拉斯維加斯金沙集團 (LVS) 2023 Q3 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Sands Third 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 年第三季財報電話會議。 （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資深副總裁 Daniel Briggs 先生。先生，地板是你的了。

Thank you, Paul. Joining the call today are Rob Goldstein, our Chairman and CEO; Patrick Dumont, our President and COO; Dr. Ying Wai Wong, President of Sands, China; and Grant Chum, EVP of Asia Operations, the COO of Sands, China.

謝謝你，保羅。我們的董事長兼執行長 Rob Goldstein 參加了今天的電話會議； Patrick Dumont，我們的總裁兼營運長；金沙中國總裁黃英偉博士； Grant Chum，亞洲營運執行副總裁，金沙中國營運長。

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 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. Finally, for the Q&A session. We ask those with interest to please post 1 question and 1 follow-up, so we might allow everyone with interest the opportunity to participate. This presentation is being recorded.

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發表這些聲明。本公司的實際結果可能與這些前瞻性陳述中所反映的結果有重大差異。此外，我們也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 財務指標的調整表。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簡報。最後是問答環節。我們要求有興趣的人發布 1 個問題和 1 個後續行動，這樣我們就可以讓每個有興趣的人都有機會參與。該簡報正在錄製中。

I'll now turn the call over to Rob.

我現在將把電話轉給羅布。

Thanks, Dan, and thanks for joining us today. Macao diluted $630 million of EBITDA for the quarter, and we are only 8 months into our post-COVID reopen. These are early days. We began in Q1 with $400 million of EBITDA, Q2 we did $540 million of EBITDA and Q3 is now at $630 million of EBITDA. Look forward to growth in both the gaming and non-gaming revenue to lift the entire market.

謝謝丹，謝謝您今天加入我們。澳門本季攤薄了 6.3 億美元的 EBITDA，而我們距離疫情後重新開放僅 8 個月。現在還處於早期階段。第一季我們的 EBITDA 為 4 億美元，第二季我們的 EBITDA 為 5.4 億美元，第三季現在的 EBITDA 為 6.3 億美元。期待博彩和非博彩收入的成長以提振整個市場。

SCL has the largest share of nongrowing tailwind, rolling take wind and slot ETG wind. We've always believed that completed London will meet perhaps exceed the earning power of nation. Our future growth in Macao is tethered these powerful assets which have all the variables necessary to drive growth in years ahead. Whether it's rooms, gaining capacity, retail, entertainment, food and beverage, we have stellar assets. There is speculation about future growth of Macao. A relevant question is can the market grow to $30 billion, $35 billion, $40 billion of GGR and beyond, we are firm believers that it will and may occur a much shorter timetable that anyone realizes.

SCL在非成長順風、滾動順風和槽式ETG風方面擁有最大份額。我們一直相信，建成後的倫敦將可能會超過國家的獲利能力。我們在澳門未來的成長取決於這些強大的資產，這些資產擁有推動未來幾年成長所需的所有變數。無論是客房、容量、零售、娛樂、餐飲，我們都擁有一流的資產。人們對澳門未來的發展充滿猜測。一個相關的問題是，市場的GGR 能否成長到300 億美元、350 億美元、400 億美元甚至更高，我們堅信，它將會並且可能會出現一個任何人都意識到的更短的時間表。

This underscores our confidence the returns will be generated by our capital investment programs in our portfolio. We are strong believers in the growth of Macao market near and long term.

這強調了我們對投資組合中的資本投資計畫產生回報的信心。我們堅信澳門市場的近期和長期成長。

LVS has invested $15 billion in Macao, which is the most important land-based market in the world. A few reference points to consider, third quarter EBITDA represents strong growth compared to previous quarters, as I mentioned. Our retail business in Macao has far exceeded pre-COVID numbers. I expect the gain portion of our business to follow the same trajectory as Singapore and accelerated 2024.

LVS已在澳門這個全球最重要的陸上市場投資了150億美元。正如我所提到的，需要考慮的一些參考點是，第三季 EBITDA 與前幾季相比呈現強勁成長。我們在澳門的零售業務已遠遠超過疫情前的數字。我預計我們業務的成長部分將遵循與新加坡相同的軌跡，並在 2024 年加速成長。

Most (inaudible) MBS and Singapore. Six quarters indoor reopening, MBS delivered a $490 million quarter. The power of this building is evident based on the results despite the disruptive impact of our ongoing USD 1.75 billion renovation program. Disruption notwithstanding MBS is hitting on all cylinders from a gaming, lodging and retail perspective. Slots and ATG MBS are approaching $1 billion annually, non-rolling tables are exceeding $20 million of drop per day. The ADRs are escalating and our retail component is going far beyond pre-COVID numbers.

大多數（聽不清楚）MBS 和新加坡。室內重新開放六個季度，MBS 季度營收達 4.9 億美元。儘管我們正在進行的 17.5 億美元的改造計劃產生了破壞性影響，但從結果來看，這座建築的力量是顯而易見的。儘管受到干擾，MBS 仍從遊戲、住宿和零售的角度全力以赴。老虎機和 ATG MBS 每年的收入接近 10 億美元，非滾動賭桌每天的跌幅超過 2000 萬美元。 ADR 正在升級，我們的零售部分遠遠超出了新冠疫情之前的數字。

MBS is a testament that quality assets prevail and validates the thesis that reinvesting in our assets will generate sustained returns. MBS has it all, an iconic building with superb decor and service levels, which attract the most desirable customers in every segment. At the completion of both phases of our refurbishment program, MBS will feature 770 suites. We used to have 200 suites before the refurbishment. There is no denying its future. How far can MBS go, our expectations starts with $2 billion or more in the future of annualized EBITDA.

MBS 證明了優質資產佔上風，並驗證了資產再投資將產生持續回報的論點。 MBS 擁有這一切，一座標誌性建築，擁有一流的裝飾和服務水平，吸引了各個領域最理想的客戶。翻新計劃的兩個階段完成後，MBS 將擁有 770 間套房。裝修前我們有200間套房。無可否認它的未來。 MBS 能走多遠，我們的預期是未來年化 EBITDA 達到 20 億美元或更多。

Finally, we're bidding for a license in New York. We have secured the (inaudible) and the process of gaining necessary selling requirements to move forward. We're also receiving strong local support from the local community. The resort will cost in excess of $5 billion, but enables us to develop a 5-star resort with unlimited appeal. This is simply an extraordinary opportunity. We are very excited about the prospect. Our bid is compelling, that we award the license who will be in the ground as quickly as possible. Thanks for joining us again.

最後，我們正在紐約競標許可證。我們已經確保了（聽不清楚）和獲得必要銷售要求的流程以繼續前進。我們也得到了當地社區的大力支持。度假村將耗資超過 50 億美元，但使我們能夠開發出具有無限吸引力的五星級度假村。這簡直是一個非同尋常的機會。我們對這一前景感到非常興奮。我們的出價令人信服，我們將盡快授予許可證。感謝您再次加入我們。

I'm going to turn the call over to Patrick before we move on to some Q&A. Patrick?

在我們進行一些問答之前，我將把電話轉給帕特里克。派崔克？

Thanks, Rob. I would like to cover 2 important topics before we get on to your questions. The first is the long-term margin structure we expect in our Macao business. As the Macao market revenues continue to recover, our margins will naturally benefit from an improved business mix. This quarter, our Macao EBITDA reached $631 million at a 35.3% margin, which is an increase of 210 basis points compared to the second quarter of '23.

謝謝，羅布。在討論您的問題之前，我想先討論兩個重要主題。首先是我們對澳門業務的長期利潤結構的預期。隨著澳門市場收入持續復甦，我們的利潤自然將受益於業務結構的改善。本季度，我們的澳門 EBITDA 達到 6.31 億美元，利潤率為 35.3%，比 2023 年第二季增加 210 個基點。

As revenues continue to grow, we expect our margin to exceed the 36% of Macao business in 2019. This quarter, the (inaudible) Macao grew EBITDA to $290 million, with margins reaching 40.1%. This is an example of a property achieving strong revenue recovery with financial performance and margin that reflect the improved business mix. The long term Macao grew EBITDA to $167 million during the quarter, with EBITDA margin expanding 660 basis points sequentially to reach 32.2%. The strong flow-through of revenue to EBITDA reflects the operating leverage of our business, once the fixed costs have been covered.

隨著營收持續成長，我們預計 2019 年我們的利潤率將超過澳門業務的 36%。本季度，（聽不清楚）澳門的 EBITDA 將成長至 2.9 億美元，利潤率達到 40.1%。這是一個房地產實現強勁收入復甦的例子，其財務表現和利潤率反映了業務組合的改善。長期來看，澳門本季 EBITDA 成長至 1.67 億美元，EBITDA 利潤率季增 660 個基點，達到 32.2%。一旦固定成本被覆蓋，收入對 EBITDA 的強勁流入反映了我們業務的營運槓桿。

The transformation to (inaudible) has created a world-class product that is a must see for visitors for Macao. We will naturally have some construction disruption in 2024, but we expect future EBITDA growth and margin expansion over time. So that's Macao. The second item I wanted to cover is an update on our plans for the return of capital to shareholders.

轉變為（聽不清楚）創造了世界級的產品，是澳門遊客必看的產品。 2024 年，我們自然會遇到一些建設中斷，但我們預計未來 EBITDA 會成長，利潤率會隨著時間的推移而擴大。這就是澳門。我想介紹的第二項是我們向股東返還資本的計劃的最新情況。

Our Board of Directors has authorized a $2 billion share repurchase through 2025, and we're looking forward to restarting our share repurchase program. In the 9-year period from 2012 to 2020, we returned over $22 billion of capital to losses (inaudible) shareholders in the form of dividends and repurchases, which was split roughly 80% dividends and 20% to share repurchases. As we consider our future capital return, we expect share repurchase will be more heavily weighted than dividends. We believe repurchases will be more accretive in dividends over time as they reduce the denominator. We fundamentally believe in the compounding long-term benefit of share repurchases. So that's the capital return update. (inaudible) again today, and let's move to Q&A.

我們的董事會已授權在 2025 年之前回購 20 億美元的股票，我們期待重新啟動我們的股票回購計畫。從2012 年到2020 年的9 年期間，我們以股息和回購的形式向虧損（聽不清楚）股東返還了超過220 億美元的資本，其中大約80% 是股息，20% 用於股票回購。當我們考慮未來的資本回報時，我們預期股票回購的權重將高於股利。我們相信，隨著時間的推移，回購會減少分母，從而增加股息。我們從根本上相信股票回購能帶來複合的長期利益。這就是資本回報更新。 （聽不清楚）今天又來了，讓我們進入問答環節。

Thank you. Ladies and gentlemen, the floor is now open for questions. (Operator Instructions) And the first question today is coming from Carlo Santarelli from Deutsche Bank.

謝謝。女士們、先生們，現在可以提問。 （操作員說明）今天的第一個問題來自德意志銀行的 Carlo Santarelli。

Patrick, thank you for the additional color. Rob or anyone over in Macao maybe just is best for. But as you guys think about the base and the premium mass. It looks like in the quarter, you guys kind of converted some premium mass tables to base mass tables. And obviously, with the increases in visitation that makes sense. Is that something you expect to do going forward? Do you have what you need basically in terms of the premium mass footprint in terms of table count at this point?

派崔克，謝謝你額外的顏色。羅布或澳門的任何人也許是最適合的。但當你們考慮基礎和優質品質時。看起來在本季度，你們將一些優質品質表轉換為基礎品質表。顯然，隨著訪問量的增加，這是有道理的。這是您未來期望要做的事嗎？目前，就餐桌數量而言，您基本上已經滿足了您所需的優質品質足跡嗎？

The beauty of our business model is we've got plenty of capacity to do every one will move to the market. As you saw in the quarter, we moved tables around to comedy where we saw demand. But again, with the number of rooms and our table capacity, we can grow into any market in most in any segment that shows strength and that's what happened here. The truth is I expect that to both move forward in the future and show growth both in base and premium. But our assets are built to be just this, which is versatile, able to accommodate the market, Grant may have some color but that's true for any market. The only difference in this market for me is we just such a huge amount of table supply that we're very nimble. Grant?

我們商業模式的美妙之處在於我們有足夠的能力來完成每一項將進入市場的工作。正如您在本季度看到的那樣，我們將桌子移至我們看到需求的喜劇上。但同樣，憑藉房間的數量和我們的餐桌容量，我們可以在任何細分市場的大多數領域發展到顯示出實力的任何市場，這就是這裡發生的情況。事實上，我預計未來都會向前發展，並在基礎和溢價方面都呈現成長。但我們的資產就是這樣建構的，它是多功能的，能夠適應市場，格蘭特可能有一些色彩，但這對任何市場都是如此。對我來說，這個市場的唯一區別是我們的餐桌供應量非常大，因此我們非常靈活。授予？

Yes. Thank you, Rob. Yes, I think the repositioning this quarter for more towards base mass tables, that's just a natural part of our optimization between the segments and of course, as you rightly referenced, the summer saw a big increase in visitation and the base mass business. So that was just a natural repositioning to optimize the table count. As you can see, sequentially, a win per unit increased substantially in premium mass, up 19%. And base mass, even though we reorientated the table count towards base mass, we also increased the win per unit by 7% sequentially. So I think that you can see very clearly that we actually did optimize pretty well for the quarter between the 2 segments in terms of table capacity and these numbers will change again as the market evolves depending on which segment is growing faster.

是的。謝謝你，羅布。是的，我認為本季的重新定位更多是針對基礎品質表，這只是我們在細分市場之間優化的自然組成部分，當然，正如您正確提到的那樣，夏季訪問量和基礎品質業務大幅增加。因此，這只是一個自然的重新定位，以優化桌子數量。正如您所看到的，優質大眾的每單位獲勝量連續大幅增加，成長了 19%。至於基礎質量，儘管我們將牌桌計數重新調整為基礎質量，但我們也將單位獲勝量連續增加了 7%。因此，我認為您可以非常清楚地看到，我們實際上在表容量方面對兩個細分市場之間的季度進行了很好的優化，並且隨著市場的發展，這些數字將再次發生變化，具體取決於哪個細分市場成長更快。

Great. And Patrick, if I could just kind of follow up on the Venetian and acknowledging that there was some high hold in the period on the VIP side. But it's a relatively small number in terms of revenue. As you think about kind of the margin profile, the 40.1% margins in the period at the property kind of rivaled '19 despite annualized third quarter net revenue being down, I think, close to 18% versus what you did in 2019. If we think about that gap, that $600-odd million flow through, getting back to kind of '19 revenue levels at that property or any other property. How would you think about kind of the incremental flow-through on that incremental net revenue. And perhaps we could obviously take it from there to get a sense for where margins could kind of prove out over time?

偉大的。派崔克，如果我能跟進威尼斯人的情況，並承認 VIP 方面在此期間有一些高保留。但就收入而言，這個數字相對較小。當你考慮利潤率狀況時，儘管第三季度年化淨收入下降了，但我認為，該物業在此期間 40.1% 的利潤率與 2019 年相比下降了接近 18%。想想這個差距，600多萬美元的流動，回到19 年該財產或任何其他財產的收入水準。您如何看待增量淨收入的增量流量？也許我們顯然可以從那裡開始了解隨著時間的推移，利潤率會在哪裡得到證明？

So it's a great question. I think for us, the first thing is this is what happens if you cover your fixed cost base. So when we were 70% recovered, we had to cover our fixed cost base in Macao. And as the market recovered and as tourism and visitation continue to grow, we will reach our run rate margin levels, which we always felt was in this context. So what do you see the Venetian is a result of a great product that has -- is really an example of a property reaching a more run rate level of operation post pandemic and the performance in margins that result. And we feel very strongly that the recent Macao is going to run as mass visitation continues to return to the market. Remember, Macao visitation is still about 20% less than it was pre-pandemic, we're down about 1 million visitors in the same period.

所以這是一個很好的問題。我認為對我們來說，第一件事是如果你涵蓋了固定成本基礎，就會發生這種情況。因此，當我們恢復 70% 時，我們必須涵蓋澳門的固定成本基礎。隨著市場的復甦以及旅遊業和遊客量的持續增長，我們將達到我們一直認為在這種背景下的運行率利潤率水平。那麼，您認為威尼斯人是一個出色產品的結果，它確實是一個例子，說明一家酒店在大流行後達到了更高的運行率水平，並由此產生了利潤表現。我們強烈感覺到，隨著大量遊客繼續重返市場，近期澳門將會運作。請記住，與疫情爆發前相比，澳門的遊客量仍減少了約 20%，同期遊客量減少了約 100 萬人次。

So we feel very strongly about the margin potential. We're very proud about what's going on at the lender. We think the market is starting to understand that product, how great it is, and we're starting to see the results in terms of productivity in terms of margin. But again, in that product as well, we think there's more room to run. So I think it's a great testament to the team there, the work they've done to grow these businesses. But to be fair, we think there's strength in margins to continue as revenue continues to come into the market through visitation.

因此，我們對利潤潛力有非常強烈的感覺。我們對貸方所發生的事情感到非常自豪。我們認為市場開始了解該產品，了解它有多出色，並且我們開始看到生產力和利潤方面的結果。但同樣，在該產品中，我們認為還有更多的運作空間。因此，我認為這對那裡的團隊以及他們為發展這些業務所做的工作來說是一個很好的證明。但公平地說，我們認為，隨著收入繼續透過訪問進入市場，利潤率將繼續保持強勁。

The next question is coming from Joe Greff from JPMorgan.

下一個問題來自摩根大通的喬·格雷夫。

Before COVID, you guys used to disclose department margin ranges for base mass table games and premium mass table game ranges. I think base was 35% to 45% and premium mass is 25%, 40%. Are those margin ranges or the midpoint and higher still viable? Or does the Londoner and that ramp and clearly is in ramp mode right now, does that cause those ranges to be more middle or the lower end of that range is in the aggregate in the cap?

在新冠疫情爆發之前，你們曾經揭露過基礎大眾桌上遊戲和優質大眾桌上遊戲的部門利潤範圍。我認為基礎產品佔 35% 至 45%，優質大眾產品佔 25%、40%。這些保證金範圍或中點及更高水準仍然可行嗎？或者倫敦人和那個斜坡現在顯然處於斜坡模式，這是否會導致這些範圍變得更加中間，或者該範圍的下端是否在上限中？

So I think for us, because of the mix of business and where we're investing, we sort of run the business in aggregate. So what we're looking at is the 40% margin that Venetian just put up in the quarter and the 660 basis point expansion in margin that the Londoner saw as the market discovered how great it was, and we started getting more visitation and more growth. So I think for us, that's really how we're looking at it. Departmentally, I think we manage the business overall. And as Rob said earlier, we're going to shift assets to the segment that is most productive and provides the best returns. .

因此，我認為對我們來說，由於業務的混合以及我們投資的領域，我們可以整體經營業務。因此，我們關注的是威尼斯人在本季度剛剛提出的40% 利潤率，以及倫敦人看到的660 個基點的利潤率擴張，因為市場發現了它有多麼出色，我們開始獲得更多的訪問量和更多的成長。所以我認為對我們來說，這確實是我們看待它的方式。從部門角度來看，我認為我們對業務進行整體管理。正如羅布之前所說，我們將把資產轉移到生產力最高、回報最好的領域。 。

So I think for us, we're not really looking at that as a guide. We're really looking at overall productivity of our asset base in total. I think one thing that's interesting to consider is, so in Macao, room occupancy was 96% versus 95% in the same period in '19. But the thing that's interesting is we're actually driving more daily casino nights at higher yields per room. And so in the premium mass segment, we're seeing a recovery, but our base mass segment is starting to recover strongly. And this is really what you see is the businesses that used to support Macao (inaudible) continue to come back online after what was basically a 3-year hiatus.

所以我認為對我們來說，我們並沒有真正將其視為指導。我們真正關注的是我們資產基礎的整體生產力。我認為值得考慮的一件有趣的事情是，在澳門，客房入住率為 96%，而 19 年同期為 95%。但有趣的是，我們實際上以更高的每間客房收益推動了更多的每日賭場之夜。因此，在高端大眾市場，我們看到了復甦，但我們的基礎大眾市場也開始強勁復甦。這確實是你所看到的是，過去支持澳門的企業（聽不清楚）在經歷了三年的中斷之後繼續恢復營運。

So this increased visitation will drive base mass revenue growth, and we'll start to see margin return to a more normal mix. So I wouldn't look at the departmental. I would look at the recovery in the aggregate margin of the operating asset. That's kind of how we're managing the business, and we're trying to manage segments throughout.

因此，訪問量的增加將推動基礎大眾收入的成長，我們將開始看到利潤率恢復到更正常的水平。所以我不會去看部門。我會關注營運資產總利潤率的恢復情況。這就是我們管理業務的方式，我們正在努力管理整個細分市場。

And then we look at EBITDA.

然後我們再看看 EBITDA。

And then we look at EBITDA, which is the most important thing. Thank you, Rob.

然後我們來看看 EBITDA，這是最重要的。謝謝你，羅布。

Okay. And then with respect to the buyback, that was great to see, Patrick. Do you look at that as more episodic or opportunistic? Or do you look at it as there's a minimum -- consistent minimum level or a consistent level per quarter per year that you would look at?

好的。關於回購，很高興看到，派崔克。您認為這比較是偶發性還是機會主義？或者你是否將其視為最低限度——一致的最低水平或你會考慮的每年每個季度的一致水平？

I think we're going to be measured across time. I think we want to return capital through share repurchases in a meaningful way. We think there is a real benefit to reducing the denominator. We think it's accretive. We think there's a compounding effect in share repurchases. And so we're looking forward to do it on a regular basis. The amounts to be determined. But for us, you see the size of the authorization, you see our balance sheet strength. You see the amount of cash flow we're generating down in the business. And we're going to go out and be aggressive. I think for us, we fundamentally believe in the dividend. But if you look at that split that we had, let's call it, pre-pandemic of a return of capital story, I think we're looking to be majority share repurchases and get that benefit. And so if you look at how we've returned capital historically in a regular and repeatable way, I think we're going to look to do that again.

我認為我們將隨著時間的推移進行衡量。我認為我們希望透過股票回購以有意義的方式返還資本。我們認為減少分母確實有好處。我們認為它具有增值性。我們認為股票回購會產生複合效應。因此，我們期待定期這樣做。金額待定。但對我們來說，你會看到授權的規模，你會看到我們的資產負債表實力。您會看到我們在業務中產生的現金流量。我們將走出去並積極進取。我認為對我們來說，我們從根本上相信股息。但如果你看看我們的分裂，讓我們稱之為大流行前的資本回報故事，我認為我們正在尋求多數股權回購並獲得這種好處。因此，如果你看看我們歷史上如何以定期和可重複的方式返還資本，我認為我們將再次這樣做。

Joe, it can't help but be somewhat opportunistic as we look at the market. Our stock is trading roughly at COVID levels, and we think our buildings or to make 5 and billions and more $40 billion, $50 billion in the next decade. It's hard not to look at the stock in (inaudible) that's opportunistic. On the other hand, we also like to be long term is be consistent. So it's kind of a mixture of both. But it's wants to sit here today and look at pricing as if we're close to Macao or half open to Macao and Singapore, not think there's opportunity, but we also have a long-term perspective.

喬，當我們觀察市場時，這不可避免地有些機會主義。我們的股票交易大致處於新冠疫情水平，我們認為我們的建築或將在未來十年賺取 5 億美元甚至更多 400 億美元、500 億美元。很難不去關注（聽不清楚）機會主義的股票。另一方面，我們也希望長期保持一致。所以它是兩者的混合體。但它今天想坐在這裡，看看定價，就好像我們離澳門很近，或者對澳門和新加坡半開放，不認為有機會，但我們也有長遠的眼光。

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。

I wonder if you could give us some thoughts on kind of what is holding back that lower spending customer. It sounds like transportation bottlenecks are no longer really the issue in Macao. If it's the RMB depreciation? Is that something we have to kind of wait for that to anniversary next year? Or I guess what do you think will change that the kind of visitor levels for that lower spending segment?

我想知道您是否可以給我們一些關於是什麼阻礙了低消費客戶的想法。看來澳門的交通瓶頸已不再是問題。如果是人民幣貶值呢？難道我們必須等到明年週年紀念日嗎？或者我猜您認為什麼會改變低消費群體的遊客水平？

Yes. I think it's interesting. If you go to Page 16 in our deck and by the way, we debate this all the time. I think the team on the ground there is very focused on it. I think what you'll see is that visitation is from China, excluding Guangdong is 72%. Guangdong's back to 92% but if you look at the air lift, Macao Airport was only 64% of 2019 capacity in the quarter, and Hong Kong was only at 63%. So it's a pretty meaningful difference and so frictional transportation difficulties are still real, and they're getting better. Customers can get to Macao more easily in this quarter like the quarter before. but we're still not back to normal.

是的。我認為這很有趣。如果你翻到我們套牌的第 16 頁，順便說一句，我們一直在爭論這個問題。我認為當地的團隊非常關注這一點。我想你會看到，72%的遊客來自中國，不包括廣東。廣東回到了 92%，但如果你看看航空運量，澳門機場本季的運力僅為 2019 年運力的 64%，香港也僅為 63%。所以這是一個非常有意義的差異，因此摩擦運輸困難仍然存在，而且正在變得更好。與上一季一樣，本季旅客前往澳門更加便利。但我們還沒有恢復正常。

And so what we're starting to see is, I mentioned earlier, some of the infrastructure for mass core groups are returning, which is very positive, starting to see some of the increased volumes due to their visitation. Some of the higher-value customers, premium mass customers and the IP customers, airlift isn't great. And some of this airlift coming into Macao was domestic and some of it's some of it's international. So I think for us, as we see this airlift capacity recover, we're going to start to see more (inaudible). And of course, benefit not only us, but also the entire market is where people are able to get here more easily. But I think the recovery story is not fully there in terms of air travel and in terms of accessibility. I think it's on the way, but it's not fully back.

因此，我們開始看到的是，我之前提到過，大眾核心團體的一些基礎設施正在回歸，這是非常積極的，開始看到一些由於他們的訪問而增加的數量。對於一些高價值客戶、優質大眾客戶和 IP 客戶，空運並不是很好。進入澳門的空運有些是國內航班，有些是國際航班。所以我認為對我們來說，當我們看到空運能力恢復時，我們將開始看到更多（聽不清楚）。當然，這不僅使我們受益，而且使整個市場受益，因為人們能夠更輕鬆地到達這裡。但我認為，就航空旅行和可及性而言，復甦的故事並不完全存在。我認為它正在路上，但還沒有完全回來。

I guess I'm thinking that the air travel wouldn't necessarily be -- where the lower spending customer will be coming from, and high-speed rail, I think is back to pre-COVID levels. So I just -- is there anything else that you think is impacting if that needs to change, whether it's policy in Mainland China? Or kind of anything else outside of that transportation issue.

我想我認為航空旅行不一定是低消費客戶的來源，而高鐵我認為又回到了新冠疫情之前的水平。所以我只是——如果需要改變的話，您認為還有什麼其他因素會產生影響嗎？是否是中國大陸的政策？或除了交通問題之外的其他任何事情。

Grant, do you want to jump in here?

格蘭特，你想跳進去嗎？

Sure. Yes. I think, Robin, the -- what Patrick referenced 72% out of non-Guangdong, actually, if you look at the regional differences between provinces, I mean there are some of the higher spending provinces are actually way above 2019 in terms of visitation and some are lower than 2019. So I think there are just some regional differences depending on the whole host of factors ranging from the transportation to the availability of hotel rooms and so on and so forth, and their propensity to go cross border in their trips. I mean this is the first set of summer holidays since COVID. And then I think what you see is actually a very strong acceleration in that non-Guangdong visitation this quarter.

當然。是的。我認為，羅賓，帕特里克提到的72% 的非廣東省，實際上，如果你看看各省之間的地區差異，我的意思是，就訪問量而言，一些支出較高的省份實際上遠高於2019 年有些低於 2019 年。所以我認為，這只是一些地區差異，取決於從交通到酒店房間供應情況等一系列因素，以及他們在旅行中跨境的傾向。我的意思是，這是新冠疫情以來的第一組暑假。然後我認為你所看到的實際上是本季度非廣東訪問量的強勁加速。

So we're really up 22% over visitations, but within that Mainland China is up a lot more sequentially. And that is also reflected in the property visitations that we saw this quarter the 17% increase in the base mass revenue that we saw. So it is picking up, but it just accelerated at a different pace from the premium mass, which as you know, came back right from the start in a stronger fashion than the base mass. So I think as more to inventory is actually opening up and the propensity improves, people know the Macao market is back with all the non-gaming investments and events that are driving the interest in the destination I think that base mass segment will naturally improve over time as it did already significantly this quarter.

因此，我們的訪問量確實增長了 22%，但其中中國大陸的增長幅度要大得多。這也反映在本季度的房產訪問量上，即我們看到的基礎品質收入增加了 17%。所以它正在回升，但它只是以與優質品質不同的速度加速，正如你所知，優質品質從一開始就以比基礎品質更強的方式回歸。因此，我認為，隨著更多的庫存實際上正在開放並且傾向有所改善，人們知道澳門市場已經回歸，所有非博彩投資和活動都在推動人們對目的地的興趣，我認為基礎大眾市場自然會改善本季已經發生了顯著的變化。

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。

This may be a bit myopic, but I would love to hear a little bit more color on how Golden Week maybe trending and how the pace of recovery has continued across different customer categories more recently, especially around these big events that seem to have driven kind of a step function move in the recovery historically.

這可能有點短視，但我很想聽聽更多有關黃金周趨勢的信息，以及最近不同客戶類別的複蘇步伐如何持續，特別是圍繞這些似乎推動了經濟復甦的重大活動歷史上恢復過程中階躍函數的移動。

Steve, we traditionally don't talk about the current quarter. We'll keep that intact here as well. I think if you look at the numbers in the market as the print to see the strength of Golden Week (inaudible), the numbers driven by the government and other sources. But we never comment inside the quarter.

史蒂夫，我們傳統上不會談論當前季度。我們也會在這裡保持原樣。我認為，如果你將市場上的數字視為印刷品，就能看到黃金週的實力（聽不清楚），這些數字是由政府和其他來源推動的。但我們從不在本季內發表評論。

Fair enough. And maybe changing to something more specific. (inaudible) two would be -- would love to just hear anything around potential near-term disruption. I think that that's going to be starting in November and then when that might be (inaudible) most and when we can anticipate the reramp?

很公平。也許會改變一些更具體的東西。 （聽不清楚）兩個人會很樂意聽到任何關於近期潛在幹擾的消息。我認為這將從 11 月開始，然後什麼時候可能（聽不清楚）最多，什麼時候我們可以預期重新調整？

Yes. I'll turn to Grant, there will be some disruption, but we still feel as though the initial results, under are -- obviously, we're looking at it as a future hope that one of these prospects. Grant will take you through '24, both (inaudible) and Casino seeing that better and how we see it.

是的。我會轉向格蘭特，會有一些幹擾，但我們仍然覺得初步結果似乎是 - 顯然，我們將其視為未來的希望之一。格蘭特將帶您回顧 24 年，（聽不清楚）和賭場都更了解這一點以及我們如何看待它。

Yes. Sure, Rob. I think clearly, we will work to minimize the impact on the guest experience and the business operations, but this is something that we have managed many, many times over the years. And indeed, we did that during 2019 when we started the holiday in conversion into the London hotel. I think you'll see some disruption on the gaming side in the middle of next year. And I think we'll be managing the Sheraton Tower renovation methodically and judiciously over the entire period over the next 15, 18 months. So as to really continue to enhance the yielding on the customer front, but at the same time, try to get these works done as quickly as possible.

是的。當然，羅布。我清楚地認為，我們將努力盡量減少對客人體驗和業務運營的影響，但這是我們多年來已經管理過很多次的事情。事實上，我們在 2019 年就這麼做了，當時我們開始度假，改建為倫敦酒店。我認為明年年中你會看到遊戲方面出現一些混亂。我認為，在接下來的 15 到 18 個月的整個期間，我們將有條不紊、明智地管理喜來登大廈的翻修工程。以便真正繼續提高客戶方面的收益，但同時，盡快完成這些工作。

I think the intent here is to move forward and complete the renovation and the repositioning of the entire south side of the resort, the Sheraton Towers and Pacifica Gaming as quickly as possible. The sooner we make the entire resort Londoner, the better it will be for everyone, our guests, our staff, our business and the brand positioning. So the only other point I would make is we should take note that this part of the property portfolio is the lowest yielding part of the entire Cotai portfolio that we have both on the hotel and the gaming side. So we do hope to be able to successfully manage to minimize the disruption to the business. But when we get to completion on the other side, in the first half of '25, I think the earnings power through the holistic and expanded experience of the London and Macao will be significantly enhanced. That's the goal.

我認為這裡的目的是盡快推進並完成度假村整個南側、喜來登塔樓和 Pacifica Gaming 的翻新和重新定位。我們越早將整個度假村打造成倫敦人，對每個人、我們的客人、我們的員工、我們的業務和品牌定位越好。因此，我要說的唯一一點是，我們應該注意到，這部分房地產投資組合是我們在酒店和博彩方面擁有的整個路氹投資組合中收益率最低的部分。因此，我們確實希望能夠成功地盡量減少對業務的干擾。但當我們在另一邊完成時，即25年上半年，我認為透過倫敦和澳門的整體和擴展經驗，獲利能力將顯著增強。這就是目標。

Just sort of one thing to think about -- yes, 1 thing to think about, so we're very focused on return on invested capital and growth in Macao. And so our anticipation is that the returns on these investments will be commensurate with those that we have previously and will drive meaningful growth. And by the way, the initial market reaction to this product really to what's been brought online so far really helps us with his view. Given the customer response and the performance of the asset in the long run, will believe that the completed lender, when it's done will be on par with the Venetian. That's what our target is.

只是需要考慮一件事 - 是的，需要考慮一件事，所以我們非常關注澳門的投資資本回報和成長。因此，我們的預期是，這些投資的回報將與我們先前的回報相當，並將推動有意義的成長。順便說一句，市場對該產品的最初反應以及迄今為止上線的產品確實有助於我們理解他的觀點。考慮到客戶的反應和資產的長期表現，我們相信，完成後的貸款人將與威尼斯人持平。這就是我們的目標。

I'd also add the Grant's comments, Stephen. Just again, the size, the scale of our portfolio gives us flexibility. We have 10,000 (inaudible) other rooms, (inaudible) seems to new customers, too. So I think we minimize the disruption and maximize the opportunity to deploy the rest of our assets to keep our business strong despite that. And to Patrick's comment many of those likes going to be a job. They'll be in (inaudible) maybe exceed those 2 assets that are going to be hugely important in the future. But getting to '24, while not easy, I think it's very manageable to see -- deploy other assets in the portfolio intelligently.

我還要添加格蘭特的評論，史蒂芬。再說一次，我們投資組合的規模給了我們靈活性。我們還有 10,000 個（聽不清楚）其他房間，（聽不清楚）對新客戶來說也是如此。因此，我認為我們可以最大限度地減少干擾，並最大限度地利用部署其餘資產的機會，以保持我們業務的強勁發展。根據帕特里克的評論，其中許多人都希望成為一份工作。它們的價值（聽不清楚）可能會超過未來非常重要的兩項資產。但到了 24 年，雖然並不容易，但我認為這是非常容易管理的——聰明地部署投資組合中的其他資產。

The next question is coming from Chad Beynon from Macquarie. Okay. We can come back to Chad later. The next question is coming from Shaun Kelley from Bank of America.

下一個問題來自麥格理的查德貝農 (Chad Beynon)。好的。我們可以稍後再回到乍得。下一個問題來自美國銀行的肖恩凱利。

I just wanted to go back to the margins in Macao, and maybe that flowed through discussion a little bit more. If we look at it, it does look like flow-through just sequentially was a bit better in the third quarter here than in the second. I was just wondering if we could get a little color on sort of maybe some of the mix impacts that drove that. Was that normalized staffing? Was it some of the nongaming amenities which are now kind of fully back on, which flow through at really good rates, like retail and hotel? Was it sort of the base mass mix coming back? Just kind of how do you see it in terms of what maybe some of the factors were that drove that? Because it does look quite impressive.

我只是想回到澳門的邊緣，也許這會透過更多的討論來實現。如果我們看一下，第三季的流量確實比第二季好一些。我只是想知道我們是否可以對推動這一趨勢的某些混合影響進行一些了解。這是標準化的人員配置嗎？是不是一些非博彩設施現在已經完全恢復，並且以非常優惠的價格流通，例如零售和酒店？這是某種基礎質量混合物的回歸嗎？您如何看待推動這一趨勢的一些因素？因為它看起來確實令人印象深刻。

Thanks for that, and appreciate the question. I will tell you that there's a little bit of magic to it. It's called revenue increase, 28.9%. So for us, it really is just more people showing up, spending money at the product, recognizing how great it is and increased demand. I mean it's a phenomenal product. [Before] last week, it really looks great. The team is really providing unbelievable customer service and it's a highlight for Macao. It's a great asset and will continue to grow. And for us, it was just covering the fixed cost base. We just had to get -- and it was not a known product in the market. People are starting to figure it out, and it's going to keep growing. And so for us, this was really just growth in revenue across all segments. That was really the secret to it.

謝謝你，也很感激這個問題。我會告訴你，它有一點魔力。這就是所謂的收入成長，28.9%。因此，對我們來說，實際上只是更多的人出現，在產品上花錢，認識到它的偉大以及需求的增加。我的意思是這是一個非凡的產品。 [之前]上週，看起來真的很棒。團隊確實提供了令人難以置信的客戶服務，這是澳門的一大亮點。這是一筆巨大的資產，並將繼續成長。對我們來說，它只是覆蓋固定成本基礎。我們必須得到——而且它不是市場上的知名產品。人們開始明白這一點，並且它會不斷增長。因此，對我們來說，這實際上只是所有細分市場收入的成長。這確實是其中的秘密。

Great. And then as my follow-up, I just want to dig a little deeper into the buyback authorization, obviously, a big kind of strategic change. Could you give us a couple of parameters, I mean pre-COVID, the company was actually pretty high on its sort of overall payout ratio. You obviously have a pretty ambitious capital program across potentially New York, certainly, what you want to do on this -- on the big project in Singapore, some renovation activity and some of the CapEx in Macao. So should we think in parameters of a payout ratio? And maybe how could we put some numbers around that, if possible? And then also just help us think about medium-term leverage, just given you're probably the most underlevered gaming company I've ever covered. So a big complement to where you sit at the moment, but obviously, it presents a lot of potential firepower there.

偉大的。然後，作為我的後續行動，我只想更深入地了解回購授權，顯然，這是一個重大的策略變革。您能否給我們幾個參數，我的意思是在新冠疫情之前，該公司的總體支付率實際上相當高。顯然，你在紐約有一個相當雄心勃勃的資本計劃，當然，你想在新加坡的大項目上做些什麼，在澳門進行一些改造活動和一些資本支出。那我們應該考慮支付率的參數嗎？如果可能的話，我們怎麼能給出一些數字呢？然後還可以幫助我們考慮中期槓桿率，因為您可能是我所報道過的槓桿率最低的遊戲公司。這是對你現在坐的位置的一個很大的補充，但顯然，它在那裡提供了很多潛在的火力。

So really appreciate the commentary of the question. I will tell you, so right now, we're sitting at about $5.6 billion worth of cash system-wide. Macao is starting to become very cash generative, Singapore is very cash generative. So the way we think about this is due to the timing of our development obligations and those cash flows, we will be able to do all. We'll be able to invest in our core markets and grow through organic growth and through redevelopment of key assets. We'll be able to do IR (technical difficulty). We'll be able to do our concession commitment to Macao, and then we'll have excess capital and we'll pursue New York, and we're going to use other growth opportunities in new jurisdictions, and we'll be able to do it all because of the timing of the cash flow, the cash we have on hand and the cash tentative nature of our assets.

所以非常感謝這個問題的評論。我會告訴你，現在我們整個系統的現金價值約為 56 億美元。澳門開始變得非常能產生現金，新加坡也非常能產生現金。因此，我們對此的思考方式取決於我們的開發義務和現金流量的時間安排，我們將能夠做到一切。我們將能夠投資於我們的核心市場，並透過有機成長和關鍵資產的再開發來實現成長。我們將能夠進行IR（技術難度）。我們將能夠履行對澳門的特許承諾，然後我們將擁有多餘的資本，我們將進軍紐約，我們將利用新司法管轄區的其他增長機會，我們將能夠之所以這樣做，是因為現金流的時間安排、我們手頭上的現金以及我們資產的現金暫定性質。

So in terms of the payout ratio, as we addressed earlier in the call, we're not going to be as heavily weighted towards dividends as we were before. So if you look on Page 30, we sort of included a look on what were our prior return of capital programs looking like for both share repurchase and dividends. And on Page 30, what you'll see is historically, we were very dividend weighted. And to your point about payout ratio, we don't typically guide to payout ratio, but the point is well taken, we're looking really to flip it. So for us, the majority is actually going to end up being share repurchases, because we're very focused on growth.

因此，就派息率而言，正如我們之前在電話會議中提到的那樣，我們不會像以前那樣過度重視股息。因此，如果您查看第 30 頁，我們會看到我們之前的股票回購和股息資本回報計劃是什麼樣的。在第 30 頁，您將看到歷史上我們的股利加權非常高。至於你關於支付比率的觀點，我們通常不會指導支付比率，但這一點很好理解，我們真的希望扭轉它。因此，對我們來說，大部分實際上最終將是股票回購，因為我們非常關注成長。

So we can grow the company's EPS through share shrink, we're going to do it. We can grow through capital allocations or high-growth projects, we're going to do it. It's really an ROIC, and we're going to pursue it aggressively. And the good thing is we've got cash on the balance sheet. We've got cash center of assets and we have a historical program to provide you a good guide that we can launch off of and we can really hopefully drive real shareholder return in the future. So that's kind of how we're thinking about it.

因此，我們可以透過股份縮減來增加公司的每股收益，我們將這樣做。我們可以透過資本配置或高成長項目來成長，我們將會這樣做。這確實是一個投資報酬率，我們將積極追求它。好消息是我們的資產負債表上有現金。我們擁有現金資產中心，我們有一個歷史計劃，可以為您提供良好的指導，我們可以啟動該計劃，並且我們確實有希望在未來推動真正的股東回報。這就是我們的想法。

Sorry, 1 thing. You mentioned leverage, and this is a very important thing. So prior to the pandemic, we spent about 5 years transforming the company to be an investment-grade name. We thought this was really important. It gives us access to the largest, most liquid debt market in the world. It gives us a very efficient cost of capital, which in the long run provides flexibility but also drives returns on our new projects. And so having this investment-grade balance sheet also helps us in new jurisdictions because we have the financial capability to execute on projects we propose. So for us, we like being leveraged 2x to 3x on a gross basis. We've said it before. You've heard it from us on prior calls, nothing's changed. We still believe that we think we'll delever over time through EBITDA expansion. But more importantly, I think for us, that's a key metric so that we maintain our investment grade rating for all the benefits we just described. So that's kind of how we're thinking about it.

抱歉，一件事。你提到了槓桿，這是一個非常重要的事情。因此，在疫情爆發之前，我們花了大約 5 年的時間將公司轉型為投資級公司。我們認為這非常重要。它使我們能夠進入世界上最大、流動性最強的債務市場。它為我們提供了非常有效的資本成本，從長遠來看，這不僅提供了靈活性，而且還提高了我們新專案的回報。因此，擁有這種投資等級資產負債表也有助於我們在新的司法管轄區，因為我們有財務能力來執行我們提議的專案。因此，對我們來說，我們希望總槓桿率達到 2 到 3 倍。我們之前已經說過了。您在之前的電話中已經從我們那裡聽到了，沒有任何改變。我們仍然相信，隨著時間的推移，我們將透過 EBITDA 擴張來去槓桿化。但更重要的是，我認為對我們來說，這是一個關鍵指標，使我們能夠維持我們剛才描述的所有好處的投資評級。這就是我們的想法。

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 for Marina Bay Sands first, in your slide, you show flight capacity hovering around 80% recovered. Based on the momentum that you guys are seeing in that asset, do you still feel like you need that last 20% of China inbound to fully recover to hit that $2 billion run rate target. And can that -- can that happen actually while Tower 3 is under reno?

首先，對於濱海灣金沙酒店，在您的幻燈片中，您顯示航班容量徘徊在恢復的 80% 左右。根據你們在該資產中看到的勢頭，你們是否仍然覺得需要中國入境的最後 20% 才能完全恢復，以達到 20 億美元的運行率目標。當 3 號塔樓正在裝修時，這真的會發生嗎？

What's happening, isn't it? I mean, this quarter, we just did 490. I hate to say if that's happening. Good question. Do we need -- [let's take] China, let's be clear about that. We always want more business in all countries. But I think what you're seeing in Singapore is a very diverse bunch of assets are coming together. I think the biggest story is the suite product, which we haven't -- you haven't seen it's pretty extraordinary. When it goes from 200 to 700 -- 770, it's just a very potent combination of grade food and beverage grade service. It enables us to get a place we've never thought of before.

發生了什麼事，不是嗎？我的意思是，本季我們只做了 490 個。我不想說這種情況是否會發生。好問題。我們是否需要—[以]中國為例，讓我們明確這一點。我們始終希望在所有國家都有更多業務。但我認為你在新加坡看到的是一群非常多元化的資產正在聚集在一起。我認為最大的故事是套件產品，我們還沒有——你還沒有看到它非常非凡。當它從 200 到 700 - 770 時，這只是食品級和飲料級服務的非常有效的組合。它使我們能夠到達我們以前從未想過的地方。

The real question is I think $2 billion is our goal in the future and beyond. The real question is when you get more China, when you get more flights where you open up totally -- the thing that we talk about (technical difficulty) it's been open about 6 quarters of now. If you follow the trajectory of Singapore, we're hoping to see same thing out in Macao. We're very early stages in Macao. Singapore opened up, it wasn't that powerful in the first couple of quarters. And it went along, all of a sudden, it caught fire and now it's certainly performed. We're surprised how strong it is and because the place is kind of torn up. If you've been there, it's got some real challenges from a physical perspective.

真正的問題是，我認為 20 億美元是我們未來及以後的目標。真正的問題是，當你得到更多的中國，當你得到更多的航班，你就完全開放了——我們談論的事情（技術難度）現在已經開放了大約 6 個季度。如果你追隨新加坡的軌跡，我們希望在澳門看到同樣的事情。我們在澳門還處於早期階段。新加坡開放了，前幾季的表現就沒那麼強勁。它繼續進行，突然間，它著火了，現在它肯定被表演了。我們對它的強度感到驚訝，因為這個地方有點被撕裂了。如果你去過那裡，那麼從物理角度來看，它確實面臨著一些真正的挑戰。

So to answer your question, we think we can get to it without more a lot more. We'll take all the customers we can get. We think this is user for an asset. It's 1 of the places you just want to go to. You'll pay up for whether a room product or the gaming opportunity in retail, it just is going to keep getting stronger. Do we think it's achievable? Yes, but we prefer to have all airlift coming in and all the potential customers in China [listening sure]. We just have a huge faith in this product. We don't think towards the end, at the beginning we're in to.

因此，為了回答你的問題，我們認為我們不需要更多的東西來解決這個問題。我們將接受所有能找到的客戶。我們認為這是資產的使用者。這是您想去的地方之一。無論是房間產品還是零售遊戲機會，你都會付出代價，它只會變得越來越強大。我們認為這是可以實現的嗎？是的，但我們更希望所有的空運和所有潛在客戶都在中國[聽著]。我們對這個產品充滿信心。我們不會想到最後，而是一開始就想到了。

So I do think it's important that we look at Macao benefit of understanding. We've gone from a dead stop in January back to the very difficult times of no one coming to a mere in 9 months later about 80% of Q3 '19. But how much further they're going to go? I think a lot more. If you look at Singapore, this trajectory, I think it's very telling what's going to happen in Macao.

因此，我確實認為我們了解澳門的好處非常重要。我們已經從 1 月的停滯狀態回到了非常困難的時期，在 9 個月後，沒有人能夠達到 19 年第三季約 80% 的水平。但他們還要走多遠呢？我想的還有很多。如果你看看新加坡的這個軌跡，我認為這很能說明澳門將要發生的事情。

So I think, again, another illustration of what's happening, it was on Page 25. I think the retail slide is just -- you have to look at it. I mean, mall you guys have spent time in about $3,000 a foot is a pretty good local mall. The 4 season Macao is 8,400 foot in the luxury segment and 3,700 of the non-luxury. In Venetian Macao, which is not a necessary luxury malls doing [$70] a foot. So the power of the spending right now in the retail opportunity always seem to happen first. The gaming seems to follow us happen in Singapore to happen in Macao. But to your question, we have huge confidence in the future of MBS. And I think our investments will prove in the end we make works in many places is supremely strong buildings with great service, great architecture, and that's what you have Parisian and MBS.

所以我想，再次說明正在發生的事情，它在第 25 頁。我認為零售幻燈片只是 - 你必須看看它。我的意思是，你們花了大約 3,000 美元一英尺的購物中心是當地相當不錯的購物中心。第四季澳門豪華酒店為 8,400 英尺，非豪華酒店為 3,700 英尺。在澳門威尼斯人，這不是必要的豪華商場[$70]一英尺。因此，目前零售機會中的消費力量似乎總是會先發生。博彩業似乎跟隨我們發生在新加坡發生在澳門。但對於你的問題，我們對MBS的未來充滿信心。我認為我們的投資最終將證明我們在許多地方所做的工作都是極其堅固的建築，提供優質的服務、偉大的建築，這就是巴黎人和MBS。

Great. That's super helpful. And then over on Macao, on Slide 14, it shows the win per visitor coming down quarter-over-quarter, it's the second quarter that's declined. Is that sort of wholly explainable by the reallocation of tables to base mass, which we talked about earlier in the call? Or is there any other constraints that you'd want to highlight why -- why that sort of win per visitor is hovering around some of the quarters that we saw in 2019.

偉大的。這非常有幫助。然後在澳門，在幻燈片 14 上，它顯示每位訪客的勝利逐季下降，這是第二季度下降的。這可以透過我們在電話會議之前討論過的將桌子重新分配到基礎品質來完全解釋嗎？或者是否還有任何其他限制因素需要強調——為什麼這種人均訪問量在我們 2019 年看到的某些季度徘徊。

Just a quick thought on Page 14. This is really driven by visitation by the number of visitors that we're showing up to the market as it averages down. But I would like Grant to comment if he had any thoughts, just for some additional color.

快速思考第 14 頁。這實際上是由我們出現在市場上的訪客數量平均下降所驅動的。但我希望格蘭特評論一下他是否有任何想法，只是為了一些額外的色彩。

Yes. Thanks, Patrick. No, I think what you're seeing is the evolution of premium mass coming back first. So for the first couple of quarters after the Board has reopened, you saw the revenue per Macao visit arrival, which is what this page shows, skyrocketed versus the historical levels. And you're now obviously getting more of the base mass, especially during the summer. So you are normalizing. But it's important to note that you are still getting a much higher quality mix of customers even with that when you compared to the same quarter in 2019. So I think from this slide, you can see 610 visitor arrival in this quarter versus 557 in the same quarter in 2019. So the narrative continues that you are getting that higher quality across every segment, a higher spend per capita. But between the premium and base mass, you're now seeing the base mass starting to accelerate, especially during those July and August summer months.

是的。謝謝，派崔克。不，我認為你所看到的是優質大眾首先回歸的演變。因此，在該委員會重新開放後的前幾個季度，您會看到每位澳門遊客的收入（如本頁所示）與歷史水平相比激增。現在，您顯然獲得了更多的基礎質量，尤其是在夏季。所以你正在正常化。但值得注意的是，即使與2019 年同季度相比，您仍然獲得了更高品質的客戶組合。因此，我認為從這張幻燈片中，您可以看到本季度有610 名訪客到達，而2019 年同期為557 名。2019 年 同一季度。因此，故事繼續說，每個細分市場的品質都更高，人均支出更高。但在優質品質和基礎品質之間，您現在會看到基礎品質開始加速，特別是在七月和八月的夏季。

Got it. So just sorry to clarify, so it's mix to the base method also -- more well-heeled customers that might be gambling slightly less, like families and such. Is that kind of a way to look at it?

知道了。所以很抱歉澄清一下，所以它也與基本方法混合——更富有的客戶可能賭博稍微少一點，例如家庭等。這是一種看待它的方式嗎？

No, this is actually showing you that the mass revenue per visit arrival is actually higher than the same quarter in 2019. So actually, I suggest that the higher spend per capita is actually prevalent in all segments of the market right now. And that also shows through in the gaming -- I'm sorry, in the retail mall that Rob referenced as well.

不，這實際上向您表明，每次訪問的大量收入實際上高於 2019 年同一季度。因此，實際上，我認為目前市場的所有細分市場都普遍存在人均支出較高的情況。這也體現在遊戲中——我很抱歉，在羅布提到的零售商場中也是如此。

The next question is coming from George Choi from Citi.

下一個問題來自花旗銀行的 George Choi。

While we do believe concerts can help to get incremental revenues in Macao. How should we think about the associated incremental expenses? And I guess more specifically do you expect the decent (inaudible) at the dimension this month to be both EBITDA accretive and margin enhancing at the same time?

但我們確實相信音樂會可以幫助澳門增加收入。我們應該如何考慮相關的增量費用？我想更具體地說，您是否期望本月該維度的體面（聽不清楚）既能增加 EBITDA，又能同時提高利潤率？

So 1 thing just to begin, and thank you for the question. Entertainment is a very important part of our business. We're very focused on using entertainment to drive premium mass visitation and create the programs that our customers feel like they'll get experiences with us, they can't get in other places. It's a very successful thing in Asia. And in fact, we just recently opened a brand-new venue in the London that allows us to do that in more scale. But so I think for us, these programs are very accretive. Directionally, we think more entertainment as high quality is good, not only for the market, but also for diversification in Macao and in Singapore. I think it brings a prominence and an entertainment glow to the regions. But I would like to turn it over to Grant to see if he has any additional comments about an attainment and cost associated with it.

所以一件事才剛開始，謝謝你的提問。娛樂是我們業務的一個非常重要的部分。我們非常專注於利用娛樂來推動優質的大眾訪問，並創建讓我們的客戶覺得他們可以在我們這裡獲得體驗的項目，這是他們在其他地方無法獲得的。這在亞洲是一件非常成功的事。事實上，我們最近剛在倫敦開設了一個全新的場地，這使我們能夠更大規模地做到這一點。但我認為對我們來說，這些計劃非常有益處。從方向上來說，我們認為更多的高品質娛樂是有好處的，不僅對市場有利，對澳門和新加坡的多元化也有利。我認為它為這些地區帶來了知名度和娛樂性。但我想將其轉交給格蘭特，看看他是否對與之相關的成就和成本有任何其他評論。

Yes, thanks, Patrick. Yes. I think we've always been pursuing the entertainment strategy to create a better, more attractive destination and that hasn't stopped since the Board has reopened. In fact, we have been redoubling our efforts, as Patrick said, with the opening of the London arena in May and June. So if you look at the third quarter, we actually did around 15 different show events with about 19 performances across the 2 arenas and obviously, in some only 13 weekends in the quarter, so there were some weekends where we are doing both a show at the Londoner and also in the Venetian. And we believe this is critical to driving not just the diversification in Macao and the nongaming but also to enhance the attractiveness and the propensity to come to the destination, especially our properties, and we can see the impact on our business.

是的，謝謝，派崔克。是的。我認為我們一直在追求娛樂策略，以創造一個更好、更有吸引力的目的地，自從董事會重新開放以來，這項策略就沒有停止。事實上，正如帕特里克所說，隨著倫敦體育場於五月和六月開業，我們一直在加倍努力。因此，如果你看一下第三季度，我們實際上舉辦了大約 15 場不同的表演活動，在 2 個場館進行了大約 19 場表演，顯然，在本季度只有 13 個週末，所以有一些週末我們在倫敦人和威尼斯人。我們相信，這不僅對推動澳門和非博彩業的多元化至關重要，而且對提高目的地的吸引力和傾向至關重要，尤其是我們的房地產，我們可以看到這對我們業務的影響。

The economics of this hasn't changed. And we've done this for 15 years. So we know how to calibrate the investment in entertainment versus the return we get on the overall resource spending. And also, there are different types of partnerships that we do in entertainment events, and that can range from just pure any rental to us being the actual promoter. So it varies and it's a calibration. It's an analysis between the revenue benefit that we get and the visitation benefit that we get versus the cost and also depends also potentially on the entertainment partner as well, whether they invest or they want us to co-invest or us to invest. So that really hasn't changed, and we've been doing it for more than a decade.

這種情況的經濟學原理並沒有改變。我們已經這樣做了 15 年。因此，我們知道如何調整娛樂投資與整體資源支出的回報。此外，我們在娛樂活動中也有不同類型的合作夥伴關係，範圍從純粹的任何租賃到我們作為實際的發起人。所以它會有所不同，這是一個校準。這是我們獲得的收入收益和我們獲得的訪問收益與成本之間的分析，也可能取決於娛樂合作夥伴，無論他們投資還是希望我們共同投資或我們投資。所以這確實沒有改變，我們已經這樣做了十多年。

But what has changed is that we are actually significantly increasing the content because we now have a new spectacular venue in the Londoner for live music, which is already getting great feedback in terms of quality as (inaudible) both for the audience but also for the artists.

但發生的變化是，我們實際上顯著增加了內容，因為我們現在在Londoner 有了一個新的壯觀的現場音樂場地，該場地已經在質量方面得到了很好的反饋（聽不清），無論是對觀眾還是對藝術家。

George, I always say, in my experience, entertainment is an essential component of any top-tier resort. You can never underestimate how powerful it is as a statement of the customer, longevity, commitment. And honestly, for us, it's been stable. I wish (inaudible) how we can't do more because it's so powerful, just like retail, just like -- it's part of the package they usually want to come and visit. The reason why we have been so successful at the Venetian area and -- it was true in Las Vegas. It was true in Alexander City. It was true that anybody has ever worked. It's always been an essential component to be very tolerable in Singapore as well. So to me, it's not in your question, of course, how we do more of this stuff because it pays and pays and pays, very talented.

喬治，我總是說，根據我的經驗，娛樂是任何頂級度假村的重要組成部分。你永遠不能低估它作為對客戶、長壽和承諾的聲明的力量。老實說，對我們來說，它一直很穩定。我希望（聽不清楚）我們不能做得更多，因為它是如此強大，就像零售一樣，就像——這是他們通常想要來參觀的套餐的一部分。我們之所以在威尼斯人地區如此成功，在拉斯維加斯也是如此。在亞歷山大城也是如此。確實，任何人都曾經工作過。在新加坡，這一直是保持包容性的重要組成部分。所以對我來說，當然，這不是你的問題，我們如何做更多這樣的事情，因為它付出、付出、付出，非常有才華。

The next question is coming from Dan Politzer from Wells Fargo.

下一個問題來自富國銀行的 Dan Politzer。

First, on Singapore, the CapEx, the $750 million for Phase 2. How do you think about this maybe relative to your longer-term expansion plans at the property? I know that's been pushed out and the budget is probably higher than it initially was. But I mean, is this more kind of a bridge to that? Or how should we think about that long term and maybe when we get an update there?

首先，關於新加坡，第二階段的資本支出為 7.5 億美元。您如何看待這與您在該物業的長期擴張計劃相關的情況？我知道這已經被推遲了，而且預算可能比最初的要高。但我的意思是，這更像是一座橋樑嗎？或者我們應該如何考慮這個長期問題，也許當我們得到更新時？

It's commitment to Phase 1 because the product as good as it was externally architecturally, it last -- frankly, it was necessary that what happens in Phase 2. It's the best money we could spend to make that product successful and stronger. It's going to have enormous dividends in the future, the room product was lacking both from a size perspective, but also a finish perspective. Some of the casino space were just not very good. I always felt that MBS as good as was architecturally is lack of pizazz inside the building. And in our business, great buildings, voice prevail and prevail for a decade and just grow and grow. So that money is money very well spent. It's not connected at all. It's meant to make MBS 1 a very powerful 2-plus billion product.

它致力於第一階段，因為該產品與外部架構一樣好，它是持久的——坦率地說，第二階段發生的事情是必要的。這是我們可以花的最好的錢來使該產品成功並變得更強大。它將在未來帶來巨大的紅利，房間產品無論是從尺寸角度還是從裝飾角度來看都缺乏。一些賭場的空間不是很好。我總覺得 MBS 的建築風格雖然不錯，但建築內部卻缺乏活力。在我們的行業中，偉大的建築、聲音盛行了十年，並且不斷發展壯大。所以這筆錢花得非常值。它根本沒有連接。其目的是使 MBS 1 成為一款非常強大、價值超過 20 億美元的產品。

We built Singapore years ago, the speculation was that you'd never be more than $500 million, $600 million EBITDA. We're going to push through $2 billion and beyond. And I think it's a testament to reinvestment and spend money wisely. It doesn't have any association with Phase 2. Patrick, Phase 2.

我們幾年前建立了新加坡，人們猜測你的 EBITDA 永遠不會超過 5 億、6 億美元。我們將投入 20 億美元甚至更多。我認為這是再投資和明智花錢的證明。它與第二階段沒有任何關聯。帕特里克，第二階段。

Yes, just to follow on with what Rob said, so fundamentally, we believe it's a product-driven business, right? And so that investment in quality, investment in innovation with great service and guest experience are going to drive outside returns over time, right? So I think you're seeing that with the Londoner. And in Marina Bay Sands, the rules we just completed, Tower 1 and Tower 2, the design is luxurious, it's residential, it is unmatched levels of service. These are the best things we've ever done, and they're basically saying a new standard for hospitality and customer experience at our properties.

是的，按照羅布所說，從根本上說，我們相信這是一個產品驅動的業務，對吧？因此，隨著時間的推移，對品質的投資、對優質服務和賓客體驗的創新的投資將推動外部回報，對嗎？所以我想你在倫敦人身上也看到了這一點。在濱海灣金沙，我們剛剛完成的規則，1號塔和2號塔，設計是豪華的，它是住宅的，它是無與倫比的服務水平。這些是我們做過的最好的事情，它們基本上是在說我們酒店的接待和客戶體驗的新標準。

And to Rob's point, when Tower 3 is done, Marina Bay Sand is going to be renowned hotel property in the world. We're really focused on it. From a food and beverage standpoint, from a retail standpoint, as Rob said before, from a guest experience standpoint, that's what we're focused on.

Rob 認為，當 3 號塔完工後，Marina Bay Sand 將成為世界知名的飯店物業。我們真的很專注。從食品和飲料的角度來看，從零售的角度來看，正如羅布之前所說，從賓客體驗的角度來看，這就是我們關注的重點。

IR 2 is going to be something different. It's going to be a new stand-alone development. It's going to have unique spaces, unique design, unique service, but it's something that's probably 6 months to a year away depending on how things go with accruals in order to get started. It will be additive to Marina Bay Sand. It will grow the market for us, be a different product and allow us to also have a live entertainment venue in Singapore, which is something that we really haven't had in scale before. And so if you look at the power of the Venetian and what we're doing in the Londoner with the venue that Grant mentioned, we will now have that capability in Singapore to drive high-value tourism to drive further growth and to really work that tourism that's related to live entertainment that we never really could do before.

IR 2 將會有所不同。這將是一個新的獨立開發項目。它將擁有獨特的空間、獨特的設計、獨特的服務，但這可能需要 6 個月到一年的時間，具體取決於應計專案的進度才能開始。它將作為濱海灣金沙的補充。它將為我們擴大市場，成為不同的產品，並使我們能夠在新加坡擁有一個現場娛樂場所，這是我們以前從未有過的規模。因此，如果你看看威尼斯人的力量，以及我們在格蘭特提到的倫敦人酒店所做的事情，我們現在在新加坡就有能力推動高價值旅遊業，推動進一步增長，並真正發揮作用與現場娛樂相關的旅遊是我們以前從未真正做過的。

So for us, the expansion of Marina Bay Sand is a step function of growth potential. We're looking forward to doing it. We think it will be an unbelievable product. We've been spending a lot of time on it. And hopefully, we'll get a chance to start soon, but a completely different thing.

因此，對我們來說，濱海灣金沙的擴張是成長潛力的階梯函數。我們期待著這樣做。我們認為這將是一個令人難以置信的產品。我們已經花了很多時間在這上面。希望我們很快就有機會開始，但這是完全不同的事情。

Got it. And then just moving to Macao. I think for the last 2 to 3 quarters, your non-rolling ship win has been kind of in that 22% to 23% range. Is this a function of just really premium mass being a bigger piece of the mix or -- and so we should think about this kind of edging up over time back to that 23% to 24% plus range? Or is there something different in this market? And I'm sorry to harp on 1%, but when we're talking $24 billion...

知道了。然後就搬到了澳門。我認為在過去的 2 到 3 個季度中，你們的非滾動船舶獲勝率一直在 22% 到 23% 的範圍內。這是真正的優質品質在混合中佔據更大份額的函數，還是——所以我們應該考慮這種隨著時間的推移逐漸回升到 23% 到 24% 以上的範圍？或者這個市場有什麼不同嗎？我很抱歉喋喋不休地談論 1%，但當我們談論 240 億美元時…

You're right to [Hokkaido], it's something we think about quite a bit. Now that your question is an excellent one, and we look at all the time, I was on the phone last night with our team Macao discussing its fast things we don't have an honest answer to tell you exactly why the entire industry seems to be down [0.9] points. It's very impactful. When you're talking about, it would be worth probably a couple of hundred million dollars used to us and go back 2% EBITDA. So it's going back. We just got a good answer. Is it mix? Maybe. Is it the ruble or junket and that type of thing? Maybe. But until we have a really coherent and certain answer, we don't want to give you a response. I'd like to believe that the whole industry trades up a point or 2. I'd vote for that. I'm sure our competitors would. But we didn't make it happen.

你說的對[北海道]，這是我們常思考的事情。現在你的問題非常好，我們一直在關注，昨晚我和我們的澳門團隊通電話，討論快速發展的事情，我們沒有一個誠實的答案來告訴你為什麼整個行業似乎在下降[0.9]點。這是非常有影響力的。當你談論的時候，我們可能會花幾億美元來獲得 2% 的 EBITDA。所以它要回去了。我們剛剛得到了一個很好的答案。是混合的嗎？或許。是盧布還是中介之類的東西？或許。但在我們得到真正連貫且確定的答案之前，我們不想給您答案。我願意相信整個產業都會上漲一兩點。我會投票支持這一點。我確信我們的競爭對手會的。但我們並沒有讓它發生。

We need perhaps -- it's very simple. The math on the [baccarat game] don't change. The customer best can change, ties and payers can change flatback change. So the point is we don't know the answer ourselves. A lot of people scratched our heads. Until we have a certain answer we consider confidence I want to hope along with us that we turn up to 24 again because it'd be a wonderful thing for us with our volumes, it will be incredibly impactful. We'd be at $700 million probably this quarter of EBITDA. So an excellent question. I don't have an excellent answer. We're working to throw. Grant, do you want to add to that?

我們也許需要──這很簡單。 [百家樂遊戲]的數學原理不會改變。客戶最好可以找零，領帶和付款人可以平背找零。所以關鍵是我們自己也不知道答案。很多人摸不著頭腦。在我們得到確定的答案之前，我們會考慮信心，我希望與我們一起再次達到 24 小時，因為這對我們的銷售來說是一件美妙的事情，它將產生令人難以置信的影響。本季 EBITDA 可能達到 7 億美元。這是一個很好的問題。我沒有一個很好的答案。我們正在努力投擲。格蘭特，你想補充一下嗎？

No, you're exactly right. We don't have a clear answer on that. There's -- in theory, actually, but just a point to make is, in theory, the premium mass being higher -- higher mix in the drop actually should be positive for the whole percentage. And it could also obviously add more volatility to the metric. But I think Rob is absolutely right that we don't have a clear answer and in truth, I mean this is only like 8, 9 months into a recovery where the segments and the customers, I mean, all that is still evolving.

不，你說得完全正確。對此我們沒有明確的答案。實際上，從理論上講，但需要指出的是，從理論上講，溢價質量更高——下降的更高組合實際上應該對整個百分比有利。而且它顯然還會增加該指標的波動性。但我認為羅布說得完全正確，我們沒有明確的答案，事實上，我的意思是，這只是復甦的八、九個月，我的意思是，所有細分市場和客戶仍在不斷發展。

So I think it's also premature to make specific pronouncements on what should be the non-rolling percentage range. So right now, the numbers are what they are. But as you rightly referenced, as Rob also said, 0.5 point of different, not even just 1 point, makes a tremendous difference to the numbers, to the EBITDA, to the margin, et cetera. So we're closely watching this, but there's no clear answer we can give on that in terms of why the whole percentage is where it is versus before.

因此，我認為現在就非滾動百分比範圍做出具體聲明還為時過早。所以現在，數字就是這樣。但正如您正確提到的那樣，正如 Rob 也所說的那樣，0.5 個百分點的差異，甚至不僅僅是 1 個百分點，都會對數字、EBITDA、利潤率等產生巨大差異。因此，我們正在密切關注這一點，但我們無法給出明確的答案，為什麼整個百分比與以前相比是這樣的。

Really in the new world in Macao, and I think people really don't understand. I think it's as fast people understand how quickly this thing is reopened. I mean I know you know it, but the problem is Vegas open, regionals open, [Season] quite a while ago, Macao was new to the game. It's going to open for 8 months, 8.5 months. So things are evolving and turning, it's happening quickly. Again, I think it's a stroke look at the trajectory of what happened in Singapore, go back to 8 months after open you watch us happen double that time it's incredibly, I think, interesting to see the comparisons. I think this whole percentage thing is evolving. We don't know. We'll be wonderful when we're back in '24 in Q2, it would be wonderful. But without certainty we will only give you an answer which we don't have clarity on ourselves, and we do were happy to share with the market.

真的是在澳門的新世界，我想人們真的不懂。我認為人們了解這件事重新開放的速度有多快。我的意思是我知道你知道這一點，但問題是維加斯開放，地區賽開放，[賽季]很久以前，澳門對這項運動還是新手。開業時間是8個月，8.5個月。所以事情正在發展和轉變，它發生得很快。再說一次，我認為這是對新加坡發生的事情軌蹟的一次中風，回顧開放後的 8 個月，你會看到我們發生了兩次，我認為，看到比較是非常有趣的。我認為整個百分比問題正在不斷發展。我們不知道。當我們在 24 年第二季度回歸時，我們會很棒，那會很棒。但如果不確定的話，我們只會給你一個我們自己也不清楚的答案，但我們很樂意與市場分享。

And the last question today is coming from David Katz from Jefferies.

今天的最後一個問題是來自 Jefferies 的 David Katz。

I just wanted to go back on 1 detail. I'm not sure if you discussed this, but I'm just looking at the historical margin levels in Singapore, which were north of 50. Could you just talk about the puts and takes of getting back to that level again? Or if there's some specific headwinds? And then I have 1 quick follow-up.

我只想回顧 1 個細節。我不確定您是否討論過這個問題，但我只是關注新加坡的歷史保證金水平，該水平高於 50。您能否談談再次回到該水平的看跌期權和賣出期權？或者是否存在一些特定的阻力？然後我有 1 個快速跟進。

No problem. I think 1 thing to highlight is that there was an increase in our tax rate by 3 percentage points and then there was a 1% GST. So what you see there is the impact of that along with inflation of the market. We've been able to manage expenses, manage business mix, manage pricing and push the business to be better. But our long term there is going to be with strong margins, with revenue growth just based on our investment and what we're seeing in the market. So we sort of manage the productivity yield and return on invested capital. Obviously, we look at margins and do our best. But we like where this business is going, and we think the future is very strong.

沒問題。我認為需要強調的一件事是，我們的稅率增加了 3 個百分點，然後徵收 1% 的商品及服務稅。所以你看到的是它的影響以及市場的通貨膨脹。我們已經能夠管理費用、管理業務組合、管理定價並推動業務變得更好。但從長遠來看，我們將擁有強勁的利潤率，收入成長僅基於我們的投資和我們在市場上看到的情況。因此，我們在某種程度上管理生產力和投資資本回報率。顯然，我們會關注利潤並盡力而為。但我們喜歡這項業務的發展方向，我們認為未來非常強勁。

Understood. And as my follow-up, with the very, very good quarter that you had, and it's not just for your stuff, but many in our coverage, the market seems to expect some macro pressure in the future. And it's almost an obligatory question for all of our management teams. Are you seeing anything or providing anything that would validate any macro pressure at this point.

明白了。作為我的後續行動，隨著你們度過了非常非常好的季度，這不僅是你們的東西，而且是我們報道中的許多內容，市場似乎預計未來會出現一些宏觀壓力。這幾乎是我們所有管理團隊都必須回答的問題。您是否看到或提供任何可以驗證此時宏觀壓力的任何內容？

So I'll tell you what's interesting. You heard Rob earlier reference our retail productivity. We are in very fortunate markets. So Singapore is an unbelievable place to do business. It's just a great place to visit as a tourist. There's a lot of exciting things to do there. It's a great business environment to trade and I think Singapore has benefited from its years of investment in the structure and people are going there and people are going there and consuming. And so we don't have a huge physical plant there. We've got 2,500 hotel rooms are going down as we add more suites. And I think in Macao, we're less than 1% penetration in the market.

所以我會告訴你什麼是有趣的。您之前聽到 Rob 提到我們的零售生產力。我們處於非常幸運的市場。因此，新加坡是一個令人難以置信的經商之地。這只是作為遊客參觀的好地方。那裡有很多令人興奮的事情要做。這是一個很好的貿易商業環境，我認為新加坡已經從其多年的結構投資中受益，人們正在去那裡消費。所以我們在那裡沒有大型的實體工廠。隨著我們增加更多套房，我們的 2,500 間飯店客房正在減少。我認為在澳門，我們的市場滲透率不到 1%。

And so when you look at business and leisure tourism opportunities, I don't know that we're impacted like a broad-based consumer staple. I think we're for a narrower segment, we don't appeal to everyone, but I think we're a great tourism assets in both of our markets. And we've continued to see growth through different cycles. Because of whom we appeal to and the volumes that we need to be successful.

因此，當你審視商務和休閒旅遊機會時，我不知道我們是否像廣泛基礎的消費必需品一樣受到影響。我認為我們的市場範圍較窄，我們並不能吸引所有人，但我認為我們在這兩個市場都是巨大的旅遊資產。我們在不同的周期中繼續看到成長。因為我們吸引了那些人，也因為我們需要成功的數量。

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

謝謝你們，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。