拉斯維加斯金沙集團 (LVS) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands third quarter 2024 earnings call. (Operator Instructions)

女士們、先生們，美好的一天，歡迎參加金沙 2024 年第三季財報電話會議。 （操作員說明）

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

現在我很高興請投資者關係資深副總裁 Daniel Briggs 先生發言。先生，地板是你的了。

Thanks so much. Joining the call today are Rob Goldstein, our Chairman and CEO; Patrick Dumont, our President and COO; Dr. Wilfred Wong, Executive Vice Chairman of Sands China; and Grant Chum, CEO and President of Sands China and EVP of Las Vegas Sands Asia Operation.

非常感謝。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王英偉博士；金沙中國執行長兼總裁兼拉斯維加斯金沙亞洲營運執行副總裁格蘭特‧查姆(Grant Chum)。

Today's conference call will contain forward-looking statements. We will be making those statements under the Safe Harbor provision of federal securities laws. The company's actual results may differ materially from the results reflected in those forward-looking statements.

今天的電話會議將包含前瞻性陳述。我們將根據聯邦證券法的安全港條款做出這些聲明。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。

In addition, we will discuss non-GAAP measures. Reconciliations to the most comparable GAAP financial measure are included in our press release. We have posted an earnings presentation on our website. We will refer to that presentation during the call.

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 pose one question and one follow-up so we might allow everyone with interest an opportunity to participate. The presentation is being recorded.

最後，在問答環節，我們請有興趣的人提出一個問題和後續行動，以便我們可以讓每個有興趣的人都有機會參與。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. Thanks for joining us today. The Macau market continues to grow. Total gain in revenue for the market grew 13% in the third quarter of 2024 when compared to the third quarter of 2023. Masking revenue grew 14% in the quarter compared to one year ago.

謝謝，丹。感謝您今天加入我們。澳門市場持續成長。與 2023 年第三季相比，2024 年第三季市場總收入成長了 13%。

We believe the Chinese economy will grow and flourish in the future and remain steadfast and Macau market will grow along with it. I believe that Macau market gross gaming revenues will exceed $30 million in 2025 and growth from there. The scale and quality of the assets we have built are second to none. We believe that our assets position us to grow faster than the market as growth expands beyond the premium customer segment. Our business strategy is predicated on investing in high-quality assets that also has scale.

我們相信未來中國經濟將持續成長、蓬勃發展，澳門市場也將隨之成長。我相信澳門市場的博彩總收入將在 2025 年超過 3,000 萬美元，並持續成長。我們所建造的資產規模和品質是首屈一指的。我們相信，隨著成長超越高端客戶群，我們的資產使我們能夠比市場成長得更快。我們的業務策略是基於投資具有規模的優質資產。

We've designed our capital investment programs to ensure that we will continue to be the market leader in the years ahead. We believe our approach will enable us to grow faster in the long term, grow our share of EBITDA in the Macau market and generate industry-leading returns on invested capital. Turning to our results in Macau, we delivered solid EBITDA for the quarter despite material disruption at the Londoner, which peaked during the third quarter. We opened the Londoner Grand asset last week of September. We also opened 300 -- the first 300 Londoner Grand Suites.

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。我們相信，我們的方法將使我們能夠實現長期更快的成長，增加我們在澳門市場的 EBITDA 份額，並產生領先業界的投資資本回報。談到我們在澳門的業績，儘管倫敦人酒店受到重大干擾（第三季度達到頂峰），但我們本季仍實現了穩健的 EBITDA。我們在九月的最後一周開設了 Londoner Grand 資產。我們還開設了 300 間——首批 300 間倫敦豪華套房。

We will introduce more Londoner Suites longest week throughout the next three quarters, the total of 1,500 Londoner Suites and means in service by Lunar New Year 2025, with a full content of 1,500 suites and (inaudible) five rooms in service by Gold late 2025. SCL continues to lead the market in gaming and non-gaming revenue and in-market share of EBITDA. Our objective is to capture a high-value, high-margin tourism over the long term. We have a unique competitive advantage in terms of scale, quality and diversity of product offers. Upon completion of the second phase of the Londoner in 2025, our product and management more pronounced to (inaudible).

我們將在接下來的三個季度推出更多每週最長的倫敦套房，到2025 年農曆新年之前，總共將有1,500 間倫敦套房和設施投入使用，到2025 年末，將有1,500 間套房和（聽不清楚）五間客房全部投入使用。我們的目標是長期實現高價值、高利潤的旅遊業。我們在規模、品質和產品多樣性方面擁有獨特的競爭優勢。 2025 年倫敦人第二期完工後，我們的產品和管理將會更加明顯（聽不清楚）。

We delivered another strong quarter in Singapore despite port hold percentage. The results in rate-base stands reflect the positive impact of our capital investment program and the growth of high-value tourists. We're doing a PO Singapore as a destination is enhanced by robust entertainment or lifestyle event calendar. As we complete the balance of our investment programs in the first half of 2021, there will be considerable runway for growth. Thank you for joining us.

儘管港口持有率較高，但我們在新加坡的季度表現仍然強勁。利率基礎的結果反映了我們的資本投資計劃和高價值遊客成長的正面影響。我們正在新加坡設立 PO，作為一個透過豐富的娛樂或生活風格活動日曆來增強目的地的目的地。隨著我們在 2021 年上半年完成投資計畫的餘額，將會有相當大的成長空間。感謝您加入我們。

Let me turn it over to Patrick before we have Q&A.

在我們進行問答之前，讓我把它交給派崔克。

Thanks, Rob. Macau EBITDA was $585 million. If we had held as expected in our rolling program, our EBITDA would have been higher by $2 million. When adjusted for lower-than-expected hold in the rolling segment, our EBITDA margin from Macau portfolio of properties, excluding the Londoner, would have been 35.1% or down 110 basis points compared to the third quarter of 2023. Our margins at the lender were directly impacted by disruption of the Londoner Grand renovation.

謝謝，羅布。澳門 EBITDA 為 5.85 億美元。如果我們按預期執行滾動計劃，我們的 EBITDA 將會增加 200 萬美元。根據滾動業務的持有量低於預期進行調整後，我們來自澳門物業組合（不包括倫敦人）的EBITDA 利潤率將為35.1%，比2023 年第三季下降110 個基點。率受到倫敦人大改造中斷的直接影響。

We closed a casino and had around 2,500 keys out of inventory during the quarter. Margin at the Venetian was 38.6%, and we expect margin improvement as the Venetian Cotai Arena comes back online in November and as visitation to the market and grows in unrated play, both increase in the future. Margin at the Plaza and Four Seasons was 39.7% for the quarter. As Rob mentioned, we continue to progress our Londoner Grand renovation program. As these products come online, our competitive position will be stronger than ever.

我們關閉了一家賭場，本季約有 2,500 把鑰匙缺貨。威尼斯人的利潤率為38.6%，我們預計，隨著威尼斯人金光綜藝館於11 月恢復運營，以及市場訪問量和未評級比賽的增長（未來兩者都會增加），利潤率將會有所改善。廣場酒店和四季酒店本季的利潤率為 39.7%。正如羅布所提到的，我們繼續推動倫敦人大改造計畫。隨著這些產品上線，我們的競爭地位將比以往任何時候都更強大。

We expect meaningful EBITDA growth and margin expansion in the future. Turning to Singapore. MBS' EBITDA came in at $406 million. Assuming expected to hold our rolling play, our EBITDA would have been approximately $78 million higher. The strong financial results reflect the impact of high-quality tourism investment and market-leading product and growth in high-value tourism overall.

我們預計未來 EBITDA 會出現有意義的成長，利潤率也會擴大。轉向新加坡。 MBS 的 EBITDA 為 4.06 億美元。假設預計我們的滾動業務將保持不變，我們的 EBITDA 將增加約 7800 萬美元。強勁的財務表現反映了高品質旅遊投資和市場領先產品的影響以及高價值旅遊業的整體成長。

Had we held as expected in our Rolling Play segment, MBS EBITDA margin would have been 47.5%, 40 basis points higher than that of the third quarter of 2023. While we have made substantial progress on our $1.75 billion reversement program in MBS, we are still in the initial stages of realizing the benefits of these products, including from our tower gaming offering, which opened in September. The next phase of our capital investment program at Marina Bay Sands is scheduled to be completed during the second quarter of 2025. This will support further growth in 2025 and beyond. Also, please note on page 44 of our earnings presentation, we have provided estimated costs for our Marina Bay Sands IR2 project.

如果我們在Rolling Play 業務領域保持預期，MBS EBITDA 利潤率將達到47.5%，比2023 年第三季高出40 個基點。仍處於實現這些產品優勢的初始階段，包括我們於 9 月推出的塔式遊戲產品。濱海灣金沙下一階段的資本投資計畫於 2025 年第二季完成。另請注意，在我們的收益演示第 44 頁上，我們提供了濱海灣金沙 IR2 項目的預估成本。

We couldn't be more enthusiastic about investing in the long-term growth of high-value leisure and business tourism in Singapore. The original concept was in effect an expansion of Marina Bay Sands, including Arena. Our new program creates a full-scale integrated resort development with a full suite of amenities, including gaming capacity. We look forward to discussing that long-term growth driver in the Q&A session. Turning our program to return capital to shareholders.

我們非常熱衷於投資新加坡高價值休閒和商務旅遊的長期成長。最初的概念其實是濱海灣金沙的擴建，包括競技場。我們的新計劃創建了一個全面的綜合度假村開發項目，擁有全套設施，包括博彩設施。我們期待在問答環節討論長期成長動力。轉變我們的計劃，將資本回饋給股東。

We repurchased $450 million of LBS to during the quarter, and our Board increased our repurchase authorization to $2 billion for future repurchases. We paid our recurring quarterly dividend of $0.20 per share in the quarter. In addition, our Board increased our annual dividend to $1 per share or $0.25 per quarter for the 2025 calendar year. We really look forward to continue to utilize the company's capital return program to increase returns to shareholders in the future. Thanks, again, for joining the call today.

我們在本季回購了 4.5 億美元的 LBS，董事會將未來回購的回購授權增加到 20 億美元。我們在本季支付了每股 0.20 美元的經常性季度股息。此外，我們的董事會還將 2025 年的年度股息提高至每股 1 美元或每季 0.25 美元。我們非常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電話會議。

Now let's take some questions.

現在我們來回答一些問題。

Thank you. (Operator Instructions) Joe Greff, JPMorgan.

謝謝。 （操作員指示）Joe Greff，摩根大通。

Good afternoon, guys, and congratulations on the results. One question two-part related to Macau. In the 3Q, if we look at contra gaming revenues as a percentage of gross gaming revenues, that percentage went down almost 200 basis points, how much of that is you're managing the business differently offering promotions differently than before? How much of that is just the market level of promotional activity is down? How much of that relates to mix between base, mass and premium mass?

下午好，夥計們，祝賀結果。一題兩部分與澳門有關。在第三季度，如果我們看一下反博彩收入佔總博彩收入的百分比，該百分比下降了近 200 個基點，其中有多少是因為您以與以前不同的方式管理業務並提供不同的促銷活動？其中有多少只是促銷活動的市場水準下降所造成的？其中有多少與基礎、品質和優質品質之間的混合有關？

And then I have a follow-up.

然後我有一個後續行動。

So Joe, it's a great question. And I think it's something we've been focused on for a long time. If you realize what happened in the quarter and the quarter before that actually in the first quarter, we've been impacted by disruption. And so we haven't really been able to manage our business with all of our capabilities. And so what we've been doing now is as things have been coming online, and we've been focusing on managing the business for the future, we look to become more efficient.

所以喬，這是一個很好的問題。我認為這是我們長期以來一直在關注的事情。如果您意識到本季和之前的季度實際上在第一季發生了什麼，我們就受到了乾擾的影響。因此，我們還沒有真正能夠利用我們所有的能力來管理我們的業務。因此，我們現在一直在做的是，隨著事情已經上線，我們一直專注於管理未來的業務，我們希望變得更有效率。

So we'll look to improve our margins to manage the business more closely. And what you're seeing is a direct result of that. I think one thing that did impact our margins this quarter and they would have looked better was the fact that we took so many rooms out of inventory. So the majority of our, let's call it, our margin change and decline was related to the fact that that's a very high-margin business, and we still didn't have it because the rooms were there. So I think what you're seeing is the beginning of the cost discipline and the pricing power because of the assets we've invested in slowly coming into place.

因此，我們將尋求提高利潤率，以更密切地管理業務。您所看到的就是其直接結果。我認為確實影響了我們本季利潤率並且看起來會更好的一件事是我們從庫存中拿出了這麼多房間。因此，我們的大部分利潤變化和下降與這樣一個事實有關：這是一項利潤率非常高的業務，但我們仍然沒有它，因為房間在那裡。因此，我認為您所看到的是成本紀律和定價能力的開始，因為我們投資的資產正在慢慢到位。

So I think it's a good signal for the future in the way that we're going to manage the business with discipline. I would like to turn it over to Brad for any additional comments.

因此，我認為這對未來來說是一個很好的信號，我們將按照紀律管理業務。我想將其轉交給布拉德以徵求任何其他意見。

Yes. Thanks, Patrick. I think so it's more that last quarter, I think we mentioned that as we were preparing for the full closure of the old Pacifico Casino -- we did deploy some tactical measures to manage the transition of customers to the other properties. And we did that very carefully during second quarter. But for the third quarter, we're really back to our core strategy, which is we compete on the basis of our products and the content that we bring despite the fact that, obviously, third quarter, our disruption actually increased, what Patrick referenced, with many more rooms out of inventory.

是的。謝謝，派崔克。我認為更重要的是上個季度，我想我們提到，當我們準備好完全關閉舊太平洋賭場時，我們確實部署了一些戰術措施來管理客戶向其他酒店的過渡。我們在第二季度非常謹慎地做到了這一點。但對於第三季度，我們確實回到了我們的核心策略，即我們根據我們的產品和我們帶來的內容進行競爭，儘管事實上，顯然，第三季度我們的干擾實際上增加了，正如帕特里克所提到的那樣，還有更多房間缺貨。

But we stick to our core strategy and we had a very strong quarter in how we managed customer reinvestments and still maintain market share relative to the second quarter despite rising disruption during the quarter. and despite the fact that the base mass did not recover as strongly as the summer months normally would indicate. So overall, it was a very strong margin performance. And obviously, we're very pleased that we managed to actually grow EBITDA sequentially despite the fact that the market GGR is down marginally against second quarter.

但我們堅持我們的核心策略，我們在管理客戶再投資方面表現出色，儘管本季中斷情況有所增加，但相對於第二季仍保持了市場份額。儘管事實上基礎品質的恢復並不像夏季通常所表明的那樣強勁。整體而言，這是非常強勁的利潤率表現。顯然，我們非常高興我們能夠實現 EBITDA 連續成長，儘管市場 GGR 較第二季略有下降。

Thank you. And my follow-up question related to Macau, obviously, Golden Week was pretty strong. October, for the most part, has been better than expected. Can you talk about what you think the drivers of that better-than-expected performance? I'm assuming it's probably better than expected for you guys as well. But how much of that is driven by the increases in equity prices locally?

謝謝。我的後續問題與澳門有關，顯然，黃金週相當強勁。十月的情況在很大程度上好於預期。您能談談您認為業績優於預期的驅動因素是什麼嗎？我想這可能也比你們的預期好。但其中有多少是由當地股價上漲所推動的？

How much of that is seasonally strong events like Golden Week or New Year's typically see a step change is a little bit stronger than maybe typical seasonality? Any comments about how the typical Macau consumer is behaving since the quarter ended, given all these generally more encouraging (inaudible) thus far in October?

其中有多少是像黃金週或新年這樣的季節性強烈事件，通常會出現比典型季節性更強一點的階躍變化？鑑於 10 月迄今為止所有這些總體上更令人鼓舞（聽不清），對典型澳門消費者自本季結束以來的表現有何評論？

Yes, Joe, I think we're not going to talk too much about the current quarter just because we have a policy of not doing that. But I think directionally, we're very pleased about the quality of people we have coming into our buildings, both in Macau and in Singapore. And I think that there's some real opportunities going forward as our new product comes online, and people continue to spend their buildings. And I think even with the disruption that you're seeing, you're finding that the consumer, high-frequent, high-value tourists is coming to our properties and recognizing that there's a great experience to be had there. Entertainment definitely plays a big part of that.

是的，喬，我認為我們不會過多談論當前季度，因為我們有不這樣做的政策。但我認為，從方向上來說，我們對進入澳門和新加坡大樓的人員素質感到非常滿意。我認為，隨著我們的新產品上線，以及人們繼續消費他們的建築物，未來會有一些真正的機會。我認為，即使您看到了乾擾，您也會發現消費者、高頻率、高價值的遊客正在來到我們的酒店，並認識到在那裡可以享受到很棒的體驗。娛樂無疑在其中扮演重要角色。

Entertainment has been super important for us in both markets. And we continue to look to schedule entertainment and take advantage of entertainment as it occurs in the market, even if it's not scheduled by us.

在這兩個市場中，娛樂對我們來說都非常重要。我們繼續尋求安排娛樂活動並利用市場上出現的娛樂活動，即使它不是由我們安排的。

Thank you.

謝謝。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Maybe turning to Marina Bay Sands. It's been hovering from an EBITDA standpoint around $450 million to $500 million for the past couple of quarters. Can you just remind us of the cadence of disruption, some of the work going on to add suites and how that might subside and then build into next year?

也許轉向濱海灣金沙。從 EBITDA 的角度來看，過去幾季它一直徘徊在 4.5 億至 5 億美元之間。您能否提醒我們中斷的節奏、正在進行的一些增加套房的工作以及這種情況如何消退並延續到明年？

Sure. So just to give you a sense, during the quarter, we had about 1,600 rooms available versus about [2,800] rooms available last year. So there's pretty substantial disruption going on just from a room count standpoint. We also have some casino floor work going on, which is disruptive -- we did just open up some additional salon capacity there. So I think plate September, we should have about 27 newly renovated salons.

當然。因此，為了讓您了解一下，本季我們大約有 1,600 間可用房間，而去年大約有 [2,800] 間可用房間。因此，僅從房間數量的角度來看，就存在相當大的干擾。我們也正在進行一些賭場樓層工作，這具有破壞性——我們只是在那裡開放了一些額外的沙龍容量。所以我認為9月盤，我們應該有27家左右新裝修的沙龍。

So there's just -- there's a lot of stuff happening. I think we did Tower 1, Tower 2. We did what we call our Piza area. We just introduced Sky Gaming, which is something that we've ever had before, which was actually granted us as part of the development agreement for IR2. We've read out some dining and updated on retail.

所以，發生了很多事情。我認為我們建造了 1 號塔樓、2 號塔樓。我們剛剛推出了 Sky Gaming，這是我們以前擁有過的東西，實際上是作為 IR2 開發協議的一部分授予我們的。我們已經了解了一些餐飲情況並更新了零售情況。

I think the biggest disruption is really Tower 3 that's ongoing. And hopefully, by the end of the quarter, we'll add another 150 rooms. We'll see how that goes. But our biggest disruption right now is we have a -- one of our casino floor areas is mid-flight. And so that's disrupting a little bit the casino operation.

我認為最大的干擾實際上是正在進行的 3 號塔樓。希望到本季末，我們能夠再增加 150 間客房。我們會看看情況如何。但我們現在最大的干擾是我們的賭場樓層之一是在飛行途中。這對賭場的運作造成了一些幹擾。

But I would say that by middle of next year, hopefully, we're going to stop talking about disruption. I think my dream not talking about disruption at this point.

但我想說的是，到明年年中，我們將不再談論顛覆。我認為我的夢想此時不談論破壞。

I think as point by May of '25, both Londoner and Singapore, pretty much are clear sailing. We're going to stop telling you bottlers room disruption of difficulties, all comes to the head, and no more excuses. We'll start seeing sightings to stall results to reflect the end of disruption being of making more money both in Singapore and Macau. I think Singapore is it's gone -- it's amazing what's done in spite of this, but Londoner has returned from that place. I can't wait to see a into employee open but the casino core is very, very exciting work done.

我認為到 25 年 5 月，倫敦人和新加坡人幾乎都一帆風順。我們將不再告訴你們裝瓶廠房間中斷的困難，一切都到了關鍵時刻，不再有任何藉口。我們將開始看到結果停滯的情況，以反映在新加坡和澳門賺更多錢的混亂的結束。我認為新加坡已經消失了——儘管如此，所做的事情還是令人驚奇的，但倫敦人已經從那個地方回來了。我迫不及待地想看到員工開業，但賭場的核心工作已經完成，非常非常令人興奮。

I would like to just point out, if you look at our earnings deck, you'd see some of the results on renovation on page 40, page 41, you see the quality of work there. I'd like to give a big shout out to our design team. We don't really produce anything like this in our company's history. Our customers are taking notice. You can see that by the high-quality customers we have coming in, the ADR that we have, the demand we have, the reviews we have for these rooms, the customer feedback very proud of what we've done in Marina Bay Sands.

我想指出的是，如果您查看我們的收益表，您會在第 40 頁、第 41 頁上看到一些裝修結果，您會看到那裡的工作品質。我想對我們的設計團隊表示大力讚揚。在我們公司的歷史上，我們從未真正生產過這樣的產品。我們的客戶正在註意到這一點。您可以看到，透過我們進來的高品質客戶、我們的 ADR、我們的需求、我們對這些客房的評論以及客戶回饋，我們對我們在濱海灣金沙所做的一切感到非常自豪。

And if this is what we're able to do with this level of disruption, we're very excited about the future and the trajectory of the business. It's really amazing how strong the market is, how quality of tourists is coming into Singapore and the fact that they are really interested in coming to Marina Bay Sands. And so I think the investment has been very positive, and we're very happy about it. But unfortunately, we're still talking about disruption.

如果我們能夠應對這種程度的顛覆，我們對未來和業務發展軌跡感到非常興奮。市場的強度、來到新加坡的遊客的品質以及他們對濱海灣金沙的真正興趣，這真是令人驚訝。所以我認為這項投資非常積極，我們對此感到非常高興。但不幸的是，我們仍在談論顛覆。

And maybe as a follow-up, just on Marina Bay Sands, realizing that you put out the number -- the updated numbers in terms of capital spend on to I guess, has the scope changed at all? Are there any updated thoughts on how you think about the returns on that project potentially versus other projects, realizing that you'll probably get into this both later this year and next?

也許作為後續行動，就在濱海灣金沙，意識到你公佈了這個數字——我猜資本支出方面的更新數字，範圍有沒有改變？意識到您可能會在今年稍後和明年涉足這一領域，您對該項目相對於其他項目的潛在回報的看法是否有任何更新的想法？

Well, obviously, the biggest change that we made aware of is a full casino amenities was built, no longer just a hotel supporting IR1. And so that's -- obviously, the biggest change is that -- and I think you'll see from the designing this is laser focus on the premium mass segment. So we really is a market that is growing to about $6.5 billion of GGR, probably in '24, we believe easily get to $11 billion by quarter end. So this project reflects a lot of capital being directed at a very, very strong customer segment and a unique asset. It's a unique market that is stellar and it's unique.

嗯，顯然，我們意識到的最大變化是建立了完整的賭場設施，而不僅僅是支持 IR1 的酒店。所以，顯然，最大的變化是，我想你會從設計中看到，這是對高端大眾市場的高度關注。因此，我們確實是一個 GGR 成長至約 65 億美元的市場，可能在 24 年，我們相信到季末很容易達到 110 億美元。因此，這個專案反映出大量資本被用於非常非常強大的客戶群和獨特的資產。這是一個獨特的市場，非常出色且獨一無二。

There's barriers to entry. There's a proven market, I can guess who customer is. We've been there for 14 years. So we feel very, very confident that these results are going to be terrific by we've told you before, we expect IR1 to get to $2.5 billion and we believe this new building can make in excess of $1 billion on top of that. So we're very confident that we've built the right thing in the market, and its unique location (inaudible) our business today.

有進入壁壘。有一個成熟的市場，我可以猜出誰是客戶。我們在那裡已經 14 年了。因此，我們非常非常有信心，這些結果將非常出色，我們之前已經告訴過您，我們預計 IR1 將達到 25 億美元，我們相信這座新建築除此之外可以賺取超過 10 億美元。因此，我們非常有信心，我們在市場上打造了正確的產品，並且其獨特的位置（聽不清楚）是我們今天的業務。

We have tested market, you know the competition. You know the government, build the infrastructure, arise entry. So the biggest single change, obviously, is a full blown casino as opposed to just a hotel.

我們已經測試過市場，你知道競爭。你了解政府，建設基礎設施，出現進入。因此，顯然，最大的單一變化是一個成熟的賭場，而不僅僅是一家酒店。

Makes sense. That's it for me. I look forward to seeing it in November.

有道理。對我來說就是這樣。我期待在 11 月看到它。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Last week, investors heard a bit about pressure on luxury spend from the Chinese consumer. I wonder if you could talk about what you might be seeing there? And how much do you think -- how much overlap is that with your premium mass consumer?

偉大的。上週，投資者聽到了一些有關中國消費者對奢侈品消費的壓力的消息。我想知道你能否談談你在那裡可能會看到什麼？您認為這與您的優質大眾消費者有多少重疊？

Robin, just to talk about that for a second. I think we're -- I think everyone should be impressed the resilience of Macau. We all know is happening in China and very confident that we'll turn to a stronger place in the near future. But the fact is Macau is showing growth and strong growth, I think, despite the economic environment there. Hopefully, we'll see more insights on the government's perspective on the economy in the near future.

羅賓，我想談談這個問題。我認為我們——我認為每個人都應該對澳門的韌性印象深刻。我們都知道中國正在發生這種情況，並且非常有信心我們將在不久的將來轉向一個更強大的地方。但事實是，我認為，儘管澳門的經濟環境不佳，但它正在顯示出成長和強勁的成長。希望在不久的將來我們能看到更多關於政府對經濟觀點的見解。

But unlike retail, which you're right, has struggled and we struggled as well our top end retail, retail in general in Asia, there's no disputing so the LPMs numbers, spot numbers, carrying numbers, but it has not been a similar path for gaming in Macau. Macau's showing growth double-digit growth in the quarter. It's very exciting as this continues. I think it will, I think will exceed $30-plus billion next year. We're waiting the day when the base mass returns.

但與零售業不同的是，你是對的，零售業一直在苦苦掙扎，我們的高端零售業、整個亞洲的零售業也都在苦苦掙扎，沒有爭議，所以LPM 數量、現貨數量、持有數量，但它並不是一條類似的道路澳門博彩.澳門本季呈現兩位數成長。隨著這種情況的繼續，這是非常令人興奮的。我認為明年將超過 30 億美元。我們正在等待基礎品質回歸的那一天。

And so our current assets speak very well to the -- I mean, the Londoner completion and the Venetian will be talking each other, and I think creates two impressive assets in the market by far, making billions of dollars in the future for us. But the real kicker comes when the base mass does return because, as you know, power assets are built for scale and built with a huge throughput. So I think when that happens, the world turn is very, very for us. But in the interim, unlike retail, unlike other consumer spending businesses, Macau has proved be very resilient and very powerful, and we're grateful for it. And you saw the numbers coming out, the market numbers for October looked awfully good for the industry where we saw the first weeks of October.

因此，我們目前的資產很好地說明了——我的意思是，倫敦人的竣工和威尼斯人將相互交談，我認為到目前為止在市場上創造了兩項令人印象深刻的資產，在未來為我們創造了數十億美元。但真正的問題是當基礎品質確實恢復時，因為如您所知，電力資產是按規模建造的，並且具有巨大的吞吐量。所以我認為當這種情況發生時，世界的轉變對我們來說非常非常重要。但在此期間，與零售業、其他消費支出業務不同，澳門已被證明非常有彈性和強大，我們對此表示感謝。你看到了數據，10 月的市場數據對於我們在 10 月的前幾週看到的行業來說看起來非常好。

So it's a very positive story relative to other businesses operating in Macau -- in China.

因此，相對於在中國澳門營運的其他企業來說，這是一個非常積極的故事。

Great. That's really helpful. And maybe just one quick follow-up is with some of the stimulus that was announced a few weeks ago, did that change your expectation for timing of recovery in the base math? Or in other words, where should investors maybe look to see that show up if you, in fact, if you think it will show up?

偉大的。這真的很有幫助。也許只是一個快速的後續行動是幾週前宣布的一些刺激措施，這是否改變了您對基礎數學復甦時間的期望？或者換句話說，如果你認為它會出現，投資者可能應該在哪裡看到它出現？

I think -- I was in Beijing two weeks ago, I think, first of all, it's very well received by everyone see government stepping in at least wonderful and hopefully, it continues. But I think it's too early to predict where and when and how and how quickly. Again, I think it was great to see is that before this in list, Macau continues to show strong growth, and with our product offering, we will participate in that. When this single shows up, how it impacts the customer, you hope it would be soon later, you'll going to be all segments, but any time will tell. We have -- I don't think we have the insights.

我想——兩週前我在北京，我想，首先，每個人都非常歡迎政府的介入，至少是很棒的，希望它能繼續下去。但我認為現在預測何時何地、如何以及多快還為時過早。再次，我認為很高興看到在這份名單之前，澳門繼續表現出強勁的成長，並且透過我們的產品供應，我們將參與其中。當這首單曲出現時，它對客戶有何影響，你希望很快就會出現，你將成為所有細分市場，但任何時間都會告訴我們答案。我們有——我認為我們沒有洞察力。

Grant, Wilfred, do you feel differently about that?

格蘭特、威爾弗雷德，你們對此有什麼不同的看法嗎？

Yes, Rob. I think the main point here, which you referenced just now is the Macau GGR remains very resilient before any of these stimulus measures have the chance to take impact. And I think that's very clear in the premium segment. And I think any economic tailwind we get as a market from these stimulus measures over time. Obviously, we'll have the other segment in particular, I think, base mass and retail, which are two very important segments for us.

是的，羅布。我認為您剛才提到的要點是，在這些刺激措施有機會發揮作用之前，澳門的博彩總收入仍然非常有彈性。我認為這在高端市場非常明顯。我認為隨著時間的推移，我們作為市場可以從這些刺激措施中獲得任何經濟順風。顯然，我認為我們將特別關注其他細分市場，即基礎品質和零售，這對我們來說是兩個非常重要的細分市場。

So overall, we should acknowledge this Macau GGR, Macau gaming is a very big outperformer in the whole consumer universe, in the region right now, and that's powered by the premium segment where we are extremely well placed with the great products that we bring online. But of course, as the economy gets better, as some of these measures have positive impact over time, we obviously expect the other segments which are also important to us will follow through and give us a further boost to what the assets can actually deliver into 2025 and beyond.

因此，總的來說，我們應該承認澳門的 GGR，澳門博彩目前在該地區的整個消費領域中表現出色，這得益於高端細分市場，我們在網上提供的優質產品處於非常有利的地位。但當然，隨著經濟好轉，隨著時間的推移，其中一些措施會產生積極影響，我們顯然預計對我們也很重要的其他領域將跟進，並進一步推動資產的實際交付。

Thank you very much.

非常感謝。

To add a couple of points. The first thing is that the economic stimulus measures introduced by China are still unfolding, but the directional development is welcoming. We have confidence in the Chinese Mainland economic future, and we'll continue to invest in Macau's future.

添加幾點。首先，中國推出的經濟刺激措施仍在展開，但方向性發展可喜。我們對內地經濟的未來充滿信心，也將繼續投資澳門的未來。

The second point is that in 2024, Macau has been rated by the Chinese tourists as the most desired destination out of the Chinese market. So we see that Macau will stand to benefit once economic activities return to normal.

第二點是，2024年，澳門被中國遊客評為中國市場最嚮往的旅遊目的地。因此，我們認為，一旦經濟活動恢復正常，澳門將會受益。

Well said.

說得好。

Thank you.

謝謝。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi. Good afternoon, everyone. Thanks for taking my question. I wanted to go back to IR2 to start. Thank you for the additional just numbers and disclosure there. Rob, whoever is right, obviously, an increase in the casino scope and capacity and what's always been a supply-constrained market is pretty interesting. Any details that you can provide there in terms of how many positions or what form some of the gaming expansion may take? Or imagine if it's too early, when might we look forward to hearing some additional details like that?

你好。大家下午好。感謝您提出我的問題。我想回到 IR2 開始。感謝您提供額外的數字和披露。羅布，無論誰是對的，顯然，賭場範圍和容量的增加以及一直供應受限的市場都非常有趣。您可以提供有關多少位置或某些遊戲擴展可能採取什麼形式的任何詳細資訊嗎？或者想像一下，如果現在還為時過早，我們什麼時候才能期待聽到類似的更多細節？

We're going to publish the final details over the next coming months, but the idea is that it has casino gaming in the podium and Sky Gaming in the tower. Look, our goal with this tower is to make it something very different. This is going to be the most important gaming and hospitality building in the world. It's going to be the best hotel in the world. That's our goal, the best service, the best experience, the best F&B.

我們將在接下來的幾個月內公佈最終細節，但我們的想法是，平台上有賭場遊戲，塔樓上有天空遊戲。看，我們這座塔的目標是讓它變得非常不同。這將成為世界上最重要的博彩和酒店建築。這將成為世界上最好的酒店。這就是我們的目標，最好的服務，最好的體驗，最好的餐飲。

Our goal is to create something that is really extraordinary and helps address the Singapore market, which we know quite well now and has been consuming some of our highest-end products over the last 14 years. And so we're very aware of the market segments that we're addressing. And so we feel like this is a project that will be very accretive to our overall portfolio and create substantial value to us in the long term. What I can tell you is that it's a very robust program. So it will have great food and beverage, great other amenities.

我們的目標是創造出真正非凡的產品，幫助滿足新加坡市場的需求，我們現在非常了解新加坡市場，並且在過去 14 年裡一直在消費我們的一些最高端產品。因此，我們非常了解我們正在解決的細分市場。因此，我們認為這個項目將對我們的整體投資組合產生巨大的增值作用，並從長遠來看為我們創造巨大的價值。我可以告訴你的是，這是一個非常強大的程式。因此，它將提供美味的食物和飲料以及其他便利設施。

It will have a public access component. It will have a Sky Park, as you can see, its own version of the Sky Park. It will have My Space. So it's going to be a very important globally significant asset for tourism, but it's going to be very specific to a very high-end segment that we're dealing with today. And so hence, the investment.

它將有一個公共存取組件。正如你所看到的，它將有一個空中公園，這是它自己版本的空中公園。它將有我的空間。因此，這將成為全球旅遊業的一項非常重要的資產，但它將針對我們今天正在處理的非常高端的細分市場。因此，投資。

Great. Thanks, Patrick. And then as my follow-up, if I could just turn to Macau. Obviously, it was encouraging to see a bit of the market-wide recovery in visitation. And I was just wondering if somebody could provide a little bit more color on how visitation played out through the quarter. I think as we look back, second quarter, things were light and a little soft relative to where we stood in 2019.

偉大的。謝謝，派崔克。然後作為我的後續行動，我是否可以轉向澳門。顯然，看到整個市場的訪問量有所回升是令人鼓舞的。我只是想知道是否有人可以提供更多有關本季訪問情況的資訊。我認為，當我們回顧第二季度時，與 2019 年相比，情況比較輕鬆且有點疲軟。

Clearly, sequentially, that improved. So just what was behavior like as things improved? And what were you seeing from the customer patterns on the visitation front?

顯然，情況逐漸有所改善。那麼，隨著情況的改善，行為會是什麼樣的呢？您從訪問方面的客戶模式中看到了什麼？

Grant, do you want to take that?

格蘭特，你想接受這個嗎？

I'll take that. Yes. Thanks for the question, Sean. Yes, as you rightly pointed out, visitation improved in terms of the recovery rate in third quarter relative to second quarter. So we're up to about 93% recovery versus 2019 third quarter.

我會接受的。是的。謝謝你的提問，肖恩。是的，正如您正確指出的那樣，第三季度的訪問量相對第二季度的恢復率有所改善。因此，與 2019 年第三季相比，我們的復甦幅度約為 93%。

And actually, August, the visitations exceeded 2019 levels. This quarter, it was primarily -- especially when you look at it on a year-on-year basis, primarily driven by day trip visitor increase. And partly as a result of that, but partly, I think as a general macro conditions didn't translate as much as you would have expected into the actual spending, especially in the base mass and retail. So what we saw in the third quarter is actually a continuation of the strength in the premium segments. We had better visitations, yes, but that didn't necessarily translate into the base mass business or help the retail business to any great extent.

事實上，8 月份的訪問量超過了 2019 年的水準。本季度，尤其是當您同比來看時，主要是由一日遊遊客增加所推動的。部分原因是這一點，但部分原因是，我認為整體宏觀條件並沒有像你預期的那樣轉化為實際支出，特別是在基礎大眾和零售方面。因此，我們在第三季看到的實際上是高端細分市場實力的延續。是的，我們的訪問量有所增加，但這並不一定會轉化為基礎大眾業務或在很大程度上幫助零售業務。

But it's encouraging to see the interest and desirability of consumers to come to Macau. Clearly, the Sheraton teas being 2,400 fewer rooms available versus the prior summer. It didn't help us, but also, frankly, didn't help the market as a whole because that's a very large amount of inventory to be out of the market. So over nice as it is -- that obviously hampered that segment. And overnight, this we just typically spend multiple times what a day trip is spend.

但看到消費者對澳門的興趣和願望令人鼓舞。顯然，喜來登酒店的可用房間比去年夏天減少了 2,400 個。這對我們沒有幫助，但坦白說，對整個市場也沒有幫助，因為市場上有大量庫存。儘管它已經過分美好了，但這顯然阻礙了這一領域的發展。而一夜之間，我們的花費通常是一日遊花費的數倍。

But like I think Wilfred mentioned, Macau remains very desirable as a tourist destination for the region. And I think it's encouraging to see that come through just in the volume of visitations for the quarter.

但正如我認為威爾弗雷德提到的那樣，澳門作為該地區的旅遊目的地仍然非常理想。我認為看到本季的訪問量實現這一點令人鼓舞。

Thank you, everyone.

謝謝大家。

Thank you, Shaun.

謝謝你，肖恩。

Thanks, Shaun.

謝謝，肖恩。

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Hey, guys. Basically, just one question, but maybe two parts to it. I don't know if Grant wants to take this, but just thinking about the cadence of rooms coming back online in Macau relative -- from where we are today, what the total room count will be acknowledging some regular rooms got compressed to suites come Golden Week of next year. And then bucketing the rooms out of service and thinking about the impact they've had on a good slide that you guys have in your deck that shows EBITDA share in 2019 of about 34%, and that trending at roughly 30% this year, how much of that 400 basis point delta do you think returns with the rooms coming back online?

嘿，夥計們。基本上，只是一個問題，但可能有兩個部分。我不知道格蘭特是否願意接受這一點，但只要想想澳門相關房間重新上線的節奏——從我們今天的情況來看，考慮到一些普通房間被壓縮為套房，總房間數將是多少明年黃金周。然後讓房間停止服務，並思考它們對你們甲板上一張好的幻燈片的影響，這張幻燈片顯示 2019 年 EBITDA 份額約為 34%，而今年的趨勢約為 30%，如何您認為400 個基點的增量大部分會隨著房間恢復上線而恢復嗎？

Should I take that?

我該接受嗎？

Yeah, please.

是的，請。

Yes. I think on the construction and the delivery of the new rooms, I mean, first of all, I think the team has done a fantastic job in delivering the assets back the way they have by the end of September, where we opened a new casino, Londoner Grand Casino as well as the get licensed for 300 -- the first 300 suites in Londoner Grand. I think it's important to understand that in the fourth quarter, we actually go down further in the total number of keys available during the quarter versus third quarter because we will be losing the rest of the Sheraton rooms. And we will be staying in terms of licensed new suites at this 300 number for pretty much the whole quarter. So we will actually reduce further in terms of key count by about 600 to 700 rooms in the fourth quarter relative to the third quarter.

是的。我認為在新房間的建設和交付方面，我的意思是，首先，我認為團隊在九月底之前將資產恢復原狀方面做得非常出色，我們在那裡開設了一家新賭場、 Londoner Grand 賭場以及獲得300間許可證－Londoner Grand 的前300 間套房。我認為重要的是要了解，在第四季度，我們的可用鑰匙總數實際上比第三季度進一步下降，因為我們將失去喜來登的其餘房間。我們幾乎整個季度的授權新套件數量都將保持在 300 套。因此，相對於第三季度，第四季度我們實際上將進一步減少客房數量約 600 至 700 間。

So it's really only until January that we start to get a significant uplift in critical mass of new suites, and we hope to be above 1,000 new suites by January at least by Chinese New Year in January. And then it just ramps up for the -- until May or middle of the second quarter to the full inventory of 2,400 keys. And by then, we'll be back up to over 10,600 keys or just under 11,000 thereabouts by the second quarter. Obviously, the room inventory being out by so much does impact our EBITDA and EBITDA share. And to your question on the prospect for the EBITDA share recovery, I think we're very confident that Londoner Grand and the whole Londoner Macau will deliver as we roll out the -- what is really, I think, top product at unprecedented scale.

因此，實際上直到 1 月份，我們的新套房數量才開始顯著增加，我們希望到 1 月份，至少到 1 月份的農曆新年之前，新套房數量能夠達到 1,000 套以上。然後，直到 5 月或第二季中期，庫存量才會增加到 2,400 把鑰匙。到那時，我們將在第二季度恢復到超過 10,600 個密鑰或略低於 11,000 個密鑰。顯然，房間庫存大幅減少確實影響了我們的 EBITDA 和 EBITDA 份額。至於你關於 EBITDA 份額復甦前景的問題，我認為我們非常有信心，倫敦人大酒店和整個倫敦人澳門將在我們以前所未有的規模推出我認為真正的頂級產品時交付。

This Londoner Macau will be 4,400 suites hotel with about over 60% of the keys being suites. There's really no building like it in our industry in terms of that scale of quality and the offerings it has between the F&B, the Arena inside the actual building. So we're very positive how this will help to drive our EBITDA and ultimately, our share of EBITDA as it ramps up and 2025 unfolds. And hopefully, with some of these tailwinds that we just referenced earlier in the call. So yes, we are very excited about how this asset will deliver for us.

這家澳門倫敦人酒店將擁有 4,400 間套房，其中約 60% 以上為套房。就品質規模和實際建築內的餐飲、競技場之間提供的服務而言，在我們行業中確實沒有類似的建築。因此，我們非常肯定這將有助於推動我們的 EBITDA，並最終隨著 2025 年的到來而提高我們的 EBITDA 份額。希望我們能利用剛才在電話會議中提到的一些有利因素。所以，是的，我們對這項資產將如何為我們提供服務感到非常興奮。

And to Rob's point, between Venetian and Londoner Macau, I think you've got two amazing assets that's really going to deliver for us, but also deliver for our customers.

就羅布的觀點而言，在威尼斯人和倫敦人澳門之間，我認為你們擁有兩項令人驚嘆的資產，它們不僅能為我們帶來好處，而且還能為我們的客戶帶來好處。

I appreciate that. Thank you.

我很欣賞這一點。謝謝。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Good evening and afternoon, everybody. So first question in Singapore, the ADR reported (inaudible), but ADR specifically of $900 was staggering. I'm just curious, I know there was a lot of rooms out. It was the trough. It seems like in terms of rooms out of service. When we look at that ADR, I'm trying to figure out, was it -- is there a compression happening in that ADR because there were rooms out -- or is that number illustrative of the quality and the higher-level product that you're coming out with for that asset?

大家晚上好、下午好。所以第一個問題是在新加坡，ADR 報告（聽不清楚），但 ADR 特別是 900 美元是令人震驚的。我只是好奇，我知道還有很多房間。那是低谷。看來房間已經停止服務了。當我們查看該 ADR 時，我試圖弄清楚，該 ADR 中是否發生了壓縮，因為有房間空出，或者該數字是否說明了您所提供的質量和更高級別的產品正在推出該資產嗎？

The answer is yes. So the first thing is you can see the pictures. Hopefully, you have a chance to actually see the rooms reverse in the rooms are extraordinary. The design is fantastic. The service levels are incredible and we get that feedback from our customers.

答案是肯定的。所以首先你可以看到圖片。希望您有機會真正看到房間的倒轉，房間非常特別。設計很棒。服務水準令人難以置信，我們從客戶那裡得到了回饋。

And so the ADR is a direct result of the market's view of the quality of the rooms after the renovation. And hopefully, the entire building will be like that by the middle of next year. We're very proud about it. We've made a lot of strides. We've done a lot of work.

因此，ADR是市場對裝修後房間品質看法的直接結果。希望到明年年中，整棟建築就能變成這樣。我們對此感到非常自豪。我們已經取得了很大進步。我們已經做了很多工作。

The team there has been phenomenal. It's been our goal to make that the number one hotel in Asia and the world. And so we've been working towards that, been doing a lot of benchmarking work and trying to figure out how to get there, which is unusual for a property of this size. I think actually one of the things that will help grow that ADR further is when IR2 is open, and we have an arena. -- that arena is going to be an incredibly powerful tourism driver for the overall complex, having a 15,000-seat live performance venue, with great technology, great viewing lines and a great experience is going to be a very unique things.

那裡的團隊非常出色。我們的目標是使其成為亞洲乃至世界第一的酒店。因此，我們一直在努力實現這一目標，進行了大量的基準測試工作，並試圖找出如何實現這一目標，這對於這種規模的酒店來說是不尋常的。我認為實際上，有助於進一步發展 ADR 的事情之一是當 IR2 開放時，我們就有了一個舞台。 ——該場館將成為整個綜合體極其強大的旅遊驅動力，擁有 15,000 個座位的現場表演場地，擁有先進的技術、出色的觀看線路和出色的體驗，這將是一件非常獨特的事情。

And so the ability to schedule that asset to program it will drive a lot of visitation not only to Singapore, but Marina bay Sands and will help us drive ADR further. So we feel very strong this ADR is a reflection of some compression, very fair. We took rooms out of out of our keys out of the building. But more importantly, it's really something that points to the quality and the service levels of this newly renovated building. And we think it will grow over time as more amenities are putting around it.

因此，安排該資產進行程式設計的能力不僅會帶動大量遊客前往新加坡，還會帶動濱海灣金沙酒店，並將幫助我們進一步推動 ADR。所以我們強烈認為這個 ADR 是某種壓縮的反映，而且非常公平。我們從大樓裡拿出了房間的鑰匙。但更重要的是，這確實顯示了這座新裝修的建築的品質和服務水準。我們認為，隨著時間的推移，隨著周圍設施的增加，它會不斷增長。

I think to be fair, I don't think fresh is that big a deal. In every market, there is extraordinary product people have said gamers and non-gamers. This is that product. What's happening anybody saying isn't just a compression, sure a few more or less rooms help you. But I believe demand is going to continue to soar once they experience the product.

公平地說，我認為新鮮沒什麼大不了的。在每個市場中，都有人們所說的遊戲玩家和非遊戲玩家所說的非凡產品。這就是那個產品。任何人都說發生的事情不僅僅是壓縮，當然更多或更少的房間可以幫助你。但我相信，一旦他們體驗了該產品，需求將繼續飆升。

There's just nothing like it anywhere in terms of the room quality, the food and beverage product adding an obvious hotel, the architecture public spaces is the place people want to stay. We're not to get 2,000, 3,000, 5,000 keys, you could sell them all easily at that prices will continue to grow. I think it's a testament to the quality of product and the strong leisure demand and gamer dividend in the market. And it's just going to get better and better because Singapore is that desirable. Infrastructure, government accessibility, it's a very special place.

在房間品質、食品和飲料產品以及明顯的酒店方面，沒有任何地方可以與之相比，建築公共空間是人們想要停留的地方。我們不會得到 2,000、3,000、5,000 把鑰匙，你可以輕鬆地把它們全部賣掉，價格會繼續上漲。我認為這證明了產品的品質以及市場強勁的休閒需求和遊戲玩家紅利。而且它只會變得越來越好，因為新加坡就是那麼令人嚮往。基礎建設完善，政府可及性高，這是一個非常特別的地方。

So we built a building is going to be for many years ahead, the most desirable place for (inaudible) to stay at. So rates should continue to open up and gaming capacity will obviously grow more gaming demand, but it's a very different place than anything else in Singapore.

因此，我們建造的建築將在未來許多年成為（聽不清楚）最理想的居住地。因此，費率應該繼續開放，遊戲容量顯然會增加更多的遊戲需求，但它與新加坡其他任何地方都非常不同。

Okay. Thank you for that. That's helpful. And then a question on Macau on the Arena. We don't talk about the arena as much as we hear about the casino floor and the Londoner Suites. And I wanted to hear your level of excitement about that Arena renovation.

好的。謝謝你。這很有幫助。然後是關於澳門競技場的問題。我們談論競技場的次數不如我們聽到賭場樓層和倫敦人套房的次數。我想聽聽您對競技場改造的興奮程度。

And specifically, when we think about '25, is there a calendar associated with that, where we would expect periods where you can look out now and say, okay, well, this quarter, this quarter has a great slate of events and where it will be a needle mover or if there's a lag associated with getting it up to the place that you'd want it to be?

具體來說，當我們想到 25 年時，是否有一個與之相關的日曆，我們期望您現在可以留意並說，好吧，好吧，這個季度，這個季度有很多事件，並且它在哪裡將是一個針移動器，或者是否存在與將其到達您想要的位置相關的滯後？

So the great thing about entertainment in Macau is that it's a very important part of our premium mass business. And we use it and we have used it successfully to drive premium mass visitation, and we have programs that help leverage that asset. It's been very successful for us all over Asia in terms of scheduling live entertainment. But the venue there is really an incredible one. Great visionary move I showed an early on to build that arena.

因此，澳門娛樂業的偉大之處在於，它是我們優質大眾業務的一個非常重要的組成部分。我們使用它，並且我們已經成功地使用它來推動優質的大眾訪問，並且我們有幫助利用該資產的計劃。在安排現場娛樂表演方面，我們整個亞洲都非常成功。但那裡的場地確實令人難以置信。我很早就展示了建造這個競技場的偉大願景。

And the updating is going to make it more powerful. And so I think we're very excited about the types of programs that we can run using it. And there will be a schedule and it will be within our control, and it will allow us to create more visitation and better spend into Venetian and the rest of the property portfolio. But Grant or Wilfred, I don't know if you have any additional comments you'd like to add.

並且更新將使其更加強大。因此，我認為我們對可以使用它運行的程式類型感到非常興奮。將會有一個時間表，它將在我們的控制範圍內，這將使我們能夠為威尼斯人和其他房地產投資組合創造更多的訪問量和更好的支出。但是格蘭特或威爾弗雷德，我不知道您是否還有其他意見要補充。

Yes. I think we have referenced it in the deck, but we are progressing very well on the construction, the upgrade for the Venetian Arena. And it will relaunch actually towards the end of November into December, and we already have the first events lined up in terms of entertainment, but also sports. So that would get -- start getting some traction actually even at the end of this year. But we also should note, like Patrick referenced on the entertainment offer in general with the Londoner Arena, the 6,000-seat Londoner Arena, we have been programming very actively ensuring the downtime of the Venetian Arena or especially, I should say.

是的。我想我們已經在甲板上引用了它，但我們在威尼斯競技場的建設和升級方面進展順利。實際上，它將在 11 月底到 12 月期間重新啟動，我們已經安排了第一批娛樂活動和體育活動。因此，即使在今年年底，這實際上也會開始受到一些關注。但我們也應該注意到，就像帕特里克在倫敦人競技場（擁有6,000 個座位的倫敦人競技場）一般提供的娛樂服務中提到的那樣，我們一直在非常積極地進行規劃，以確保威尼斯人競技場的停機時間，或者我應該說，尤其如此。

And we did around 17 shows in the Londoner Arena during third quarter and many of these shows actually did help us in driving the traffic and the spend. So we're very excited to have the Venetian arena fully upgraded. I think it's going to be great for entertainment, sports, mice events. So it's really serving multiple segments and boosting the diversification drive in Macau. I think with a great setup there with the VIP boxes with the backstage, the locker rooms, and obviously, the state-of-the-art technology, I think, is going to be basically, like a new arena launching.

第三季我們在倫敦競技場舉辦了大約 17 場演出，其中許多演出實際上確實幫助我們增加了流量和支出。因此，我們非常高興威尼斯競技場得到全面升級。我認為它非常適合娛樂、運動、老鼠活動。因此，它確實服務於多個細分市場，並促進了澳門的多元化發展。我認為那裡有一個很棒的設置，有後台的 VIP 包廂、更衣室，顯然還有最先進的技術，我認為基本上就像一個新的競技場啟動一樣。

So we are very excited by that. But another point to note is we will be programming both arenas and sometimes there will be shows concurrently in both venues on both sides of the strip. So we're excited to see how that could help our business, too. So yes, you will continuously see us showcasing new events in the calendar, there's already three events selling tickets now towards the end of the quarter, and we are looking forward to do some announcements on some more major events before the end of the year as well.

所以我們對此感到非常興奮。但另一點要注意的是，我們將對兩個場館進行規劃，有時會在大道兩側的兩個場館同時表演。因此，我們很高興看到這也能為我們的業務帶來幫助。所以，是的，您會不斷地看到我們在日曆中展示新活動，目前已經有三項活動在本季度末出售門票，我們期待在年底前就更多重大活動發布一些公告出色地。

Great. Thanks, everyone.

偉大的。謝謝大家。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good afternoon, everyone. First question on Singapore on IR2. Can you talk us a bit about the regulatory landscape and outlook. Remind us maybe in terms of when the licensing goes through as it currently stands. And I assume you expect this to remain a duopoly market or maybe even better. But is there any expectation for how you think about gaming tax rates as you underwrite the returns on this building?

嘿，大家下午好。 IR2 上關於新加坡的第一個問題。您能跟我們談談監管環境和前景嗎？請提醒我們目前的許可何時完成。我想你預計這將繼續是雙頭壟斷市場，甚至可能更好。但是，當您承保這棟大樓的回報時，您對博彩稅率有何預期？

Yes. So I think for us, that we model this is that we have a -- we basically have a moratorium on the changes in gaming tax in totally early 2030s. And I think for us, I think we use investment as a very long-term thing.

是的。所以我認為對我們來說，我們的模型是，我們基本上在 2030 年代初期暫停了博彩稅的變化。我認為對我們來說，我認為我們將投資視為一項非常長期的事情。

And we'd like to believe that we'll continue to add value to Singapore, and that will continue to be a good partner of the government and accomplish the goals in tourism that are necessary.

我們相信，我們將繼續為新加坡增加價值，並將繼續成為政府的良好合作夥伴，並實現必要的旅遊業目標。

So I think from that standpoint, we feel like it's a very stable operating environment. It's a wonderful place to deploy capital. It has been a wonderful place quite capital. We feel, as Rob referenced earlier, that there's a stability there. and a very strong trajectory forward for us.

所以我認為從這個角度來看，我們覺得這是一個非常穩定的營運環境。這是部署資本的絕佳場所。這是一個非常美妙的地方。正如羅布之前提到的，我們認為那裡有穩定性。並為我們提供了非常強勁的前進軌跡。

So I think as we look at under underwriting this, it's a very long-dated investment, right? It doesn't open for six years, hopefully, sooner, but we'll see. And that's obviously pending government approval along with the final approvals that we need to begin by the summer of next year.

所以我認為，當我們考慮承保這一問題時，這是一項非常長期的投資，對嗎？它要六年後才會開放，希望能更快，但我們拭目以待。這顯然有待政府批准以及我們需要在明年夏天開始的最終批准。

But we think about this as a very long-term thing. And we feel very excited about what we can build there. The gaming is a nice add but there's also a lot of things that are going to drive tourism that are going to be very beneficial to us as well like the arena, like the hospitality, like the food and beverage to enhance the overall appeal of the entire complex. So I think for us, look at this in a very long-term way. We feel like there's very high barriers to entry there.

但我們認為這是一個非常長期的事情。我們對在那裡能夠建造的東西感到非常興奮。博彩業是一個很好的補充，但還有很多因素將推動旅遊業，這些因素對我們也非常有利，例如競技場、招待、食品和飲料，以增強旅遊業的整體吸引力。所以我認為對我們來說，要從長遠的角度來看這個問題。我們覺得那裡的進入障礙非常高。

I think right now, it seems like the feeling is that we're -- it's a duopoly market for the foreseeable future, obviously, I hope it stays that way. But from our standpoint, or the opportunity to invest in scale, and that's what we're doing.

我認為現在的感覺是，在可預見的未來，這是一個雙頭壟斷市場，顯然，我希望它能保持這種狀態。但從我們的角度來看，或者說規模投資的機會，這就是我們正在做的事情。

Got it. And then just turning to Macau. The promotions obviously came down quarter-over-quarter. I mean as we think about getting back to those mid- to high 30% type margins in Macau. Is this really a function of recapturing share, seeing more of the visitation come back or at least gaming-oriented visitation?

知道了。然後就轉向澳門。促銷活動明顯季減。我的意思是，當我們考慮在澳門恢復 30% 的中高利潤率時。這真的是重新奪回份額、看到更多訪問量回歸或至少是面向遊戲的訪問量的功能嗎？

Or is this really you need the market to grow to get back to those levels?

或者這真的需要市場成長才能回到這些水平嗎？

Well, I think the first thing is for us to get -- to get to the high 30s, low 40s margin, we need revenue growth, and we need all the segments to return right now, some of our segments have not returned, particularly the base mass segment to where they were pre-pandemic, and we are built for that. Our investment is on for scale. We have the ability to service the premium mass segment very well. The lender is an incredible product. the rest of our portfolio has incredible products as well.

嗯，我認為我們要做的第一件事是——要達到30 多歲、40 多歲的利潤率，我們需要收入成長，我們需要所有細分市場現在都回歸，我們的一些細分市場還沒有回歸，特別是將基礎群眾部分恢復到疫情前的水平，我們就是為此而建造的。我們的投資是規模化的。我們有能力為高端大眾市場提供良好的服務。貸款人是一個令人難以置信的產品。我們的其他產品組合也擁有令人難以置信的產品。

But if you look at the scale and the amenities that we have, everything from food and beverage to the bus terminals to the grand entry ways to the theming, we're very much able to accommodate leisure tourists. And so for us, that missing visitation, if you will, from 2019 and also the lack of the base mass play is impactful for us. So the way the way we would get to the higher margins is the revenue growth. That being said, I have to hand it to the team there, they've been wonderful in terms of cost discipline and being disciplined in the way that they spend money to ensure that we maintain our margins up against the current revenue that we have. But I think as we look forward, our investments will ultimately drive higher value visitation in the long run.

但如果你看看我們擁有的規模和設施，從食品和飲料到巴士總站，再到主題的宏偉入口，我們非常有能力容納休閒遊客。因此，對我們來說，如果你願意的話，從 2019 年開始，失踪的訪問以及缺乏基礎群眾遊戲對我們都有影響。因此，我們獲得更高利潤的方法是收入成長。話雖這麼說，我必須把它交給那裡的團隊，他們在成本紀律和花錢方式方面表現得非常出色，以確保我們保持我們的利潤與我們當前的收入相匹配。但我認為，展望未來，從長遠來看，我們的投資最終將帶來更高的訪問價值。

And we firmly believe that we see that historically, and we've experienced in other markets and in this market, particularly when we do high-value renovations. So I think for us, as visitation continues to improve, hopefully, as the base mass market continues to improve and as we continue to get our premium mass segment assets back online, you'll start to see a normalization of revenue and then a normalization of margins. Grant, do you have any additional comments?

我們堅信，我們在歷史上看到過這一點，並且我們在其他市場和這個市場上都有經驗，特別是當我們進行高價值的翻新時。因此，我認為對我們來說，隨著訪問量的持續改善，希望隨著基礎大眾市場的持續改善以及我們繼續讓我們的優質大眾細分資產重新上線，您將開始看到收入的正常化，然後是正常化的邊距。格蘭特，您還有其他意見嗎？

I think you covered it. Thanks.

我認為你涵蓋了它。謝謝。

Got it. Thanks so much.

知道了。非常感謝。

Operator, do you have any additional questions?

接線生，您還有其他問題嗎？

Yes. Chad Beynon, Macquarie.

是的。查德貝農，麥格理。

Good afternoon. Thanks for taking my question. You've been asked a lot about Macau, but I'm going to add one more to the stack here. So obviously, you and the other concessionaires went through the whole retendering process two years ago, and we've gone through the check list of items, including your industry-leading employment and other items. But with the new executive coming into his position in Macau, and I believe a month or so, is there anything that we should expect in terms of market focus, concessionaire focus? Or is it business as usual as they transition through that? Thanks.

午安.感謝您提出我的問題。你們已經被問到很多關於澳門的問題，但我想在這裡再補充一個。顯然，您和其他特許經營商在兩年前就完成了整個重新招標過程，我們已經檢查了項目清單，包括您行業領先的就業和其他項目。但隨著新任高階主管在澳門上任，我相信還有一個月左右的時間，在市場重點、特許經營者重點方面，我們該期待什麼？或者他們在過渡過程中一切如常嗎？謝謝。

Let me say, we're always very focused on making sure we're doing our job with the government and adhering to the things we were asked to do. I don't believe the new chief exec will change that, but we will stay focused and listen very carefully to make sure that our part to do that historically in Macau. And we've always been, I think, a leading company as far as investing Macau and hearing Macau's principle, I don't expect to see radical change at all. I think it's going to be business as usual for the most part. Wilfred, do you have an opinion on that?

讓我說，我們始終非常專注於確保我們與政府一起完成我們的工作並遵守要求我們做的事情。我不相信新任行政長官會改變這一點，但我們將保持專注並非常仔細地傾聽，以確保我們的職責在澳門歷史上做到這一點。我認為，就投資澳門而言，我們一直是一家領先的公司，並且聽到澳門的原則，我根本不希望看到根本性的變化。我認為大部分情況都會照常進行。威爾弗雷德，你對此有什麼看法嗎？

Yes. I think the concession commitment maps out a long-term development focus. So all six of us have thought very carefully and comprehensively what we want to do under the guidance of the Macau SAR government. And I think the change of at the top will not have material changes to the directional change because what has been emphasized so far is that Macau really aims to diversify, we should invest in nongaming. I think these directions will remain.

是的。我認為特許權承諾規劃了長期發展重點。所以我們六個人在澳門特區政府的指導下，都非常仔細、全面地思考了我們要做的事情。我認為高層的變動不會對方向性變化產生重大變化，因為到目前為止所強調的是澳門真正的目標是多元化，我們應該投資於非博彩業。我認為這些方向將會保留。

We just feel that, as Rob pointed out, that as long as we conduct our business as usual, and listen very carefully to what the government has to say, depending on what happens in the next few years, we should be able to continue to operate favorably in Macau.

我們只是覺得，正如羅布指出的那樣，只要我們照常開展業務，並非常仔細地聽取政府的意見，根據未來幾年發生的情況，我們應該能夠繼續在澳門經營良好。

Okay. That's helpful. And then separately, one of your global competitors was recently granted a license in the Middle East. They presented some pretty favorable investment returns to investors in the past couple of weeks. They also mentioned that they expect competition in that region from others.

好的。這很有幫助。另外，您的一位全球競爭對手最近在中東獲得了許可證。在過去的幾周里，他們向投資者提供了一些相當有利的投資回報。他們還提到，他們預計該地區將面臨來自其他地區的競爭。

Is this a region that you continue to study? Or are there reasons why this would be a pencils down investment opportunity as you think about it?

這是您繼續研究的地區嗎？或者，在您看來，這是否是一個令人沮喪的投資機會？

I think we're always looking at new investment opportunities for Las Vegas Sands. I think it's a market that we'll continue to study and look at, and we'll see how it goes.

我認為我們一直在為拉斯維加斯金沙集團尋找新的投資機會。我認為這是一個我們將繼續研究和關注的市場，我們將看看它的發展。

Okay. Thanks, Patrick.

好的。謝謝，派崔克。

Vitaly Umansky, Seaport.

維塔利·烏曼斯基，海港。

Hey, guys. I've got two questions. First one for Patrick. When we look at Sands China and cash flows coming in, how are you guys thinking about distribution of that cash going forward? Obviously, there's the future CapEx requirements under the retendering process. There's other expenditures that we take place.

嘿，夥計們。我有兩個問題。第一個是給派崔克的。當我們看到金沙中國和現金流入時，你們如何考慮未來的現金分配？顯然，重新招標過程中存在未來的資本支出要求。我們還有其他支出。

But there's also an intercompany note that's still outstanding between LVS and Sands China. There's also, I think, investors looking at Sands China and thinking about can China get back to being a higher dividend paying stock than what it used to be in the past. So maybe for Sam's China, how are you thinking about capital outflows? And then I think for LBS as a whole, with the announcement and the CapEx layout now for Marina Bay Sands, how are you thinking about number one financing for MBS Phase 2? And also, what does that mean for return of capital to investors of LDS?

但 LVS 和金沙中國之間還有一筆公司間票據仍懸而未決。我認為，投資人也關注金沙中國，並思考中國能否恢復到比過去更高的股利支付水準。那麼對於山姆中國來說，您如何看待資本外流？然後，我認為對於 LBS 整體而言，隨著濱海灣金沙的公告和資本支出佈局，您如何考慮 MBS 第二期的第一筆融資？另外，這對 LDS 投資者的資本回饋意味著什麼？

And then maybe the second question is around --

然後也許第二個問題是──

That was one question?

這是一個問題嗎？

Keep going, Vitaly. You're good. Keep going.

繼續前進，維塔利。你很厲害。繼續前進。

Sorry. Sorry, guys. Yes. Just a question around New York, what your current thinking and thought processes around the New York licensing process.

對不起。抱歉，夥計們。是的。只是關於紐約的一個問題，您目前對紐約許可流程的想法和思考過程是什麼。

So really appreciate the questions. A couple of thoughts. So first off, in terms of SEL, I think SCL is performing incredibly well given the disruptions there. And I think we'd like to believe that EBITDA will grow meaningfully over time, as well our cash flow. And so in years past, part of the pandemic, SCL was very shareholder friendly in terms of dividends.

所以非常感謝這些問題。有幾點想法。首先，就 SEL 而言，考慮到那裡的中斷，我認為 SCL 的表現非常好。我認為我們願意相信 EBITDA 以及我們的現金流將隨著時間的推移而有意義地成長。因此，在過去的幾年裡，在疫情期間，SCL 在股息方面對股東非常友善。

And as you can see, that LVS is actually buying a sales stock as we can in the market because we have a lot of conviction about the value of SCL equity as well as LVS equity, as you can see by the buybacks at the LVS level as well. And I think as we think about SCL, we're very hopeful that it will be a dividend payer in the upcoming year. We think that, that's a possibility, and we like to believe that it's going to occur. But again, that's up to the board there. And I think the -- in terms of the note, I'd like to believe that's also something that could be repaid to the parent level at some point and provide some additional capital allocation flexibility for the parent co.

正如您所看到的，LVS 實際上是在市場上購買銷售股票，因為我們對 SCL 股權和 LVS 股權的價值充滿信心，正如您在 LVS 層面的回購中看到的那樣以及。我認為，當我們考慮 SCL 時，我們非常希望它能在未來一年成為股息支付者。我們認為，這是一種可能性，我們願意相信它會發生。但同樣，這取決於董事會。我認為，就票據而言，我願意相信這也可以在某個時候償還給母公司，並為母公司提供一些額外的資本配置靈活性。

And we'll see how that goes. We'll be able to hopefully maybe buy some stock whether if that's possible. So we'll see. But I think in the long term, we'd like to believe that SCL becomes a dividend payer again. We think that makes sense for the shareholders there.

我們將看看情況如何。如果可能的話，我們希望能夠買一些股票。所以我們拭目以待。但我認為從長遠來看，我們願意相信SCL再次成為股息支付者。我們認為這對那裡的股東來說是有意義的。

at the LVS level, we'd like to own more of it, and you'll probably see us do a little bit more of that. But in the long run, we think there's going to be a very high-quality return to capital program coming out of SCL, assuming the trajectory of the business, given the investments we've made and our belief long term in the market. I think at the LVS level, there's a couple of things that you've raised there. I think first and foremost, I think when we think about capital allocation, we think about growth. our highest invest use of capital is new ground up development.

在 LVS 級別，我們希望擁有更多，而且您可能會看到我們在這方面做得更多。但從長遠來看，考慮到我們所做的投資以及我們對市場的長期信念，假設業務發展軌跡，我們認為 SCL 將會提供非常高品質的資本回報計劃。我認為在 LVS 層面，您提出了一些問題。我認為首先也是最重要的是，當我們考慮資本配置時，我們會考慮成長。我們對資本的最高投資用途是新的開發。

So you see us doing that both in Macau as part of some of our concessional renewal work as well as in Singapore, along with this IR2 development that has just a panoply great amenities. -- including, which is going to be, we believe, the best hotel in the world and an unbelievable arena. So we think these are great investments that will create a lot of growth and growth and cash flow for our company. So that leads to your next question, which is how do we finance this? And our goal is actually to follow what we've always said, which is raise some cost efficient debt capital.

因此，您可以看到我們在澳門和新加坡都在這樣做，作為我們一些優惠更新工作的一部分，以及這個擁有全套優質設施的 IR2 開發項目。 ——我們相信，這將是世界上最好的酒店和令人難以置信的競技場。因此，我們認為這些都是偉大的投資，將為我們公司創造大量的成長和現金流。那麼這就引出了你的下一個問題，即我們如何為此提供資金？我們的目標實際上是遵循我們一直所說的，即籌集一些具有成本效益的債務資本。

It's one of the reasons why we like the investment-grade name at make our cost of financing efficient for new growth developments, and we'll look to do that. And if you think about the proportion of debt to equity, I think it's pretty consistent with what we've talked about, let's call it, in the 35% context of equity and the rest will be financed given the debt capacity that we have at the MBS balance sheet. And the great news is that we've run a full leverage level there with the anticipation of funding an IR development, and so now that's coming to be. So we're prepared for it, and we look forward to the opportunity to work with our lenders to create that financing facility to allow for it to be built. So I think as we move forward, you'll see a delayed draw term loan at the MBS level to fund the construction with equity checks going in as well over time.

這就是我們喜歡投資級名稱的原因之一，因為它可以提高我們新增長開發案的融資成本，我們將努力做到這一點。如果你考慮一下債務與股本的比例，我認為這與我們所討論的非常一致，我們可以稱之為，在 35% 的股本背景下，考慮到我們擁有的債務能力，其餘的將得到融資。資產負債表。好消息是，我們已經在那裡運行了充分的槓桿水平，預計將為 IR 開發提供資金，所以現在這一切即將實現。因此，我們已經做好了準備，我們期待有機會與我們的貸方合作，創建融資機制，以實現其建設。因此，我認為，隨著我們前進，您將看到MBS級別的延遲提取定期貸款，為建設提供資金，並隨著時間的推移進行股權檢查。

Over the construction schedule, we actually have construction schedule we provided. Again, it's illustrative. It's something that is a rough estimate today, but designed to give people a sense of the timing of cash flows. And that's actually on page 46 of the deck, if you want to get a sense of what we're thinking. It may not exactly be this, but this is the context from what we can understand and see today.

在施工進度表上，我們實際上有我們提供的施工進度表。再次，這是說明性的。今天這只是一個粗略的估計，但旨在讓人們了解現金流的時間安排。如果您想了解我們的想法，這實際上位於該套牌的第 46 頁。也許不完全是這樣，但這就是我們今天所能理解和看到的背景。

And so our goal is to, in effect, create the flexibility to continue to invest and high-growth opportunities, continue to pay a dividend and continue to repurchase shares at both levels. And hopefully, we'll be able to do that, but that's our plan. And then I'll turn it over to Rob for New York.

因此，我們的目標實際上是創造繼續投資和高成長機會的靈活性，繼續支付股息並繼續回購兩個等級的股票。希望我們能夠做到這一點，但這就是我們的計劃。然後我會把它交給紐約的羅布。

I'm sorry, the question was on New York was the issue itself.

抱歉，關於紐約的問題就是問題本身。

Yes, Rob, just what the --

是的，羅布，就是──

Refresh my memory. What was the question about New York in what regard? I didn't hear that the whole question.

刷新我的記憶。關於紐約的問題是什麼？我沒有聽到整個問題。

Just about what the rent is from your end in terms of what the new process is and where do you expect it to go from here? Because there's been delays (inaudible)

就新流程而言，您的租金大約是多少？因為有延誤（聽不清楚）

Yes. So the thinking right now is that the license will be submitted sometime I mean, applications for licensure sometime in spring of '25 with a decision. This morning, I was told probably be first quarter of '26 make a decision. We remain interested in the process, one fine I've always been the biggest asset for New York and other jurisdictions. The only concern of these days is the ongoing strength of online gambling, which we can't see more what's happening in New Jersey in Pennsylvania and in Michigan.

是的。所以現在的想法是，許可證將在 25 年春季的某個時候提交，我的意思是，許可證申請並做出決定。今天早上，我被告知可能會在 26 年第一季做出決定。我們仍然對這個過程感興趣，罰款一直是紐約和其他司法管轄區最大的資產。這些天唯一令人擔憂的是在線賭博的持續強勁，我們無法看到新澤西州、賓夕法尼亞州和密西根州發生的更多事情。

And I think there's four of the markets. But we built capital-intense buildings that require a long-term perspective. And I must admit that there's got to be some way of thinking about how the online impact would be not where you are in the US. It's just a concern, and it's something I've been looking at closely. I'd love to be in New York with the right capital structure and the right licensure process.

我認為有四個市場。但我們建造的資本密集型建築需要長遠的眼光。我必須承認，必須有某種方式來思考線上影響力如何不會影響到您所在的美國。這只是一個問題，也是我一直在密切關注的事情。我希望在紐約擁有正確的資本結構和正確的許可流程。

But that's the new wrinkle as far as the process, New York itself has not changed. They're still talking late '25, early '26 or decision. I just -- my personal think he has been influenced somewhat by the last six months as I see the growth of online daily. So just something to think about as we move forward in the end market where online gambling is possible. I think sometime in next year or two, let's see online exceed land-based revenues in New Jersey, which is pretty exceptional.

但這是過程中的新問題，紐約本身並沒有改變。他們仍在談論 25 年底、26 年初或決定。我個人認為他受到了過去六個月的影響，因為我看到了每日線上的成長。因此，當我們在可以進行線上賭博的終端市場前進時，需要考慮一些事情。我認為在未來一兩年的某個時候，我們會看到新澤西州的線上收入超過實體收入，這是非常特殊的。

Rob, sorry, does that mean if New York, for instance, were to legalize online gaming that you would have to reevaluate what your proposal would be for New York?

羅布，抱歉，這是否意味著如果紐約要使線上遊戲合法化，您將不得不重新評估您對紐約的建議？

It goes beyond that. My concern is we don't know what our buildings take a long time. As you see about Singapore, they take years to finish. I need some understanding of how the market, any market things that don't winding anywhere you go, if you're going to spend time in Singapore legalize online gambling to make you stop and think about by two. If any market does legalize it to think what does it mean to me, my capital investment.

它超出了這一點。我擔心的是我們不知道我們的建築需要很長時間。正如你所看到的新加坡，它們需要數年時間才能完成。如果您打算在新加坡度過一段時間，那麼我需要了解市場如何使線上賭博合法化，以讓您停下來思考兩點。如果任何市場確實將其合法化，那麼這對我、我的資本投資意味著什麼。

And I think whether it's New York or Michigan or Florida, any place that's online, it makes you stop and scratch your head. There's going to be some resolution of the issue. I'm not saying they'll tell you the definitive, but you can't ignore that possibility when you see the impact of online in New Jersey, Pennsylvania, Michigan and probably other four states are coming online, you can't ignore the impact on land-based revenue.

我認為無論是紐約、密西根還是佛羅裡達，任何有網路的地方，都會讓你停下來搔頭。這個問題將會得到一些解決。我並不是說他們會告訴你確定的答案，但是當你看到新澤西州、賓夕法尼亞州、密西根州以及其他四個州即將上線的在線影響時，你不能忽視這種可能性，你不能忽視對土地收入的影響。

That makes sense. Thanks. Thanks for the update.

這是有道理的。謝謝。感謝您的更新。

Thank you.

謝謝。

George Choi, Citigroup.

喬治‧崔，花旗集團。

Thanks very much. So we were at the Londoner Grand a few weeks ago and noticed that the (inaudible) at the Baccarat tables there were noticeably lower versus the Londoner Casino. I just wondered if that is temporary? Or does that signal any difference in marketing -- market positioning between the two phases?

非常感謝。因此，幾週前我們在 Londoner Grand 時注意到，那裡的百家樂賭桌（聽不清楚）明顯低於 Londoner Casino。我只是想知道這是否是暫時的？或者這是否表明這兩個階段之間的行銷——市場定位有任何差異？

I think it signals more rooms above this. I was there, I guess, 10 days ago or so. I think what you see, George, over time is the Londoner like Venetian will become the most dominant player and players in the market. No questions asked about no change in marketing. You just need to complete the product get the rooms done on the top.

我認為這標誌著上面還有更多的房間。我猜大概十天前我就在那裡了。喬治，我認為你所看到的是，隨著時間的推移，像威尼斯人這樣的倫敦人將成為市場上最具統治力的參與者和參與者。沒有人問有關行銷沒有變化的問題。您只需要完成產品並在頂部完成房間。

There's a lot of people in the building. but you need to get the right premium mass customer to achieve the new invest you want to achieve. I -- we've done this now for -- we saw on, I think, five, six, seven years ago began was shown in the Londoner process. If in completes in the spring of '25. I remain complete steadfast and I believe that's going to dominate that the Londoner and the Venetian will dominate the market, no concern whatsoever.

大樓裡有很多人。但您需要找到合適的優質大眾客戶才能實現您想要實現的新投資。我──我們現在已經這樣做了──我們看到，我想，五、六、七年前開始的倫敦人進程就已經開始了。如果在 25 年春天完成。我仍然堅定不移，我相信倫敦人和威尼斯人將主導市場，無需擔心。

And the minimum bets when you count them, we'd be very happy with them to get what was above the above the casino. In any building in the world that is gambling, there's always a complete -- I mean having the rooms connected to even having easy access is always an essential element of success. The Londoner loss opened, it's not to achieve the same goals as niche the Londoner one drive the rooms open.

當您計算最低賭注時，我們會非常高興他們能夠獲得高於賭場的賭注。在世界上任何一座賭博建築中，總是有一個完整的——我的意思是讓房間相互連接，甚至可以輕鬆進入始終是成功的基本要素。倫敦人的損失開幕了，這不是為了實現與倫敦人的利基市場相同的目標，推動房間開放。

That's very good color. And as a follow-up, when the Londoner is fully open next year, how should we think about the EBITDA trajectory going forward at delivering a neighboring properties separation account?

這是非常好的顏色。作為後續行動，當倫敦人明年全面開業時，我們應該如何考慮提供鄰近房產分離帳戶的 EBITDA 軌跡？

There was a question how effect are the businesses?

有人問，企業的效果如何？

Yes. That's right.

是的。這是正確的。

Yes. From my perspective and the team ran made a different take on. I've always said that I think London and Nish will be the one or two players or two in one players, each making $1 billion. My goal is $1 billion plus reach those buildings and the rest of the portfolio will be another $1 billion plus. That's my goal for our company long term over the next few years.

是的。從我的角度來看，團隊做出了不同的看法。我一直說我認為倫敦和尼什將是一兩個球員或二合一球員，每人賺10億美元。我的目標是 10 億美元以上到達這些建築物，投資組合的其餘部分將另外 10 億美元以上。這是我公司未來幾年的長期目標。

And -- but again, as Patrick referenced, and Brandan everybody in this call, we need to see a return to more leased mass gaming. You saw the differential between visitation and gaming in the past, visitation was a complete predictor of gaining revenue. That broke right (inaudible). We're seeing automation, but not the gaming to a company. And that's a negative.

而且，正如帕特里克和布蘭登在這次電話會議中提到的那樣，我們需要看到更多租賃大眾遊戲的回歸。您過去看到了訪問量和遊戲之間的區別，訪問量是獲得收入的完全預測因素。那是對的（聽不清楚）。我們看到的是自動化，但不是公司的博弈。這是負面的。

I mean, there's no timing from the fact that it's disappointing to get a bigger base mass tail. I have full faith in China will figure out economy. It's still important to the world, not to. And there's then recoveries and base mass covers that our company, LBS, will be the biggest recipient of revenue margin growth in Macau. It's going to happen (inaudible) day follows night, night follows day.

我的意思是，獲得更大的基礎品質尾部是令人失望的，這一事實沒有任何時間限制。我對中國經濟的發展充滿信心。它對世界仍然重要，而不是。然後，復甦和基礎品質表明我們的公司 LBS 將成為澳門收入利潤成長的最大受益者。這將會發生（聽不清楚）白天接著黑夜，黑夜接著白天。

China will get back to a better place. It will recover. The confidence will recover, Macau will continue to grow in the 30s and beyond. And someday, we'll get back to $3 billion-plus EBITDA. And those two buildings will stand very, very tall.

中國一定會回到更好的地方。它會恢復的。信心將會恢復，澳門將在三十年代及以後繼續增長。有一天，我們的 EBITDA 將恢復到 30 億美元以上。這兩座建築將矗立得非常非常高。

Does it negatively impact the Four Seasons? Not really. It's still a small product. The Parisian as well. I think we have a lot of confidence that in the aggregate, that portfolio is unique, and they all speak to each other.

對四個季節有負面影響嗎？並不真地。它仍然是一個小產品。巴黎人也一樣。我認為我們非常有信心，總體而言，該投資組合是獨一無二的，並且它們都相互關聯。

We have the ability to market within the portfolio. So again, as Londoner get stronger, it doesn't mean others get weaker. It just means there's more strength in the market. But I would tell you that the real upside of this company will be the day one very well premium mass, but base mass recovers, that tail will drive us a whole new level of opportunity, and that day is coming.

我們有能力在產品組合內進行行銷。再說一遍，倫敦人變得更強，並不代表其他人變得更弱。這只是意味著市場有更多的力量。但我想告訴你，這家公司真正的優勢將是有一天，優質品質非常好，但基礎品質恢復，那條尾部將為我們帶來全新的機會，這一天即將到來。

That's very clear. Thank you very much.

這非常清楚。非常感謝。

Thank you. Enjoy your reports, George.

謝謝。享受你的報告，喬治。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Thanks for taking my questions. I wanted to go back to Golden Week for a moment, if I may. I would say that we, the Street collectively had a set of expectations going into Golden Week. The results turned out to be quite a bit stronger than that. And for better or worse, to where we get our information and how those expectations are set. I'm curious where yours were and whether Golden week turned out to be materially better than what you were looking for and exactly what the drivers of that were, please?

感謝您回答我的問題。如果可以的話，我想暫時回到黃金週。我想說的是，我們整個華爾街對黃金週都有一系列的期望。結果證明比這強得多。無論好壞，我們從哪裡獲取資訊以及如何設定這些期望。我很好奇你的情況如何，黃金周是否比你所期待的要好得多，具體的驅動因素是什麼？

So as typical, we'll talk about this in 92 days. We don't talk about current quarter on the earnings call, but I appreciate the question.

按照慣例，我們將在 92 天內討論這個問題。我們不會在財報電話會議上談論本季的情況，但我很欣賞這個問題。

Okay. Thanks very much.

好的。非常感謝。

Thank you. 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。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。