拉斯維加斯金沙集團 (LVS) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands Fourth 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 年第四季財報電話會議。 （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. Joining the call today are Rob Goldstein, our Chairman and CEO; Patrick Dumont, our President and Chief Operating Officer; Dr. Wilford Wong, Executive Vice Chairman of Sands China; and Grant Chum, CEO and President of Sands China and EVP of Asia Operations.

謝謝。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；金沙中國執行副主席黃英偉博士；金沙中國行政總裁兼總裁兼亞洲營運執行副總裁Grant Chum。

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

今天的電話會議將包含前瞻性陳述。我們將根據聯邦證券法的安全港條款發表這些聲明。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。我們將在電話會議期間參考該簡報。

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

最後是問答環節。我們要求有興趣的人提出一個問題和一個後續行動，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.

謝謝丹，謝謝您今天加入我們。

Macao delivered $654 million of EBITDA for the quarter. The number would have been $40 million higher if we had held as expected in the rolling segment. It's only been 1 year since the end of COVID in Macao. We began in Q1 with $400 million of EBITDA. In Q2, we did $540 million. Q3, we did $630 million, and the growth just keeps coming. We look forward to continued growth in both gaming and non-gaming revenue, which will lift in our market.

澳門本季實現 EBITDA 6.54 億美元。如果我們按預期持有滾動業務，這個數字將會增加 4000 萬美元。澳門新冠肺炎疫情結束僅一年時間。我們第一季的 EBITDA 為 4 億美元。第二季度，我們賺了 5.4 億美元。第三季度，我們的營收為 6.3 億美元，成長仍在持續。我們期待博彩和非博彩收入的持續成長，這將提振我們的市場。

SCL continues to own the largest share of non-rolling table win, rolling table win and slot ETG win. Most importantly, we have the largest share of EBITDA in Macao market by a wide margin. We believe the completed London will meet and perhaps even exceed the earning power of the Venetian. Our future growth in Macao is tethered to these powerful assets, which will drive growth in the years ahead, whether it's rooms, gaming capacity, retail, entertainment, food and beverage, we have stellar assets. Those assets will even get better as we complete the ongoing $1.2 billion Londoner reinvestment program.

SCL繼續擁有非滾動桌獲勝、滾動桌獲勝和老虎機ETG獲勝的最大份額。最重要的是，我們在澳門市場的EBITDA份額遙遙領先。我們相信建成後的倫敦將達到甚至超過威尼斯人的獲利能力。我們澳門未來的成長取決於這些強大的資產，這些資產將推動未來幾年的成長，無論是客房、博彩能力、零售、娛樂、餐飲，我們都擁有一流的資產。隨著我們完成正在進行的 12 億美元倫敦人再投資計劃，這些資產甚至會變得更好。

There is an ongoing speculation of the future growth of Macao. Can Macao market grew to $30 billion, $35 billion, even $40 billion and beyond? We believe that it will. This underscores our confidence in the returns that we generated by capital investment programs in our portfolio. We are staunch believers in the growth of the Macao market in near and long term.

人們對澳門未來發展的猜測不斷。澳門市場能否成長到300億、350億、甚至400億甚至更高？我們相信會的。這強調了我們對投資組合中的資本投資計畫所產生的回報的信心。我們堅信澳門市場的近期和長期成長。

LVS has invested $15 billion in Macao to date. Macao is the most important land-based market in the world. A few reference points to consider, fourth quarter EBITDA, assuming expected hold on rolling play represents considerable growth when compared to the previous quarters. Our retail business in Macao has already far exceeded pre-COVID numbers. I continue to expect the gaming force on our business to follow the same path as Singapore and accelerate in 2024.

LVS迄今已在澳門投資150億美元。澳門是全球最重要的陸上市場。需要考慮的一些參考點是，第四季度 EBITDA（假設預期滾動播放將保持不變）與前幾季相比將出現相當大的成長。我們在澳門的零售業務已遠遠超過疫情前的數字。我仍然預計我們業務的遊戲力量將遵循與新加坡相同的道路，並在 2024 年加速發展。

Let's pivot to the MBS and Singapore. 7 quarters into our reopening, MBS delivered a $544 million a quarter. This is the largest EBITDA for 1 quarter in the history of the building. The power of this building is evident based on the results despite the disruptive impact of our ongoing $1.75 billion renovation. Disruption notwithstanding, MBS is hitting on all cylinders with gaming, lodging and retail perspective. Slots in ETG's MBS are approaching a $1 billion annual run rate. Non-rolling tables are exceeding $20 million of the drop per day. ADRs are escalating and the retail component is delivering far beyond pre-COVID numbers.

讓我們把目光轉向MBS 和新加坡。重新開放 7 季後，MBS 每季交付 5.44 億美元。這是該建築歷史上最大的一個季度 EBITDA。儘管我們正在進行的耗資 17.5 億美元的翻修工程產生了破壞性影響，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 仍在遊戲、住宿和零售領域全力以赴。 ETG 的 MBS 插槽年運行率接近 10 億美元。非滾動表每天的跌幅超過 2000 萬美元。 ADR 不斷升級，零售部門的表現遠遠超過了新冠疫情之前的數字。

MBS validates that quality assets prevail and reinvesting in our assets will generate sustained returns. MBS has it all, our iconic building with superb decor and service levels, which attract the most desirable customers in every segment. At the completion of both phases of the renovation program, MBS will feature 770 suites, we previously had less than 200 suites. There is no denying its future. How far can MBS go? Our future expectations start at $2 billion and beyond in EBITDA per year.

MBS 證實優質資產佔上風，對我們的資產進行再投資將產生持續的回報。 MBS 擁有這一切，我們的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。兩期改造計畫完成後，MBS 將擁有 770 間套房，而之前我們只有不到 200 間套房。無可否認它的未來。 MBS能走多遠？我們未來的預期每年 EBITDA 為 20 億美元甚至更多。

As you know, we're bidding for a license in New York. We're receiving strong local support. The cost of the building will be in the $6 billion range, which enables us to develop a true 5-star resort with unlimited (inaudible). This is a massive opportunity. We are very enthused about the prospect. Our bid is compelling. If we receive the license, we'd be on the ground as quickly as possible.

如您所知，我們正在紐約競標許可證。我們得到了當地的大力支持。這棟建築的成本將在 60 億美元範圍內，這使我們能夠開發一個真正的無限制的五星級度假村（聽不清楚）。這是一個巨大的機會。我們對這一前景感到非常興奮。我們的出價很有說服力。如果我們獲得許可，我們會盡快投入使用。

Thank you for joining us today. I'll turn the call over to Patrick before we move on to Q&A.

感謝您今天加入我們。在我們進行問答之前，我會將電話轉給派崔克。

Thanks, Rob.

謝謝，羅布。

We wanted to highlight some changes in the materials that we typically provide for the quarter. After discussions and review with the SEC, we will no longer be presenting hold-normalized adjusted property EBITDA in our press releases, SEC filings and supplemental earnings materials. These changes are being made to our materials for this quarter and for our reporting going forward. We believe that the analysis of our financial and operating results in any quarter will continue to benefit from an understanding of the impact of expected hold in our rolling volume segments for our reported results. We will continue to provide the impact of expected hold in our rolling volume segments for our earnings materials. Please see Pages 6 and 7 in our earnings presentation for an overview of the new presentation format.

我們想強調我們通常為本季提供的材料的一些變化。經過與 SEC 的討論和審查後，我們將不再在新聞稿、SEC 文件和補充收益資料中提供持有正常化調整後的房地產 EBITDA。我們對本季的資料和未來的報告進行了這些更改。我們相信，對我們任何季度的財務和經營業績的分析將繼續受益於了解滾動銷售部門的預期持有對我們報告業績的影響。我們將繼續為我們的獲利材料提供滾動銷售部分預期持有的影響。請參閱我們的收益簡報中的第 6 頁和第 7 頁，以了解新簡報格式的概述。

For this quarter, the quarter ended December 31, 2023, we generated $654 million of adjusted property EBITDA in Macao. A very strong operating result. It is important to note that we held 2.16% in our rolling segment in Macao. EBITDA would have been higher by $40 million in Macao had we held as expected in our rolling segment. At Marina Bay Sands for the fourth quarter of 2023, we generated $544 million in adjusted property EBITDA, another strong result. We held 4.57% in our rolling segment in Singapore. EBITDA would have been lower by $71 million in MBS had we held as expected in our Rolling segment. It is also important to address our margin structure had we held as expected in our rolling line segments in Macao and Singapore.

截至 2023 年 12 月 31 日的本季度，我們在澳門產生了 6.54 億美元的調整後房地產 EBITDA。非常強勁的經營業績。值得注意的是，我們在澳門的滾動業務中持有 2.16% 的股份。如果我們按預期持有滾動業務，那麼澳門的 EBITDA 將會高出 4,000 萬美元。在濱海灣金沙，2023 年第四季度，我們實現了 5.44 億美元的調整後房地產 EBITDA，這是另一個強勁的業績。我們持有新加坡滾動業務 4.57% 的股份。如果我們按預期持有滾動業務，MBS 的 EBITDA 將會減少 7,100 萬美元。如果我們在澳門和新加坡的軋製生產線部門的表現符合預期，那麼解決我們的利潤結構也很重要。

In Macao, our margins for the fourth quarter of 2023 would have been 35.9%, an improvement of 100 basis points as compared to the third quarter of 2023 if our hold was as expected in our rolling volume segment. At MBS, had we held as expected in our rolling volume segment, our fourth quarter 2023 margin would have been 48.8%, an increase of 170 basis points sequentially. It's important to note that both in Macao and in Marina Bay Sands in Singapore, we are generating revenue growth, EBITDA growth and when considering expected hold for rolling volume segments, margin expansion. We are very focused on the quality of our offerings on further investment to drive high-value visitation to our properties, on the resulting revenue growth and our margin expansion over time. Looking ahead, we are excited about our progress in our markets, and we are focused on growth for the long term.

在澳門，如果我們對滾動量業務的持有符合預期，我們 2023 年第四季的利潤率將為 35.9%，比 2023 年第三季提高 100 個基點。在 MBS，如果我們在滾動銷售領域保持預期，我們 2023 年第四季的利潤率將達到 48.8%，比上一季成長 170 個基點。值得注意的是，無論是在澳門還是在新加坡濱海灣金沙，我們都在實現收入成長、EBITDA 成長，並考慮到滾動業務量的預期維持和利潤率擴張。我們非常注重我們產品的品質、進一步投資以推動對我們物業的高價值訪問、隨之而來的收入成長和我們的利潤隨著時間的推移而擴大。展望未來，我們對市場的進展感到興奮，並專注於長期成長。

Let's move to the Q&A portion of our call. Thanks.

讓我們進入電話會議的問答部分。謝謝。

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

（操作員說明）今天您的第一個問題來自摩根大通的 Joe Greff。

Obviously, the premium mass had significant sequential growth and exceeded the base mass. I was just hoping -- can you talk about the progression of base mass recovery throughout the fourth quarter? And then clearly, what we're seeing out of information for the Macao market as a whole, in January month-to-date is nice overall mass growth pickup. And as you said before, Rob, the growth keeps coming. I was hoping if you can talk about sort of the relative performance of base mass in January and if we're seeing this hopefully anticipated pickup in that segment?

顯然，優質品質有顯著的環比增長並超過了基礎品質。我只是希望——你能談談整個第四季基礎品質恢復的進展嗎？很明顯，我們從 1 月至今澳門市場的整體訊息中看到的是整體大規模成長的回升。正如你之前所說，羅布，成長不斷到來。我希望您能談談 1 月份基礎品質的相對錶現，以及我們是否看到該細分市場有望出現預期的回升？

Thanks, Joe. As you know, we don't comment on the current quarter. The numbers speak for themselves so the market appreciation in January thus far has been published, a very encouraging, doesn't it? A continuation of December. As for our performance in Q4, I'll turn to Grant to talk about the acceleration of base and premium mass. Grant?

謝謝，喬。如您所知，我們不對當前季度發表評論。這些數字不言自明，因此一月份迄今為止的市場升值情況已經公佈，這是非常令人鼓舞的，不是嗎？十二月的延續。至於我們在第四季的表現，我將請格蘭特談談基礎品質和優質品質的加速。授予？

Yes, Rob. Thank you.

是的，羅布。謝謝。

Yes, Joe, the segment differential growth in the fourth quarter, we had 13% growth in premium mass and 8% growth sequentially on base mass. So I think base mass was progressing nicely through the quarter. It's just that premium mass had a great performance that exceeded that. If you look at the visitation trends during the fourth quarter, Macao actually recovered to almost 90% of 2019 levels on visitations. So I think the base mass is continuously progressing and building up. Transportation infrastructure has been improving. I think the demand to come, I think the desire to take advantage of the non-gaming events that have been coming on stream across our properties, but across the whole industry, have been very effective. So I think you should expect that growth pattern to continue.

是的，喬，第四季度的細分市場差異增長，我們的優質品質增長了 13%，基礎品質環比增長了 8%。所以我認為本季的基礎品質進展良好。只是優質品質的出色性能超出了這一點。如果你看看第四季的遊客量趨勢，澳門的遊客量實際上恢復到了2019年近90%的水平。所以我認為基礎群眾正在不斷進步和建立。交通基礎設施不斷完善。我認為未來的需求，我認為利用我們旗下乃至整個行業不斷湧現的非博彩活動的願望是非常有效的。所以我認為你應該期望這種成長模式會持續下去。

Grant say also -- Grant why I ask is it fair to say transportation and Visa, the whole lubricant that supplies the market into Macao is getting better year after COVID. It seems to me as if the ability to get the desire is there, but also the ability, it is improving daily. Is that fair to say?

格蘭特還說——格蘭特為什麼我要問，在新冠疫情發生後的一年裡，交通和維薩、向澳門供應市場的整個潤滑劑都在變得更好，這樣說公平嗎？在我看來，實現願望的能力是存在的，而且能力也每天都在進步。這麼說公平嗎？

Yes. The ability to get there has been improving, but the desirability of the destination is even clearer. You can see that the domestic flight to mainland key Greater Bay Area airports has all but fully recovered. And if you look at our ferry statistics, passengers that we carried in the fourth quarter recovered to 93% of pre-COVID, but only 52% of our sailing capacity. So clearly, people are enthusiastic about coming even though the transportation capacity is still recovering. And that's also clear, very gratifyingly the overseas, the foreign visitation recovered dramatically in fourth quarter, especially from Southeast Asia, and that's great to see from Macao. And that's despite the direct flights from foreign countries into Macao haven't recovered even by, I think, 60% in the fourth quarter versus pre-COVID. But the visitation now is getting back up to 80%, 90% of what it was before despite the flight connectivity still catching up.

是的。到達目的地的能力一直在提高，但目的地的願望更加清晰。可以看到，飛往內地大灣區主要機場的國內航班已基本恢復。如果你看我們的渡輪統計數據，我們第四季的載客量恢復到了疫情前的 93%，但運力只恢復到了 52%。可見，儘管交通運輸能力仍在恢復中，人們仍熱情地前來。這也是很明顯的，非常令人欣慰的是，海外遊客量在第四季度大幅恢復，特別是來自東南亞的遊客量，從澳門看到這一點真是太好了。儘管從外國飛往澳門的直航航班在第四季度與新冠疫情爆發前相比還沒有恢復 60%。但現在，儘管航班連通性仍在趕上，但訪問量已恢復到先前的 80%、90%。

Great. And then my follow-up...

偉大的。然後我的後續...

Joe, before the follow-up, one thing important to note also, it's been a while since we talked about this, but we actually have capacity to absorb base mass business as it continues to come into the market. So when you think about the property portfolio that we have, the investment that we've made in terms of amenities, the tourism attraction for the base mass customer, the ability to service that customer in terms of food and beverage, shopping, entertainment, but also the fact that we have the capacity as that market continues to grow, we'll be the beneficiary of that. And it's important to note because the market is not at capacity yet. So as more visitors come in in this base mass segment, we'll have the ability to absorb it.

喬，在後續行動之前，還需要注意一件事，我們已經有一段時間沒有討論過這個問題了，但我們實際上有能力吸收基礎大眾業務，因為它繼續進入市場。因此，當你考慮我們擁有的房地產投資組合、我們在設施方面的投資、對基礎大眾客戶的旅遊吸引力、在餐飲、購物、娛樂方面為客戶提供服務的能力時，而且事實上，隨著市場的持續成長，我們有能力，我們將成為受益者。值得注意的是，市場尚未達到飽和狀態。因此，隨著更多的訪客進入這個基礎群體，我們將有能力吸收它。

Sorry, what's your next question?

抱歉，您的下一個問題是什麼？

My next question is for you, Patrick. Obviously, it's nice to see $0.5 billion of buyback activity this past quarter. Do you view that as a sustainable level unless there's some huge volatility in the share price level?

我的下一個問題是問你的，派崔克。顯然，很高興看到上個季度發生了 5 億美元的回購活動。您是否認為這是一個可持續的水平，除非股價水平出現巨大波動？

I think there was -- I think there was some activity during the quarter, and to be fair, I think we looked at the share price levels as an opportunity. When we think about our future capital return, as we said before, we kind of expect our share repurchase will be more heavily weighted into events. And so I think we fundamentally believe in the long-term value of share repurchases, the benefit of the compounding, the benefit of the share shrink, trigging that denominator.

我認為本季有一些活動，公平地說，我認為我們將股價水準視為一個機會。當我們考慮未來的資本回報時，正如我們之前所說，我們預計我們的股票回購將更加重視事件。因此，我認為我們從根本上相信股票回購的長期價值、複利的好處、股票縮水的好處，從而觸發分母。

In terms of amount, I think we'll be measured across time. If you sort of look at our balance sheet, you look at the free cash flow we generate, we're going to look to be aggressive when we can. And I think we're going to run a program where we look to acquire shares consistently over time. But I think -- I don't know that we'll necessarily buy the same amount that we bought in this quarter going forward every quarter.

就數量而言，我認為我們將隨著時間的推移進行衡量。如果你看看我們的資產負債表，看看我們產生的自由現金流，我們就會盡可能地採取激進的態度。我認為我們將實施一個計劃，希望隨著時間的推移持續收購股票。但我認為，我不知道我們是否一定會在每季購買與本季相同的數量。

Okay. And then one final thing, congratulations, Grant, on your promotion. That's all for me.

好的。最後一件事，恭喜你，格蘭特，你晉升了。這就是我的全部。

Thank you, Greff.

謝謝你，格雷夫。

Your next question is coming from Stephen Grambling from Morgan Stanley. Please go ahead.

您的下一個問題來自摩根士丹利的史蒂芬‧格蘭布林（Stephen Grambling）。請繼續。

Sorry, can you hear me?

抱歉，你聽得到我說話嗎？

Yes.

是的。

Yes.

是的。

Sorry about that. So you may have touched on this a little bit, but as we think about the renovations coming up for the remainder of Sands Cotai Central/Londoner. Can you just maybe help contextualize how that will compare to the first renovation, both in terms of disruption and then contribution?

對於那個很抱歉。因此，您可能已經觸及了這一點，但當我們考慮金沙城中心/倫敦人的其餘部分即將進行的翻修工程時。您能否幫助說明與第一次改造相比，無論是在破壞方面還是在貢獻方面？

Yes. I think we'll turn over to Grant for that comment. Grant, Londoner?

是的。我想我們會請格蘭特徵求意見。格蘭特，倫敦人？

Sure. Thanks, Rob. Thanks for the question, Steve. I mean, I think we can say in terms of the timeline, we have already commenced the renovation of the Sheraton Hotel, and that will continue through the whole of 2024, and we'll hopefully complete sometime in the first quarter of 2025. And yes, there could be some impact from construction disruption, especially as we go into the second half of the year. And that a little bit depends on when the works are approved to commence on the Sheraton side of the casino floor and also as well as the number of keys that will be our at any given time at the Sheraton.

當然。謝謝，羅布。謝謝你的提問，史蒂夫。我的意思是，我認為我們可以說，就時間表而言，我們已經開始對喜來登酒店進行翻修，並將持續到 2024 年全年，我們希望在 2025 年第一季的某個時間完成。是的，施工中斷可能會產生一些影響，特別是在我們進入今年下半年的時候。這在一定程度上取決於賭場樓層喜來登一側的工程何時獲批開始，以及喜來登在任何特定時間的鑰匙數量。

That said, I think we'll be managing this whole process just as we did in the first phase when we converted the Holiday Inn into The Londoner starting in 2019. So we'll be well used to yielding the rest of the portfolio. As you know, the yields we're getting at the Sheraton side of the building is lower than the rest of the portfolio. So we will be trying to not miss any opportunity to yield the rest of the portfolio whilst the works are going on. And this is something that we've been doing throughout these existing building renovations.

也就是說，我認為我們將像第一階段那樣管理整個過程，即從 2019 年開始將假日酒店轉變為倫敦人酒店。因此，我們將很好地習慣於產生投資組合的其餘部分。如您所知，我們在大樓喜來登一側獲得的收益率低於投資組合的其他部分。因此，在工作進行期間，我們將盡力不錯過任何機會來產出其餘的投資組合。這是我們在現有建築改造過程中一直在做的事情。

Right now, the schedule is still a little bit fluid, just pending some statutory approvals. But at this point, our expectation is the first half will be relative normal and then expect to see some disruption into the second half. But then by 2025, we're going to be in a dramatically elevated and different position in terms of the entire Londoner.

目前，時間表仍然有點不穩定，只是等待一些法定批准。但目前，我們的預期是上半年將相對正常，然後預計下半年會出現一些混亂。但到 2025 年，我們將在整個倫敦人中處於一個顯著提升且不同的位置。

You asked about the Phase I and Phase II contribution. Well, we have done the bulk of the work in the public areas and external facade in the Phase I and the retail mall and one of the two casino floors, but we only touched 1,000 keys out of the 6,000 that we have. So the main difference is that Phase II is going to address the majority of the hotel inventory in terms of renovation and of course, the other main gaming floor that we have on the Sheraton side.

您詢問了第一階段和第二階段的貢獻。嗯，我們已經完成了一期公共區域和外觀以及零售商場和兩個賭場樓層之一的大部分工作，但我們只觸及了 6,000 個鑰匙中的 1,000 個。因此，主要的區別在於，第二階段將在翻新方面解決大部分酒店庫存問題，當然還有喜來登一側的另一個主要遊戲樓層。

Stephen, just to follow on Grant's comments. I understand the market is concerned about London disruption. It's a valid point. However, 2 thoughts for you. One is that I think if the market continues to accelerate like we're seeing through January market numbers, perhaps we can overcome that by using other assets in the portfolio. But secondly, to Grant's comment, I think when you see the eventual transformation of Londoner, it will be a juggernaut on par with the Venetian or beyond. So it gives us 2 assets we think can probably make $3 billion by themselves. And while there's disruption '24, '25 and beyond gives us something that's unique in that market. The #1 and 2 assets are #1 and 1 assets in that market for years to come. So there may be some disruption but maybe market force can overcome that, but I think the end result is well worth the pain.

史蒂芬，我只是想跟進格蘭特的評論。據我了解，市場對倫敦的混亂感到擔憂。這是一個有效的觀點。不過，有兩個想法給你。其中之一是，我認為如果市場繼續加速，就像我們在一月份的市場數據中看到的那樣，也許我們可以透過使用投資組合中的其他資產來克服這個問題。但其次，對於格蘭特的評論，我認為當你看到倫敦人最終的轉變時，它將成為與威尼斯人同等甚至更高的主宰。因此，它為我們提供了兩種資產，我們認為它們本身就可以賺取 30 億美元。雖然「24」、「25」及以後出現了顛覆，但為我們帶來了該市場中獨一無二的東西。未來幾年，排名第一和第二的資產將是該市場排名第一和排名第一的資產。因此，可能會出現一些混亂，但也許市場力量可以克服這一點，但我認為最終結果是值得付出痛苦的。

That's all super helpful. Maybe an unrelated follow-up on Singapore. Looking at least at the visitation data, it seems like it was mixed at best, but yet you're still seeing that market grow sequentially from an EBITDA standpoint, revenue. I guess, what are you seeing from China customers coming back to the market? Any initial reason how we should be thinking about that building into next year?

這一切都非常有幫助。也許是關於新加坡的不相關的後續行動。至少從存取資料來看，似乎充其量是好壞參半，但從 EBITDA 的角度來看，您仍然看到該市場在收入方面連續成長。我想，您對重返市場的中國客戶有何看法？我們該如何考慮明年的建設，有什麼初步原因嗎？

I think I'm happy to give -- go ahead, Rob. Go ahead, Rob.

我想我很樂意給予──繼續吧，羅布。繼續吧，羅布。

Go ahead, Patrick. I'll follow yours. Go ahead.

繼續吧，派崔克。我會跟隨你的。前進。

Yes. So I think the key thing about Singapore is it's really about quality of tourism. So we've been very focused on investment. If you heard us over the last couple of calls and what our investment thesis is, that the higher-quality assets we have, the higher-quality tourism we'll attract, and that's really on full display here. So it's not about quantity. It's not about the full recovery. It's the fact that we're getting very high-value tourists.

是的。所以我認為新加坡的關鍵在於旅遊業的品質。所以我們一直都非常注重投資。如果您在過去的幾次電話會議中聽到了我們的投資主題，那就是我們擁有的更高品質的資產，我們將吸引更高品質的旅遊業，這裡得到了充分的展示。所以這不是數量的問題。這與完全康復無關。事實上，我們正​​在接待非常高價值的遊客。

If you look at Singapore as a market, it's incredibly attractive, right? It has a growing high net worth population. There's a lot of family offices moving there. There's a lot of business activity there. There's political stability. There's strong tourism infrastructure, it's got a strategic location. All of those things are benefiting the Singaporean market overall and helping drive the business that we're in.

如果你將新加坡視為一個市場，它的吸引力非常大，對吧？它的高淨值人口不斷增長。有很多家族辦公室搬到那裡。那裡有很多商業活動。政治穩定。這裡有強大的旅遊基礎設施，地理位置優越。所有這些都使新加坡市場整體受益，並有助於推動我們所處的業務。

And so for us, there's been a ramp from China. That's true. But there's still a lot more to go. It's still, let's call it, 50% on visitor arrivals. You may have heard that at some point, they're going to go visa-free this year. We're hopeful that that actually occurs. Which there's no way to know exactly how that official that it will be, but it can't hurt. But I think the key thing is it's just a very attractive market, but it really -- the results you see in this quarter in a building that was really under construction, didn't have its full suite complement and didn't really have a lot of the amenities that we'll have in halfway through '24 and '25, I think really speaks to the capability of the market and where this building can go. You heard Rob in his remarks about our view of the trajectory of this business, we're very bullish on it. But I think it's really just about high-value tourism. I wouldn't look at the absolute number of visitor arrivals and use it as a determining factor for where the business can go.

因此，對我們來說，來自中國的需求不斷增加。這是真的。但還有很多事情要做。姑且這麼說吧，50% 的遊客數量仍然如此。您可能聽說過，他們今年將免簽。我們希望這確實會發生。雖然沒有辦法確切知道那位官員會如何，但這也沒什麼不好。但我認為關鍵是，這是一個非常有吸引力的市場，但實際上，您在本季度看到的結果是，在一棟真正正在建設中的建築中，沒有全套的配套設施，也沒有真正的配套設施。我們將在 24 年和 25 年中擁有很多便利設施，我認為這確實說明了市場的能力以及這座建築的發展方向。你聽到 Rob 在他的評論中談到了我們對這項業務發展軌蹟的看法，我們非常看好它。但我認為這其實只是高價值的旅遊業。我不會查看遊客到達的絕對數量並將其用作業務發展方向的決定因素。

I think Patrick's comments are spot on, Steve. We have limited -- we have capacity constrained building in MBS. Unfortunately, we only have so many rooms suites. Wish we got 10x as much, but we don't. So the mass market tourism is as important to us as the right tourists in the market. We look at this asset as a $2 billion asset today annualized EBITDA, but we believe it can grow 10% to 20% over the next 3 to 4 years. And then hopefully, we can finalize our plans with the government once the government blesses another building, we believe that that could open later this year and make us a $3 billion projected EBITDA by end of decade in Singapore.

我認為帕特里克的評論是正確的，史蒂夫。我們的 MBS 建置能力有限。不幸的是，我們只有這麼多房間套房。希望我們能得到 10 倍的收益，但我們沒有。因此，大眾市場旅遊對我們來說與市場上合適的遊客一樣重要。我們將該資產視為目前年化 EBITDA 為 20 億美元的資產，但我們相信它在未來 3 到 4 年內可以成長 10% 到 20%。然後希望，一旦政府祝福另一座建築，我們就可以與政府敲定我們的計劃，我們相信該建築可能會在今年晚些時候開放，並在十年末使我們在新加坡的預計 EBITDA 達到 30 億美元。

So we see ourselves now at $2 billion, going to $2.2 billion, $2.3 billion, $2.4 billion and eventually stepping up to $3 billion. We see huge growth in this asset. It's just beginning. We got obviously hampered by COVID, but to watch it growing is growing. Our only disappointment for Singapore is it just don't have more space because it's a very desirable market and that building probably the most valuable inn, hotel building ever built in the world and will just accelerate in the next 3 to 4, 5 years until hopefully, we can tell you with finality, we have a deal in Phase II.

因此，我們現在的目標是 20 億美元，然後是 22 億美元、23 億美元、24 億美元，最終達到 30 億美元。我們看到這項資產的巨大成長。這才剛開始。我們顯然受到了新冠疫情的阻礙，但我們看到它的成長正在成長。我們對新加坡唯一的失望是它沒有更多的空間，因為這是一個非常理想的市場，而且建造可能是世界上最有價值的旅館、酒店建築，並且將在未來3 到4、5 年內加速建設，直到希望我們能最終告訴你，我們在第二階段達成協議。

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。

Rob, you touched on it a little bit just there, but I was wondering, obviously, there's a ton of moving parts with COVID and everything else, but $1 billion in Phase 1 at Marina Bay Sands. Returns on that product look to be very favorable, $750 million over 2024 and into 2025. I was wondering how you think about returns there? And then to your point there at the end of your last comments, when do you expect to kind of have an update around the timing and perhaps the spend on the larger scale projects there?

羅布，你剛才提到了一點，但我想知道，顯然，有大量與新冠病毒和其他因素有關的變動因素，但濱海灣金沙第一階段的投資額為 10 億美元。該產品的回報看起來非常有利，從 2024 年到 2025 年將達到 7.5 億美元。我想知道您如何看待那裡的回報？然後，就您上次評論末尾的觀點而言，您預計什麼時候能夠更新有關大型專案的時間表以及支出的資訊？

I'll just reiterate how much we believe in Singapore as a market. My comments about $3 billion, we actually believe retainable when we open this new building late in the decade. As for the update, Patrick's been right in the middle of that. So Patrick, please take it away in terms of Phase II Singapore.

我只想重申我們對新加坡這個市場的信心。我對 30 億美元的評論，我們實際上相信，當我們在本世紀末啟用這座新建築時，它是可以保留的。至於更新，帕特里克正處於其中。所以派崔克，請把它拿走新加坡第二階段。

Yes. I think it's an interesting comment. I think the key thing for us is that we are an investment-driven story, right? So the more we invest in high-quality assets, the better service levels we have. The more we're going to have pricing, the more we're going to differentiate our product, the more we're going to have high-value tourists and the more our EBITDA and margins will grow. And so you're seeing that happen real time in Singapore.

是的。我認為這是一個有趣的評論。我認為對我們來說最關鍵的是我們是一個由投資驅動的故事，對吧？因此，我們對優質資產的投資越多，我們的服務水準就越高。我們的定價越多，我們的產品差異化就越大，高價值遊客就越多，我們的 EBITDA 和利潤率就會成長越多。所以你會看到這在新加坡實時發生。

And so for us, I think we'll finish the third tower by Chinese New Year next year, that $750 million will go in. We'll saw some amenities that have to be done across parts of '25, but by the mid part of '25, we're basically going to have what is, in effect, a brand-new building. It's going to be fully renovated, and you'll get to see the full power of the suite product on the rolling side. You get to see the power of the premium mass and all the amenities that we have, the shopping, the entertainment, all the things that we're adding in terms of our premium mass lifestyle program that you can't get any place else. These are all very positive things and the quality of these amenities, base customers want to be repeat visitors. And so for us, these investments will drive very high returns. That's the reason why we were willing to do and that reason why the board was supportive.

因此，對我們來說，我認為我們將在明年農曆新年之前完成第三座塔樓，這將投入 7.5 億美元。我們將看到一些必須在 25 年中期完成的便利設施，但到了中期到了25 年，我們基本上將擁有一座實際上是全新的建築。它將進行全面翻新，您將在滾動的一面看到套件產品的全部功能。您可以看到優質大眾的力量以及我們擁有的所有便利設施、購物、娛樂以及我們在優質大眾生活方式計劃中添加的所有東西，這些是您在其他地方無法獲得的。這些都是非常積極的事情，並且這些設施的質量，基礎客戶希望成為回頭客。因此對我們來說，這些投資將帶來非常高的回報。這就是我們願意這麼做的原因，也是董事會支持的原因。

You can see the trajectory of EBITDA now, we're not even done. So we think Tower 3 will be very accretive in terms of investment. You heard the numbers Rob just mentioned. We're very confident in those numbers. We feel very strongly that that's where we should be going.

你現在可以看到 EBITDA 的軌跡，我們甚至還沒完成。因此我們認為 3 號塔樓在投資方面將非常增值。你聽到了羅布剛才提到的數字。我們對這些數字非常有信心。我們強烈地認為這就是我們應該去的地方。

And then in terms of the next building, IR2, we've been in very close discussions with the government over many months. There's a lot of moving parts here, a lot of things we have to satisfy. This is a project of national significance. We want to make sure that everyone is comfortable with it and that we get all the proper approvals, and we're hoping in the next quarter or 2 that we'll get everything done. We've been making good progress. We've been visiting Singapore, and we feel very confident where we are. And hopefully, we'll be able to get all the green lights we need and we'll be able to get going soon.

然後，就下一棟大樓 IR2 而言，我們與政府進行了數月的密切討論。這裡有很多變化的部分，很多我們必須滿足的事情。這是一項具有國家意義的工程。我們希望確保每個人都對此感到滿意，並且我們獲得所有適當的批准，我們希望在下一兩個季度我們能完成所有工作。我們一直在取得良好進展。我們一直在訪問新加坡，我們對自己所處的位置非常有信心。希望我們能夠獲得所需的所有綠燈，並且能夠很快開始工作。

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

你們的下一個問題來自美國銀行的肖恩凱利。

I wanted to offer my congrats to Grant on the promotion as well. And maybe speaking of promotions, Grant or whoever, if you could comment a little bit just on the promotional environment. I mean, I think this is a big question or theme that came out of the quarter last quarter and just sort of what you're seeing, particularly at the upper end of the premium mass segment right now? And in general, our premium mass market margins consistent with your pre-COVID expected ranges? Or are they still a little bit below that? And what would it take for them to recover?

我也想祝賀格蘭特晉升。也許談到促銷，格蘭特或其他人，如果你能對促銷環境發表一點評論的話。我的意思是，我認為這是上個季度出現的一個大問題或主題，這正是您所看到的，特別是目前高端大眾市場的高端？總的來說，我們的優質大眾市場利潤率與您在新冠疫情之前的預期範圍一致嗎？或者它們仍然低於這個數字嗎？他們需要什麼才能康復？

Grant?

授予？

Shaun that was good, thank you. I think if you look at the competitive landscape, of course, it is very intense at the premium mass segment. But if you look at also at our margin structure, I think the way we've driven our business is no different from before, which is to really drive and elevate the product and to drive the content and the events that we put on across a whole range of sectors to attract visitors and patrons.

肖恩 很好，謝謝。我認為，如果你看看競爭格局，當然，高端大眾市場的競爭非常激烈。但如果你也看看我們的利潤結構，我認為我們推動業務的方式與以前沒有什麼不同，那就是真正推動和提升產品，推動我們在整個市場上舉辦的內容和活動。各個領域吸引遊客和顧客。

And I do think that back to Patrick's opening comment, if you look at that margin progression, underlying margin grew another 100 basis points. We actually saw a good improvement in our mass margin sequentially. So we are dealing with the competitive market as any competitor does. It is intense but we believe strongly that in the end, product wins and Londoner and Grand Suites at Four Seasons are true living evolving testaments of that argument, that good product wins. And there are going to be fluctuations in the competitive intensity in particular segments at different points in time, but to have a sustainable competitive advantage and sustainable profitable growth, product and service and the content we put into the resort calendar are still going to trump everything else.

我確實認為，回到派崔克的開場白，如果你看看利潤率的進展，基本利潤率又成長了 100 個基點。實際上，我們的品質利潤率連續有了很大的改善。因此，我們正在像任何競爭對手一樣應對競爭激烈的市場。這是激烈的，但我們堅信，最終，產品獲勝，以及四季酒店的倫敦人和豪華套房是這一論點的真實活生生的不斷發展的證明，即好的產品獲勝。不同時間點特定細分市場的競爭強度會出現波動，但為了擁有可持續的競爭優勢和可持續的盈利增長，產品和服務以及我們投入度假村日曆的內容仍然會壓倒一切。別的。

And you can see that through what we've done at The Londoner is already at a run rate of close to $800 million as it was exiting the year. And you can see that the way this is going, we will end up with a margin structure as we already are in Q4 back to the same level as we were in 2019. And then as the revenues continues to grow, you should logically expect that margin to continue to improve and therefore, exceed where we were in 2019.

你可以看到，透過我們在《倫敦人》所做的工作，今年結束時的運行率已經接近 8 億美元。你可以看到，按照這種情況發展，我們最終的利潤率結構將回到 2019 年第四季度的水平。然後，隨著收入持續增長，你應該合理地預期利潤率將繼續改善，從而超過2019年的水平。

Shaun, can I just follow up on Grant's comments. My experience has always been the same. Regardless of the market, great buildings and great experiences always prevail. We have those in Macao. If you look at our EBITDA in Q3, I believe our EBITDA exceeded our next 2 contenders combined, which is quite a statement to the power of our buildings. There will be promotional issues occasionally here and there, so in the end, we have a structural advantage, which can't be undermined. We have more capacity for lodging, food and beverage, retail entertainment and gaming capacity and (inaudible) by a bunch, and that will enable us to avail both a margin and EBITDA basis. And so yes, there will be occasionally a promotional issue here and there, but it really shouldn't concern you as far as our business. Our margins remain intact, and our dominance remain intact in all segments in Macao.

肖恩，我可以跟進格蘭特的評論嗎？我的經驗一直都是一樣的。無論市場如何，偉大的建築和偉大的體驗總是佔上風。我們在澳門有。如果你看看我們第三季的 EBITDA，我相信我們的 EBITDA 超過了我們接下來的兩個競爭者的總和，這充分說明了我們建築的力量。偶爾也會有促銷問題，所以最終我們有結構性優勢，這是不能被削弱的。我們擁有更多的住宿、餐飲、零售娛樂和遊戲能力（聽不清楚），這將使我們能夠利用利潤和 EBITDA 基礎。因此，是的，偶爾會出現一些促銷問題，但就我們的業務而言，這確實不應該讓您擔心。我們的利潤率保持不變，我們在澳門各領域的主導地位也保持不變。

And then maybe just as a quick follow-up, last quarter, it was mentioned, Grant, I think in one of your comments or one of your responses, a little bit about a bit of an uneven recovery we were seeing coming out of some of the source markets from broader Mainland China as some of the air travel's reopening. Wondering if we're continuing to see that uneven recovery or just any other broader signs of the kind of where the macro situation sits in China? Because so far, and again, seems to be continuing through January, seems like Macao is relatively unaffected there, but I wanted sort of an update on that trajectory, if you could give one.

然後，也許只是作為一個快速的後續行動，上個季度，有人提到，格蘭特，我認為在您的一條評論或您的一條回復中，有一點關於我們看到的一些不平衡的複蘇隨著部分航空旅行的重新開放，來自更廣大的中國大陸的客源市場也隨之增加。想知道我們是否會繼續看到不平衡的復甦，或者是否有其他更廣泛的跡象表明中國的宏觀情況？因為到目前為止，似乎一直持續到一月份，澳門似乎相對沒有受到影響，但我想了解一下這一軌蹟的最新情況，如果你能提供的話。

Sure, Shaun. I think if you look at fourth quarter, it did even out quite a bit. I think if you look at bans visitation from non-Guangdong versus Guangdong flights, they are catching.

當然，肖恩。我認為如果你看看第四季度，你會發現情況相當平淡。我認為，如果你看一下非廣東省和廣東省航班的入境禁令，你會發現他們正在追趕。

[H 20].

[H 20]。

Yes. Thanks, Dan. We're catching up significantly on the recovery rate in non-Guangdong. That said, it is still uneven in the sense that if you look at the breakdown by province, some of the wealthier provinces have recovered way beyond pre-COVID levels of visitations, particularly in the Yangtze River Delta versus even Guangdong, the recovery rate is actually much higher. But overall, I think you can see an evening out in terms of the recovery rate in Guangdong versus non-Guangdong.

是的。謝謝，丹。我們正在顯著追趕非廣東地區的康復率。儘管如此，從某種意義上說，情況仍然不平衡，如果你看一下按省份劃分的情況，一些較富裕的省份的遊客量已經恢復到遠遠超過新冠疫情前的水平，特別是在長三角地區，甚至與廣東省相比，恢復率實際上要高得多。但總體而言，我認為廣東省與非廣東省的康復率相比，可以看到一個晚上的情況。

And then also, I think the fourth quarter, the overseas, the foreign country visitation also started to accelerate and even out as well against the nearby region source markets. So I think you are seeing I think, a progressive improvement across all the source markets.

然後，我認為第四季度，海外、外國遊客也開始加速，甚至與附近地區的客源市場持平。所以我認為你看到了所有客源市場的逐步改善。

I don't know, maybe Wilfred, I don't know, have anything to add on the China side in terms of the economy.

我不知道，也許威爾弗雷德，我不知道，在經濟方面對中國方面有什麼要補充的。

Yes. Shaun, China is still recovering from the tough COVID period. And -- but what is evident is the company's quarterly performance has actually been trending well. We have seen, as Grant alluded to, healthy growth in the number of visitors, especially from the non-Guangdong region. Now one observation is that when long-haul travels of Chinese travelers has not fully recovered, Macao is emerging as a top tourist destination for short-haul travelers from the Chinese Mainland.

是的。肖恩，中國仍在從艱難的新冠疫情時期恢復過來。但顯而易見的是，該公司的季度業績實際上一直表現良好。正如格蘭特所提到的，我們看到遊客數量的健康增長，尤其是來自非廣東地區的遊客數量。現在的一個觀察是，在中國遊客的長途旅行尚未完全恢復的情況下，澳門正在成為中國內地短途遊客的首選旅遊目的地。

Your next question is coming from Chad Beynon from Macquarie.

你們的下一個問題來自麥格理的查德‧貝農 (Chad Beynon)。

I wanted to ask one, just about the retail portfolio. We've been hearing and seeing a little bit of pressure just kind of in the luxury retail space, particularly in Asia based on the numbers that you put out and I guess, the turnover rent that you collected, you're not seeing that. But how are you thinking about the recovery in retail? Are you getting the right customers in there now? And do you think this could continue to improve as visitation and overall spend improves in '25 or '24?

我想問一個關於零售投資組合的問題。我們已經聽到並看到了奢侈品零售領域的一些壓力，特別是在亞洲，根據您公佈的數據，我猜您收取的周轉租金，您沒有看到這一點。但您如何看待零售業的復甦？您現在有合適的客戶嗎？您認為隨著 25 年或 24 年訪問量和整體支出的改善，這種情況會繼續改善嗎？

You look at your deck on, I think it's Page 28 and 29, it gives you a pretty good look at our retail portfolio in Asia and be blunt about it, how it could be in half of these numbers, almost $3,000 a foot and a 600,000-foot more at MBS. Venetian almost $2,000 at with 800,000 feet of course, $9,200 a foot at the Four Seasons luxury and a mere 40 [tons] a foot on the non-luxury, so the answer is we are seeing our retail portfolio that's approaching $700 million of contribution and growing.

你看一下你的甲板，我認為是第28 和29 頁，它讓你很好地了解了我們在亞洲的零售投資組合，並且直言不諱地說，它怎麼可能是這些數字的一半，幾乎每英尺3,000 美元， MBS 還高出 600,000 英尺。當然，威尼斯人的 800,000 英尺高度幾乎為 2,000 美元，四季豪華酒店每英尺 9,200 美元，非豪華酒店每英尺僅為 40 噸，所以答案是我們看到我們的零售投資組合的貢獻接近 7 億美元，生長。

Of course, there's discussions out the (inaudible) a slowdown globally. But it looks to me that I spoke to David Sylvester, our retail expert. It feels like we continue to see opportunity to remerchandise and get better and better at the retail segment. We still believe that retail is a long way to go. Our buildings are a little different than other retail and that we attract a higher value customer both in Macao and Singapore as you reference the lack of supply in Singapore. So I think that mall just keeps appreciating and we keep re-merchandising it to be more effective every day, more luxurious, more upscale.

當然，人們正在討論（聽不清楚）全球經濟放緩。但在我看來，我與我們的零售專家大衛·西爾維斯特進行了交談。感覺我們繼續看到重新銷售的機會，並在零售領域變得越來越好。我們仍然相信零售業還有很長的路要走。我們的建築與其他零售店略有不同，我們在澳門和新加坡都吸引了更高價值的客戶，正如您所提到的新加坡供應不足。所以我認為商場一直在升值，我們不斷地重新推銷它，讓它每天變得更有效、更豪華、更高檔。

In Macao, we've got our work cut out for us in some of our buildings, not there yet in the Parisian. There's some work to be done, but I don't have to argue with these kind of results, $677 million of contribution, and it just keeps accelerating. It compares very favorably with 2019. So we feel very bullish about our retail prospects. And again, it takes work. David Sylvester constantly remerchandises, rethinks and reassesses the portfolio. He's got a lot of work to do. But the numbers, I think, are stellar and I think will continue to be stellar for years to come.

在澳門，我們已經在一些建築中完成了工作，但巴黎人還沒有。雖然還有一些工作要做，但我不用對這樣的結果爭論，6.77 億美元的捐款，而且還在加速。與 2019 年相比非常有利。所以我們對我們的零售前景非常樂觀。再說一次，這需要工作。 David Sylvester 不斷重新推銷、重新思考和重新評估產品組合。他有很多工作要做。但我認為這些數字非常出色，而且我認為未來幾年仍將保持出色。

Makes sense. And then just in terms of the hold, understanding that it's kind of random here in terms of luck or unlucky. Has there been any difference in terms of game play or you talked about kind of the recovery from the Chinese consumer. And I'm speaking of Singapore, but hold has been high now for 3 quarters. So is there anything that could kind of lead to maybe an elevated hold in that market in the near term? Or should we expect kind of the reversion to the mean that we've seen in prior quarters and years?

說得通。然後就持有而言，要理解這裡的幸運或不幸是隨機的。遊戲玩法方面有什麼不同嗎？或者您談到了中國消費者的復甦。我說的是新加坡，但持有率已經連續三季維持在高位。那麼，是否有任何因素可能會導致短期內該市場的持有量增加呢？或者我們應該預期會回歸到前幾季和前幾年的平均值？

I think it's safe to say this business always runs on mathematics. The mathematics prevail, and I wouldn't take 3 quarters as an ongoing trend forever. There'll be a dark day in Singapore, we'll miss by $70 million because we take the highest volume players in the world, people who bet lots of money. And some days, it goes with you and someday it doesn't. This quarter, obviously, in Singapore went with us. But I would caution you, I don't think that the betters are changing. In fact, if anything, there's more of them, more affluence coming out of Asia, and we're fortunate enough to have the capacity to handle all of it. But I don't think you can point to a change in betting patterns in either jurisdiction that would elevate or hurt the whole percentage. It will be revert to mean always. And Macao will come back next quarter probably and do $70 million higher and Singapore may have a bad quarter.

我認為可以肯定地說，這個行業始終依賴數學。數學佔上風，我不會將三個季度視為永遠持續的趨勢。新加坡將迎來黑暗的一天，我們將損失 7000 萬美元，因為我們吸引了世界上投注量最大的玩家，即下注大量資金的玩家。有些時候，它會伴隨你，但有一天卻不會。顯然，這個季度新加坡的表現與我們一致。但我要提醒你，我不認為有更好的人正在改變。事實上，如果有什麼不同的話，那就是亞洲有更多的人、更多的富裕人士，而且我們很幸運有能力處理這一切。但我認為你不能指出任一司法管轄區投注模式的變化會提高或損害整個百分比。它將恢復為“始終”的意思。澳門可能會在下個季度捲土重來，並上漲 7000 萬美元，而新加坡可能會經歷一個糟糕的季度。

Grant, do you have any comment on that? That's how I see it.

格蘭特，你對此有何評論？我就是這麼看的。

That's exactly right, Rob. And people have relatively short memories. But in the fourth quarter of 2022, there was like $100 million plus adjustment on the downward impact from low hold at Marina Bay Sands. So I think 1 or 2, 3, 4, even 5 quarters is actually a relatively short period of time and sample size for you not to get potentially very random results that deviate from the expected normal hold. But I think it's fair to say, yes, the mathematics always prevail. And given the scale of our business, over time over 1 year, 2 years, we should stay very much within the expected range. As you saw in Macao as well, we had the first 3 quarters holding significantly above the expected mean hold and then fourth quarter reversed. And for the whole year, we end up at about 3.3%, which is exactly where we expect it to be.

完全正確，羅布。而且人的記憶力相對較短。但在 2022 年第四季度，濱海灣金沙的低持股帶來的下行影響加上約 1 億美元的調整。因此，我認為 1 或 2、3、4、甚至 5 個季度實際上是一個相對較短的時間段和样本量，這樣您就不會得到偏離預期正常持有的潛在非常隨機的結果。但我認為可以公平地說，是的，數學總是佔上風。考慮到我們的業務規模，經過一年、兩年的時間，我們應該會保持在預期範圍內。正如您在澳門看到的那樣，我們前三個季度的表現明顯高於預期平均水平，然後在第四季度出現逆轉。全年的成長率約為 3.3%，這正是我們的預期。

And Chad, going back yes, just for fun, going back, I don't know, maybe 8, 10 years ago, we had a horrific number of quarters in a row due to a few players, I think, was Indonesia or Malaysia and we lost obscene amounts of money quarter after quarter to them. And some people on our board were concerned as they want to be sure. And we talk -- we looked at everything, and we're very comfortable. And there is a belief there for a while that these people were magical and couldn't be beaten and they lost back their entire winnings and then some. It always goes that way. I don't think you can ever get too emotional about this quarter, it's very interesting to see the Macao miss and the Singapore overachieving. But in the end, the games stay consistent, pairs and ties versus straight bets do matter. But the Asian gambler is special. And he or she shows up consistently and they're great customers. I wouldn't let the success of a few quarters change your views on the mathematics of bet luck. We don't. So thank you.

查德，回去是的，只是為了好玩，回去，我不知道，也許 8、10 年前，我們連續幾個季度的表現很糟糕，我認為是印度尼西亞或馬來西亞的一些球員我們一個季度又一個季度地向他們損失了巨額資金。我們董事會的一些人很擔心，因為他們想確定這一點。我們交談——我們審視了一切，我們感到非常舒服。有一段時間，人們相信這些人很神奇，無法被擊敗，他們輸掉了全部獎金，然後又輸掉了一些。事情總是這樣。我認為你不能對這個季度過於情緒化，看到澳門隊失利而新加坡隊取得優異成績是非常有趣的。但最終，比賽保持一致，對子和平局與單注確實很重要。但亞洲賭徒很特別。他或她始終如一地出現，他們是很棒的客戶。我不會讓幾個季度的成功改變你對投注運氣數學的看法。我們不這樣做。所以謝謝。

Your next question is coming from Robin Farley from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的羅賓法利 (Robin Farley)。

Great. Two questions, if I could squeeze it in. One is just any comments on Chinese New Year upcoming anything with trends approaching that? And then totally unrelated, just your latest expectations for timing of a decision in New York.

偉大的。有兩個問題，我能否插話一下。一個是對即將到來的農曆新年有何評論，有什麼趨勢接近這一點嗎？然後完全無關，只是你對紐約做出決定的時間的最新期望。

I'll take New York first, Robin. The governor, Governor Hochul, I think it was this week commented on making -- seeing something happen this year. I hope that's true. We're -- as you know, our -- we've been working in New York for quite a long time. And we think we have a very compelling bid. But we don't have any great insight if that will happen. We sure hope the governor is correct. And either way, win or lose, we'll get a decision calendar year '24. That's our hope. But I think it'd be silly to tell you if any insight beyond the governor's comments. I think we just -- we worked very hard on this project. We believe we have a really good chance of getting one, but I don't give you -- I couldn't give you any guidance beyond that.

我會先選擇紐約，羅賓。我認為州長 Hochul 本週發表了評論，希望看到今年發生一些事情。我希望這是真的。正如你所知，我們在紐約工作了很長一段時間。我們認為我們的出價非常引人注目。但我們對這種情況是否會發生沒有任何深入的了解。我們當然希望州長是對的。不管怎樣，無論輸贏，我們都會在 24 年做出決定。這就是我們的希望。但我認為告訴你除了州長的評論之外還有什麼見解是愚蠢的。我認為我們在這個項目上非常努力。我們相信我們確實有很好的機會得到一個，但我不會給你——除此之外我無法給你任何指導。

Grant, Chinese New Year. Do you think he'll be any there for that? Will the year of the dragon bring anybody to the building, I hope?

格蘭特，中國新年。你認為他會出席嗎？我希望龍年會有人來到這棟大樓嗎？

Well, Robin, I mean, we can't really comment on -- the current quarter and obviously, booking windows are short here. But I think you can see from the December holidays in these peak holiday periods, even though the end of December is not a big China holiday. It is in Hong Kong and some other parts of the region. But the ramp-up in demand during those peak periods was tremendous. So hopefully, that will be replicated through into this Chinese New Year as well. So there is a lot of optimism and expectations that this will be a strong one, yes.

好吧，羅賓，我的意思是，我們無法真正評論當前季度，顯然，這裡的預訂窗口很短。但我想你可以從12月的假期中看到這些假期高峰期，儘管12月底並不是中國的一個大假期。它位於香港和該地區的其他一些地方。但在高峰期，需求的成長是巨大的。希望這也能延續到今年的農曆新年。因此，人們對這將是一場強烈的樂觀情緒和期望，是的。

Robin I do think -- Robin, I think December was really great tell what might happen in Chinese -- December numbers that closed were just terrific. And again, you see the market numbers for January. So we're very hopeful that the Year of Dragon is a huge year for us and for the market.

羅賓 我確實認為——羅賓，我認為 12 月真的很棒，可以告訴我們中國可能會發生什麼——12 月的收盤數據非常棒。您再次看到一月份的市場數據。因此，我們非常希望龍年對我們和市場來說都是重要的一年。

Great. And Grant, congratulations on the new role. .

偉大的。格蘭特，祝賀你擔任新職務。 。

Thank you, Robin.

謝謝你，羅賓。

Your next question is coming from Brandt Montour from Barclays.

你們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

So in Singapore on the Phase II, I was wondering if you could maybe remind us the total room count exiting the year and then specifically with regards to disruption cadence, what is the quarter-to-quarter and overall year look like in terms of how that will flow through the P&L?

因此，在新加坡的第二階段，我想知道您是否可以提醒我們今年退出的總客房數，然後特別是關於中斷節奏，季度環比和全年的情況如何？將流經損益表？

Pat, do you want to grab that?

帕特，你想抓住它嗎？

Yes. So yes, sure. So I think when we finished the year, we were around 2,200 keys available next year because of the construction in T3, Tower 3, we're going to get down to the mid-1,600 in Q3, it's probably going to be our peak of disruption. But those rooms are smallest right now and really have our lowest yield. So hopefully, the impact will be minimal, and we'll be able to yield because of the compression to higher-value customers. The performance on renovate Sands has been quite good, and you think we'll be able to yield up in the renovated portion of the building. Sorry, what was the rest of your question?

是的。所以是的，當然。所以我認為，當我們今年結束時，由於 T3、3 號塔樓的建設，我們明年大約有 2,200 個可用鑰匙，我們將在第三季度降至 1,600 個鑰匙，這可能會是我們的峰值擾亂。但這些房間目前是最小的，而且產量確實是最低的。因此，希望影響能降到最低，而且我們將能夠透過壓縮高價值客戶而獲得收益。金沙翻新工程的表現相當不錯，您認為我們能夠在建築物的翻新部分有所收穫。抱歉，您剩下的問題是什麼？

And sorry, so then the ending key count when all is said and done with suites and normal rooms?

抱歉，那麼套房和普通房間的最終鑰匙數是多少？

It's mid-1800s.

現在是 1800 年代中期。

Mid-1880s. Perfect. And then as a quick follow-up, just a broader question. We haven't really talked about non-gaming spending. I was just curious if you could give us an update on your efforts on that front and maybe how your outlook has evolved for the return profile as we sort of go into '24 on non-gaming spend?

1880 年代中期。完美的。然後作為快速跟進，提出一個更廣泛的問題。我們還沒有真正討論過非遊戲支出。我只是好奇您能否向我們介紹一下您在這方面所做的努力的最新情況，以及當我們進入“24”非遊戲支出時，您對回報情況的看法如何演變？

When you say non-gaming, can you be more specifically target retail, food and beverage, hotels?

當你說非博彩時，你能更具體地針對零售、餐飲、酒店嗎？

Of course, sorry about that. Yes, with regards to the concession agreements.

當然，對此感到抱歉。是的，關於特許權協議。

Oh, I see. Okay. I'm going to let Grant handle that, but I would say we are a little bit different than the rest of our competitors in terms of we've been spending money aggressing Macao forever for 20 years on entertainment and other things. We believe it's a huge value add. I'll let Grant take the question specifically. But I think, again, it's important to note, we are a different animal than other people in terms of this concession. We welcome it. We've been doing it before the concession mandate. I think it's been very beneficial to our company. Grant?

我懂了。好的。我會讓格蘭特來處理這個問題，但我想說，我們與其他競爭對手有點不同，因為我們 20 年來一直在娛樂和其他方面花錢侵略澳門。我們相信這是一個巨大的附加價值。我將讓格蘭特具體回答這個問題。但我認為，再次強調，就這項讓步而言，我們與其他人是不同的動物。我們對此表示歡迎。我們在特許權授權之前就已經這樣做了。我認為這對我們公司非常有利。授予？

Yes. Thanks for the question. Yes, I think in 2023, we went very intensely on investing across all of the non-gaming categories that we committed to in the concession. As Rob said, many of these categories are categories that we have been investing in and involved in for a very long time. So I think whether you look across entertainment, we had almost 80 shows that we put on during 2023 with some amazing record runs, attendance. Obviously, firstly, with the Jacky Cheung concert in Cotai Arena, and then towards the end of the year, (inaudible) in Hong Kong and had a great 14 show run at The Londoner. So it's probably set a new standard and precedent for many residencies in Macao.

是的。謝謝你的提問。是的，我認為到 2023 年，我們對我們在特許權中承諾的所有非博彩類別進行了非常密集的投資。正如羅布所說，其中許多類別是我們長期以來一直在投資和參與的類別。因此，我認為，無論你縱觀娛樂業，我們在 2023 年期間舉辦了近 80 場演出，播放量和觀眾人數創下了驚人的記錄。顯然，首先是張學友在金光綜藝館舉行的演唱會，然後是年底，（聽不清楚）在香港，並在倫敦人舉辦了一場精彩的 14 場演出。因此，它可能為澳門的許多居住地樹立了新的標準和先例。

And then across other categories in MICE, in art and culture, in themed attractions, in guestronomy. Across the board, we've been investing heavily. I should also give a chance to Wilfred to speak to some of those events and projects that we've been heavily investing in as well. But suffice to say, versus our original forecast for what we would invest in the first year of the 10 years, we greatly exceeded that during 2023. And we're looking to do so again in 2024. Wilfred, I don't know if you want to add to the non-gaming concession and investments we're making.

然後是會獎旅遊、藝術和文化、主題景點、賓客體驗等其他類別。總的來說，我們一直在大力投資。我還應該給威爾弗雷德一個機會來談論我們也大力投資的一些活動和項目。但可以說的是，與我們最初對10 年第一年投資的預測相比，我們在2023 年大大超過了這一預測。我們希望在2024 年再次這樣做。威爾弗雷德，我不知道是否您想增加我們正在進行的非博彩特許權和投資。

Yes. We have, in the past years, been investing heavily in the areas that Grant just described. And by a long way off, we are the leader in the MICE market. So we are still seeing a very strong presence of MICE activities in our properties. For non-gaming, apart from the shows, we've been helping to promote Macao as a destination, not just for gaming. Therefore, we have a lot of art exhibitions, cultural shows that really put us apart from the other competitors.

是的。在過去的幾年裡，我們一直在格蘭特剛才所描述的領域進行大量投資。我們距離 MICE 市場的領導者還有很長的路要走。因此，我們的酒店中仍然存在大量會展旅遊活動。在非博彩方面，除了演出之外，我們一直在幫助宣傳澳門作為一個目的地，而不僅僅是博彩。因此，我們有許多藝術展覽、文化表演，這確實使我們有別於其他競爭對手。

Your next question is coming from David Katz from Jefferies.

您的下一個問題來自 Jefferies 的 David Katz。

I'll ask both on one chat. If I could follow up on the share repurchases, Patrick, not asking about how much or when, but just thinking about how the family stake takes a long-term view on where you'd like to be or how we might think about that evolving over time? And then second, since we last spoke on an earnings call, there's been an awful lot of activity and focus in Texas. And if you could share some of your views and thesis around what the family's activities and how they might relate to the company and shareholders, that would be helpful as well.

我會在一次聊天中詢問兩者。如果我可以跟進股票回購，帕特里克，不要問多少或何時，而只是考慮家族股份如何從長遠角度考慮您想要的目標，或者我們如何考慮這一演變隨著時間的推移？其次，自從我們上次在財報電話會議上發言以來，德州發生了大量的活動和焦點。如果您可以就家族的活動以及它們與公司和股東的關係分享一些您的觀點和論文，這也會有所幫助。

Sure. So I think first off, I think we see value in both equities. So we're very long-term bullish, and from a company standpoint, we're going to continue to be aggressive, as you said before, focusing on investment for growth. You see the success of our capital allocation programs, both in Macao as Grant just described in Singapore in driving growth in high-value tourism, in diversifying our amenities and by creating margin and revenue expansion. So we're very focused on investment for growth.

當然。所以我認為首先，我認為我們看到了這兩種股票的價值。因此，我們非常長期看好，從公司的角度來看，我們將繼續積極進取，正如您之前所說，專注於成長投資。正如格蘭特剛才在新加坡所描述的，我們的資本配置計劃在澳門取得了成功，推動了高價值旅遊業的成長，使我們的設施多樣化，並創造了利潤和收入擴張。因此，我們非常注重成長投資。

That being said, we generate a lot of free cash flow, and we anticipate to generate free cash flow in the future that we'll be able to use to return capital to shareholders. So I think the company will look to be aggressive and measured over time as we return capital share -- through share repurchases to shareholders. I think we've always had a dividend aside from the pandemic. I think we like having a dividend. We think it's helpful for shareholder returns. We think it's an important component of our overall shareholder value strategy. But that being said, we're going to be overweight to share repurchases.

話雖這麼說，我們產生了大量的自由現金流，我們預計將來會產生自由現金流，我們將能夠用它來向股東返還資本。因此，我認為，隨著時間的推移，當我們透過向股東回購股票來返還資本份額時，公司將會顯得積極進取並有所衡量。我認為除了大流行之外，我們一直都有紅利。我認為我們喜歡股息。我們認為這對股東回報有幫助。我們認為這是我們整體股東價值策略的重要組成部分。但話雖這麼說，我們將增持股票回購。

In terms of Texas, I think the most important thing is that Las Vegas Sands is actively trying to facilitate the development of integrated resorts in the State of Texas and through the liberalization of gaming. And so we're very excited about it. We think it's an unbelievable market. Over time, we hope that it happens. I can't tell you when it's going to be, but we're very focused on it as a company, and we like the opportunity to develop some very unique tourism assets, specifically in Dallas. We think that's a great market. We've been very focused on it. And we think the opportunity there would be a great one.

就德克薩斯州而言，我認為最重要的是拉斯維加斯金沙集團正在積極嘗試透過博彩自由化來促進德克薩斯州綜合度假村的發展。所以我們對此感到非常興奮。我們認為這是一個令人難以置信的市場。隨著時間的推移，我們希望這會發生。我不能告訴你什麼時候會發生，但作為一家公司，我們非常關注它，我們希望有機會開發一些非常獨特的旅遊資產，特別是在達拉斯。我們認為這是一個巨大的市場。我們一直非常關注它。我們認為這將是一個很好的機會。

In terms of the family's activities in Texas, I think we like the state. We're very obviously happy with our investment there. We're very excited about it, and we'll look to be part of the business community there. But in terms of OVS, we're very focused on bringing integrated resource to destinate resource, the State of Texas and the development opportunity that would exist there.

就德克薩斯州的家庭活動而言，我認為我們喜歡這個州。顯然我們對在那裡的投資非常滿意。我們對此感到非常興奮，並希望成為那裡商業界的一部分。但就 OVS 而言，我們非常注重將綜合資源帶到目標資源、德克薩斯州以及那裡的發展機會。

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

你們的下一個問題來自富國銀行的 Dan Politzer。

I wanted to follow up on Sands China and as it relates to capital allocation. Your net leverage there, I think, is around 3x at this point. It should be much lower than that as you kind of make your way through 2024. How do you think about the subsidiary there resuming dividend payments up to the parent? And then obviously, your stake went up a little bit through the quarter through those debt repurchase. So maybe does that incentivize some of those dividends coming up sooner than later?

我想跟進金沙中國及其與資本配置相關的情況。我認為，此時您的淨槓桿約為 3 倍。隨著 2024 年的到來，它應該比這個數字低得多。您如何看待那裡的子公司恢復向母公司支付股息？顯然，透過這些債務回購，您的股份在本季有所增加。那麼，這是否會刺激一些遲早發放的股利呢？

If it's okay, I'll take that one. I think the key thing here, as I just mentioned in the prior question, and as Grant mentioned, as Wilford mentioned, we're very committed to investing in the long term in Macao. And so our primary focus is going to be deploying capital there for growth. That being said, we are generating meaningful free cash flow there as we did in this last quarter.

如果可以的話，我就拿走那個。我認為這裡的關鍵是，正如我剛才在上一個問題中提到的，正如格蘭特所提到的，正如威爾福德所提到的，我們非常致力於在澳門進行長期投資。因此，我們的主要重點是在那裡部署資本以實現成長。話雖這麼說，我們正在那裡產生有意義的自由現金流，就像我們在上個季度所做的那樣。

I think what you'll look to see over time is that some of the leverage that we put on the balance sheet during the pandemic will decease. So we have a maturity coming up in '25. We'll look to decease some of that in front of the refinancing. And our goal is really to bring leverage down in terms of quantum, but then also our leverage is going to come in naturally as our EBITDA stands over time, which is our expectation.

我認為隨著時間的推移，你會看到我們在大流行期間施加在資產負債表上的一些槓桿將會減少。所以我們在 25 年即將成熟。我們將考慮在再融資之前解決其中的一些問題。我們的目標實際上是在數量上降低槓桿率，但隨著我們的 EBITDA 隨著時間的推移，我們的槓桿率也會自然發揮作用，這是我們的期望。

So I think once that occurs, we're going to start looking to begin the dividend again at the Sands China level. That's something that's going to be determined by the board there. But I think overall, it's something that we'd like to see. And I think the goal is to begin that dividend in the years ahead. It was a very strong dividend payer in prior years pre-pandemic. And we'd like to become an investment-grade name there, keep that investment-grade rating, invest for the future in terms of scale and scope to grow our business there and then return excess capital through dividends to shareholders there. So that's the plan.

因此，我認為一旦發生這種情況，我們將開始尋求在金沙中國層級再次開始派發股息。這將由那裡的董事會決定。但我認為總的來說，這是我們希望看到的。我認為我們的目標是在未來幾年開始發放股息。在大流行前的前幾年，它是一個非常強大的股息支付者。我們希望成為那裡的投資等級品牌，保持投資級評級，在規模和範圍方面對未來進行投資，以發展我們在那裡的業務，然後透過股息將多餘的資本返還給那裡的股東。這就是計劃。

Got it. And then just for my follow-up, as you think about Macao, we've talked a bit about the margins and the improvement, more or less, it's been about 100 basis points quarter-over-quarter. As you think about kind of the trajectory from here, and I know you're on pace to get back to those 2019 levels, how should we think about maybe the pacing of improvement? And do you think that operating expense structure is really in place at this point, you should benefit from scale here on out?

知道了。然後，就我的後續行動而言，當你想到澳門時，我們已經討論了一些關於利潤率和改善的問題，或多或少，季度環比約為 100 個基點。當你思考從這裡開始的軌跡時，我知道你正在努力回到 2019 年的水平，我們應該如何考慮改進的節奏？您認為目前營運費用結構是否已經真正到位，您應該從現在的規模中受益嗎？

I have one quick comment and I'd like to turn it to Grant. We've mentioned this a few times in the past couple of quarters. I think the story of our margin expansion in Macao is going to be based on revenue growth. As the market continues to recover, as tourism continues to recover, as more high-value tourists come online, they see the types of high-quality offerings we have, they experience the amenities and the entertainment that Grant referenced earlier, we're going to continue to grow and expand our customer base. And that will lead to pricing, that will lead to expansion, that will lead to revenue growth. So from that standpoint, I think our long-term margin view is expansion because of the investment and because of what we just described.

我有一個簡短的評論，我想轉給格蘭特。在過去的幾個季度中，我們多次提到這一點。我認為我們在澳門利潤率擴張的故事將基於收入成長。隨著市場持續復甦，隨著旅遊業持續復甦，隨著更多高價值遊客上網，他們看到我們擁有的高品質產品類型，他們體驗格蘭特之前提到的便利設施和娛樂，我們將繼續發展和擴大我們的客戶群。這將導致定價，這將導致擴張，這將導致收入成長。因此，從這個角度來看，我認為我們的長期利潤率觀點是由於投資和我們剛剛描述的原因而擴大。

But I'll turn it over to Grant to see if he has some additional comments.

但我會將其轉交給格蘭特，看看他是否還有其他意見。

Yes, Patrick, I think you covered it well. I think it's dependent on revenue growth as the market continues to grow, and we will be more than a full participant in that market growth. The margins will have a positive trajectory. I think we obviously have a more efficient and more productive cost structure today than we did in 2018 and 2019. So we will -- we are benefiting from that as revenues grow and you get the operating leverage on the fixed costs. We will continue to do so. And I think it is very much about how revenues grow from here. And as revenues grow, our margins will have further upside.

是的，派崔克，我認為你講得很好。我認為這取決於市場持續成長的收入成長，我們將不僅僅是市場成長的全面參與者。利潤率將呈現正面的軌跡。我認為，我們今天顯然擁有比 2018 年和 2019 年更有效率、更俱生產力的成本結構。因此，隨著收入的增長，我們將從中受益，並且您將獲得固定成本的營運槓桿。我們將繼續這樣做。我認為這很大程度上取決於這裡的收入如何成長。隨著收入的成長，我們的利潤率將進一步上升。

Got it. And congratulations on the promotion Grant.

知道了。並祝賀您晉升格蘭特。

Thank you very much.

非常感謝。

Your next question is coming from George Choi from Citi.

您的下一個問題來自花旗銀行的 George Choi。

My questions were answered earlier, but do have a housekeeping question. Would you please remind us how the turnover rent mechanism works at the Macao properties. Should we expect a normal uptick in the quarter? That is when you guys received a turnover rent?

我的問題之前已得到解答，但確實有一個內務問題。請您介紹一下澳門物業的流動租金機制是如何運作的？我們是否應該預期本季會正常成長？那是你們收到週轉租金的時候嗎？

I'm sorry, George, I think we missed that. Could you repeat yourself? It was unclear there was some difficult -- can you try it again, George, about Macao?

對不起，喬治，我想我們錯過了。你能重複一遍嗎？不清楚是否有一些困難——喬治，你能再試一次嗎，關於澳門的？

Apologies. So I just wonder how the turnover rent mechanism works in the Macao properties. Is it a fourth quarter event? Is that when you receive your turnover rent?

道歉。所以我想知道澳門物業的流動租金機制是如何運作的？這是第四季的活動嗎？那是您收到週轉租金的時間嗎？

Grant, do you want to handle the fourth quarter turnover in retail?

格蘭特，您想處理零售業第四季的營業額嗎？

George, there are leases that are on monthly turnover rents and there are leases that are on annual turnover rents. So historically, what happens is for those annual turnover rent leases, as we get into the third quarter, the end of the third quarter and the fourth quarter, we will obviously be recognizing more of those turnover rents as we hit the annual sales targets. So historically, you should expect seasonally the second half of the retail rental revenues will be higher than the first half.

喬治，有些租賃是按月營業額租金計算的，有些租賃是按年營業額租金計算的。從歷史上看，對於那些年度週轉租金租賃來說，當我們進入第三季、第三季末和第四季時，隨著我們達到年度銷售目標，我們顯然會認識到更多的周轉租金。因此，從歷史上看，您應該預期下半年的零售租金收入將高於上半年。

Before we finalize the call, I want to reach out and recognize the great contributions of Wilfred Wong, who is now Executive Vice Chair. Wilfred has been with us about 8 years and made a great contribution. Wilfred, congratulations on the elevated Executive Vice Chair. Grant Chum, well deserved. We hired Grant many years ago, the big concern was, was he old enough to run the casino at that time. Over the years we've aged him sufficiently. So you now run the casino. Congratulations to you, Grant. Both of you guys have built a terrific team over there. We're very proud and grateful for your efforts and look forward to many more years working together. Thank you for your time today and your interest in our company. And we bid you adieu.

在我們敲定電話會議之前，我想對現任執行副主席王英偉 (Wilfred Wong) 做出的巨大貢獻表示認可。 Wilfred 已經在我們這裡工作了大約 8 年，並做出了巨大的貢獻。威爾弗雷德，恭喜您晉升為執行副主席。格蘭特·楚姆，當之無愧。我們很多年前聘請了格蘭特，最關心的是，他當時的年齡是否足以經營賭場。這些年來我們已經讓他夠老了。所以你現在經營賭場。恭喜你，格蘭特。你們倆在那裡建立了一支出色的團隊。我們對您的努力感到非常自豪和感激，並期待更多年的合作。感謝您今天抽出時間以及對我們公司的興趣。我們向你告別了。

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. 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。感謝您的參與。