.

我們可能會在通話期間參考該演示文稿。最後，在問答環節，我們請有興趣的人提出一個問題和一個後續行動，以便我們可以讓每個有興趣的人都有機會參與。該演示文稿正在錄製中。

I'll now turn the call over to Rob.

我現在將把電話轉給羅布。

Thank you, Dan, and good afternoon. Thank you for joining us today. The powerful recovery taking place in Macao and Singapore is evident in our results. We believe it's early days, and there's still room to run in both those markets. We continue to invest in both markets for our future growth. We do have a structural advantage in Macao based on our scale. As the market accelerates, we will be a major beneficiary in the future.

謝謝你，丹，下午好。感謝您今天加入我們。澳門和新加坡的強勁復甦在我們的業績中顯而易見。我們認為現在還為時過早，這兩個市場仍有發展空間。我們將繼續投資這兩個市場，以實現未來的增長。從規模來看，我們在澳門確實有結構性優勢。隨著市場加速，未來我們將是主要受益者。

Singapore continues to do well despite 2 impediments during the midst of $1 billion renovation, which does impact adversely the results in Singapore. And additionally, we haven't seen a poor return of the Chinese premium mass segment yet. This iconic building has a very bright future. Cash flow recovery is (inaudible), so it's very, very enjoyable to say, yay, dividends.

儘管在耗資 10 億美元的改造過程中遇到了 2 項障礙，但新加坡的表現仍然良好，這確實對新加坡的業績產生了不利影響。此外，我們還沒有看到中國高端大眾市場的回報不佳。這座標誌性建築有著非常光明的未來。現金流量恢復是（聽不清），所以非常非常愉快地說，是的，股息。

Let's do some Q&A. First question, please.

讓我們做一些問答。第一個問題，請。

(Operator Instructions) 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。

Rob, Patrick, Dan and the team in Macao, I'd love to get your view on margins in Macao, both within the quarter and then just broadly, how you're thinking about it going forward. When you look at the months within the 2Q, was there a differential between margins exiting the quarter in June versus the first couple of months?

Rob、Patrick、Dan 和澳門團隊，我很想听聽您對澳門利潤率的看法，無論是本季度還是總體上，以及您對未來的看法。當您查看第二季度的月份時，六月份該季度的利潤率與前幾個月之間是否存在差異？

And then related to that, I'm assuming you're under the belief and impression that monthly GGR can continue to grow sequentially. I would imagine in the summer months, that would follow typical sequential, seasonal trends. And margins from here probably have more upside than downside from 2Q levels. So my question is specifically this. Going forward, how do you think about the flow-through on incremental revenue growth from here? And then I have a follow-up.

與此相關的是，我假設您相信並認為每月 GGR 可以繼續連續增長。我想在夏季，這將遵循典型的連續季節性趨勢。與第二季度的水平相比，此時的利潤率可能上行空間大於下行空間。所以我的問題就是這個。展望未來，您如何看待增量收入增長的影響？然後我有一個後續行動。

Joe, I'll start and then turn it over Grant for the margins. Obviously, I do believe that the market is starting to get stronger. And you saw that in our numbers. Our June results were the strongest, almost $200 million of EBITDA in June alone. So we had acceleration in the quarter. Our numbers, I think, speak for themselves. They speak loudly. Six months ago, we were virtually closed. In the month of June, again, we had $200 million EBITDA.

喬，我先開始，然後把利潤交給格蘭特。顯然，我確實相信市場正在開始變得更強。你在我們的數據中看到了這一點。我們 6 月份的業績最為強勁，僅 6 月份的 EBITDA 就接近 2 億美元。所以我們在本季度取得了加速。我認為我們的數字不言自明。他們大聲說話。六個月前，我們幾乎關門了。 6 月份，我們的 EBITDA 再次達到 2 億美元。

As visitation increases in Macao, I think the visitation issue is going to drive obviously, the GGR escalation. I just do believe we will be the beneficiary because of our scale and $15 billion of investment will pay off quite well. We have adequate room to run because we have capacity in every segment, be it gaming and non-gaming, I think, a very strong advantage in that regard. So again, we think as the GGRs escalate for more visitation, we will be a major beneficiary. As to margin, Grant, I hope you're awake in Macao. Please answer that.

隨著澳門遊客數量的增加，我認為遊客問題將明顯推動澳門總收入的上升。我確實相信我們將成為受益者，因為我們的規模很大，而且 150 億美元的投資將得到很好的回報。我們有足夠的運行空間，因為我們在每個細分市場都有能力，無論是遊戲還是非遊戲，我認為在這方面有非常強大的優勢。因此，我們再次認為，隨著 GGR 升級以獲得更多訪問量，我們將成為主要受益者。至於保證金，格蘭特，我希望你在澳門保持清醒。請回答這個問題。

Thanks, Rob. Yes, Joe, margin obviously has continued to improve as we grow the revenues on optimal cost structure. Normalized margins up about 240 basis points quarter-on-quarter. And I think that will continue to rise as revenues continue to recover. We do have a more profitable business mix than 2019, as does the whole industry, because we have a greater proportion of mass relative to VIP. But recall, relative to the industry, we always had a much greater proportion of our GGR in mass. So 87% of our GGR this quarter is in mass versus 71% in Q2 of 2019.

謝謝，羅布。是的，喬，隨著我們在最佳成本結構下增加收入，利潤率顯然在持續改善。標準化利潤率環比增長約 240 個基點。我認為隨著收入的持續復甦，這一數字將繼續上升。我們確實比2019年有更有利可圖的業務組合，整個行業也是如此，因為我們的大眾相對於VIP的比例更大。但回想一下，相對於整個行業，我們的 GGR 在質量上所佔的比例始終要大得多。因此，本季度我們的 GGR 中有 87% 是大眾收入，而 2019 年第二季度這一比例為 71%。

And also the shift between gaming and non-gaming. And recall, we're the dominant revenue generator in non-gaming in the industry. And non-gaming is rising as a percentage of our revenues, going from 17% in 2019 to 22% this quarter. So both of these mix shifts are positive for margin. We are obviously reinvesting our revenues back into the business to increase our capability to handle more visitors, chiefly increasing our headcount to service more hotel rooms.

還有遊戲和非遊戲之間的轉變。回想一下，我們是該行業非遊戲領域的主要收入來源。非遊戲業務在我們收入中所佔的比例正在上升，從 2019 年的 17% 上升到本季度的 22%。因此，這兩種組合轉變都對利潤率有利。顯然，我們正在將收入重新投資到業務中，以提高我們接待更多遊客的能力，主要是增加我們的員工人數，為更多的酒店客房提供服務。

That's, for sure, one of the things that we've achieved this quarter, where our room operating capacity was back to 10,700 rooms on average for the quarter. And as we go into the summer, as we discussed last time, we're heading back to 12,000 rooms in terms of our operable hotel room capacity. So that entire labor issue, shortage issue, has dissipated as an impediment.

當然，這是我們本季度取得的成就之一，我們的客房運營能力在本季度平均恢復到 10,700 間客房。隨著夏季的到來，正如我們上次討論的那樣，我們的酒店可運營客房容量將回到 12,000 間。因此，整個勞動力問題、短缺問題已經作為一個障礙消失了。

And then in terms of intra quarter. Yes, margins are related to the revenue recovery rate. And June was the standout month, for sure, for us. We recovered for the second quarter as a whole, as you can see, 85% of 2019 levels in terms of mass revenues for the second quarter. But in June, our mass revenue were about 97%, almost a full recovery to June 2019. So the acceleration in June was really very broad-based.

然後就季度內而言。是的，利潤率與收入回收率有關。對於我們來說，六月無疑是最出色的月份。正如您所看到的，我們第二季度整體恢復了 2019 年第二季度大眾收入水平的 85%。但在 6 月份，我們的大眾收入約為 97%，幾乎完全恢復到 2019 年 6 月。所以 6 月份的加速確實是非常廣泛的。

We saw underlying visitation recovery, obviously. Macao visitation recovering to almost 70% of 2019. And all of our key volume metrics were up significantly against April and May. So a non-rolling drop increased 15% against April and May. In June, spot handle was up 9% and rolling volumes up 10%. So across the board, we saw a very sharp acceleration in June.

顯然，我們看到了潛在的訪問量恢復。澳門遊客量恢復至 2019 年的近 70%。我們所有的關鍵客量指標均較 4 月和 5 月大幅上升。因此，非滾動跌幅比 4 月和 5 月增加了 15%。 6 月份，現貨交易量增長 9%，展期交易量增長 10%。因此，總體而言，我們在 6 月份看到了非常急劇的加速。

But also reference Page 14 of the deck. I think the structure to look at what's happening in the provinces beyond Guangdong and non-Guangdong visitation and lack of penetration. It's just early days, this recovery. And I think if you look at '14, it gives you a really good snapshot of what we believe is the beginning of a strong recovery.

但也請參考該套牌的第 14 頁。我認為這個結構要看看廣東以外省份和非廣東省的訪問量和滲透率是否不足。復甦還處於早期階段。我認為，如果你看看 14 年，它會給你一個非常好的快照，我們相信這是強勁復甦的開始。

Hopefully, this summer will evidence more and more return to pre-pandemic numbers in the non-Guangdong visitation. And that's going to fuel this business. As you know, we have the capacity, gaming, non-gaming to participate across the board. And that's what we believe will happen, that will impact margins, but also in our mind, that's an inevitable factor in Macao. 6 months into this recovery, and we're still way behind in terms of visitation.

希望今年夏天，非廣東省的訪問量將越來越多地恢復到大流行前的水平。這將推動這項業務。如您所知，我們有能力全面參與遊戲和非遊戲活動。我們相信這將會發生，這將影響利潤率，但在我們看來，這是澳門不可避免的因素。復甦已經過去 6 個月了，但就訪問量而言，我們仍然遠遠落後。

Great. My follow-up question is, we've seen within Mainland China more mixed macroeconomic performance year-to-date. And yet at the same time in Macao, gross gaming revenues, visitation, retail sales, pretty much most metrics have steadily improved. How do you reconcile the disconnect between China macro and the fundamentals on the ground in Macao? And how do you see that relationship playing out going forward?

偉大的。我的後續問題是，今年迄今為止，我們看到中國大陸的宏觀經濟表現更加複雜。但與此同時，澳門的博彩總收入、遊客量、零售額等幾乎大部分指標都在穩步改善。您如何協調中國宏觀經濟與澳門基本面之間的脫節？您如何看待這種關係的未來發展？

So obviously, we prefer a strong macro economy in China. We're hoping for that in the future, but we can perform and will perform even if the recovery is slower than our business. We'd like to see it come back quickly. But as you see in other businesses you saw, that will be [nature's] numbers, you see other retail members.

顯然，我們更看好中國強勁的宏觀經濟。我們希望將來能做到這一點，但即使復蘇速度慢於我們的業務，我們也可以並且將會執行。我們希望看到它盡快恢復。但正如您在其他企業中看到的那樣，這將是[自然]數字，您會看到其他零售成員。

The retail market, our business doesn't require -- everyone's been making a strong economic recovery because certain segments can make it happen. But again, we're hoping for a strong rebound and a stronger macro, to us, would impact us positively. I still believe this market will continue to grow in spite of a slower recovery than we like in that region.

零售市場，我們的業務不需要——每個人都在實現強勁的經濟復甦，因為某些細分市場可以實現這一目標。但我們再次希望強勁的反彈和更強勁的宏觀經濟對我們產生積極影響。我仍然相信該市場將繼續增長，儘管該地區的複蘇速度比我們希望的要慢。

The next question is coming from Robin Farley from UBS.

下一個問題來自瑞銀集團的羅賓·法利。

This is actually Arpine for Robin. I was wondering if you could talk about average spend for mass customer and where you expect that to sort of normalize, thinking about the fact that a portion of higher spender in VIP obviously ends up in mass, but also that as you open up more hotel room capacity, that ramps up probably higher percentage of grind mass returns to Macao. How do you think about that more normalized spend per mass customer looking forward into the back half?

這實際上是羅賓的阿平。我想知道您是否可以談談大眾客戶的平均支出以及您期望這種情況正常化的情況，考慮到VIP 中一部分較高支出的消費者顯然最終會成為大眾，而且隨著您開設更多酒店，這一事實房間容量，這可能會增加返回澳門的研磨質量的百分比。您如何看待下半年每位大眾客戶的更加標準化的支出？

Grant?

授予？

Yes. Thanks for the question. I think you can see from the results that premium mass recovered still faster than the base mass. But sequentially, base mass still grew strongly on the back of improving visitation. And as you alluded to, I think as room inventory increases, we're able to cater to more visitors. I would say the spend per head directionally continues to be very strong across both premium mass and base mass. So whilst, obviously, as the base mass picks up, you'll see more of a mix shift, I think, over time. But within each of the segments, spend per head is actually rising. So we are getting high-quality, high-value tourists into Macao at this point.

是的。謝謝你的提問。我想你可以從結果中看到優質質量的恢復速度仍然比基礎質量快。但隨後，由於訪問量增加，基礎質量仍然強勁增長。正如您提到的，我認為隨著房間庫存的增加，我們能夠滿足更多的遊客。我想說的是，無論是優質群體還是基礎群體，人均支出在方向上仍然非常強勁。因此，很明顯，隨著基礎質量的增加，我認為隨著時間的推移，你會看到更多的混合變化。但在每個細分市場中，人均支出實際上都在上升。所以我們現在正在吸引高質量、高價值的遊客進入澳門。

And also, we're broadening this to high-value foreign tourism as well. So we can see strong results this quarter again in terms of the high-end foreigners. So I would say at this stage, the higher-valued segments are growing, recovering still at a faster rate. Base mass is picking up as visitation grows and hotel capacity increases. But within each of the segments, i.e., both premium mass and base mass, the spending is actually continues to be very high, and indeed, spend per visitor is heading in a positive direction.

此外，我們還將其範圍擴大到高價值的外國旅遊。因此，我們可以在本季度再次看到高端外國人的強勁業績。所以我想說，在這個階段，高價值的細分市場正在增長，並且仍在以更快的速度復甦。隨著遊客量的增加和酒店容量的增加，基礎質量正在增加。但在每個細分市場中，即高端大眾和基礎大眾，支出實際上仍然非常高，而且事實上，每位訪客的支出正朝著積極的方向發展。

And just one quick follow-up. With your dividend reinstated here, I was wondering if you could update us on your overall kind of capital return strategy and how you think about buybacks.

只需一個快速跟進。隨著您在這裡恢復股息，我想知道您是否可以向我們介紹您的總體資本回報策略以及您對回購的看法。

So I think when we view the business in terms of capital allocation, we feel like we have a lot of good opportunities really for big growth, both Macao and Singapore. And that investment will continue to drive our expansion of non-gaming amenities and drive our cash flow. But we also think that we're going to be able to return a lot of capital in the future. We were a very shareholder-friendly company in the past. We're very focused on return of capital. But I think when you look at our prior program and what we're looking to do going forward, -- and then we'll probably look to have more of a balance between share repurchase and dividends.

因此，我認為，當我們從資本配置的角度看待業務時，我們覺得無論是澳門還是新加坡，我們都有很多真正實現大幅增長的好機會。這項投資將繼續推動我們非博彩設施的擴張並推動我們的現金流。但我們也認為未來我們將能夠返還大量資本。過去我們是一家對股東非常友好的公司。我們非常注重資本回報。但我認為，當你看看我們之前的計劃以及我們未來的計劃時，我們可能會尋求在股票回購和股息之間取得更多的平衡。

I think when we talk about the dividend size, it was something that -- there's plenty of room for investments in the future. It allows us to grow over time, which is our focus to really grow our asset base and grow our cash flow capacity. But it also allows for future share repurchases, which is something we're motivated to do. I think the dividend size today gives us flexibility with our capital allocation. And really, over time, we intend to shrink the share count. I think having a balanced capital return program is very important for us. We talked about it with the Board. I think management is very focused on it. We'll probably look to be more programmatic about share repurchase than we have been in the past. And I think really, this gives us the flexibility to repurchase more shares over time and to really address our capital expenditure needs.

我認為當我們談論股息規模時，未來有很大的投資空間。它使我們能夠隨著時間的推移而成長，這是我們真正擴大資產基礎和提高現金流能力的重點。但它也允許未來進行股票回購，這是我們有動力去做的事情。我認為今天的股息規模使我們能夠靈活地進行資本配置。事實上，隨著時間的推移，我們打算減少股票數量。我認為平衡的資本回報計劃對我們來說非常重要。我們與董事會討論了此事。我認為管理層非常重視這一點。我們可能會比過去更加註重股票回購的程序化。我認為，這確實使我們能夠靈活地隨著時間的推移回購更多股票，並真正滿足我們的資本支出需求。

So I think what we're going to try to do is allocate capital to growth, which we think we have a lot of opportunities that are unique for our company. Focus on the dividend as it corresponds to our program as we always have, but allow ourselves to have more balance, more flexibility in the future to do more programmatic share repurchases and really shrink that share count.

因此，我認為我們要做的就是將資本分配給增長，我們認為我們有很多對我們公司來說獨一無二的機會。一如既往地關注股息，因為它與我們的計劃相對應，但讓我們自己在未來擁有更多的平衡和更大的靈活性，以進行更多的計劃性股票回購，並真正減少股票數量。

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

您的下一個問題來自德意志銀行的卡洛桑塔雷利。

Robert, or maybe one of the guys in Macao, I was wondering, as kind of the market has shifted and you've seen a couple of quarters that at least look more normalized, as operators who may have been more VIP-focused in the past or certainly more mix towards VIP relative to you guys, have you seen any change in behavior as it pertains to kind of mass reinvestment levels across the -- market wide?

羅伯特，或者也許是澳門的一個人，我想知道，隨著市場的變化，你已經看到了幾個季度，至少看起來更加正常化，因為運營商可能更注重 VIP過去或者相對於你們來說， VIP 的混合程度更高，你們是否看到了與整個市場的大規模再投資水平有關的行為變化？

Yes. Grant, won't you take that?

是的。格蘭特，你不接受嗎？

Sure. Yes. Thanks for the question. I think on the whole, we see a very stable competitive environment. I think all of the operators, the entire industry is -- continue to invest in non-gaming and diversification and bringing about, I think, a really stellar event programming into the market, which is helpful, I think, not just for growing the tourism economy but also increasing the business volumes for all of the operators. So I think you're seeing the positive results from that investment in non-gaming and events programming, even in this past 3 months, not least in terms of our non-gaming programming that we put in place has been really driving business levels and visitation.

當然。是的。謝謝你的提問。我認為總的來說，我們看到了一個非常穩定的競爭環境。我認為所有運營商、整個行業都在繼續投資非博彩和多元化，並為市場帶來真正出色的活動策劃，我認為這不僅有助於發展旅遊經濟的同時也增加了所有經營者的業務量。因此，我認為即使在過去的 3 個月裡，您也會看到對非博彩和活動規劃的投資所帶來的積極成果，尤其是我們實施的非博彩規劃確實推動了業務水平和探訪。

In terms of reinvestments. Yes, I think it's relatively similar to what we've seen in the recent quarters. Clearly, it's become -- continues to be actually, always been a very competitive market in premium mass and will continue to be. But I think there's very rational behavior amongst the operators in the industry in general, led by the larger players. But as I said, the focus of the industry has been to reinvest in the non-gaming programming, and that's been a tremendous driver to the recovery so far.

在再投資方面。是的，我認為這與我們最近幾個季度所看到的情況相對相似。顯然，它實際上仍然是一個競爭非常激烈的高端大眾市場，並且將繼續如此。但我認為，在大型企業的帶領下，整個行業的運營商的行為非常理性。但正如我所說，該行業的重點一直是對非遊戲節目的再投資，這是迄今為止複甦的巨大推動力。

Great. And then if I could, as a follow-up, just in terms of the expansion at Marina Bay Sands, I know you guys were going through some stuff and reviewing some budget needs and design plans and everything else. Is there anything you guys could share at this point in time with how we should be thinking about that time line, spend, et cetera?

偉大的。然後，如果我可以的話，作為後續行動，就濱海灣金沙的擴張而言，我知道你們正在經歷一些事情並審查一些預算需求和設計計劃以及其他一切。你們現在有什麼可以分享的，關於我們應該如何考慮時間線、支出等等？

Sure. first off, we're -- we have very strong feelings about the future success in Singapore. If you look at the results from the quarter, look at the visitation that we have, the type of customer we have coming through the building and the fact that China has not fully recovered, and if you look at sort of the nature of where Singapore sits today in the confluence of events in terms of the growing economies in Southeast Asia, we have a very strong view that the future of Singapore is positive. And so we're very motivated to make an investment there and expand our capacity at Marina Bay Sands.

當然。首先，我們對新加坡未來的成功抱有非常強烈的感情。如果你看看這個季度的結果，看看我們的訪問量，我們穿過大樓的客戶類型，以及中國尚未完全復甦的事實，如果你看看新加坡的性質今天，在東南亞經濟不斷增長的事件匯合點上，我們強烈認為新加坡的未來是積極的。因此，我們非常有動力在那裡進行投資並擴大我們在濱海灣金沙的產能。

Right now, we're in discussions with the government about what the final form of our project will look like. There's obviously been a lot of change to the market in terms of market potential, the government's goals around high-value tourism, and to be fair, the way we want to grow into that market. And so there's some adjustments that we're making. And hopefully, we'll have a better sense of what that will look like in the upcoming quarters. But right now, we're in discussions and hope we have a chance to continue with the final version of our project in the short term. We're looking forward to getting started.

目前，我們正在與政府討論項目的最終形式。市場潛力、政府圍繞高價值旅遊業的目標，以及公平地說，我們希望進入該市場的方式方面，市場顯然發生了很多變化。因此，我們正在做出一些調整。希望我們能夠更好地了解未來幾個季度的情況。但現在，我們正在討論，希望有機會在短期內繼續我們項目的最終版本。我們期待著開始。

The next question is coming from Stephen Grambling from Morgan Stanley.

下一個問題來自摩根士丹利的史蒂芬·格蘭布林。

As a follow-up on Macao, the $200 million number you mentioned in June, is that a clean number that you would think of to build off of, given normal seasonality? Or should we see that build as base mass continues to recover?

作為澳門的後續行動，您在 6 月份提到的 2 億美元的數字，考慮到正常的季節性因素，您認為這是一個乾淨的數字嗎？或者我們應該看到基礎質量繼續恢復？

What was the second portion, the last part, that thing you said. Recover?

第二部分、最後一部分是什麼，你說的那件事。恢復？

I guess it's a question of as base mass continues to recover, how should it impact that $200 million number?

我想問題是，隨著基礎質量繼續恢復，它應該如何影響這 2 億美元的數字？

It should go up. I think that $200 million, the reason we called that out is because obviously, a strong month, especially in light of the seasonality of June not being a great month. But look, our position is simple. We think Macao will just continue to get stronger. And the recoveries will be predicated on visitation in all segments. And again, our advantage is very structural and very different in our offers. We have capacity to grow, base mass, premium mass, [rows], retail. Everything you think the customers want, we have the product to service that, and that does [position us] more competitively. So I think June is the beginning, and hopefully the summer will be evidence of that. We'll see how July, August, September holds up.

它應該上漲。我認為 2 億美元，我們之所以這麼說，是因為顯然，這是一個強勁的月份，特別是考慮到 6 月的季節性並不是一個很好的月份。但看，我們的立場很簡單。我們認為澳門將繼續變得更加強大。恢復情況將取決於所有細分市場的訪問情況。再說一次，我們的優勢是非常結構性的，並且我們的產品非常不同。我們有能力增長基礎質量、優質質量、[行]、零售。您認為客戶想要的一切，我們都有產品來滿足您的需求，這確實使我們更具競爭力。所以我認為六月是開始，希望夏天能證明這一點。我們將看看七月、八月、九月的表現如何。

Our story is pretty simple, more visitation, especially more base mass, more penetration into China will yield bigger GGR and we'll be a huge recipient of that. And I think that's a story we believe in wholeheartedly. I guess I take comfort the fact, again, 6 months ago, we weren't sure we'd open. We had basically a closed business (inaudible). Here we are in summer of '23, looking at a $2.4 billion run rate. Just based on June, we believe that could accelerate.

我們的故事很簡單，更多的訪問量，特別是更多的基礎質量，更多地滲透到中國將產生更大的 GGR，我們將成為其中的巨大接受者。我認為這是一個我們全心全意相信的故事。我想我再次感到安慰的是，六個月前，我們還不確定我們是否會開業。我們基本上已經關閉了業務（聽不清）。現在是 23 年夏天，運行率為 24 億美元。僅根據 6 月份的情況，我們認為這一趨勢可能會加速。

So we're firm believers in Macao. Always have been. We never [vastly] in our belief that, that market is just special. And the recovery in China is slower, in general, for all segments and probably, but it's coming on now and the summer will be a great indicator how fast (inaudible) get back to $26 billion, $30 billion, $32 billion. I don't know what the peak is, but just the acceleration will be evidence this summer. And again, we are in this very, very good position on having target assets to put to work in Macao. Plenty of rooms, the rooms are all open. The retail is open and functioning, slots and tables. So as the market grows, we should be a pretty big beneficiary from that new demand that's coming.

所以我們對澳門是堅定的信念。一直都是。我們從不[非常]相信，這個市場只是特殊的。總體而言，中國的複蘇對於所有細分市場來說都較慢，而且可能是這樣，但它現在正在發生，夏季將是一個很好的指標，（聽不清）恢復到260 億美元、300億美元、320 億美元的速度有多快。我不知道峰值是什麼，但今年夏天的加速就是證據。再說一次，我們處於非常非常有利的位置，可以讓目標資產在澳門投入使用。房間很多，房間都是開放的。零售店開放且運轉正常，有老虎機和桌子。因此，隨著市場的增長，我們應該成為即將到來的新需求的相當大的受益者。

And so just to be clear, you don't -- do you think that there was any kind of one-time benefits in June, whether it's Jacky Cheung or other things that could have been driving that? And so that may have been an outsized number? Or is that -- you're saying that is a clean number to build off of?

所以需要澄清的是，你不認為 6 月份有任何一次性的好處，無論是張學友還是其他可能推動這一情況的因素？那麼這可能是一個巨大的數字？或者你是說這是一個乾淨的數字？

So I think the key thing to note is that we've had these non-gaming what we call lifestyle programs, which includes entertainment and other activations for years. And they're very successful pre-pandemic because we were able to connect with their customers and bring in very high value tourists that was high frequent. And so we've started those programs again.

因此，我認為需要注意的關鍵是，我們多年來一直擁有這些非遊戲的生活方式計劃，其中包括娛樂和其他活動。他們在大流行前非常成功，因為我們能夠與他們的客戶建立聯繫，並帶來非常頻繁的高價值遊客。所以我們再次啟動了這些計劃。

And so the concept you just referred to is very popular, and I could let Grant comment on that or Wilfred comment on it. But I think the key thing for this is our non-gaming programs are working. That the investment in non-gaming, that the activations, that the driving customer visitation through social media is working. And so the visitation of high-value customers flows through with our results in that month.

所以你剛才提到的概念非常受歡迎，我可以讓格蘭特對此發表評論，或者讓威爾弗雷德對此發表評論。但我認為關鍵是我們的非遊戲項目正在發揮作用。對非遊戲的投資、激活、通過社交媒體推動客戶訪問正在發揮作用。因此，高價值客戶的來訪會影響我們當月的業績。

I think the interesting thing is, air traffic to Macao and to Hong Kong is like around 50% of where it was pre-pandemic. So our story is one of visitation. It was led by higher value customers on premium mass. But now as people can begin to travel to Macao more easily and more frequently, they're starting to return. They're starting to consume all of our different amenities, not only the hotels, but the concerts, the food and beverage, the retail, all of it's working. And so we'd like to believe we can grow from that number materially as our base mass non rate of play returns, as more premium mass customers show up. And as Grant said earlier in the call, more of our hotel rooms come online.

我認為有趣的是，飛往澳門和香港的航空交通量大約是疫情前的50%左右。所以我們的故事是一個探訪的故事。它由優質大眾的高價值客戶主導。但現在，隨著人們開始更輕鬆、更頻繁地前往澳門旅行，他們開始回歸。他們開始使用我們所有不同的設施，不僅是酒店，還有音樂會、食品和飲料、零售，所有這些都在發揮作用。因此，我們相信，隨著更多優質大眾客戶的出現，我們的基礎大眾非遊戲回報率可以從這個數字大幅增長。正如格蘭特早些時候在電話中所說，我們更多的酒店房間已上線。

So we think we've invested to the pandemic and very high-quality products. The customer response has been very strong. And we're a little priced through it. So we'd like to believe that there is margin room there. We'd like to believe that as we activate our non-gaming activities that we'll draw more customers to concerts and other events. And then that will continue to grow overall the desirability and visitation to Macao. Grant, do you have anything to add?

因此，我們認為我們已經針對這一流行病和非常高質量的產品進行了投資。客戶的反應非常強烈。我們為此付出了一些代價。所以我們願意相信那裡有利潤空間。我們相信，隨著我們啟動非博彩活動，我們將吸引更多客戶參加音樂會和其他活動。屆時，澳門的整體吸引力和訪問量將繼續增長。格蘭特，你還有什麼要補充的嗎？

Yes. Thanks, Patrick. Yes, I mean, as you rightly say, we've had a very long track record going back 16 years in terms of posting world-class entertainment events at The Venetian Cotai Arena. And this was always part of our lifestyle programming. Jacky has been terrifically successful in the past with us as well. He played in both 2017 and 2018 in the summers of those years.

是的。謝謝，帕特里克。是的，我的意思是，正如您所說，我們在威尼斯人金光綜藝館舉辦世界級娛樂活動方面有著悠久的記錄，可以追溯到 16 年前。這始終是我們生活方式計劃的一部分。傑基過去在我們這裡也取得了巨大的成功。他在2017年和2018年的夏天都打過比賽。

I think what makes this June special is, firstly, he played a record-breaking 12 shows across 4 weekends. I don't think that's ever been done before in Macao. But not only that, Macao was the first touring stop of the entire global tour that Jacky Cheung has just launched. So that he chose to launch his new global tour at The Venetian Macao, I think, is testament to both Macao's rising destination appeal, the importance of it as an entertainment hub regionally as well as our own track record in partnering with Jacky and his team over many years.

我認為今年6月的特別之處在於，首先，他在4個週末破紀錄地打了12場演出。我認為澳門以前沒有這樣做過。不僅如此，澳門還是張學友剛剛啟動的整個全球巡演的首站。我認為，他選擇在澳門威尼斯人開展新的全球巡演，既證明了澳門日益增長的旅遊目的地吸引力、其作為區域娛樂中心的重要性，也證明了我們與Jacky及其團隊合作的良好記錄多年來。

So the month was strong, not just the days when the concert was on, which is 9 months of the month. So it's a combination of factors. I think the underlying visitation to Macao, like Patrick referenced, was improving throughout the quarter and into June, even though it was into a traditionally weaker part of the travel calendar. Hotel availability improved, transportation improved. Concerts [series] undoubtedly played a part, but that's just one component of the ongoing lifestyle program. And I think that programming is not just done by us, but the whole industry. And I think that will make Macao continue to recover rapidly. And it speaks volumes to, I think, the new direction that the government is pursuing and I think is a great start to the new concession.

所以這個月的表現很強勁，不僅僅是音樂會舉辦的那幾天，也就是一個月的 9 個月。所以這是多種因素的結合。我認為，正如帕特里克提到的那樣，澳門的潛在訪問量在整個季度和進入六月份都在改善，儘管它處於旅遊日曆中傳統上較弱的部分。酒店可用性改善，交通改善。音樂會[系列]無疑發揮了一定作用，但這只是正在進行的生活方式計劃的一個組成部分。而且我認為編程不只是我們自己做的，而是整個行業做的。我認為這將使澳門繼續快速復蘇。我認為，這充分說明了政府正在追求的新方向，我認為這是新特許權的一個良好開端。

The next question is coming from Shaun Kelley from Bank of America.

下一個問題來自美國銀行的肖恩·凱利。

So maybe I just want to go back to the cost side a little bit, and it's probably for Grant. But if I caught it correctly, I think in an earlier question, you said room complement was up to 10,700 on average in the quarter, heading to 12,000. Can you just give us a little bit more color on that? Are we at the 12,000 as we exit the quarter there? And just what does that imply for kind of necessary either headcount or kind of cost ramp-up from here? Is there a little bit more remaining? Or actually, is this number that we saw in the quarter pretty reflective of kind of what you think the baseline operating cost should look like from here moving forward?

所以也許我只是想稍微回到成本方面，這可能是為了格蘭特。但如果我沒理解錯的話，我想在之前的問題中，您說過本季度平均客房數量達到 10,700 間，即將達到 12,000 間。您能為我們提供更多的信息嗎？當我們離開這個季度時，我們是否達到了 12,000 點？這對於必要的人員數量或成本增加意味著什麼？還剩下一點點嗎？或者實際上，我們在本季度看到的這個數字是否很能反映您認為今後的基準運營成本應該是什麼樣子？

Yes. Thanks, Shaun. Yes, I think you heard it right. It averaged around 10,700 rooms a day in terms of our operable capacity from a labor standpoint during the quarter. We actually increased further towards the end of the quarter. So as we go into third quarter, we're roughly at that 12,000 rooms mark, which I said, plus or minus, typically, there's always a handful of rooms out of order for maintenance, regular maintenance. We're effectively back at full inventory now and ready for the peak summer season, which is getting underway later this month.

是的。謝謝，肖恩。是的，我想你沒聽錯。從勞動力角度來看，本季度我們的可運營能力平均每天約為 10,700 間客房。實際上，我們在本季度末進一步增加了。因此，當我們進入第三季度時，我們大約有 12,000 個房間，我說過，無論是正數還是負數，通常總是有少數房間無法正常維護、定期維護。我們現在實際上已恢復滿庫存，並為本月晚些時候即將開始的夏季旺季做好了準備。

Great. Maybe a similar question, but kind of transferring over to Marina Bay Sands. There, we've seen kind of 2 quarters in a row with margins kind of in the 46 to 47 camp. That's still a couple of hundred basis points below pre-COVID, and I know there's a lot going on there. I do believe in the slide deck, you guys called out that the -- some of the renovation activity was either over or close to.

偉大的。也許有類似的問題，但有點轉移到濱海灣金沙。在那裡，我們連續兩個季度看到了 46 比 47 陣營的差距。這仍然比新冠疫情之前低了幾百個基點，而且我知道那裡發生了很多事情。我確實相信幻燈片，你們指出，一些翻新活動要么已經結束，要么即將結束。

So maybe just an update on some of that renovation disruption and how we sort of exited the quarter there. And just your thoughts on costs, which I think were up about 10% Q-on-Q. Is there anything -- any -- is there -- as the full complement of rooms comes back, can we also see some margin leverage or improvement sequentially or going forward? And how should we think about that in the second half?

因此，也許只是更新一些翻新中斷以及我們如何退出該季度的情況。還有您對成本的看法，我認為成本環比上漲了 10% 左右。隨著房間全部恢復，我們是否還能看到一些保證金槓桿或連續或未來的改善？下半年我們應該如何思考？

So I think what's important to note about Marina Bay Sands, as Robert said in his remarks earlier, the building is under a lot of change. It's changed for the better. We're investing a lot and we're creating what is arguably the best product we ever had. And the customer response is very strong, but we're mid-flight in that.

因此，我認為關於濱海灣金沙酒店值得注意的一點是，正如羅伯特在早些時候的講話中所說，這座建築正在經歷很多變化。它變得更好了。我們投入了大量資金，我們正在創造可以說是我們曾經擁有過的最好的產品。客戶的反應非常強烈，但我們還處於中期階段。

And so I think -- a couple of things to consider. Our biggest suites, so our 200 multi-day suites are the last to come online. So that's what's going to come in this quarter and the next quarter. So the full (inaudible) potential of the renovated Tower 1 and Tower 2 will not really be reached until those suites are online. So we've been operating without them. So we'll be able to price better. We'll have higher margin, and we'll have like a larger quantum of cash flow from this high-value segment coming into the building because they didn't have any place to stay. And now we're adding 200 suites of the highest quality we've ever had. So that's going to be meaningful, and that will address, let's call it, some of the operating leverage we want to get out of our cost base.

所以我認為——有幾件事需要考慮。我們最大的套房，因此我們的 200 間多日套房是最後上線的。這就是本季度和下季度將會發生的情況。因此，在這些套房上線之前，翻新後的 1 號塔和 2 號塔的全部（聽不清）潛力將無法真正發揮出來。所以我們一直在沒有他們的情況下運作。這樣我們就能更好地定價。我們將獲得更高的利潤，並且我們將有更多的現金流從這個高價值部分進入大樓，因為他們沒有任何地方可以住。現在，我們將新增 200 間品質最高的套房。因此，這將是有意義的，並且將解決我們希望擺脫成本基礎的一些運營槓桿問題。

We had a significant number of rooms out of inventory. And so I think between some of the cost increases that we've seen in the market for inputs and, to be fair, the gaming tax increase, there are some things we need to overcome through higher-value customers, through pricing and through volumes.

我們有大量房間缺貨。因此，我認為，我們在投入市場上看到的一些成本增加，以及公平地說，博彩稅的增加，我們需要通過高價值客戶、定價和銷量來克服一些問題。

And I think the one thing that's important to note, aside from the fact that we haven't had our most important room inventory available to us, our casino floor has also been in renovation, that's coming to a close. But most importantly, airlift from China isn't really back yet. And so when you look at play across the quarter from rated play from China, it's increased each month across the quarter. And so as China visitation comes back into the fold and our new multi-day suites come online, we will have an opportunity to price through some of the cost increases and improve margin.

我認為值得注意的一件事是，除了我們還沒有最重要的房間庫存這一事實之外，我們的賭場樓層也正在進行裝修，即將結束。但最重要的是，來自中國的空運還沒有真正回來。因此，當你從中國的額定比賽來看整個季度的比賽時，你會發現整個季度每個月的比賽都在增加。因此，隨著中國遊客的回歸以及我們新的多日套房的上線，我們將有機會通過部分成本上漲進行定價並提高利潤率。

I just want to say, Shaun. I think we're going to do the labor side, I think, will escalate because in every business, be it hospitality or retail, when you've got an exemplary product people want, you've got pricing power. And I think we're finished over there. It's taking a long time. It's a slog, but we get through this thing, the room product offer, the F&B, the retail, rethinking of retail, you see this all over the map in terms of why is Hermes and now Louis Vuitton get these ridiculously high-priced side margins. We want the product. They offer a superior product.

我只想說，肖恩。我認為我們將在勞動力方面進行升級，因為在每個行業，無論是酒店業還是零售業，當你擁有人們想要的模範產品時，你就擁有了定價權。我想我們已經結束了。這需要很長時間。這是一個艱難的過程，但我們解決了這個問題，房間產品供應、餐飲、零售、零售業的重新思考，你在地圖上到處都可以看到這一點，為什麼愛馬仕和現在路易威登得到這些高得離譜的產品邊距。我們想要產品。他們提供優質的產品。

Same thing happens in the watch world, same thing happens in the hospitality world. I think we're building something that people don't understand how good it is until you see it, understand it. It's going to be really special, and we'll be able to get pricing in every level, be it rooms, casino gaming, retail. And when this building is done -- I'm amazed we're doing these kind of numbers with ripped-up buildings. When this building is done, our pricing power is going to go to another level. I think that's where MBS takes something different here.

同樣的事情發生在鐘錶界，同樣的事情也發生在酒店業。我認為我們正在構建一些人們不知道它有多好的東西，直到你看到它、理解它。這將非常特別，我們將能夠獲得各個級別的定價，無論是房間、賭場遊戲還是零售。當這座建築完工後——我很驚訝我們竟然用被毀壞的建築做這樣的數字。當這座大樓建成後，我們的定價能力將上升到另一個水平。我認為這就是 MBS 採取不同措施的地方。

The margin always take care of themselves as long as you have the product people want and will pay for it. And I do believe when you guys have a chance to get over there and see MBS and experience what we're doing, you'll appreciate these comments. It's going to be a pricing power issue. We're not going to cut costs. Today, we're adding cost to add more labor. We're going to have a really good product people want to be at. But that enables you to charge prices that are high. And I think that's our strategy, is not to -- we're going to earn our way to success by offering a great product people will pay up for. It's just that simple. And margin reflects that in the [daytime.]

只要你擁有人們想要的產品並且願意為此付費，利潤總是會自然增長。我相信，當你們有機會去那裡參觀 MBS 並體驗我們正在做的事情時，你們會欣賞這些評論。這將是一個定價權問題。我們不會削減成本。今天，我們正在增加成本來增加更多的勞動力。我們將推出人們想要的非常好的產品。但這使您能夠收取高價。我認為這就是我們的戰略，而不是——我們將通過提供人們願意付費的優質產品來贏得成功。就是這麼簡單。餘量反映了[白天]。

The next question is coming from David Katz from Jefferies.

下一個問題來自 Jefferies 的 David Katz。

I know you've touched on this from a number of different perspectives, but I'd love just a little more help or insight in terms of how margins should evolve, specifically for the Macao enterprise in total. And just looking back at where normal was in 2019 and what a new normal could look like now, how high the ceiling is, any qualitative perspectives around there and how we get there in the next several quarters would be helpful.

我知道您已經從多個不同的角度談到了這個問題，但我希望在利潤率應如何發展方面獲得更多幫助或見解，特別是對於整個澳門企業而言。只要回顧一下 2019 年的常態以及現在的新常態會是什麼樣子、上限有多高、任何定性觀點以及我們在接下來的幾個季度如何實現這一目標都會有所幫助。

I want to get Grant to take that question. But I do want to say, David, again, I think I'll use the words structural advantage. I think we're in this very different position to some people in that we were built for this market in terms of scale and size in every area of our business. Base mass, premium mass, we're still handicapped by -- the base mass hasn't fully recovered. But I think our reinvestment in the last 20 years is to make this product grow and grow relative to margin and demand. I think we're just built for this environment. So I'm highly confident margins will rise with our increased revenue. Grant, can you add some color?

我想讓格蘭特回答這個問題。但我確實想說，大衛，我想我會再次使用“結構優勢”這個詞。我認為我們與某些人的處境非常不同，因為我們是為這個市場而建立的，在我們業務的每個領域的規模和規模方面都是如此。基礎質量、優質質量，我們仍然受到阻礙——基礎質量還沒有完全恢復。但我認為我們過去20年的再投資是為了讓這個產品相對於利潤率和需求不斷成長和增長。我認為我們就是為這種環境而生的。因此，我非常有信心隨著我們收入的增加，利潤率將會上升。格蘭特，你能加點顏色嗎？

Yes. Thanks for the question. And again, we don't have a specific forecast on how high the margins will rise to. I think you can look at the structure of the business. I mean, as Rob says, I mean, we have an excellent structure in terms of our business mix. We have an efficient cost structure. And I think the way you will be looking at this is how high will revenues go.

是的。謝謝你的提問。再說一遍，我們沒有具體預測利潤率將升至多高。我認為你可以看看業務結構。我的意思是，正如羅布所說，我的意思是，我們在業務組合方面擁有出色的結構。我們擁有高效的成本結構。我認為你會關注這個問題的方式是收入會有多高。

But it is true that the segments that are going to drive more revenue recovery and then eventually growing structurally will be the higher-margin segments within gaming, mass versus VIP, and then also non-gaming versus gaming. I think our non-gaming is recovering even more strongly than gaming. We're at 93% of our 2019 non-gaming revenues. Our hotel revenues for the quarter are 8% higher than 2019 on fewer rooms being available. Our retail business is looking very strong. Our tenant sales were up 28% this quarter, and that will continue especially with a full season that's ongoing.

但確實，將推動更多收入復甦並最終實現結構性增長的細分市場將是遊戲中利潤率較高的細分市場，大眾與 VIP，以及非遊戲與遊戲。我認為我們的非遊戲領域的複蘇比遊戲領域更加強勁。我們 2019 年非博彩收入的 93%。由於可用客房減少，我們本季度的酒店收入比 2019 年高出 8%。我們的零售業務看起來非常強勁。本季度我們的租戶銷售額增長了 28%，而且這種情況還將持續下去，尤其是在整個銷售季仍在進行的情況下。

And as my follow-up, with respect to share repurchases, Patrick, which you touched on earlier, obviously not asking for specifics around when and where and how much. But any color on sort of boundaries or accomplishments or how we might think qualitatively as to when we get there and when we can start to think about that in a more tangible way?

作為我的後續行動，關於股票回購，帕特里克，你之前提到過，顯然沒有詢問有關何時、何地以及多少的具體信息。但是，關於某種界限或成就的任何顏色，或者我們如何定性地思考我們何時到達那里以及何時我們可以開始以更具體的方式思考它？

So I think we just restarted our return of capital program this quarter. I think it shows the Board and management's confidence in the long-term performance of the business. And we'll look to grow that dividend over time in a way that also allows us to have repurchase program. I can't give you a specific size about the volume of repurchases for the time of today because we still have a lot of things to plan for. But in our capital allocation thought process, we're going to think about it in the way that was described previously.

所以我認為我們本季度剛剛重新啟動了資本回報計劃。我認為這表明了董事會和管理層對企業長期業績的信心。我們將尋求隨著時間的推移增加股息，同時也允許我們制定回購計劃。我無法向您提供有關今天回購量的具體規模，因為我們還有很多事情需要計劃。但在我們的資本配置思維過程中，我們將以前面描述的方式來思考它。

I think what's also important to note is that we're going to have variability in our CapEx. We have a lot of large projects that we're considering. Some of them are more certain than others. We're very excited about Marina Bay Sands expansion. We think it's going to be an unbelievable asset. We're very excited about it. The timing may be a little delayed from where we are today. And now we're going to invest as much as we possibly can because we think the growth there will be extraordinary.

我認為還需要注意的是，我們的資本支出將會出現變化。我們正在考慮很多大型項目。其中一些人比其他人更加確定。我們對濱海灣金沙的擴張感到非常興奮。我們認為這將是一項令人難以置信的資產。我們對此感到非常興奮。與今天相比，時間可能會稍微延遲一些。現在我們將盡可能多地投資，因為我們認為那裡的增長將會非常驚人。

But we have other options, other things we're looking at. And the timing of that potential outflow is unknown or if it's going to happen or not. The good news is, we'll have the ability to modulate our CapEx based on how we grow the business and use excess capital and return it to shareholders through share repurchases and hopefully in a programmatic way.

但我們還有其他選擇，我們正在考慮其他事情。而且這種潛在資金外流的時間尚不清楚，也不知道是否會發生。好消息是，我們將能夠根據我們如何發展業務和使用多餘資本來調整我們的資本支出，並通過股票回購（希望以程序化的方式）將其返還給股東。

So I can't give you an exact amount today. I will tell you our intent is to look at our, what's called, CapEx for growth, CapEx for the future. Our way to grow the business. Look at the dividend program and ensure that it grows in an appropriate manner. And then look at our return of capital program through share repurchases that are shareholder friendly. And I think that's how we'll look at it. But as where we are right now, I can't give you a size yet, but we'll continue to look at it in the upcoming quarters, then we'll talk about it.

所以今天我無法給你確切的金額。我會告訴你，我們的目的是著眼於所謂的增長資本支出、未來資本支出。我們發展業務的方式。查看股息計劃並確保其以適當的方式增長。然後看看我們通過對股東友好的股票回購來實現資本回報計劃。我想這就是我們看待它的方式。但就我們現在的情況而言，我還不能給你一個尺寸，但我們將在接下來的幾個季度繼續關注它，然後我們再討論它。

The next question is coming from Brandt Montour from Barclays.

下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

So on the VIP business, which grew nicely for you guys in the quarter but wasn't as strong as the overall market, could you just update us how important is this segment to you when you plan the next couple of years? And then can you just touch on the current dynamics of the VIP market overall away from you and how your strategy compares to the broader market?

那麼，關於VIP 業務，該業務在本季度對你們來說增長良好，但不如整體市場那麼強勁，您能否向我們介紹一下，在您計劃未來幾年時，這個細分市場對您來說有多重要？然後您能否談談 VIP 市場當前的整體動態以及您的策略與更廣泛的市場相比如何？

I'm sure this is the first point, you said we didn't do as well as the market in the VIP?

我肯定這是第一點，你說我們在VIP市場做得不如市場？

VIP quarter-over-quarter grew below market-wide VIP.

VIP 環比增長低於市場整體 VIP。

I think we're very comfortable we're growing the VIP and the base mass. I think our portfolio is so well rounded. The Venetian is still the king of Macao. It's going to be the first place (inaudible) $1 billion plus dollars earned EBITDA-wise. And it shows no signs to [buck] the recovery to its previous position. We built a portfolio that is very well grounded. The Four Seasons enables us to meet very well to anybody to run product there, and the gaming products are pretty much unparalleled.

我認為我們對 VIP 和基礎群體的增長感到非常滿意。我認為我們的投資組合非常全面。威尼斯人仍然是澳門的王者。這將成為第一名（聽不清），其 EBITDA 收入將達到 10 億美元。而且沒有任何跡象表明經濟將恢復到之前的水平。我們建立了一個基礎良好的投資組合。四個季節使我們能夠很好地滿足任何在那裡運行產品的人，並且遊戲產品幾乎是無與倫比的。

Again, The Londoner, early stages, we're halfway done with the renovation. The full renovation is still a while down the road. But except for The Sands, which I think we give up on the potential, a lot of growth being down here in the peninsula, it's still a very difficult, challenging place to make a lot more money. The shift has been to Cotai, which, of course, all our assets other than The Sands are there. We remain convinced there's more room to grow in the region.

再說一遍，《倫敦人》，在早期階段，我們的翻修工作已完成一半。全面整修還需要一段時間。但除了金沙，我認為我們放棄了它的潛力，半島下面有大量的增長，它仍然是一個賺更多錢的非常困難和具有挑戰性的地方。我們的轉移地點是路氹城，當然，除了金沙集團以外，我們所有的資產都在那裡。我們仍然相信該地區還有更大的增長空間。

But I think our position on the VIP and the base mass is as good as it gets. We've got more suites than anybody else, more share than anybody else. And I think more potential growth because of the pure mass size of our buildings. And again, we referenced lifestyle. We built a business there with Jacky this month or somebody else next month, whether it's the best retail, the best restaurants. We built the lifestyle approach, I think, puts us at the top of the heap in that area, both as a product offerings, but also quality of product. Very comfortable where we're going and have no reason why we can't grow and keep growing both in base and premium. I think the idea we're not a premium mass player is unfair and unjustified by numbers. Grant?

但我認為我們在 VIP 和基礎群體方面的地位已經是最好的了。我們擁有比任何人都多的套房，比任何人都擁有更多的份額。我認為由於我們建築物的純粹體量大小，潛在的增長會更大。我們再次提到了生活方式。我們本月與 Jacky 或下個月與其他人在那裡建立了業務，無論是最好的零售店還是最好的餐館。我認為，我們建立的生活方式方法使我們在該領域處於領先地位，無論是產品供應還是產品質量。我們對要去的地方感到非常滿意，沒有理由不能在基礎和高級方面成長並繼續成長。我認為我們不是優質大眾玩家的想法是不公平的，而且從數字來看也是不合理的。授予？

Yes. I think on the VIP, our strategy hasn't changed. And in fact, obviously, the way the market has evolved in Macao for VIP, it fits our strategy more than ever because we're focused on the -- we've always focused on the premium direct segment out of VIP. And we've historically had a very strong sales network around the rest of Asia.

是的。我認為在VIP方面，我們的策略沒有改變。事實上，顯然，澳門 VIP 市場的發展方式比以往任何時候都更符合我們的戰略，因為我們一直專注於 VIP 之外的優質直接細分市場。我們歷來在亞洲其他地區擁有非常強大的銷售網絡。

So we're working very hard, bringing foreign top-tier players into Macao, and we're having, I would say, initially great success in doing so. Our foreign rolling volumes are already back to 2019 levels in the second quarter. Obviously, far ahead of the general tourism recovery from overseas markets for Macao.

因此，我們非常努力，將外國頂級球員引入澳門，我想說，我們在這方面最初取得了巨大成功。第二季度我們的國外軋製量已經恢復到 2019 年的水平。顯然，澳門遠遠領先於海外市場的整體旅遊業復甦。

So I think it's anchored around premium direct, our very strong sales network around Asia and our continued effort -- intensifying the effort to bring more foreign top-tier patrons to Macao. As Rob said, it's a great destination for all of those markets, and we intend to make full use of our great product and destination to attract those foreigners.

因此，我認為它的基礎是優質直銷、我們在亞洲非常強大的銷售網絡以及我們不斷的努力——加大力度吸引更多外國頂級顧客來到澳門。正如羅布所說，對於所有這些市場來說，這是一個很棒的目的地，我們打算充分利用我們出色的產品和目的地來吸引這些外國人。

Great. And just a follow-up on CapEx. I'm trying to reconcile Slide 23, this really helpful year-by-year build you guys do for us with last quarter. It looks like MBS expansion, I guess, was temporarily taken off. You guys commented on that already. You added Londoner Phase 2. Want to make sure that that's new and hear any maybe thoughts about targets -- return targets for that project.

偉大的。這只是資本支出的後續行動。我正在嘗試協調幻燈片 23，這是你們在上季度為我們所做的逐年構建非常有用的內容。我猜MBS 擴張似乎暫時停止了。你們已經對此發表評論了。您添加了倫敦人第二階段。想要確保這是新的，並聽取有關目標的任何可能的想法 - 返回該項目的目標。

And then lastly, I think there were some reports from you guys or came from you guys through the media mid-quarter about a new hotel tower at The Venetian. And if that's a true or a plan, I'm just curious if that's going to be included in the $3.5 billion CapEx commitment that you've agreed with the government on.

最後，我認為你們在季度中期通過媒體發布了一些有關威尼斯人新酒店大樓的報導。如果這是真的或計劃，我只是好奇這是否會包含在您與政府商定的 35 億美元資本支出承諾中。

So just a few points. We did take Singapore expansion off because until we finalize the program and have final approval from the government, we don't know exactly what it will cost. So we're going to hold off on that until we have a project decided upon.

所以只有幾點。我們確實取消了在新加坡的擴張，因為在我們最終確定該計劃並獲得政府的最終批准之前，我們不知道具體的成本是多少。因此，我們將推遲該計劃，直到我們確定了一個項目。

In terms of The Londoner under Phase 2. I think the great thing about The Londoner is when we first started, we actually did it pre-concession during the pandemic, and we built through the pandemic and into the concession renewal and came out of the other side. And the thesis was validated. It's incredibly well received by the market. It looks spectacular. Customer response has been very strong. And we're excited about the result, and that market validation was very important. And now we're going to roll into the second part of the building and really hopefully tap into the absolute earning power of that, let's call it, really well laid out, really thought through hotel offering and amenity offering.

就第二階段的《倫敦人》而言。我認為《倫敦人》的偉大之處在於，當我們剛開始時，我們實際上是在大流行期間進行了特許經營前的工作，我們度過了大流行病並進入了特許權更新，並走出了困境。對方。並且論文得到了驗證。它受到市場的熱烈歡迎。看起來很壯觀。客戶反應非常強烈。我們對結果感到興奮，市場驗證非常重要。現在我們將進入大樓的第二部分，並真正希望利用它的絕對盈利能力，讓我們稱之為，佈局非常好，真正經過深思熟慮的酒店服務和便利設施。

And so in our long-term view, that's something that will open one day, come close to the [Mid East] in terms of its productivity. The potential is there. Very excited about that opportunity.

因此，從我們的長遠來看，這有一天會開放，在生產力方面接近[中東]。潛力就在那裡。對這個機會非常興奮。

In terms of return targets, I think it's not something that we talk about directly. But in our mind, there's a lot of potential growth in our deepest and most profitable segments, which is mass and premium mass. And so with the revised or renovated hotel suite -- hotel rooms and suites that we'll have there, we think we'll be able to address the market incredibly well, just like we did with the first phase of The Londoner. So I think that's kind of how we're thinking about it.

至於回報目標，我認為這不是我們直接談論的事情。但在我們看來，我們最深入、最賺錢的細分市場（大眾和高端大眾）有很大的增長潛力。因此，通過修改或翻新的酒店套房——我們將在那裡擁有的酒店客房和套房，我們認為我們將能夠很好地應對市場，就像我們對倫敦人第一期所做的那樣。所以我認為這就是我們的想法。

And in terms of a new hotel tower, I don't think we can comment on rumors. I don't think that's something we're familiar with. I think for us, we're really focused on really delivering against our concession renewal requirements, investing in the non-gaming amenities that really help define our portfolio in Macao and really drive visitation. So Grant, do you have any other comments you'd like to add?

至於新的酒店大樓，我認為我們無法對謠言發表評論。我認為這是我們不熟悉的事情。我認為對我們來說，我們真正專注於真正滿足我們的特許權更新要求，投資於非博彩設施，這確實有助於定義我們在澳門的投資組合併真正推動遊客量。格蘭特，您還有其他意見要補充嗎？

Patrick, you covered it very well. I think The Londoner's success, we've had the wholesale reinvention of the property's positioning and the branding and the functionality. And actually, it's easy to forget that most of the hotel room accommodation today still remains the original Sands Cotai Central rooms, as is half of our main gaming floors. So Phase 2 is really about making Londoner more Londoner.

帕特里克，你講得很好。我認為倫敦人的成功在於我們對酒店的定位、品牌和功能進行了全面的重塑。事實上，人們很容易忘記，今天的大部分酒店客房仍然是原來的金沙城中心客房，我們的主要博彩樓層的一半也是如此。所以第二階段實際上是為了讓倫敦人變得更加倫敦人。

We need to reposition and upgrade Sheraton and the Conrad hotels, as well as a comprehensive upgrade of the Pacifica Casino on the Sheraton side. And we'll be adding more non-gaming amenities and attractions to The Londoner, and many of which are also included in our concession commitments. More signature restaurants that have international appeal, state-of-the-art wellness center, other sort of lifestyle attractions.

我們需要對喜來登和康萊德酒店進行重新定位和升級，並對喜來登一側的太平洋賭場進行全面升級。我們將為《倫敦人》增加更多非博彩設施和景點，其中許多也包含在我們的特許經營承諾中。更多具有國際吸引力的特色餐廳、最先進的健康中心以及其他生活方式景點。

And then beyond that, over a longer time frame, we've always committed since the concession, retender to developing this new landmark garden-themed attraction, the conservatory located -- to be located in the gardens south of the London resort. That will take a longer time frame to develop. But first off, we're able to get right down to work on Londoner Phase 2 on the hotels and the casino refresh because we've been working on this during the pandemic on the designs. So we're now -- as Patrick said, I mean we've seen it, the product that we have come out with being hugely validated and with the market recovery, with return of visitation and the hotel guests. We're keen to get moving on to this Phase 2. And that's why we're able to start the actual construction in the second half of this year.

除此之外，在更長的時間內，自特許權重新招標以來，我們一直致力於開發這個新的地標性花園主題景點，溫室位於倫敦度假村南部的花園中。這將需要更長的時間來開發。但首先，我們能夠立即著手倫敦人第二階段的酒店和賭場更新工作，因為我們在疫情期間一直在進行設計工作。所以我們現在——正如帕特里克所說，我的意思是我們已經看到了，我們推出的產品經過了巨大的驗證，隨著市場的複蘇，隨著遊客和酒店客人的回歸。我們渴望進入第二階段。這就是為什麼我們能夠在今年下半年開始實際建設。

The next question is coming from Steve Wieczynski from Stifel.

下一個問題來自 Stifel 的 Steve Wieczynski。

So Rob, or whoever wants to take this, and Patrick, you touched on this a little bit, so this might be you. But Slide 14, I think, is pretty interesting. Around visitation trends during the quarter, with Hong Kong back to actually above pre-COVID levels, Guangdong pretty much back. The rest of China, though, remains well below pre-COVID levels.

所以羅布，或者任何想要接受這個的人，還有帕特里克，你稍微提到了這一點，所以這可能就是你。但我認為幻燈片 14 非常有趣。圍繞本季度的訪問量趨勢，香港實際上已恢復到新冠疫情前的水平以上，廣東也基本恢復了。不過，中國其他地區的情況仍遠低於新冠疫情前的水平。

So wondering how you guys are thinking about the recovery in that segment moving forward and what you're watching? And I know, Patrick, you talked about air capacity. Is it really just air capacity? Or are there other factors out there that -- but might be holding that segment back?

那麼想知道你們如何看待該細分市場的複蘇以及您正在關注的內容？我知道，帕特里克，你談到了空氣容量。真的只是空氣容量嗎？或者還有其他因素可能會阻礙該細分市場的發展嗎？

I think one thing I do want to say is we're really excited about it. Seeing the visitation come back has been thrilling. Customer responses, seeing patrons from before, see new patrons. It's really a fantastic place. We were in Macao recently, and it just -- there's great energy, great electricity in the city.

我想我確實想說的一件事是我們對此感到非常興奮。看到訪問回來真是令人興奮。顧客的反應，看到以前的顧客，看到新的顧客。這真是一個很棒的地方。我們最近在澳門，這座城市能源充足，電力充足。

So I think some of it is air capacity. To be fair, some of it's the, let's call it, the more mass player, the unrated play that The Venetian and other of our assets were so strongly set up for that really drove a lot of high volume and high margin business. All those segments still haven't come back and forth.

所以我認為其中一部分是空氣容量。公平地說，其中一些是，讓我們稱之為，更大眾的玩家，威尼斯人和我們的其他資產如此強烈地建立的未評級遊戲，確實推動了很多高容量和高利潤的業務。所有這些片段仍然沒有來回。

So between the airlift and, if you turn to the next page, actually, Page 15, where it shows the visitation for 2019, and then compare it to this last quarter, you can kind of see that we have a lot of room to go. We have a lot of patrons who will want to come back and see us. And they're just starting now to make their trips happen.

因此，如果您翻到下一頁，實際上是第 15 頁，其中顯示了 2019 年的訪問量，然後將其與上個季度進行比較，您可以看到我們還有很大的發展空間。我們有很多顧客想回來看我們。他們現在才剛剛開始進行他們的旅行。

So I think from where we sit, we have a great ability to accommodate these customers that we've done in the past. We have the capacity. We have very interesting non-gaming amenities, we have entertainment. And we think this is the most important tourism market in Asia and the region and people are going to show up. We also have international visitors showing up, which is kind of a new thing.

因此，我認為從我們的立場來看，我們有能力像過去那樣滿足這些客戶的需求。我們有能力。我們有非常有趣的非遊戲設施，我們有娛樂活動。我們認為這是亞洲最重要的旅遊市場，該地區和人們將會出現。我們也有國際遊客來訪，這是一件新鮮事。

So I think the power of Macao is going to continue to grow and grow. But when I look at Slide 15, I just see a lot of potential. And our team is working hard to try to capture that potential. Grant, I want to turn it over to you and see if you have additional remarks.

所以我認為澳門的力量將會不斷增強。但當我看到幻燈片 15 時，我看到了很大的潛力。我們的團隊正在努力挖掘這種潛力。格蘭特，我想把它交給你，看看你是否還有補充意見。

Yes. I was going to point to that page as well. Patrick. Yes, Dan's famous Page 15 on the penetration. Actually, you can see from the Eastern China, Yangtze River Delta region, especially Shanghai and Zhejiang Province. In fact, the recovery rate is higher than Guangdong's because I think you have better airlift, better propensity to travel cross-border from those source markets. And we've already seen a very big upward shift in the recovery rate of non-Guangdong relative to first quarter.

是的。我也打算指向該頁面。帕特里克.是的，Dan 著名的第 15 頁就滲透了。其實從華東地區、長三角地區，特別是上海、浙江地區就可以看到。事實上，恢復率高於廣東，因為我認為你們有更好的空運，更有從這些客源市場跨境旅行的傾向。我們已經看到非廣東地區的複蘇率相對於第一季度出現了非常大的上升。

So I think in the first quarter, when we're looking at that recovery rate, it was less than 30%, and now we're approaching 50%. So non-Guangdong visitation second quarter grew almost, I think in the high 40s sequentially. So it is coming back, as we said, as airlift improves, transportation in general improves, and also our hotel room availability has been increasing. And actually, we'll be further increasing for Macao as a whole in the third quarter. We have some new hotel rooms coming online. So all of that, I think, is positive for the outlook for continued recovery in the visitation outside of Guangdong Province.

所以我認為在第一季度，當我們考慮復甦率時，它還不到 30%，而現在我們正在接近 50%。因此，第二季度非廣東省的遊客量幾乎連續增長，我認為在 40 多歲左右。因此，正如我們所說，隨著空運的改善、交通的總體改善以及我們的酒店房間供應量的增加，這種情況正在回歸。事實上，我們將在第三季度進一步增加整個澳門的收入。我們有一些新的酒店客房即將上線。因此，我認為，所有這些對於廣東省以外的旅遊持續復甦的前景都是積極的。

Maybe I'd just add. The trajectory may be uncertain, but the end result is very certain. I mean this market always comes back, and I think if you watch this summer, you'll see some very positive indications. I don't think anybody knows when or exactly why it's not fully recovering in certain areas, but we just know it's going to recover. It's a question of when that happens. The result, I think, is not in question. And again, I hope this summer, we show some strong evidence. And July, hopefully, will show a big number, the best number of the year thus far and that starts to add in this recovery.

也許我只是補充一下。軌跡可能是不確定的，但最終的結果是非常確定的。我的意思是這個市場總是會回來，我想如果你今年夏天觀察，你會看到一些非常積極的跡象。我認為沒有人知道某些地區何時或確切原因沒有完全恢復，但我們只知道它會恢復。問題是什麼時候發生。我想，結果是沒有問題的。我再次希望今年夏天我們能拿出一些強有力的證據。希望 7 月份將顯示一個大數字，是今年迄今為止最好的數字，並且開始增加經濟復甦。

And the final question today is coming from Daniel Politzer from Wells Fargo.

今天的最後一個問題來自富國銀行的 Daniel Politzer。

Just a quick follow-up, Rob, on that comment about July. I mean, is there any reason other than just the airlift capacity that we wouldn't expect that normal seasonality and the build off the momentum that you saw in June, whether it's macro concerns, behavioral or entertainment calendar? Is it really just simply airlift? Or are there other reasons in particular?

羅布，對有關七月的評論進行快速跟進。我的意思是，除了空運能力之外，還有什麼原因是我們不會預期的正常季節性以及您在 6 月份看到的勢頭的增強，無論是宏觀擔憂、行為還是娛樂日曆？難道真的只是簡單的空運嗎？還是有其他特別原因？

No, there's multiple variables at work here. And I wouldn't want digital -- the economy, Visa, I don't think we really know the answer to that. It's an answer that can't be unpacked really. I do think though, seasonality, summer has always been the time. This is the first time, post-COVID. I, for one, believe summer has improved very strong. Some business people boasting about what the joint numbers look like. I hope they're right. I believe summer will be very indicative of new growth in this market.

不，這裡有多個變量在起作用。我不想要數字經濟、Visa，我認為我們真的不知道答案。這是一個無法真正解開的答案。但我確實認為，季節性，夏天一直是時候。這是疫情發生後的第一次。就我個人而言，我相信夏季已經取得了很大的進步。一些商界人士吹噓聯合數字的樣子。我希望他們是對的。我相信夏季將非常預示著這個市場的新增長。

And look, again, I think you have to look back on how quickly we see this recovery. Six months ago, we were in dire straits. And now we're unpacking $200 million a month in June. So we're very bullish when we think long term. And again, the trajectory may be uncertain but the end result's very clear. We're going to get there. We're going to make a lot of money in Macao, definitely. And we hope we have more good news in the near future to offer to you. So I'm hoping for a big summer for the market.

再說一次，我認為你必須回顧一下我們看到這種複甦的速度有多快。六個月前，我們陷入了困境。現在，我們在 6 月每月銷售 2 億美元。因此，當我們長遠考慮時，我們非常看好。同樣，軌跡可能不確定，但最終結果非常明確。我們會到達那裡。我們肯定會在澳門賺很多錢。我們希望在不久的將來能向您提供更多好消息。所以我希望市場能迎來一個繁榮的夏天。

And just one more quick one. We haven't touched on the digital strategy, and there's been some headlines lately that there's been some progress there. Do you have anything that you could possibly share? And as you just -- in high level, as you think about this strategy, how do you reconcile that with regulatory concerns given your presence in Macao and your relationship with the government there?

再快一點。我們還沒有觸及數字化戰略，最近有一些頭條新聞表明這方面取得了一些進展。你有什麼可以分享的嗎？當您在高層考慮這一戰略時，考慮到您在澳門的業務以及與當地政府的關係，您如何協調這一戰略與監管問題？

So I think we said a while ago that we were going to invest in ground up digital activities. So we're not buyers, we're builders. And I think for a while, we've been working on a couple of digital initiatives. And I think the key thing for us is it's still early days yet. We don't really have much to talk about. We're very confident about it. We think long term, there's real potential there. But our focus is going to be on highly regulated markets. So that would mean Europe and North America.

所以我想我們不久前就說過我們將投資於基礎數字活動。所以我們不是買家，我們是建設者。我認為一段時間以來，我們一直在致力於一些數字計劃。我認為對我們來說關鍵是現在還處於早期階段。我們其實沒什麼可談的。我們對此非常有信心。我們認為從長遠來看，那裡確實有潛力。但我們的重點將放在受到嚴格監管的市場上。這意味著歐洲和北美。

Our goal is to make sure that we maintain our regulatory standards in the best possible way, only working with partners where that makes sense and being very selective. But in our mind, we're very focused on regulatory certainty and being in strong (inaudible) they put us on hold. Sorry about that.

我們的目標是確保以盡可能最好的方式維持我們的監管標準，僅與有意義且非常有選擇性的合作夥伴合作。但在我們看來，我們非常關注監管的確定性，並且處於強勢（聽不清），他們讓我們處於擱置狀態。對於那個很抱歉。

So I think our view is that the digital issues have potential. We're going to continue to invest in them for the long term. We are committed for the long term. And I think our goal is going to be to focus on highly regulated markets.

所以我認為我們的觀點是數字問題具有潛力。我們將繼續對它們進行長期投資。我們致力於長期發展。我認為我們的目標是專注於高度監管的市場。

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