拉斯維加斯金沙集團 (LVS) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands second-quarter 2024 earnings 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 2024 年第二季財報電話會議。 （操作員說明）。現在我很高興請金沙集團投資者關係資深副總裁 Daniel Briggs 先生發言。先生，地板是你的了。

Thank you, Matthew. Joining the call today are Rob Goldstein, Patrick Dumont, Dr. Wilfred Wong and 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.

謝謝你，馬修。今天加入電話會議的有 Rob Goldstein、Patrick Dumont、Wilfred Wong 博士和 Grant Chum。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。

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 measure are included in our press release.

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公認會計準則衡量標準的調節。

We've also posted an earnings presentation on our website. We will refer to that presentation during the call. Timing for the Q&A, we ask those of interest to please pose one question and one follow-up. So we might allow everyone within the opportunity to participate. the presentation is being recorded.

我們還在我們的網站上發布了收益演示。我們將在電話會議期間參考該簡報。在問答時間上，我們要求有興趣的人提出一個問題和一個後續行動。所以我們可能會讓每個人都有機會參與。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. Macau market continues to grow. Total gain revenues to the market grew 24% in the second quarter of 2024 when compared to the second quarter of 2023. In addition, mass play revenue grew 29% compared to one year ago. We remain confident in future growth in Macao market.

謝謝丹，謝謝您今天加入我們。澳門市場持續成長。與 2023 年第二季相比，2024 年第二季市場總收益成長了 24%。我們對澳門市場的未來成長充滿信心。

I believe Macao market gross gaming revenue will exceed $30 billion next year and continue to grow year-after-year. Our business strategy is predicated or investing in high quality assets and also have scale. Macao is and always has a deeper competitive market. Our strategic approach has enabled us to compete very effectively.

相信明年澳門市場博彩總收入將突破300億元，並持續逐年成長。我們的業務策略是投資於優質資產並且具有規模。澳門一直以來都有更深入的競爭市場。我們的策略方法使我們能夠非常有效地競爭。

We have designed our capital investment programs to assure that we will continue to be the market leader in the years ahead. Our approach allows us to grow fast from a long term and larger EBITDA and generate industry-leading returns on invested capital.

我們設計了資本投資計劃，以確保我們在未來幾年繼續成為市場領導者。我們的方法使我們能夠從長期和更大的 EBITDA 中快速成長，並產生領先業界的投資資本回報。

Turning to our results in Macao, we delivered solid EBITDA for the quarter, despite material disruption at the [Londoner]. SCL continues to lead the market in gaming and non-gaming revenue and in market share of EBITDA.

談到我們在澳門的業績，儘管[倫敦]受到重大干擾，我們本季仍實現了穩健的 EBITDA。 SCL 在博彩和非博彩收入以及 EBITDA 市場份額方面繼續領先市場。

We will continue, we will capture high-value, high-margin tourism over the long term. We have a unique competitive position in terms of scale, quality and diversity of product offerings. Upon completion of the second phase of the Londoner, our Cotai Arena, our product advantage more pronounced than ever.

我們將繼續，從長遠來看，我們將抓住高價值、高利潤的旅遊業。我們在產品供應的規模、品質和多樣性方面擁有獨特的競爭地位。當倫敦人第二期金光綜藝館完工後，我們的產品優勢比以往任何時候都更加明顯。

Another strong quarter in Singapore despite ongoing disruption from construction. The financial result of data base stand reflect the positive impact of our capital investment program and the growth of high value tours.

儘管建築工程持續中斷，但新加坡的另一個季度表現強勁。資料庫站的財務表現反映了我們的資本投資計劃和高價值旅遊成長的正面影響。

Enrolling FPL Singapore as a destination was enhanced by the robust entertainment and lifestyle event calendars. As we complete the balance of our investment programs, there will be considerable runway for growth.

豐富的娛樂和生活方式活動日曆增強了 FPL 新加坡作為目的地的吸引力。當我們完成投資計畫的平衡時，將會有相當大的成長空間。

Thanks for joining our call. I'll turn it over to Patrick down, and then we'll go to Q&A. Patrick?

感謝您加入我們的通話。我會將其交給帕特里克，然後我們將進行問答。派崔克？

Thanks, Rob. Macau EBITDA was $561 million. We had held as expected, our rolling program. Our EBITDA would have been higher by $4 million. When adjusted for lower than expected hold and the rolling segment, our EBITDA margin from the [Calpine] portfolio properties would have been 32.1% or down 80 basis points when compared to the second quarter of 2023.

謝謝，羅布。澳門 EBITDA 為 5.61 億美元。我們按預期舉行了滾動計劃。我們的 EBITDA 將會增加 400 萬美元。當對低於預期的持有和滾動業務進行調整時，我們 [Calpine] 投資組合物業的 EBITDA 利潤率為 32.1%，與 2023 年第二季度相比下降了 80 個基點。

Context here is important. Our margins at Londoner were directly impacted by the disruption of the Londoner grand renovation. We closed the casino at 1,500 keys out during the quarter. Margin at the Venetian was 38.2%. And we expect margin improvement as the Venetian Cotai Arena comes back online later this year.

這裡的上下文很重要。倫敦人大改造的中斷直接影響了倫敦人的利潤。本季我們關閉了 1,500 個鑰匙的賭場。威尼斯人的利潤率為 38.2%。隨著威尼斯人金光綜藝館今年稍晚重新上線，我們預計利潤率將有所改善。

And as visitation to the market and growth in unrated play in the market both increase in the future. Margin at the Plaza Four Seasons was 40%. We are now deep into our Londoner grand renovation program. We plan to completion of the first tower by year end 2024 and of the second tower by May of 2025.

隨著市場訪問量和市場中未評級遊戲的成長，未來都會增加。四季廣場飯店的利潤率為 40%。我們現在正在深入實施倫敦人的宏偉改造計劃。我們計劃於 2024 年底前完成第一座塔樓的竣工，並於 2025 年 5 月前完成第二座塔樓的竣工。

The Londoner Grand Casino has been closed since May and is scheduled to reopen in December. As these products come online between the end of 2024 and the first half of 2025, our competitive position will be stronger than ever. We expect meaningful EBITDA growth and margin expansion in the future.

倫敦人大賭場自 5 月以來一直關閉，計劃於 12 月重新開放。隨著這些產品在 2024 年底至 2025 年上半年上線，我們的競爭地位將比以往任何時候都更加強大。我們預計未來 EBITDA 會出現有意義的成長，利潤率也會擴大。

Now turning to Singapore. MBS EBITDA came in at $512 million. Our strong results reflect the impact of high quality investments in market-leading product and growth in high-value tourism. Had we held as expected and our role in place segments, EBITDA would have been $64 million low.

現在把目光轉向新加坡。 MBS EBITDA 為 5.12 億美元。我們的強勁業績反映了對市場領先產品的高品質投資和高價值旅遊業成長的影響。如果我們按預期發揮作用並在適當的細分市場中發揮作用，EBITDA 將會低至 6,400 萬美元。

Had we held as expected, our rolling play segment, MBS margin would have been 48% or 220 basis points higher than the second quarter of 2023. While we have substantially completed the original $1 billion refurbishment program at MBS, we are still in the initial stages of realizing the benefits of these new products.

如果我們按預期持有我們的滾動遊戲業務，MBS 的利潤率將比2023 年第二季高出48% 或220 個基點。處於初始階段實現這些新產品優​​勢的階段。

Tower gaming at Marina Bay Sands will be offered for the first time at the property in the third quarter of 2024. The next phase of our capital investment program at Radio based Sands is scheduled to be completed during the second quarter of '25. This will further support growth in 2025 and beyond.

濱海灣金沙酒店將於 2024 年第三季首次提供塔式遊戲。這將進一步支持 2025 年及以後的成長。

Turning to our program to return capital of state to shareholders, we repurchased $400 million of stock during the quarter. We also paid our reoccurring quarterly dividend. We look forward to continuing to utilize the company's capital return program to increase returns to shareholders in the future. Thanks again for joining the call today. Now let's take some questions..

談到我們向股東返還國家資本的計劃，我們在本季回購了 4 億美元的股票。我們也支付了經常性的季度股利。我們期待未來繼續利用公司的資本回報計劃來增加股東的回報。再次感謝您今天加入通話。現在讓我們提出一些問題..

Thank you. Ladies and gentlemen, the floor is now open for questions. (Operator instructions)

謝謝。女士們、先生們，現在可以提問。 （操作員說明）

Joe Greff, JPMorgan.

喬‧格雷夫，摩根大通。

Good afternoon, guys. Like to start off just on Singapore, If we could. I was hoping, can you give us a sense of maybe how players and visitors for geographically, how they're performing? I guess more specifically, are you seeing any kind of slowdown from Mainland Chinese visitation or Mainland Chinese spend into MBS? And was there any more material trend change towards the end of the 2Q versus maybe what you've seen over the last couple of quarters as that's been sort of a growing segment?

下午好，夥計們。如果可以的話，我想從新加坡開始。我希望，你能讓我們了解球員和訪客的地理位置以及他們的表現嗎？我想更具體地說，您是否發現中國大陸的訪問量或中國大陸對 MBS 的支出有任何放緩？與您在過去幾季看到的情況相比，第二季末是否有更多實質趨勢變化，因為這是一個不斷增長的細分市場？

Joe, as you know, in the past calls, we have a diverse customer base in Singapore. We got them all on the region. And certainly China is part of them, but we are all over the place Vietnam, Japan, Korea, Indonesia, Malaysia. So I don't think we saw much different than past year, except where obviously your seasonality is in play in Q2.

喬，如您所知，在過去的電話中，我們在新加坡擁有多元化的客戶群。我們在該地區找到了它們。當然，中國也是其中的一部分，但我們遍布越南、日本、韓國、印尼、馬來西亞。因此，我認為我們看到的情況與去年沒有太大不同，除非第二季度明顯存在季節性因素。

But our business, looking forward, the only thing I would say latest impacted is we keep self-inflicting loans by facing our building. And it's near the end, finally as it feels like after a long time. But despite seasonality, despite the difficulties of construction Tower three, Tower gaming.

但我們的業務，展望未來，我想說的最新受影響的唯一一件事是我們不斷透過面對我們的大樓而自我造成貸款。已經接近尾聲了，就像是過了很長一段時間之後的感覺。但儘管有季節性，儘管建設三塔、塔樓遊戲有困難。

We continue to move forward towards $500-plus million quarters and diversity of business tours is very clear to be really the-- where they're coming from. They're coming everywhere. We have not seen a slowdown in China. We just simply see the same visits in the last couple of quarters, which is solid. There is also (inaudible)during the region.

我們繼續朝著價值 5 億美元以上的季度邁進，商務旅行的多樣性很明顯是它們的真正來源。他們無所不在。我們沒有看到中國經濟放緩。我們只是在過去幾個季度看到了相同的訪問，這是可靠的。該地區也有（聽不清楚）。

So Singapore part is moving forward. I think you'll see a real important transition probably in the early part of Q2 when the building is really full bore complete and tower gaming is intact, all the suites are intact. We're really playing the game with one hand behind our back right now, still delivering $2 plus billion run rate. So we feel very good about our prospects to single, probably the most, not probably, is the most the largest or the EBITDA building in the history of gaming. So it continues to get stronger. We think it's, we said before, we think that our goal is $2.5 billion out of Singapore. I think you'll see it happen in the oncoming years.

所以新加坡部分正在向前推進。我認為您可能會在第二季度初期看到一個真正重要的轉變，屆時建築真正完整，塔式遊戲完好無損，所有套房都完好無損。我們現在確實是在背後用一隻手玩遊戲，但仍然提供 2 億多美元的運行率。因此，我們對我們的前景感到非常滿意，可能是遊戲歷史上最大的，而不是可能是最大的或 EBITDA 建築。所以它繼續變得更強。我們之前說過，我們的目標是從新加坡獲得 25 億美元。我想你會在未來幾年看到它發生。

Great. And then a couple of not really a question about Macau, is Macau self-sufficient or speaks for itself. But Rob, Patrick, maybe can you give us an update on any development opportunities, specifically Thailand and I'm not sure there's much to add to what's going on in New York?

偉大的。還有一些關於澳門的問題，其實不是澳門的問題，澳門是自給自足還是不言而喻。但是羅布、派崔克，也許您能給我們介紹任何發展機會的最新情況，特別是泰國，我不確定紐約正在發生的事情有什麼可以補充的嗎？

So first off, I think the great news is, we're very ready to develop new ground of developments in new jurisdictions. We're very excited about it. Rob, the team, I spend a lot of time looking at opportunities for our company to expand and grow new jurisdictions.

首先，我認為好消息是，我們已經準備好在新的司法管轄區開發新的開發領域。我們對此感到非常興奮。羅布，我的團隊，我花了很多時間為我們公司尋找擴張和發展新司法管轄區的機會。

As you know, we're spending a lot of time in New York. We're spending a lot of time in Texas. We've been looking at Thailand. I think Thailand is a very interesting opportunity. The market there is very strong for different types of tourism. And I think depending on the way it's set up and the opportunity that's there in terms of structure, it could be very interesting for us.

如您所知，我們在紐約度過了很多時間。我們在德克薩斯州度過了很多時間。我們一直在關注泰國。我認為泰國是一個非常有趣的機會。那裡的市場對於不同類型的旅遊都非常強勁。我認為，根據它的設置方式和結構方面的機會，它對我們來說可能非常有趣。

We love the market as a place to source customers. We think the tourism, our quality is quite high. If you go and visit, you'll have a great experience there and we'd love to be part of it. So if Thailand becomes available, we'd be very interested. But I think it's early days yet. I think we've been spending time there along with the rest of our industry, looking to see if we can be helpful to that process and we're waiting and seeing what happens.

我們熱愛市場作為尋找客戶的地方。我們認為旅遊業，我們的品質是相當高的。如果您前往參觀，您將在那裡獲得美好的體驗，我們很樂意參與其中。因此，如果泰國可用，我們會非常感興趣。但我認為現在還為時過早。我認為我們和行業其他公司一起花了時間，看看我們是否可以為這個過程提供幫助，我們正在等待，看看會發生什麼。

Thank you, guys.

感謝你們。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Hey, thanks. I appreciate the comments on the Londoner Grand renovation impacting margins in Macau, but can you get back to 2019 levels in the current environment as that comes through and ramps up? Or do we need to see some change either in growth in the market or the competitive and promotional environment to get back there?

嘿，謝謝。我很欣賞 Londoner Grand 翻新工程影響澳門利潤率的評論，但在當前環境下，隨著利潤率的提高，你能回到 2019 年的水平嗎？或者我們需要看到市場成長或競爭和促銷環境發生一些變化才能回到原來的狀態？

So a couple of things, and I think this is really important to note. Macau market has always been super competitive. From day one, it's been a very competitive market, and we've been very effective in the way that we compete because, we have an investment driven model. So if you go back pre-pandemic, if you were back in 2010, it was a very competitive market.

有幾件事，我認為這一點非常重要。澳門市場一直競爭激烈。從第一天起，這是一個競爭非常激烈的市場，我們的競爭方式非常有效，因為我們有投資驅動的模式。因此，如果你回到大流行之前，如果你回到 2010 年，那是一個競爭非常激烈的市場。

And in fact, I remember when the premium mass segment didn't exist and when it started people, Rob can reference this as well as some other people in the room can as well. When there was no pre-VMF segment, it was really rolling volume and mass play.

事實上，我記得當優質大眾細分市場還不存在時，當它開始出現時，羅布可以參考這一點，房間裡的其他一些人也可以。當沒有 VMF 之前的片段時，它實際上是滾動的音量和大量的播放。

And the market has always evolved over time. But the one thing that's been consistent is that our company has driven success through investment and through leading in non-gaming amenities. And to be fair, innovating on the gaming side as well.

市場總是隨著時間的推移而發展。但始終如一的一件事是，我們公司透過投資和在非博彩設施領域的領先地位推動了成功。公平地說，遊戲方面也有創新。

And so when you look at our performance, if you go to page 14, of the slide deck, you can kind of see what happened in the quarter. So the Venetian Macau, the $262 million of EBITDA in the quarter at a 38.2% margin, and it's missing about half its volume of unrated play. So just with the Arena out, which is also a very, valuable amenity to drive premium mass performance, look at the strength of the performance of The Venetian. Same thing's true in the Plaza. Look at what the Four Seasons at 40% margin $100 million of EBITDA.

因此，當您查看我們的業績時，如果您轉到投影片的第 14 頁，您可以看到本季發生的情況。澳門威尼斯人酒店本季的 EBITDA 為 2.62 億美元，利潤率為 38.2%，並且缺少約一半的未評級遊戲量。因此，隨著競技場的退出，這也是推動優質大眾表演的非常有價值的設施，看看威尼斯人的表演實力。廣場也是如此。看看第四季利潤率為 40% 的 1 億美元 EBITDA。

So when we look at the Londoner, we basically took out an equivalent property like Melco or an equivalent property to Win Palace. We took that capacity out of the market for ourselves to renovated. So for us to put up $50 million in the quarter, to in my mind, this is a great result because we know that we have a limiter in place.

因此，當我們看倫敦人時，我們基本上拿出了像新濠博亞這樣的同等房產或與Win Palace同等的房產。我們把這個容量從市場上拿出來自己翻新。因此，對於我們來說，在本季度投入 5000 萬美元，在我看來，這是一個很好的結果，因為我們知道我們有一個限制。

We're missing one of a significant portion of what is ultimately going to be when the best properties in Macau, if not the best property. And if you look at the success of the Londoner right now, if you look at the win per unit per day on the table side, the Londoner is the second best in our system.

我們錯過了最終成為澳門最好的房產（即使不是最好的房產）的重要部分之一。如果你看看倫敦人現在的成功，如果你看看牌桌上每天每單位的勝利，倫敦人是我們系統中第二好的。

So, you know, in Macau. So when you think about that, the model has been proven and the investment has been validated. Now we're going to open up the better half, hopefully by the end of the year in major part, certainly the limiters are going to come off. So in my mind, this is a very positive investment for us and we'll get to the margins.

所以，你知道，在澳門。因此，當您考慮到這一點時，模型已經得到驗證，投資也已經得到驗證。現在我們將開放下半年，希望在今年年底前大部分時間，限制因素肯定會消失。所以在我看來，這對我們來說是一項非常積極的投資，我們將獲得利潤。

We're already doing it in other properties. It's just a function of renovation because, we're carrying all the costs now associated with the shuttered casino and 1,500 rooms. So the Londoner impact is really one half of it's working, you see the performance, you see the slot win, you see the slot performance win per unit. You see the table win performance. You look at the hotel performance and the non-gaming amenity performance.

我們已經在其他物業中這樣做了。這只是翻修的一個功能，因為我們現在承擔與關閉的賭場和 1,500 個房間相關的所有費用。因此，倫敦人的影響實際上是其工作的一半，你會看到性能，你會看到老虎機獲勝，你會看到每個單位的老虎機性能獲勝。你會看到桌子獲勝的表現。你看看飯店的表現和非遊戲設施的表現。

And then you look at the side that shut and you realize that's the better side, but we're carrying all the costs. The potential of the future is really there. We feel very strong about the potential for the margins to reach where we need to go.

然後你看看關閉的一面，你意識到那是更好的一面，但我們承擔了所有費用。未來的潛力確實存在。我們非常確信利潤率有可能達到我們需要達到的目標。

And just remember, pre pandemic, we were 35%, 36% EBITDA margin on a whole normalized basis business in aggregate. So we'd like to believe we're in a good spot. We're competing effectively. We have great assets. We're investing for the future. And when we're done, we're going to have the newest and best products in the market. So we feel very strongly about the path that we're on. It's going to take a little bit of time to get that.

請記住，在疫情大流行之前，我們在整個正常化基礎業務上的 EBITDA 利潤率總計為 35%、36%。所以我們願意相信我們處於一個好的位置。我們正在有效地競爭。我們擁有豐富的資產。我們正在為未來投資。當我們完成後，我們將擁有市場上最新、最好的產品。所以我們對我們所走的道路有非常強烈的感覺。需要一點時間才能做到這一點。

The only structural change do we need is (inaudible). The market is going $30- plus billion next year. We are going to have the two most important assets in the market speaking with each other, I mean that strategic, we are going to have Londoner and the Nation over 7,400 keys between them. The full power of the Cotai Arena, all the amenities between the two.

我們唯一需要的結構性改變是（聽不清楚）。明年市場規模將達到 30 多億美元。我們將讓市場上最重要的兩個資產相互對話，我的意思是策略性的，我們將讓 Londoner 和 Nation 之間擁有超過 7,400 個金鑰。金光綜藝館的全部實力，以及兩者之間的所有便利設施。

But I think those buildings will be very, very intertwined and gives us, by far $2 billion-plus dollar assets speak each other. At Parisian and Four Seasons and Sands keep doing what they are doing. We will be a $3billion-plus and say we'll give $2billion-pus.

但我認為這些建築物將非常非常交織在一起，並為我們提供迄今為止超過 20 億美元的資產。在巴黎人、四季酒店和金沙酒店，繼續做他們正在做的事情。我們將提供超過 30 億美元的資金，並表示將提供 20 億美元。

I believe that sometime near future we'll have the highest EBITDA creation is company's history without Las Vegas. So, I am pretty confident that Londoner will perform and outperformed the expectations, but also enhances the [relation] because the back and forth of those two buildings. They are very similar, huge retails, huge suite capacity, entertainment, retail, F&B, biggest, they are much bigger and better than anything else in that market for making money.

我相信，在不久的將來，我們將在沒有拉斯維加斯的情況下創造公司歷史上最高的 EBITDA 創作。因此，我非常有信心倫敦人的表現將會超出預期，而且還會因為這兩座建築的來回而增強[關係]。它們非常相似，巨大的零售，巨大的套房容量，娛樂，零售，餐飲，最大，它們比該市場上的其他任何東西都更大，更能賺錢。

And when those come online next year, these results today another $150 million out of Londoner of a sudden you're looking at $3billion-plus of annualized EBITDA. That's how we view the market. The margins being what they are, making EBITDA still the most important thing and we will get there. We will get there.

當這些明年上線時，今天的結果又是倫敦人的 1.5 億美元，突然間你會看到年化 EBITDA 超過 30 億美元。這就是我們看待市場的方式。利潤率就是這樣，使得 EBITDA 仍然是最重要的事情，我們將會實現這一目標。我們會到達那裡。

Maybe as a quick follow-up on capital allocation. You noted being consistent with capital return. It sounds like you're confident in a ramp from here in Macau and really growing in MBS, yet the stock is near at the lows during the pandemic. So what's the tolerance to be, maybe not as consistent and actually being more aggressive with capital allocation or even rethinking about the leverage profile in the near term.

也許作為資本配置的快速後續行動。您指出與資本回報保持一致。聽起來您對澳門的成長以及 MBS 的真正成長充滿信心，但該股在疫情期間已接近低點。那麼，容忍度是多少，也許不是那麼一致，實際上在資本配置上更加積極，甚至在短期內重新考慮槓桿狀況。

So I think first off, we have said this before we see meaningful value in both equities, where these stock is trading doesn't make any sense to us, both on a historical basis and how we view the value of our company and how we look to invest and grow. So we're going to continue to repurchase stock. And you saw we did the last couple of quarters.

因此，我認為首先，我們在看到這兩檔股票具有有意義的價值之前已經說過了，這些股票的交易對我們來說沒有任何意義，無論是從歷史的角度來看，還是從我們如何看待我們公司的價值以及我們如何尋求投資和成長。所以我們將繼續回購股票。你看到我們過去幾季的表現。

We feel fairly strongly about the value of our business, and we're going to continue to do it. Look, I think for us, we're very focused on being shareholder friendly. We were very shareholder friendly company in the past, where a shareholder friendly company today. We'll continue to do that, that's our goal.

我們對我們業務的價值有相當強烈的感覺，我們將繼續這樣做。聽著，我認為對我們來說，我們非常注重對股東友善。過去我們是一家對股東非常友善的公司，今天也是一家對股東友善的公司。我們將繼續這樣做，這是我們的目標。

I think that the nice thing is that as we complete the Londoner two things are going to happen. We're going to have less CapEx and more free cash flow and to be fair, a more productive asset base. And so hopefully, we'll have the opportunity to use that capital to return it to shareholders. So we're going to look to do that and continue what we've been doing. But we agree with you think where the stock is today is not reflective of our long-term value.

我認為令人高興的是，當我們完成《倫敦人》時，將會發生兩件事。我們將擁有更少的資本支出和更多的自由現金流，公平地說，我們的資產基礎將更有生產力。因此，希望我們有機會利用這些資本將其回饋給股東。因此，我們將尋求做到這一點並繼續我們一直在做的事情。但我們同意你的觀點，今天的股票狀況並不能反映我們的長期價值。

And also if we do invest in new new opportunities, that's not in the near future. So (inaudible) New York, Texas, Thailand is years ahead. You can find lots of room to invest money to (inaudible)

而且，如果我們確實投資新的新機會，那也不是在不久的將來。所以（聽不清楚）紐約、德州、泰國領先了很多年。您可以找到很多投資空間（聽不清楚）

Thank you.

謝謝。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great, thanks. Two questions. One is, can you kind of share some thoughts on there's a lot of concern about tariff impact on the Chinese economy next year, just to serve Seaway to help us think about that broadly, how you're thinking about, you have a lot of CapEx going, being help them running in the market next year, which should certainly position you well. But just sort of thinking about broader impact there. Thanks.

萬分感謝。兩個問題。一是，你能否分享一些關於明年關稅對中國經濟影響的擔憂，只是為了服務Seaway，幫助我們更廣泛地思考這個問題，你是如何思考的，你有很多資本支出將幫助他們明年在市場上運行，這肯定會讓你處於有利地位。但只是想一下那裡更廣泛的影響。謝謝。

You take tariff impacts on the outside the US, the new President of ever, he or she may be, I see, I don't think we want to talk about the two reasons. One, we don't know what's really going to happen, nor do we know the impact.

你考慮關稅對美國以外的影響，新任總統，他或她可能是，我明白，我認為我們不想談論這兩個原因。第一，我們不知道到底會發生什麼，也不知道會產生什麼影響。

Obviously, the Chinese economy speaks for itself. It's been a struggled this year. And I think it hopefully just gets better. We see more improvement. But the big thing in our business is the 2 million plus visitors were lacking quarter-on-quarter.

顯然，中國經濟不言自明。這一年過得很辛苦。我認為希望情況會變得更好。我們看到了更多的改進。但我們業務中最重要的一點是，季度環比減少了超過 200 萬遊客。

They heard us, and that was just today. I don't think we should comment on politics or what has to happen. We actually don't know. But obviously the biggest miss for our company, which is both for scale and quality, we used $8 million annualised business tools that (inaudible)us with everybody else. So we'll leave that they are going in the politics going to do and what to do with and why.

他們聽到了我們的聲音，就在今天。我認為我們不應該評論政治或即將發生的事情。我們其實不知道。但顯然，我們公司最大的失誤，無論是規模還是質量，我們都使用了 800 萬美元的年化業務工具（聽不清楚），與其他人一樣。因此，我們將留下他們將在政治中做什麼、做什麼以及為什麼這樣做。

Okay, fair enough, thanks. And then I had a question, you already commented on your interest in continuing share repurchase. Looking at the rate that you did this quarter, you did mostly through your remaining authorization at the end of this quarter. Is that we think about like your appetite for continuing beyond that. Is that? If you could just sort of comment on that. Thanks.

好的，很公平，謝謝。然後我有一個問題，您已經表示有興趣繼續回購股票。從您本季的完成率來看，您大部分是透過本季末的剩餘授權完成的。我們是否會考慮您是否有興趣繼續超越這一目標。就是它？如果你能對此發表評論的話。謝謝。

Yes, I think if you look at our prior practice, you can see that we've always been focused on return of capital, both through share repurchases and dividends. And that our Board has been very supportive of trying to create shareholder value through return of capital.

是的，我認為如果你看看我們之前的做法，你會發現我們一直在關注資本回報，包括透過股票回購和股息。我們的董事會一直非常支持透過資本回報創造股東價值。

So as our current authorization gets used up, we'll go back to the Board and we'll have a discussion about how we want to allocate capital. But the Board has been very supportive of trying to enhance shareholder returns over time.

因此，當我們目前的授權用完時，我們將回到董事會，討論如何分配資本。但董事會一直非常支持努力提高股東回報。

Thank you.

謝謝。

Thanks, Robin.

謝謝，羅賓。

Thanks, Robin.

謝謝，羅賓。

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Hey, everyone, good evening. Good afternoon. I know this is probably a difficult question, but if you think about (multiple speakers) maybe it's not as difficult as I framed it to be. But when you guys think about the rooms that are out of service at Londoner and those customers and recapture in your existing portfolio, whether you're able to recapture them the Venetian or [Asia] or elsewhere.

嘿，大家晚上好。午安.我知道這可能是一個困難的問題，但如果你考慮一下（多個發言者），也許它並不像我想像的那麼困難。但是，當您考慮倫敦人停止服務的房間和那些客戶，並在現有的投資組合中重新奪回它們時，無論您是否能夠在威尼斯人或[亞洲]或其他地方重新奪回它們。

What do you think is actually the delta in what you're missing from those rooms being offline i.e., how much of that shortfall that's being generated there relative to historical periods that's there in the portfolio versus how much do you think is just exiting the system and maybe showing other competitors?

您認為這些離線房間實際上缺少的增量是多少，即相對於投資組合中的歷史時期產生的缺口有多少，以及您認為剛剛退出系統的缺口有多少也許還會展示其他競爭對手？

Right. Before I get this question, Mr. Chum, we woke up to this call in the middle of night in Macau. I went to also referenced the fact that the disruption aside the carrying labor. We've seen these buildings are construction impacts both Londoner n went into and want to be clear that disruption isn't just limited to our current Londoner (inaudible) the one or two logs or one, which is a beautiful building also fuels the thing.

正確的。查姆先生，在我回答這個問題之前，我們在澳門半夜被這通電話吵醒了。我還提到了除了搬運勞動力之外的中斷這一事實。我們已經看到這些建築物對倫敦人和倫敦人都造成了建築影響，並希望澄清，破壞不僅限於我們當前的倫敦人（聽不清楚）一兩根原木或一根，這是一座美麗的建築，也助長了這件事。

Grant, will you answer the question about the the rooms and the delta and how you see that?

格蘭特，您能回答一下有關房間和三角洲的問題嗎？

Yes. Thanks, Rob. I think first of all, yes, the performance definitely was impacted by the Phase two renovation on the Sheraton side. But actually, despite that, you referenced the fact that we obviously worked hard to shift the patronage to other properties in the portfolio.

是的。謝謝，羅布。我認為首先，是的，性能肯定受到喜來登一側二期改造的影響。但實際上，儘管如此，您提到了這樣一個事實，即我們顯然努力將贊助轉移到投資組合中的其他物業。

And the team was actually incredibly successful at that. We actually reached a record high in any quarter on non-rolling drop, as well as record high in any quarter on slot handle. And also in terms of gaming volumes, I think we've managed to sustain the volumes overall.

該團隊在這方面實際上取得了令人難以置信的成功。實際上，我們在非滾動跌幅方面創下了任何季度的歷史新高，並且在老虎機處理方面也創下了任何季度的歷史新高。就遊戲量而言，我認為我們已經成功維持了整體銷售量。

However, within the mix, I think what you do lose is some of that base mass, which is where Pacifico casino was primarily positioned. And also what you also can see in the numbers is the impact of the loss of the rooms impacting the cash hotel revenues because, obviously when you have fewer rooms, we are yielding accordingly.

然而，在這種組合中，我認為你失去的是一些基礎質量，這是 Pacifico 賭場主要定位的地方。此外，您還可以從數字中看到房間損失對飯店現金收入的影響，因為顯然，當房間數量減少時，我們就會相應地產生收益。

And when you lose that cash revenues from the hotel side because, you have reduced inventory and we need to shift the customers to other properties on the casino side that clearly impacts, not just EBITDA, but it's a high flow through segment business segments. So they obviously impacts the percentage margin as well.

當你失去酒店方面的現金收入時，因為你減少了庫存，我們需要將客戶轉移到賭場方面的其他物業，這顯然會影響，不僅僅是 EBITDA，而且是透過細分業務部門的高流量。因此，它們顯然也會影響利潤率。

Great. Thank you. That's helpful. And if I could just one quick follow-up. Do you have a dollar amount on the cash room sales loss in the quarter?

偉大的。謝謝。這很有幫助。如果我能快速跟進一下就好了。您是否有本季現金室銷售損失的金額？

I'm sorry, Rob.

對不起，羅布。

I was asking if you can give us a number. The dollar [rally] was in cash room sales and the closure of London.

我問你是否可以給我們一個電話號碼。美元[反彈]是由於現金室銷售和倫敦關閉。

If you look at the actual reduction in cash revenue for versus Q1, then you're probably looking at the range of around $15, $20 million impact.. Although, you can't simply add that back because, you've also got to consider.

如果您查看與第一季相比現金收入的實際減少，那麼您可能會看到大約 1500 至 2000 萬美元的影響。

That's a net impact of shifting more rooms into some customer segments and then having fewer rooms to sell. So, it's a net impact that that's probably not minimize that, but if you're looking at pure cash revenues then that's the range impact.

這是將更多房間轉移到某些客戶群，然後出售更少房間的淨影響。因此，這是一個淨影響，可能不會將其最小化，但如果你考慮的是純現金收入，那麼這就是範圍影響。

Sorry your second question?

抱歉你的第二個問題？

Yes, The second question was just more of a technical question and I get it lot and could go both ways. But this is the fourth quarter in a row where hold in Singapore has the NVIP side has been very strong. And I think when you look at the last four quarters, it's close to $30 billion of volume at an almost 4.4% win percentage.

是的，第二個問題更多的是一個技術問題，我明白了很多，而且可以雙向解決。但這是 NVIP 方面在新加坡連續第四個季度表現強勁。我認為，當你看看過去四個季度時，你會發現交易量接近 300 億美元，勝率幾乎為 4.4%。

It feels a little bit more structural. And I know in your add-backs map, you guys are obviously thinking yourselves for a much lower hold. Structurally, is there any thought of perhaps changing what that metric is as the normalized hold for that property going forward?

感覺更有結構性一些。我知道在你們的回加地圖中，你們顯然認為自己的持有量要低得多。從結構上講，是否有任何想法可能會改變該指標作為該屬性未來的標準化保留？

It's a great question and one, we still have time on. And I think what you should realize and I think you do realise this, the world's changing and bulk opportunities slot, paper gives a better way of quantifying what the hold percentage should be, but also we put games the for, I'll call it prop bets or side bets that changed the whole percentage in baccarat.

這是一個很好的問題，我們還有時間。我認為你應該意識到這一點，我認為你確實意識到了這一點，世界不斷變化，大量機會老虎機，紙張提供了一種更好的方法來量化持有百分比應該是多少，但我們也將遊戲放在首位，我稱之為改變百家樂整體百分比的自營投注或附加投注。

And your comment's spot on. We're debating how high we can take it. The team there feels is understand and you're right, we keep digging ourselves quarter-to-quarter. And perhaps in the near future, we'll go address that because, clearly something is happening here.

你的評論很到位。我們正在討論我們能把它提升到多高。那裡的團隊感覺很理解，你是對的，我們每季都在不斷挖掘自己。也許在不久的將來，我們會解決這個問題，因為顯然這裡正在發生一些事情。

But again, the smart table opportunity, which we're deep into now, coupled with the game changes, they (inaudible)is pretty predictable game for many years. Player and tie payer is changing dramatically. We were there a few months ago and shocked to see how much money embeded on the prop bets.

但同樣，我們現在正在深入研究的智慧牌桌機會，加上遊戲的變化，它們（聽不清楚）是多年來相當可預測的遊戲。玩家和平局付款人正在發生巨大變化。幾個月前，我們來到了那裡，驚訝地發現道具賭注中嵌入了這麼多資金。

No different than the Super Bowl. We know just about the winning team, you have got every 3,000 side bets, which drives the per way up,.We believe that's in flight in Singapore. We're not ready today, but we're coming close to a decision this year for us to address that very issue because you're right. The team would argue something in play. It's not simply better fortune, it's just better mathematics (inaudible). Pat do you want to add it?

和超級盃沒什麼區別。我們了解獲勝的球隊，每 3,000 個附加賭注都有，這會推動每場比賽的上升。我們今天還沒準備好，但今年我們即將做出解決這個問題的決定，因為你是對的。球隊會在比賽中爭論一些事情。這不僅是更好的運氣，更是更好的數學（聽不清楚）。帕特你想添加嗎？

Yes, it's the right question to ask. We've been following us for a while. Some of it depends on what Rob said or it depends on what Rob said, which is the additional wafers that are available on the game mix that we have on the floor at the time. But it's also, we have to understand propensity. And so you have to observe empirically what people are going to do before you can make that decision.

是的，這是正確的問題。我們已經關注我們有一段時間了。其中一些取決於 Rob 所說的，或者取決於 Rob 所說的，即我們當時在場的遊戲組合中可用的額外晶圓。但我們也必須了解傾向。因此，在做出決定之前，你必須憑經驗觀察人們會做什麼。

So you'd argue that our theoretical is higher than this, but we're going to continue to look at it and we'll make adjustments as necessary when we think the statistics more to it. But you're right. It is a very significant adjustment and one that we're going to continue to look at. But our game mix has changed. The availability of first Rob calls and prop bets, but really have all bets are on the floor now in a very different way than they had been previously, both pre-pandemic and even a year ago.

所以你可能會說我們的理論比這個要高，但我們將繼續關注它，當我們認為統計數據更適合它時，我們將根據需要進行調整。但你是對的。這是一項非常重大的調整，我們將繼續關注這項調整。但我們的遊戲組合已經改變。第一次搶注和自營投注的可用性，但實際上所有投注現在都以一種與以前非常不同的方式進行，無論是在大流行之前還是一年前。

And there the patron uptake is very high. And so that is adjusting the way that mix on the floor is being exhibited through gaming win. And so we're going to continue to take a look at it, and we'll make adjustments when we feel it's appropriate. But it's a very good question asked. There's more there.

在那裡，顧客的接受度非常高。因此，這就是調整場上混合透過比賽獲勝來展示的方式。因此，我們將繼續關注它，並在我們認為合適的時候進行調整。但這是一個非常好的問題。還有更多。

Thanks, everybody.

謝謝大家。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi, good afternoon, everyone. For grant or the team. Just wanted to ask, can we get a little bit more color on just what you think is happening and sort of underlying visitation to the market. I think you captured it well on your slide 19, but we saw I noted a bigger sequential deceleration that we typically see in the second quarter.

嗨，大家下午好。對於補助金或團隊。只是想問，我們能否進一步了解您認為正在發生的事情以及對市場的潛在訪問。我認為你在幻燈片 19 上很好地捕捉到了這一點，但我們看到我注意到我們通常在第二季度看到的更大的連續減速。

And my question for you is twofold. Just one, what's driving that? Is it macro? Is it something you're seeing or hearing out there? And I guess just as importantly, is it continuing at all in Q3? Or what's your expectation for this pattern to possibly continue? Thanks.

我想問你的問題是雙重的。只有一個，是什麼推動了這一點？是宏嗎？這是你在外面看到或聽到的嗎？我想同樣重要的是，它會在第三季繼續嗎？或者您對這種模式繼續下去有何期望？謝謝。

Grant, you want to take that one?

格蘭特，你想拿那個嗎？

Yes, I think you're right. The visitation recovery rate has actually reduced. So that's essentially taking account seasonality when you compare the visitation recovery versus second quarter of 2019, were about 79%, but we were as high as 90%, 85% to 90% in the past six months, in the past two quarters.

是的，我認為你是對的。探訪恢復率實際上有所下降。因此，當您將訪問量恢復率與2019 年第二季度進行比較時，這基本上考慮到了季節性，約為79%，但在過去六個月、過去兩個季度中，我們的恢復率高達90%、85% 至90%。

So clearly, there has been, I think, more than just a seasonal slowdown, and that's particularly prominent in the visitation outside of Guangzhou. So that does impact, I think Rob referenced it earlier, it does impact, I think the base mass business, especially the unrated play. We don't know exactly why, but I think that is a feature of this quarter and it does feed into, as we said, the base mass segment.

很明顯，我認為不僅僅是季節性放緩，這一點在廣州以外的地區訪問量尤其突出。所以這確實有影響，我認為羅布之前提到過，它確實有影響，我認為基礎大眾業務，尤其是未評級的遊戲。我們不知道確切的原因，但我認為這是本季的一個特點，正如我們所說，它確實融入了基礎品質細分市場。

Thanks, Grant. And then just as a follow-up. I think you also talked about I mean, obviously, I think you mentioned a number of times that the market is always competitive, always promotional. Could you just talk about your own promotional allowance or cadence this quarter? Was it a little higher. Did you need to reinvest a little bit more?

謝謝，格蘭特。然後作為後續行動。我想你也談過，我的意思是，顯然，我認為你多次提到市場總是競爭性的，總是促銷性的。您能談談您自己本季的促銷津貼或節奏嗎？是不是有點高了。您需要再投資一點嗎？

I think on our math that was possibly the case, or is it all just mix, just kind of how did you see it play out and kind of what do you, how are you how much you're reacting to versus how much are you kind of leading kind of letting go on market share just because it's not your game?

我認為根據我們的數學計算，可能是這種情況，或者只是混合在一起，只是你如何看待它的結果以及你做了什麼，你怎麼樣，你的反應有多大，你的反應有多大僅僅因為這不是你的遊戲就放棄市場佔有率是一種領先嗎？

One thing I just wanted to say one thing, and then I'll turn it over to Grant. So just note that the visitation is very important. And you referenced slide 19 and the fact that there's 2 million visitors missing that where you were pre-pandemic. We are geared for scale. And that scale is very high margin for us because of the volumes.

我只想說一件事，然後我會把它交給格蘭特。所以請注意，訪問非常重要。您提到了第 19 張幻燈片，以及有 200 萬訪客錯過了大流行前的情況。我們已做好規模準備。由於數量眾多，這一規模對我們來說利潤率非常高。

And so our mix looks different and our margins look different and our reinvestment looks different because, of the shift of business between non-rated and rated play. That's a very important thing, when you look at our results and you consider what we're doing today, the mix of business has changed for us pre-pandemic, post-pandemic. So that's one thing.

因此，我們的組合看起來不同，我們的利潤率看起來不同，我們的再投資看起來也不同，因為業務在非評級和評級遊戲之間的轉變。這是一件非常重要的事情，當你查看我們的業績並考慮我們今天所做的事情時，你會發現我們的業務組合在大流行前和大流行後都發生了變化。所以這是一回事。

The other thing is, I would also like to highlight that if you look at the margins of our overall operations, they are consistent with prior performance. And when that unrated play returns and the volumes return of premium escalate, their margins should improve.

另一件事是，我還想強調，如果你看看我們整體營運的利潤率，它們與之前的業績是一致的。當未評級的遊戲回歸並且溢價的數量回歸升級時，他們的利潤率應該會提高。

So yes, we look at reinvestment rates, but we also look at the total business. We'd like to understand how much money we're actually making on that. So when you look at the business overall, our margin performance and our competitive positioning is actually quite good, given where things are. But I'll turn it over to Grant for some additional detail.

所以，是的，我們會關注再投資率，但我們也會關注總業務。我們想了解我們實際上賺了多少錢。因此，當你縱觀整個業務時，考慮到目前的情況，我們的利潤率表現和競爭定位實際上相當不錯。但我會將其轉交給格蘭特以獲取更多詳細資訊。

Yes, thanks, Patrick. Yes, I think it's a mixture. Firstly, the business mix point that Patrick referenced. And secondly, because we were closing Pacifico Casino and getting ready for that.

是的，謝謝，派崔克。是的，我認為這是一個混合物。首先，帕特里克提到的業務組合點。其次，因為我們即將關閉 Pacifico 賭場並為此做好準備。

Yes, there is for a period of time, a high level of reinvestment as we prepare for that shift, which, as I talked about earlier. We did so very successfully, especially into that region, but also the other properties. So those are the main factors affecting the reinvestments and the overall margin mix.

是的，在我們為這種轉變做準備的過程中，在一段時間內會進行高水準的再投資，正如我之前談到的。我們做得非常成功，尤其是在該地區，還有其他房產。這些是影響再投資和整體保證金組合的主要因素。

But I think, even though there are fluctuations from quarter-to-quarter, day-to-day in terms of tactical, I think we're very clear on our strategy, which is that we will compete on the quality and the scale of our asset base. And of course, at this point in time, we're hampered because, we have a number of our key assets ou.

但我認為，儘管戰術上每季、每天都有波動，但我認為我們的策略是非常明確的，就是我們將在品質和規模上競爭。當然，在這個時候，我們受到了阻礙，因為我們擁有許多關鍵資產。

When those assets come back online, really from Q4 this year into 2025, we absolutely intend to be competing on that basis because, at that point, we, not only have, I think scale we always had, but the sheer quality of product that we'll have at that point at scale. I think that will be the fundamental difference from what we had before, and we intend to make full use of that in terms of competing for the market.

當這些資產重新上線時，實際上從今年第四季度到2025 年，我們絕對打算在此基礎上進行競爭，因為到那時，我們不僅擁有（我認為我們一直擁有的）規模，而且擁有絕對的產品品質，到那時我們就會達到一定規模。我認為這將是我們以前的根本區別，我們打算在競爭市場方面充分利用這一點。

Thank you, everyone.

謝謝大家。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Afternoon. Thanks for taking my question. On Singapore, which has been consistently strong for several quarters. It appears that there's still some quarterly volatility. I think last quarter we talked about some big events in the first quarter that drove non-gaming and obviously VIP play.

下午。感謝您提出我的問題。新加坡連續幾季表現強勁。看來季度波動仍然存在。我認為上個季度我們討論了第一季的一些重大事件，這些事件推動了非遊戲和顯然 VIP 遊戲的發展。

As we think about the back half of the year, can you help us kind of square what seasonality should look like? And if there are any big events that are booked on the calendar in Singapore that could drive additional non-gaming or VIP business? Thanks.

當我們思考下半年時，您能幫助我們確定季節性應該是什麼樣子嗎？新加坡的日曆上是否有任何可以推動額外非博彩或 VIP 業務的大型活動？謝謝。

So a couple of things. So typically, 2Q is our is our trough quarter in the year. And so you saw that in Singapore this quarter. As a practical matter, we were also our keys because of the renovation in Tower three. So across the back half of the year into Q1 of next year, all of that stuff is going to come back. So the limiters are going to come off.

有幾件事。因此，通常情況下，第二季度是我們一年中的低谷季度。所以你在本季的新加坡就看到了這一點。實際上，由於三號樓的翻修，我們也是我們的鑰匙。因此，從今年下半年到明年第一季度，所有這些東西都將回歸。所以限制器將會消失。

And so if you look at the tower gaming that we're adding, it looked additional salons that are coming back online. So the renovated gaming areas are coming back. We're finally going to hit full stride in that building. So even though we put up this quarter and last quarter, which are, I think the two highest of all time.

因此，如果您查看我們添加的塔式遊戲，您會發現其他沙龍正在重新上線。因此，翻新後的遊戲區又回來了。我們終於要在這棟大樓裡大步前進了。因此，儘管我們公佈了本季和上季的數據，但我認為這是有史以​​來最高的兩個季度。

We have more room to go. We're not operating with full capacity. And so right now when we look at Singapore, we see strength in the market. We've geared ourselves to focus on high-value tourism, which is coming into Singapore at a very high level.

我們還有更多的空間可以去。我們沒有滿載運轉。因此，現在當我們關注新加坡時，我們看到了市場的實力。我們已做好準備，專注於高價值旅遊業，該旅遊業正在以非常高的水平進入新加坡。

We are the premier place to visit from an amenity standpoint, entertainment, food and beverage, and we're benefiting from it. And our hospitality is now second to none, which we spent a lot of years working on and we're finally there. So we're going to start to see this asset continue to grow and outpace.

從便利設施、娛樂、食物和飲料的角度來看，我們是首選的旅遊勝地，我們也從中受益。我們的熱情好客現在是首屈一指的，我們花了很多年的時間才做到這一點，我們終於做到了。因此，我們將開始看到這項資產持續成長並超越。

In terms of the calendar up-and-coming, I can't point to anything other than Formula one that would be sitting the category you just laid out. Formula one happens every year. It's a great event, it's something that's good for Singapore. Our patrons really enjoy it. And we look forward to it's success. But in terms of calendar, unless Grant has something in mind, I can't think of anything other than that right now that's worth mentioning.

就即將到來的日曆而言，除了一級方程式之外，我無法指出任何其他屬於您剛剛列出的類別的內容。一級方程式賽車每年都會舉行。這是一件很棒的事情，對新加坡來說是件好事。我們的顧客真的很喜歡它。我們期待它的成功。但就日程而言，除非格蘭特有什麼想法，否則我現在想不出除此之外還有什麼值得一提的。

Yes, that's the main one.

是的，這是主要的。

Okay, great.

好的，太好了。

This market is so powerful and getting better by the day. And in the past, Q2 is one of the weakest quarter in seasonality, but still what's happening in Singapore is almost unheard of in our industry (inaudible) and we are doing these numbers again with capacity-constrained.

這個市場是如此強大，而且日益完善。在過去，第二季度是季節性最弱的季度之一，但新加坡發生的情況在我們的行業中幾乎是聞所未聞的（聽不清楚），我們在容量有限的情況下再次計算這些數字。

When that goes away and the market will continue to thrive, whether it's F1 or Taylor Swift or whatever coming next. They just those events are very additive, but that place as a market just becomes more and more designed by the day you see by the visitation and the quality of visitors. So the advantage will come, but I think our ability to speak for itself.

當這種情況消失時，市場將繼續蓬勃發展，無論是 F1 還是泰勒絲還是接下來的任何東西。他們只是這些活動是非常附加的，但是隨著你看到的參觀人數和遊客質量，那個地方作為一個市場變得越來越有設計感。所以優勢會來，但我認為我們的能力不言自明。

Okay. Appreciate it. And then I'm going to ask you to put on your kind of your economist hat again, not looking out to future years, but this year, obviously, the RRR cut could bring some more money back into consumers' pockets in China.

好的。欣賞它。然後我會要求你們再次戴上經濟學家的帽子，不要著眼於未來幾年，但今年，存款準備率的下調顯然可以讓更多的錢回到中國消費者的口袋裡。

Just wondering, in prior cycles, how long that usually takes for it to trickle down? Obviously, you've seen a nice little improvement in some of the July foot traffic. I don't think it would happen that fast. But is this something if it's kind of working in terms of some stimulus, you could start to see it in the third or fourth quarter here.

只是想知道，在之前的周期中，通常需要多長時間才能下降？顯然，您已經看到 7 月份的一些人流量有了不錯的小幅改善。我不認為這會發生得那麼快。但如果它在某種刺激方面發揮作用，你可能會在第三或第四季開始看到它。

Just in terms of spend per play, trends, just wondering if you could kind of opine on what we've seen in prior cycles. Thanks.

就每次遊戲的支出、趨勢而言，只是想知道您是否可以對我們在先前的周期中看到的情況發表意見。謝謝。

This is a fascinating question. One thing I'll tell you, this was the highest volumes we ever had in premium mass and slots in a quarter. So clearly like something positive is happening. I think if you said that the economy was frothy and do incredibly well, we will be doing better. I think it might be a fair statement, if you could say that.

這是一個令人著迷的問題。我要告訴你的一件事是，這是我們在一個季度內優質大眾和老虎機的最高銷售量。很明顯，就像有正面的事情正在發生一樣。我認為，如果你說經濟充滿泡沫並且表現得非常好，那麼我們會做得更好。如果你能這麼說的話，我認為這可能是個公平的說法。

But in terms of timing or specific economic actions, there are so many different things that could happen that may influence it. We have no idea. But I mean, this is anything that we can comment on or have a view on other than that, we're hopeful that there will be further economic growth and further beneficial economic activity around the Greater Bay Area and hopefully will be the beneficiaries of that. But in terms of specific comments around timing or things of that nature, it's not something we can really do.

但就時間安排或具體經濟行動而言，可能發生的許多不同事情可能會對其產生影響。我們不知道。但我的意思是，除此之外，我們可以對此發表評論或發表看法，我們希望大灣區周圍的經濟能夠進一步增長，出現更多有利的經濟活動，並希望成為受益者。但就有關時間安排或此類性質的事情的具體評論而言，這不是我們真正可以做的事情。

Thanks, Patrick. Appreciate it.

謝謝，派崔克。欣賞它。

Thanks, Chad.

謝謝，查德。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

I just wanted to follow up, maybe with Grant or anyone on Sean's question about visitation and maybe just thinking about what's going on there. I know that we don't have a crystal ball for the future. But in the 2Q, do you think macro was the biggest factor?

我只是想跟進，也許是格蘭特或任何人詢問肖恩關於探視的問題，也許只是想一下那裡發生了什麼。我知道我們沒有未來的水晶球。但在第二季度，您認為宏觀因素是最大的因素嗎？

Is there's still infrastructure friction there with flights to non Guangdong, particularly? Or is there something else that you think is at play as well?

特別是飛往非廣東省的航班是否仍有基礎設施摩擦？或者您認為還有其他因素在起作用嗎？

Thanks, Brandt, for the question. Yes, I don't have specific reasons why we have a of a slowdown in the recovery rate for non Guangdong. I think what you can say is, there is a segment bifurcation here where the premium segments are still doing incredibly well.

謝謝布蘭特提出的問題。是的，我沒有具體原因說明非廣東地區的復甦速度放緩。我想你可以說的是，這裡存在一個細分市場，其中高端細分市場仍然表現得非常好。

And you can see, I think it's on slide 18 on (inaudible). Actually, this is the highest spend per visitor arrival since the COVID recovery began of any quarter. So clearly at the premium end, the strength of spending is very high. But at the same time, I think the lower price points in terms of say, the slot performance is also incredibly strong.

你可以看到，我認為它在第 18 張投影片上（聽不清楚）。事實上，這是自新冠疫情復甦以來任何季度每位遊客的最高支出。顯然，在高端市場，消費力道非常大。但同時，我認為就較低的價格點而言，老虎機性能也非常強大。

So those two, those two factors drove record high volumes in our non-rolling drop and slot handle. But in the middle, especially the base mass tables, especially unrated, that is highly correlated to the strength of visitation.

因此，這兩個因素推動了我們的非滾動下降和老虎機手柄的創紀錄高銷量。但在中間，尤其是基礎品質表，尤其是未評級的，與訪問強度高度相關。

And it just wasn't as strong this quarter, even if you adjust for seasonality. So I think we can explain how the segments have performed. But we don't know exactly why on the visitation base isn't recovering as fast in the middle in terms of that base mass hesitation.

即使根據季節性進行調整，本季的表現也沒有那麼強勁。所以我認為我們可以解釋這些細分市場的表現如何。但我們不知道為什麼訪問基地在中間的基礎品質猶豫方面沒有那麼快地恢復。

Great. Thanks for that, Grant. And then on the disruption, the renovation projects, if we were to try and engage the level of disruption from these projects in the third quarter versus the second quarter. I know you lose the casino floor for a whole quarter versus a half a quarter. Can you, maybe give us some finer points on what else is going to be offline in the third quarter versus the second quarter, room count, et cetera?

偉大的。謝謝你，格蘭特。然後是關於改造專案的干擾，如果我們要嘗試比較這些專案在第三季與第二季的干擾程度。我知道你會失去整個賭場大廳而不是半個季度。您能否給我們一些關於第三季與第二季相比還有什麼將離線、房間數量等方面的細節？

(multiple speakers) Yes, the disruption will, actually increase from a room perspective. So we're operating around 2,500 keys at Sheraton in second quarter on average over the quarter, and we expect to be down to about 1,300 on average across the third quarter.

（多個發言者）是的，從房間的角度來看，幹擾實際上會增加。因此，我們第二季在喜來登酒店營運的鑰匙數量平均約為 2,500 個，預計第三季平均數量將減少至 1,300 個左右。

Obviously a higher number of keys in the first half of the quarter and finishing up with fewer keys. And as you said, we will have a full quarter of Pacifico casino closure versus 60%, 65% of the quarter in the second quarter. So yes, the disruption impact will actually increase during the third quarter.

顯然，本季前半段的鑰匙數量較多，而最終的鑰匙數量較少。正如您所說，我們將關閉整個季度的 Pacifico 賭場，而第二季則關閉 60%、65%。所以，是的，第三季的干擾影響實際上會增加。

Perfect. Thanks, everyone. .

完美的。感謝大家。 。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Afternoon, everyone. Thanks for taking my question. I wanted to go back to the repurchases and just take a little bigger picture, right? Just thinking about the factors. Obviously, the stock and where it is one of them. But when we look at your capabilities, there are some maturities out there in the future.

下午好，大家好。感謝您提出我的問題。我想回到回購並稍微了解一下，對吧？只是考慮一下因素。顯然，股票和所在就是其中之一。但當我們審視你的能力時，你會發現未來還有一些成熟度。

There's obviously the issue of the float with the current run rate that shrinks the float, and that's a consideration that some companies think about. If you could just sort of walk us through, how you're thinking about those other issues in view of all of them. That would be helpful, please.

顯然，目前的運行速度存在浮動資金問題，導致浮動資金減少，這是一些公司考慮的因素。如果您能向我們介紹一下您是如何考慮所有這些其他問題的。拜託，那會有幫助的。

So all very good question is all things we talk about all the time, consider with the Board and we think about frequently, I think the key thing for us is, we always look to invest for growth. So when you think about capital allocation, our primary conversation is how do we grow this business? We had a question earlier about new jurisdictions.

因此，所有非常好的問題都是我們一直在談論的所有事情，與董事會一起考慮，我們經常思考，我認為對我們來說最關鍵的是，我們始終尋求投資以實現成長。因此，當您考慮資本配置時，我們主要討論的是如何發展這項業務？我們之前有一個關於新司法管轄區的問題。

We're looking at them. If you look at our Las Vegas sale, the fundamental driver of that was our ability to reallocate capital to faster-growing markets and new growth opportunities. And I think our investments in Macau and Singapore will prove out and that will ultimately allow us to grow those businesses, create additional cash flow, which ultimately will be used for either new growth or shareholder return.

我們正在看著他們。如果你看看我們在拉斯維加斯的銷售，你會發現其根本驅動力是我們將資本重新分配到成長更快的市場和新的成長機會的能力。我認為我們在澳門和新加坡的投資將會得到證明，這最終將使我們能夠發展這些業務，創造額外的現金流，最終將用於新的成長或股東回報。

And so, right, when you look at our balance sheet, we think being investment grade is incredibly important. We think it provides us with a strategic advantage. It reduces our cost of debt capital, which impacts our overall cost of capital and makes the financing of the project more efficient and create better returns for equity.

因此，當你查看我們的資產負債表時，我們認為投資等級非常重要。我們認為這為我們提供了戰略優勢。它降低了我們的債務資本成本，從而影響了我們的整體資本成本，並使專案融資更加高效，並創造更好的股本回報。

And also to be fair, we think when we go to new jurisdictions, it puts us in a more competitive position because, we have the financial capability to execute projects we're proposing. And so all of these things are very helpful for us as we grow our business.

而且公平地說，我們認為當我們進入新的司法管轄區時，這會讓我們處於更具競爭力的地位，因為我們有財務能力來執行我們提議的專案。因此，所有這些事情對我們發展業務都非常有幫助。

When it comes to capital return, I think the idea of shrinking the share count us on we've talked about previously, where we think there's a benefit in doing so. We think there's positive gearing toward share repurchases. We've been very aggressively the last couple of quarters. We'd like to continue to shrink the share count over time.

當談到資本回報時，我認為我們之前討論過減少股份的想法，我們認為這樣做是有好處的。我們認為股票回購有正面的影響。過去幾季我們一直非常積極。我們希望隨著時間的推移繼續減少份額數量。

And to be fair, we're also a dividend payer. We think that's helpful to shareholder returns as an S&P 500 member, we think it's good to have a dividend as well. So I think we have the free cash flow to continue return of capital. We're very happy about that, given our investment opportunities. We have the balance sheet strength to be able to develop a new jurisdictions.

公平地說，我們也是股利支付者。我們認為這有助於作為標準普爾 500 指數成員的股東回報，我們認為獲得股息也很好。所以我認為我們有自由現金流來繼續資本回報。考慮到我們的投資機會，我們對此感到非常高興。我們擁有足夠的資產負債表實力來開發新的司法管轄區。

And so I think you're going to see a balance between growth and our ability to return capital over time. I think the nice thing is, when we're done with the Londoner and we're done with somebody else or with these major renovation projects in Singapore, given the growth that we're seeing will have the ability hopefully to return more capital.

因此，我認為隨著時間的推移，你會看到成長和資本回報能力之間的平衡。我認為好的事情是，當我們與倫敦人、其他人或新加坡的這些重大改造項目完成時，考慮到我們所看到的增長將有能力回報更多資本。

And we'll have the ability to increase our program and benefit shareholders. So you'll see us do that over time as our business continues to operate and growth. And so I think the idea of shrinking the share count, I think we're in a good position to do it. I think we have a lot of liquidity out there in the market. We have a very strong ability to execute. So I think we're in good shape in terms of our program and the way that we approach it.

我們將有能力增加我們的計劃並使股東受益。因此，隨著時間的推移，隨著我們業務的持續運營和成長，您會看到我們這樣做。因此，我認為減少股份數量的想法，我認為我們處於有利的位置來做到這一點。我認為我們市場上有大量的流動性。我們有非常強的執行能力。因此，我認為我們的計劃和實施方式都處於良好狀態。

Thank you. Appreciate it.

謝謝。欣賞它。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good morning, everyone or good afternoon, everyone, and thanks for taking my questions. The first one on Singapore. The ADR was very impressive, trends there seem overall pretty good despite subdued visitation.

嘿，大家早上好，或是大家下午好，感謝您回答我的問題。第一個是關於新加坡的。 ADR 非常令人印象深刻，儘管訪問量較低，但整體趨勢似乎相當不錯。

Can you talk about are you starting to see the benefits of the existing CapEx that you've put into the ground so far? And should we think about any disruption as it relates to Tower three that have leading up to the completion next year?

您能否談談您是否開始看到迄今為止投入的現有資本支出的好處？我們是否應該考慮與明年竣工的三號塔有關的任何干擾？

Thank you. Yes, obviously at the money we put into the building thus far has done very well in the results we.. You see results are, when you look into a $2 billion-plus dollar run rate, we're still under construction is more to do. Tower Three is disrupted because, you don't have the product from a room tower gaming isn't there.

謝謝。是的，顯然，到目前為止，我們投入到這棟大樓的資金在結果上表現得非常好。這更多是為了做。三號塔被打亂了，因為你沒有房間塔遊戲的產品。

I mean, we're doing very well there. But again, I reference, we have one hand tied behind our back and trying to get through it. So the road ahead looks very positive to us. We think $500 million, $550 million, $600 million a quarter is in reach in the near future. And as we referenced earlier, once the entire buildings complete in '25, I do see better numbers than ever on the Singapore,

我的意思是，我們在那裡做得很好。但我再次提到，我們的一隻手被綁在背後並試圖度過難關。因此，我們認為未來的道路非常樂觀。我們認為在不久的將來每季將達到 5 億美元、5.5 億美元、6 億美元。正如我們之前提到的，一旦整棟建築在 25 年竣工，我確實看到新加坡的數字比以往任何時候都要好，

And yes, the CapEx, we employed there is paying off very well and we think it's going to continue to be even stronger in time. And as for EDR, while it's relevant, our cash sales are not the (inaudible)is the drivers or the Casino drop on the table side (inaudible) but it's a very positive picture.

是的，我們在那裡使用的資本支出得到了很好的回報，我們認為隨著時間的推移，它將繼續變得更加強勁。至於 EDR，雖然它是相關的，但我們的現金銷售不是（聽不清楚）是司機或賭桌邊的賭場下降（聽不清楚），但這是一個非常積極的景象。

The disruption is real for the balance of the year and into Q1 into Q2. But once that burns off and we had Tower game open the full complement of suites. I think you'll see Singapore just continue to be stronger and stronger.

在今年剩餘時間以及第一季和第二季度，這種幹擾是真實存在的。但一旦這種感覺消失，我們就可以用塔遊戲打開全套套件。我想你會看到新加坡繼續變得越來越強大。

Thanks. And then as far as it relates to the Macau property portfolio, obviously there's a lot of CapEx going in the Londoner. As it relates to the other properties there, is there anything that we should be thinking about as you start to wrap up Londoner toward later this year? Or should we expect 2025 to be pretty much disruption free there?

謝謝。就澳門房地產投資組合而言，顯然倫敦人有大量資本支出。由於它與那裡的其他房產相關，當您開始為今年稍後的倫敦人做準備時，我們應該考慮什麼？或者我們應該期望 2025 年那裡幾乎不會出現中斷？

Yes, good point. Londoner will wrap up again in '25. We should note that we are going to undergo. There was a misunderstanding perhaps one call about what happens in [Indonesia]. We are going to rehab some of those innovations because, we always do, but it's typical.

是的，好點。 《倫敦人》將於 25 年再次結束。我們應該注意到，我們將要經歷。也許在一次電話中對[印度尼西亞]發生的事情存在誤解。我們將修復其中一些創新，因為我們總是這樣做，但這是典型的。

You won't see numbers of the building will be hidden from the public view by doing the four-by-four traditional way. You approach these things in our industry. So we will undergo a renovation of the room product at Venetian next year at the closure of Londoner renovation. Four Seasons pretty much is done. And then we'll sit and see what we want to do it in those things in Parisian and perhaps some Sand, but nothing beyond the should think about for the time being.

透過採用四乘四的傳統方式，您不會看到建築物的數字被隱藏在公眾視野之外。您在我們的行業中處理這些事情。因此，我們將在明年倫敦人改造結束時對威尼斯人的客房產品進行改造。四個季節基本上完成了。然後我們會坐下來看看我們想在巴黎人的那些東西中做什麼，也許還有一些沙子，但暫時沒有什麼值得考慮的。

Got it. Thanks so much.

知道了。非常感謝。

Steve Wieczynski, Stifel.

史蒂夫·維琴斯基，斯蒂菲爾。

Hey, guys. Good afternoon. So Grant, you've been asked question on visitation twice now. I'm actually going to try and ask it third time. So if we look at slide 20, it shows that the group visitation was down about 1.3 million visitors in May and June so far.

大家好。午安.格蘭特，你已經被問過兩次有關探視的問題了。我實際上會嘗試第三次詢問。因此，如果我們看一下投影片 20，就會發現，到目前為止，5 月和 6 月的團體參觀人數減少了約 130 萬人。

So I wanted to ask more about kind of what's going on with the group side and just trying to figure out maybe has it, do you think Macau has essentially gotten, maybe too expensive and is pricing certain groups out of the market? And I hope that kind of makes sense.

因此，我想更多地了解集團方面正在發生的事情，只是想弄清楚，您是否認為澳門基本上已經變得，也許太貴了，並且正在將某些集團排除在市場之外？我希望這是有道理的。

Yes. Thanks for the question. I think the two groups is a broader supply chain issue and the changing consumer, habits not just applicable to the Macau market, but to all the key markets that was significant to group markets prior to COVID.

是的。謝謝你的提問。我認為這兩個群體是一個更廣泛的供應鏈問題，消費者習慣的變化不僅適用於澳門市場，也適用於在新冠疫情之前對集團市場具有重要意義的所有關鍵市場。

I think the aspect that I should have mentioned and perhaps I could get (inaudible) perspective as well as actually, during this period, we also have a series of significant announcements on policies that would boost visitation over time, even though in this current quarter, the impact may not prominent, ranging from individual visits scheme, expansion to other types of Visa relaxation.

我認為我應該提到的方面，也許我可以獲得（聽不清楚）的觀點，實際上，在此期間，我們還發布了一系列關於政策的重大公告，這些政策將隨著時間的推移增加訪問量，即使在本季度影響可能並不突出，範圍從個人旅遊計劃、擴大到其他類型的簽證放寬。

So I think we need to bear that in mind that things are actually being extremely positive on the policy side to support future growth in visitation. Wilfred, maybe you want to add to that?

因此，我認為我們需要牢記這一點，政策方面實際上非常積極，以支持未來的遊客成長。威爾弗雷德，也許你想補充一下？

Sure. I think that the government, both at the Macau level and at the national level is monitoring the situation. And that's why you see the recent announcement that there's an additional 10 cities are people that qualify for IVF.

當然。我認為澳門政府和國家層級的政府都在監控局勢的發展。這就是為什麼您會看到最近宣布又有 10 個城市有資格接受 IVF 的原因。

And if you look at Macau, traditionally about 55%, 60% of the visitors used the IVS scheme. And this time they added 10 cities, which has close to 60 million population. So you are increasing that catchment area.

如果你看看澳門，傳統上大約有 55%、60% 的遊客使用 IVS 計劃。這次他們增加了10個城市，人口接近6000萬。所以你正在增加集水區。

And I think the other measures such as faster and nationwide application for business Visa will also benefit Macau. So it will take time for these policies to be promulgated, fully promulgated and known in these cities. So we are expecting some positive impact in the months to come.

我認為其他措施，例如在全國範圍內更快地申請商務簽證，也將有利於澳門。所以這些政策要在這些城市落地、全面頒布、為人所知，還需要一個時間。因此，我們預計未來幾個月會產生一些正面影響。

Okay. Great. Thanks, guys. That's all for me. Appreciate it.

好的。偉大的。多謝你們。這就是我的全部。欣賞它。

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

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