拉斯維加斯金沙集團 (LVS) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands' fourth-quarter 2024 earnings call.

女士們、先生們，大家好，歡迎參加金沙集團 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

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

現在我很高興將發言權交給金沙集團投資者關係資深副總裁丹尼爾布里格斯先生。

Sir, the floor is yours.

先生，現在請您發言。

Thank you very much.

非常感謝。

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 Asia Operations.

今天參加電話會議的有我們的董事長兼執行長 Rob Goldstein；我們的總裁兼營運長 Patrick Dumont；金沙中國執行副主席王英偉博士；以及金沙中國執行長兼總裁、亞洲業務執行副總裁 Grant Chum。

Today's conference call will contain forward-looking statements.

今天的電話會議將包含前瞻性陳述。

We'll be making those statements under the Safe Harbor provision of federal securities laws.

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 results subject forward-looking statements.

本公司的實際結果可能與前瞻性陳述的結果有重大差異。

In addition, we will discuss non-GAAP measures, reconciliations to the most comparable GAAP measure are included in our press release.

此外，我們將討論非公認會計準則指標，並與最具可比性的公認會計準則指標進行對賬，這些都包含在我們的新聞稿中。

We have posted an earnings presentation on our website.

我們已經在我們的網站上發布了收益報告。

We will refer to that presentation during the call finally for the Q&A.

我們最終將在電話會議中參考該演示進行問答。

(Event instructions)

（活動須知）

This presentation is being recorded.

本次示範正在錄製中。

I'll now turn the call over to Rob.

我現在將電話轉給 Rob。

Thanks, Dan, and thank you for joining us today.

謝謝，丹，謝謝您今天加入我們。

We'll begin with Macau.

我們先從澳門開始。

The Macau market continued to grow in revenue to the market grew 6% in Q4 of 2024 when compared to the fourth quarter of 2023.

澳門市場收入持續成長，2024 年第四季與 2023 年第四季相比成長了 6%。

Mass gaming revenue grew 5% in the quarter compared to one year ago.

本季大眾博彩收入較去年同期成長了 5%。

We believe the Chinese economy will grow and Macau market will grow as well.

我們相信中國經濟將會成長，澳門市場也將成長。

Gross gaming revenue in Macau should exceed $30 billion in 2025 and continue to grow.

2025年，澳門博彩總收入應超過300億美元並持續成長。

The scale and quality of the assets we've built are second to none and our assets position enable us to grow faster than the Macau market in every segment.

我們所建立的資產的規模和品質是首屈一指的，我們的資產狀況使我們在每個領域的成長速度都快於澳門市場。

Our business strategy remains clear and constant.

我們的業務策略始終清晰且穩定。

We are investing in high-quality assets that also have scale.

我們投資的是高品質且具有規模的資產。

We've designed our capital investment programs to ensure that we will be the market leader in the years ahead.

我們設計了資本投資計劃，以確保我們在未來幾年成為市場領導者。

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 from invested capital.

我們的方法將使我們能夠長期更快地發展，增加我們在澳門市場的 EBITDA 份額，並從投資資本中獲得行業領先的回報。

While we're so confident on future success in competitive market like Macau, our assets give us a strong advantage.

雖然我們對未來在澳門等競爭激烈的市場中取得成功充滿信心，但我們的資產賦予了我們強大的優勢。

The scale and quality of the room inventory cope with our retail, dining and entertainment enables us to tailor our offerings to attract the most profitable customer sets.

客房庫存的規模和品質與我們的零售、餐飲和娛樂相匹配，使我們能夠客製化我們的服務，以吸引最有利可圖的客戶群。

Turning to our results in Macau, we delivered solid EBITDA for the quarter despite having 20% fewer rooms available in Cotai, that we will have once the Londoner is completed by the second quarter of 2025.

談到我們在澳門的業績，儘管路氹城的可用客房數量減少了20%，但我們本季度仍實現了穩健的EBITDA，而一旦倫敦人於2025 年第二季度竣工，我們便可擁有這些客房。

We opened the Londoner Grand Casino in the last week of September and are offering 315 Londoner Grand suites during the quarter.

我們在九月的最後一周開設了倫敦大賭場，並在本季度提供 315 間倫敦大套房。

We will introduce more Londoner suites during the next two quarters.

我們將在接下來的兩個季度推出更多的倫敦人套房。

To date, as the Lunar New Year begins, we have approximately 1,000 Londoner suites and rooms in service to a full complement of 1,500 suites and 905 rooms will be in service by May of 2025 finally.

截至目前，隨著農曆新年的開始，我們已有約 1,000 間倫敦式套房和客房投入使用，到 2025 年 5 月，我們將共有 1,500 間套房和 905 間客房投入使用。

SCL continues to lead the market in gaming and non-gaming revenue and market share of EBITDA.

SCL 在博彩和非博彩收入以及 EBITDA 市場份額方面繼續保持市場領先地位。

Our objective is to capture high value, high-margin tourists.

我們的目標是吸引高價值、高利潤的遊客。

We have a unique competitive advantage in terms of the scale, following the diversity of our product offerings.

由於我們產品的多樣性，我們在規模方面具有獨特的競爭優勢。

Upon completion of the Londoner in May, our product advantage will be more pronounced by then.

五月倫敦人號完工後，我們的產品優勢將更加明顯。

Moving on to Singapore, another strong quarter, $537 million in adjusted property EBITDA, mass gaming has reached $746 million during the quarter, reflecting a 71% growth in the fourth quarter of 2018 and 28% growth in just one quarter a year ago.

新加坡本季表現強勁，調整後房地產 EBITDA 為 5.37 億美元，大眾博弈在本季達到 7.46 億美元，較 2018 年第四季成長 71%，而去年同期僅成長了 28%。

Results in Marina Bay Sands reflect the positive impact of our capital investment program and the growth of high value tourism.

濱海灣金沙的表現反映了我們的資本投資計畫和高價值旅遊業成長的正面影響。

The growing appeal of Singapore as a destination is enhanced by the robust entertainment and lifestyle event calendar.

豐富的娛樂和生活方式活動日程增強了新加坡作為旅遊目的地的吸引力。

As we complete the balance of our investment programs in the first half of 2025, there will be a considerable runway for growth.

隨著我們在 2025 年上半年完成投資計畫的餘額，將有相當大的成長空間。

Thanks for joining the call and through to Patrick before we go to Q&A.

感謝您加入電話會議，在我們進入問答環節之前請派崔克發言。

Patrick?

派崔克？

Thanks, Rob.

謝謝，羅布。

There's something I want to mention before we get started with the details of the quarter.

在我們開始討論本季的細節之前，我想先提一些事情。

The fourth-quarter tourism to the Macau market was impacted by the celebration and events in December that marked the 25th anniversary of the special administrative region of Macau's reunification with China.

第四季澳門旅遊市場受到12月份慶祝澳門特別行政區回歸中國25週年慶典和活動的影響。

Macau EBITDA was $571 million for the quarter.

本季澳門 EBITDA 為 5.71 億美元。

If we had held as expected in our rolling program, our EBITDA would have been higher by $22 million.

如果我們的滾動計劃能達到預期，我們的 EBITDA 將會高出 2,200 萬美元。

When adjusted for lower-than-expected hold in the rolling segment, our EBITDA margin from Macau portfolio properties, excluding the Londoner, would have been 35.1% or down 230 basis points compared to the fourth quarter of 2023.

在調整滾動分部的低於預期持有量後，我們來自澳門投資組合物業（不包括倫敦人）的 EBITDA 利潤率將為 35.1%，較 2023 年第四季下降 230 個基點。

Our turnover rents in Macau were $27 million lower in the fourth quarter of 2024 than the prior year fourth quarter.

2024 年第四季度，我們在澳門的營業額租金比去年同期下降了 2,700 萬美元。

Our margins at the Londoner were directly impacted by the reduction in elbow room inventory during the quarter.

本季度，倫敦人的利潤直接受到活動空間庫存減少的影響。

We will have approximately 20% rooms and suites on Cotai by May of this year and approximately 47% more rooms at the Londoner as we complete the Londoner Grand renovation.

今年 5 月份，路氹城的客房和套房數量將增加約 20%，而隨著倫敦人大飯店的翻新工程完成，倫敦人飯店的客房數量也將增加約 47%。

Margin at the Venetian was 36.7%, while margin at the Plaza and Four Seasons was 37.2%.

威尼斯人的利潤率為 36.7%，而廣場和四季酒店的利潤率為 37.2%。

We continue to expect margin improvement as our revenues grow as we use our scale advantages to better address the unrated play in the market and as we focused on managing our costs including refining our reinvestment to optimize cash flow.

隨著我們利用規模優勢來更好地應對市場上未評級的競爭，以及我們專注於管理成本（包括完善再投資以優化現金流），我們預計利潤率將繼續提高。

As Rob mentioned, we are nearing the completion of our Londoner Grand renovation program.

正如羅布所提到的，我們的倫敦大飯店的翻新工程即將完成。

Upon completion, our competitive position will be stronger than ever.

完成後，我們的競爭地位將比以往更強大。

We expect meaningful EBITDA growth and margin expansion in the future.

我們預計未來 EBITDA 將有顯著成長，利潤率也將擴大。

Turning to Singapore, MBS's EBITDA came in at $537 million.

談到新加坡，MBS 的 EBITDA 為 5.37 億美元。

Assuming expected hold on our rolling play, our EBITDA would have been approximately $2 million lower.

假設我們繼續保持滾動發展，我們的 EBITDA 將會減少約 200 萬美元。

The strong financial results reflect the impact of high-quality investment in market-leading products and growth in high-value tourism.

強勁的財務表現反映了對市場領先產品的高品質投資和高價值旅遊成長的影響。

Had we held as expected in our rolling play segment, MBS's EBITDA margin would have been 47.2%.

如果我們在滾動遊戲領域保持預期，MBS 的 EBITDA 利潤率將達到 47.2%。

We will have substantially completed our $1.75 billion reimbursement program at MBS by May of this year.

今年5月份，我們將基本完成MBS的17.5億美元償付計畫。

We are still in the initial stages of realizing the benefits of these new products.

我們仍處於認識這些新產品優​​勢的初始階段。

We expect growth in the future as we continue to attract high-value tourism to Singapore with our enhanced product offering.

隨著我們繼續透過增強產品供應吸引高價值旅遊者前往新加坡，我們預計未來將實現成長。

Turning to our program to return capital to shareholders. we repurchased $450 million of LVS stock during the quarter and paid our recurring quarterly dividend of $0.20 per share.

談到我們向股東返還資本的計畫。我們在本季回購了價值 4.5 億美元的 LVS 股票，並支付了每股 0.20 美元的定期季度股息。

Our annual dividend will increase to $1 per share or $0.25 per quarter for the 2025 calendar year.

從 2025 年開始，我們的年度股息將增加至每股 1 美元或每季 0.25 美元。

In addition, we purchased approximately $250 million of Sands China stock during the quarter and in January of 2025, bringing LBS equity interest in Sands China to approximately 72.3%.

此外，我們在本季和 2025 年 1 月購買了價值約 2.5 億美元的金沙中國股票，使 LBS 在金沙中國的股權達到約 72.3%。

We look forward to continuing to utilize the company's capital return program to increase returns to shareholders in the future.

我們期待未來繼續利用公司的資本回報計劃來增加股東回報。

Thanks for joining the call today.

感謝您今天的電話會議。

Now let's take questions.

現在我們來回答問題。

Ladies and gentlemen, the floor is now open for questions.

女士們、先生們，現在開始接受提問。

(Operator Instructions)

（操作員指令）

Carlo Santarelli, Deutsche Bank.

德意志銀行的卡洛桑塔雷利 (Carlo Santarelli)。

Patrick, obviously, you guys have been active in the Sands China stock.

派崔克，顯然你們一直積極投資金沙中國股票。

And when you look at kind of the valuation of that stock today, coupled with the announcement of the dividend increase, has your thinking changed at all around the way you allocate capital, perhaps maybe being more advantageous looking forward with respect to the SCL shares?

當您看到今天的股票估值，再加上股息增加的公告時，您在資本分配方式上的想法是否發生了變化，或許對 SCL 股票來說，未來會更有利？

Look, I think we really believe in the SCL story.

看，我認為我們真的相信 SCL 的故事。

We've been big investors in growth in Macau for years.

多年來，我們一直是澳門發展的大力投資者。

And if you look at our investment program, it's designed to grow our business and our strategic advantages there.

如果你看一下我們的投資計劃，你會發現它的目的是為了發展我們的業務和策略優勢。

And we've been investing to create growth for 2025 and beyond in every segment.

我們一直在各個領域進行投資，以創造 2025 年及以後的成長。

Look, our view is that we want to execute against our massive asset base there.

看，我們的觀點是，我們希望利用我們在那裡的龐大資產基礎來執行任務。

And I think for us, the way we show that is not only through growth but also through acquiring more shares.

我認為對我們來說，展示這一點的方式不僅是透過成長，而且還透過收購更多股份。

We want to own more of SCL and you'll see us be active in the market over time to do that.

我們希望擁有更多 SCL 股份，並且你會看到我們隨著時間的推移積極地在市場上實現這一目標。

We really believe in SCL.

我們確實相信 SCL。

We think there's real value in the future and owning the shares there.

我們認為未來其股票具有真正的價值。

And so we're going to exercise against that thesis.

所以我們將針對這個論點來實踐。

Very good.

非常好。

And then if I could just follow up as it relates to MBS, there's clearly been a lot of change in the property, all the room remodels, all the things that you've been doing over much of 2024.

然後，如果我可以跟進與 MBS 相關的問題，那麼很明顯，房產發生了很大的變化，所有房間都進行了改造，你在 2024 年大部分時間裡一直在做的所有事情。

And in the fourth quarter, clearly, across the mass side, whether it's drop revenue on the table side, drop revenue on the slot side, you guys saw a very nice acceleration of year-over-year growth when looked at relative to the 3Q.

在第四季度，很明顯，在整個大眾方面，無論是桌面遊戲收入下降，還是老虎機收入下降，與第三季度相比，你們都看到了非常不錯的同比增長速度。

How much of that do you think is, I don't know, maybe exogenous or maybe not?

您認為其中有多少是外生因素，我不知道，或者不是？

Don't want to say onetime, but a result of some other things going on in the market versus how much of that is the successes of kind of the capital you put in and the fruits of that?

不想說一次性，而是市場上發生的一些其他事情的結果，而其中有多少是您投入的資本的成功和其成果？

One thing I would say, Carlo, it's not a onetime event.

卡洛，我想說的是，這不是一次性事件。

It's an ongoing event that keeps accelerating.

這是一個正在發生並且不斷加速的事件。

I think you're right, good observation.

我認為你是對的，觀察得很好。

If I look at these numbers, non-rolling win and slot win is a $3 billion run rate.

如果我看一下這些數字，非滾動贏利和老虎機贏利的運行率是 30 億美元。

That's pretty outstanding.

這真是太出色了。

And I think it's a few things in our favor.

我認為這對我們有利。

One is a very strong market, but also really great assets are coming to fruition.

一方面是市場非常強勁，另一方面也是優質資產不斷湧現。

So when you invest heavily in something that's not good at market, you get the right thing, right place, right time, it all comes together.

因此，當你對市場上表現不佳的事物進行大量投資時，你會在正確的時間、正確的地點找到正確的東西，一切就會水到渠成。

It's not a onetime thing nor is it peaked.

這不是一次性的事情，也不是達到頂峰的事情。

The final product will be here this summer.

最終產品將於今年夏天上市。

It's an amazing place.

這是一個令人驚嘆的地方。

I think you've been there recently and it just keeps on going.

我想你最近去過那裡並且它一直在繼續。

But you're right, the acceleration year on year is truly exceptional.

但您說得對，年成長確實非常快。

But I think we're just at the beginning of a huge growth surge in Singapore.

但我認為，新加坡經濟才剛開始大幅成長。

It's not going to end.

這一切都不會結束。

We're in the right place, right time, and the right product.

我們處於正確的地點、正確的時間並擁有正確的產品。

One thing I do want to say is, the key thing about Singapore, and you've heard Rob and me and the rest of the team talk about this many quarter calls, the key thing about Singapore is about the quality of tourism.

我確實想說的一件事是，新加坡的關鍵在於旅遊業的質量，你們也聽到了羅布、我和團隊的其他成員在許多季度電話會議上談論過這個問題。

It really is an unbelievable market in terms of the value of the tourists showing up there.

從遊客的價值來看，這確實是一個令人難以置信的市場。

And we've been very focused on investment in the highest quality of assets to match that high-quality of tourism.

我們一直非常注重對最優質資產的投資，以匹配高品質的旅遊業。

I think for us, this quarter validates the investment thesis and the growth that's available to us in this market because of the strength of what's going on in the cash flow area.

我認為對我們來說，本季驗證了投資理論以及我們在這個市場上可獲得的成長，因為現金流領域的表現強勁。

And so when you look at Singapore as a market, it's incredibly strong and desirable.

因此，當你把新加坡看作一個市場時，你會發現它非常強大且令人嚮往。

There's a growing high net worth population.

高淨值人口正在不斷增加。

There's growing high-value visitation.

高價值訪問量不斷增長。

There's a lot of business activity there, and there's continued investment and strong tourism infrastructure.

那裡商業活動十分活躍，投資持續，旅遊基礎建設強大。

So from that standpoint, it's a very unique market, and we really believe in it.

因此從這個角度來看，這是一個非常獨特的市場，我們確實對它有信心。

We think the highest quality cash flow in our industry.

我們認為我們行業中的現金流品質最高。

Robin Farley, UBS.

瑞銀的羅賓法利（Robin Farley）。

This is Arpine for Robin.

這是 Robin 的 Arpine。

I know you don't talk about the current quarter, but I was wondering if you could take a few minutes to give us your overall take on the Chinese consumer, what you are seeing in terms of bookings for the upcoming holiday.

我知道您沒有談論當前季度的情況，但我想知道您是否可以花幾分鐘時間向我們介紹中國消費者的總體看法，以及您看到即將到來的假期預訂情況。

And more importantly, do you feel there are macro indicators that the base consumer could return to pre-Covid levels in Macau this year?

更重要的是，您是否認為有宏觀指標顯示今年澳門的基礎消費可以恢復到疫情之前的水準？

How do you see that recovery?

您如何看待這種復甦？

And then I have a quick follow-up.

然後我有一個快速的後續問題。

So I think, first off, I think we're still talking about a $30 billion GGR market.

因此我認為，首先，我們仍在談論 300 億美元的 GGR 市場。

It's the largest market in the world.

它是世界上最大的市場。

It's been growing.

它一直在增長。

It looks like it's going to continue to grow for the foreseeable future.

看起來，在可預見的未來，它也將繼續成長。

We feel very strongly the strength in this market.

我們強烈感受到這個市場的實力。

We've been investing into it for that reason.

因此，我們一直在對此進行投資。

I think it's very hard for us to point to a specific indicator of the Chinese consumer that is an indicator for our business since we represent such a small level of penetration into our core market, which is China.

我認為我們很難指出中國消費者的某個具體指標來作為我們業務的指標，因為我們在核心市場（即中國）的滲透率非常低。

And so from our standpoint, we sort of look at the market, would we do better with a stronger Chinese economy?

因此，從我們的角度來看市場，如果中國經濟更加強勁，我們是否會做得更好？

I think that's an easy thing to say yes to.

我認為這是一件很容易答應的事。

But I think overall, we're very happy with the direction of our business, our investment.

但我認為總的來說，我們對我們的業務和投資方向非常滿意。

And hopefully, as things progress over time, we'll be the beneficiary of a stronger Chinese economy and see our investments produce more cash flow.

希望隨著時間的推移，我們將成為更強大的中國經濟的受益者，並看到我們的投資產生更多的現金流。

Grant or Wilfred, do you guys have any other comments regarding this question?

格蘭特 (Grant) 或威爾弗雷德 (Wilfred)，你們對這個問題還有其他評論嗎？

I think the GGR, and you can see throughout last year in 2024, has been very resilient.

我認為 GGR 一直非常有彈性，正如你在去年和 2024 年所看到的。

And I think if you look at the premium side of the business, very strong throughout the year.

而且我認為，如果您看一下業務的高端方面，您會發現全年都非常強勁。

And you saw October, we had the best month since the pandemic for GGR.

大家可以看到，10 月是 GGR 自疫情爆發以來表現最好的一個月。

Yes, there are other parts of the consumption universe which are much weaker than what gaming has been.

是的，消費領域中其他部分確實比遊戲領域弱得多。

And you see some of that reflected in our retail business where the retail sales were down against the prior year, whereas for the Macau market, the GGR was still up 6%, as Rob referenced in his opening remarks.

您可以看到這部分反映在我們的零售業務中，零售額較上年有所下降，而對於澳門市場而言，博彩收入仍然增長了 6%，正如 Rob 在開場白中提到的那樣。

One thing I would speak to is that our actions speak loud and we keep investing, investing in buying into Macau.

我想說的是，我們的行動證明了一切，我們會繼續投資，投資在澳門。

We believe in Macau, we believe in China.

我們相信澳門，我們相信中國。

And we believe the return of the base mass as well as the continued strength of premium mass will grow.

我們相信，基礎大眾的回歸以及優質大眾的持續成長將會成長。

We're big believers.

我們堅信這一點。

We wouldn't be putting billions of dollars on the ground if we didn't believe.

如果我們不相信的話，我們就不會投入數十億美元。

So yes, we do believe it's going to come back.

所以是的，我們確實相信它會回來。

And we don't -- we can't pin put or handicap a day or a time, but I think, as Pat alluded to, it's still a $30 billion market in the face of a very difficult economic environment macro.

我們無法確定或預測某一天或某個時間的走勢，但我認為，正如帕特所提到的，在非常困難的宏觀經濟環境下，它仍然是一個價值 300 億美元的市場。

So we believe in it.

所以我們相信它。

It's going to come back.

它會回來的。

We just don't know when.

我們只是不知道具體時間。

But our actions are going to be very loud with billions of dollars of investment and we keep investing in it.

但我們的行動將會非常響亮，我們會投入數十億美元的投資，而且我們會繼續投資。

So we believe in the turns and that it will come.

所以我們相信轉折，相信它一定會到來。

I just have a quick follow-up.

我只是想快速跟進一下。

Could you share your late thoughts on New York license if iGaming could be legalized there two years into construction, let's say, as an assumption?

如果 iGaming 可以在建造兩年後在紐約合法化（假設），您能否分享一下您對紐約許可證的最新想法？

Share your thoughts how that changes the return profile of a potential casino in that market?

請分享您的想法，這會如何改變該市場潛在賭場的回報狀況？

You've asked my concerns.

你問了我的擔憂。

First, I believe in New York is a very strong market with a deceleration of pump a long time.

首先，我相信紐約是一個非常強勁的市場，經濟成長將在很長一段時間內保持減速。

However, the iGaming possibility to me, in any market that has land-based gaming, whether you have sports betting, iGaming is inevitable.

然而，對我來說，iGaming 的可能性是，在任何有陸基博彩的市場，無論你是否進行體育博彩，iGaming 都是不可避免的。

And so I think you have to agree -- I read your comments that sometimes during the construction phase, you could be faced with iGaming competitive tool, which dilutes the value of the product.

所以我認為你必須同意——我讀了你的評論，有時在建設階段，你可能會面臨 iGaming 競爭工具，這會削弱產品的價值。

So that's our conundrum.

這就是我們的難題。

And you said it well, the results coming out of neighboring states of New Jersey or Pennsylvania or as far away as Michigan underscore that concern.

你說得很好，鄰近的新澤西州、賓州以及遙遠的密西根州的調查結果都凸顯了這種擔憂。

So you've asked an answer to the question, great market; we like to be there.

所以你已經回答了這個問題，偉大的市場；我們喜歡去那裡。

The caveat is how do you deal with the ongoing threat, which appears to be the inevitable in a lot of states especially land-based properties, coupled with sports betting, I don't know why you wouldn't have iGaming sometime in the future.

需要注意的是，你如何應對持續的威脅，這在許多州似乎是不可避免的，特別是陸基資產，再加上體育博彩，我不知道為什麼你不會在未來的某個時候擁有 iGaming 。

So that's our concern as we look at that market.

這是我們觀察該市場時擔心的問題。

You're absolutely correct.

你完全正確。

Shaun Kelley, Bank of America.

美國銀行的肖恩·凱利（Shaun Kelley）。

Robert, Patrick, I want to start with just the Londoner.

羅伯特、派崔克，我想從倫敦人開始。

Obviously, some of the disruption timing probably came in a little bit differently than maybe everybody thought.

顯然，有些中斷發生的時間可能與大家想像的有些不同。

But could you just walk us through your thoughts about kind of ramp up from here?

但是您能否向我們介紹一下您對從現在開始升級的想法？

And how we should think about it?

我們又該如何思考這個問題呢？

It's a pretty big margin drag.

這對利潤率是一個相當大的拖累。

I think it's pretty understandable given the impact of hotel rooms on margins.

考慮到酒店房間對利潤的影響，我認為這是可以理解的。

But just help us think about maybe your thought process behind how that property should ramp in the next couple of quarters, if you could?

但如果可以的話，請您幫我們思考一下，您是如何思考該房產在未來幾季內應該如何成長的？

Yes.

是的。

I think it's really interesting because I have to hand it to the team in Macau.

我認為這真的很有趣，因為我必須把它交給澳門的團隊。

They did a phenomenal job this quarter being disciplined in our reinvestment and actually generating this much EBITDA with that many rooms out.

本季他們做得非常出色，嚴格遵守再投資規定，並在提供如此多客房的情況下創造瞭如此高的 EBITDA。

We are at a room inventory-driven reinvestment model.

我們處於客房庫存驅動的再投資模式。

So we base our reinvestment on the scale of our ecosystem, the diversity of amenities, the quality of room product, the quality of experiences.

因此，我們根據生態系統的規模、設施的多樣性、客房產品的品質和體驗的品質來進行再投資。

And so when you're down 20% of your inventory, there will be a meaningful impact into your productivity.

因此，當您的庫存減少 20% 時，您的生產力將受到重大影響。

We carry the expense base, right?

我們承擔費用基礎，對嗎？

Our second largest expense is payroll, and that doesn't change.

我們的第二大支出是工資，這一點沒有改變。

And so we had less inventory to sell in the quarter.

因此我們本季可供銷售的庫存較少。

There wasn't disruption, there was just less inventory.

並沒有造成中斷，只是庫存減少了。

So credit to the team for creating the quarter that they did in this market, given the competitive dynamics.

因此，考慮到競爭態勢，我們團隊在這個市場上取得了不錯的成績，值得稱讚。

But I think now that we start to get these rooms back across the quarter, these 2,000 rooms, think about it.

但我認為，現在我們開始在本季重新獲得這些客房，這 2,000 間客房，想想吧。

It's two-thirds of a Venetian.

它佔威尼斯的三分之二。

When you think about the productivity of the Venetian Resort, the Venetian Macau, and the room count that it has and the number of tables and the scale that it has, Imagine if two-thirds of the rooms were not available.

當你考慮到威尼斯人度假村、澳門威尼斯人的生產力，以及它擁有的客房數量、桌子數量和規模時，想像一下如果三分之二的房間都不可用。

And that's the case with the Londoner.

倫敦人的情況就是如此。

And so they were able to create this performance without that inventory.

因此他們能夠在沒有庫存的情況下創造這樣的表演。

The good news is it's coming online.

好消息是它即將上線。

Some of it is online now, and the rest of it should be online by May, as we mentioned in our opening remarks, and that should position us well to get to our ultimate goal, which is to have two properties that have an equivalent run rate.

其中一些現在已經上線，其餘的應該會在 5 月份上線，正如我們在開場白中提到的那樣，這將使我們能夠實現最終目標，即擁有兩家具有同等運營水平的物業速度。

And maybe one day, the Londoner does better than The Venetian because of the key count.

也許有一天，倫敦人酒店會因為關鍵數量的增加而比威尼斯人酒店做得更好。

But I think the opportunity is there for the productivity to really increase now that the rooms are becoming available and now that we've completed this renovation, which in our mind, creates one of the best properties in the history of our business.

但我認為，現在房間已經可供使用，而且我們已經完成了翻新，因此生產率確實有機會提高，在我們看來，這是我們業務歷史上最好的酒店之一。

And we're not just saying that because we did it.

我們這麼說不只是因為我們這麼做了。

We think it's really good.

我們認為它非常好。

So I think from our standpoint, we have the Venetian, we have the Londoner, we have to have Four Seasons, we have the Parisian, we have this high-quality portfolio, and getting these rooms back online will enhance our competitive positioning, but also allow us to grow cash flow and EBITDA because we're carrying the expense anyway, and now we'll have the inventory to sell.

因此，我認為從我們的角度來看，我們有威尼斯人、倫敦人、四季酒店、巴黎人，我們擁有高品質的酒店組合，讓這些酒店重新上線將增強我們的競爭地位，但也能讓我們增加現金流和EBITDA，因為我們無論如何都要承擔費用，而且現在我們有庫存可以出售。

So I think it was pretty meaningful, but I do want to give credit to the team there for the quarter that they put up.

所以我認為這非常有意義，但我還是想讚揚一下球隊在本季所取得的成績。

Grant, do you have any comments?

格蘭特，您有什麼評論嗎？

Yes.

是的。

Patrick.

派崔克。

Like you said, the room inventory was at the low point during the fourth quarter.

正如您所說，第四季度的客房庫存處於低點。

Like we said last quarter, it reached the lowest point around 8,700 keys in November and December.

就像我們上個季度說過的，11 月和 12 月達到了最低點，約 8,700 把鑰匙。

And for the whole quarter, we continued to have the 315 Londoner Grand suites.

整個季度，我們繼續擁有 315 間倫敦大套房。

And then shortly after the yearend, we got licensed for further 700 suites and keys.

然後在年底後不久，我們獲得了另外 700 間套房和鑰匙的許可。

And so for this Lunar New Year, we have at a disposal just over 1,000 keys to use from now on.

因此，從現在起，我們在這個農曆新年可以使用 1,000 多把鑰匙。

We expect that the continued ramp-up in rooms to continue throughout the first quarter and the first part of the second quarter, yes, culminating.

我們預計，第一季和第二季上半段客房數量將持續增加，直到達到高峰。

The goal is to have the full 2,405 keys for the operational by May Golden Week, and we believe we can achieve that.

我們的目標是在五月黃金周之前讓 2,405 把鑰匙全部投入運營，我們相信我們能夠實現這一目標。

Construction-wise, we're well on track.

從建設角度來看，我們的進展順利。

It's a matter of statutory licensing at this point.

目前這是一個法定許可的問題。

And then maybe just as a quick follow-up, going back to New York.

然後也許只是快速跟進，回到紐約。

Rob, we did notice that New York did not include the casino licenses or the downstate casino license in the state budget figures.

羅布，我們確實注意到紐約州沒有將賭場執照或下州賭場執照納入州預算數字。

So we were just kind of curious, does this imply as it may, especially given the timing of the fiscal year, that the down state process is slipping further, at least for, I think, the third license that many of us are very focused on here for LBS?

所以我們只是有點好奇，這是否意味著，特別是考慮到財政年度的時間安排，下州的審批程序正在進一步推遲，至少對於我們許多人非常關注的第三個許可證來說是這樣。是為了LBS 嗎？

Hard to say.

很難說。

I can speculate as you are, but I don't know if you're right or wrong.

我可以像你一樣進行猜測，但我不知道你是對還是錯。

I think it was and it wasn't in the budget.

我認為是的，但它不在預算之內。

I don't really the answer to that so I'm going to be honest with you.

我真的不知道答案，所以我會誠實地告訴你。

It's hard to determine.

這很難確定。

I keep hearing it's going to be this June with the determination of a license by yearend.

我一直聽說要在今年 6 月之前確定許可證，並在年底前確定。

Again, as you're saying, it's hard to know because they haven't been clear about this for a long time.

再說一次，正如你所說，這很難知道，因為他們很長時間以來都沒有明確表示這一點。

I have to wait and see with you.

我得和你一起拭目以待。

Brandt Montour, Barclays.

巴克萊銀行的 Brandt Montour。

So a follow-up on Shaun's question on the Londoner in the Pacifica Casino floor, especially which I know you own or you opened in September but without many hotel rooms.

因此，我想跟進一下肖恩關於 Pacifica Casino 倫敦人酒店的問題，特別是我知道這家酒店是您擁有的，或者是您在九月份開業的，但沒有很多酒店房間。

I have to imagine it's hard to activate that casino floor in the fourth quarter.

我不得不想像，在第四季度，賭場的營業將十分困難。

Can you give us a sense on how you activate the casino floor and if 1,000 rooms would be enough natural foot flow to actually create a buzz and get that asset almost sort of all the way up in sort of producing before you can get the last batch?

您能否向我們介紹如何激活賭場樓層，1,000 個房間是否足以產生足夠的自然客流量來真正引起轟動，並在您獲得最後一批產品之前讓該資產幾乎完全投入生產？

Or is it specifically correlated with how many rooms are open?

或者它與開放的房間數量具體相關嗎？

(Inaudible) question to me is pretty simply, in our industry, whether it's Macau or Las Vegas or Idaho, where you have sleeping above you is where you get gaming below you.

(聽不清楚) 對我來說問題很簡單，在我們的行業中，無論是澳門、拉斯維加斯還是愛達荷州，上面有人睡覺，下面就有博彩。

So it correlates.

因此它們是相關的。

The more rooms, the more gambling. 1,000 keys is still a lot of people.

房間越多，賭博越多。 1,000 把鑰匙對人來說仍然很多。

It can create a buzz, but that buzz will obviously increase as you have more keys.

它可以產生嗡嗡聲，但是隨著您擁有更多的鑰匙，嗡嗡聲顯然會增加。

So 2,000 is better and 2,400 is better than that.

因此 2,000 更好，而 2,400 又比這更好。

I'm not sure it's better than having 300.

我不確定這是否比 300 更好。

But again, to your point, it begins with only 300 this quarter and goes to 1,000 during the Lunar New Year and eventually get this spring to 2,400, I believe.

不過，正如您所說，本季一開始只有 300 輛，農曆新年期間增加到 1,000 輛，最終在今年春季達到 2,400 輛，我相信。

And then, of course, the bathrooms adjacent to it, I'm just saying, roof and other places, Londoner, plenty of rooms there, more than most hotels have in any place else.

然後，當然，還有相鄰的浴室，我只是說，屋頂和其他地方，倫敦人，那裡有很多房間，比其他任何地方的大多數酒店都多。

So I think the results speak for themselves.

所以我認為結果是不言而喻的。

This has been a long hard process for the team over there that is probably coming to a head.

對於那裡的團隊來說，這是一個漫長而艱難的過程，可能已經到了關鍵時刻。

And we believe and we always believe that assets drive results.

我們相信並且始終相信資產能帶來成果。

This asset is extraordinary.

這項資產非常寶貴。

And yes, we'll see some buzz in February.

是的，我們會在二月看到一些熱門消息。

We'll see more in May, but really it's a long haul.

我們將在五月看到更多，但這確實是一個長期的過程。

And Londoner will be a world-class asset and take its place alongside some of the legendary performers, just like Marina Bay Sands did and Venetian did.

倫敦人將成為一項世界級的資產，並與一些傳奇表演者一起佔據一席之地，就像濱海灣金沙酒店和威尼斯人一樣。

Okay.

好的。

That's super helpful.

這非常有幫助。

And then a follow-up question would be on the Thailand opportunity.

然後後續的問題是關於泰國的機會。

I know it's really early but I'm sure you guys have done plenty of work so far on that market.

我知道現在還為時過早，但我相信你們迄今為止已經在該市場上做了大量工作。

And maybe you could just talk high level about that opportunity versus your large, coming, second build-out investment in Singapore and sort of how you think about those two markets vis-a-vis each other?

或許您可以高層次地談談這個機會與您即將在新加坡進行的第二次大規模建設投資之間的對比，以及您如何看待這兩個市場？

And if they sort of are totally separate opportunities that wouldn't have to be considered in relation to each other?

如果它們是完全獨立的機會，不需要互相考慮呢？

So a couple of things here.

這裡有幾件事。

So I think, first off, Thailand is an unbelievable tourist attraction.

所以我認為，首先，泰國是一個令人難以置信的旅遊勝地。

It has very desirable attributes, great culture, great food, just beautiful scenery.

它具有非常令人嚮往的屬性，偉大的文化，美味的食物，美麗的風景。

It's a great place to visit.

這是一個值得參觀的好地方。

And I think it has a great opportunity to add destination resorts and create a very large, scale industry there.

我認為這裡有很好的機會來增加目的地度假村並創造一個規模龐大的產業。

The great news is there's an enormous tourism-based there already, and it's separate and distinct from people who go to Singapore.

好消息是那裡已經擁有龐大的旅遊業，而且其遊客量與前往新加坡的遊客量截然不同。

Is there overlap?

有重疊嗎？

Sure.

當然。

Do people go back and forth between Bangkok and Singapore all the time?

人們常往返曼谷和新加坡之間嗎？

Absolutely.

絕對地。

Is there an argument that it actually strengthens our ecosystem because people have more choice within our environment?

是否有一種說法是，它實際上加強了我們的生態系統，因為人們在我們的環境中擁有更多的選擇？

There's an argument for that.

對此有一個爭論。

Although I would say that I think they're both different offerings.

儘管我想說我認為它們是不同的產品。

I think if you look at what we have in Singapore, it's specifically tied to the highest level of high-value tourism.

我認為，如果你看看新加坡的情況，你會發現它與最高水準的高價值旅遊業密切相關。

It's rarified air.

這是稀薄的空氣。

When you look who's in that environment and the type of consumption that's there and the type of both business and leisure tourism that takes place.

當你觀察那裡的人們、那裡的消費類型以及發生的商務和休閒旅遊類型。

I think in Thailand, it's a completely separate market.

我認為在泰國，這是一個完全獨立的市場。

I think there will be some overlap inevitably because people are going to want to see it on both sides.

我認為不可避免地會存在一些重疊，因為雙方的人們都希望看到這一點。

But as a practical matter, given the population base, the visitation they have today and where people are coming from in terms of inbound tourism, it's a separate and distinct opportunity, and that's how we see it.

但從實際情況來看，考慮到人口基數、目前的訪問量以及入境旅遊者的來源地，這是一個獨立而獨特的機會，我們就是這樣看待的。

And we're excited about it.

我們對此感到非常興奮。

But there's a lot that has to be done and a lot of that has to be learned before something that we can evaluate.

但在我們評估某件事之前，還有很多事情要做，還有很多知識要學習。

That being said, it would be great for our industry to be fair, great for all us if it's possible.

話雖如此，如果可能的話，對我們的行業來說公平是一件好事，對我們所有人來說也是一件好事。

Can I say a few things about your comment about those two markets?

我可以就您對這兩個市場的評論說幾句嗎？

Think about this for a second.

想一想。

There's about 4 billion Asian people, which I think is about 3.5 billion more than the entire United States.

亞洲人口大約有 40 億，我認為比整個美國多 35 億。

As I look out the window here in Las Vegas, there's more casinos in Las Vegas than there is in all of Asia.

當我從拉斯維加斯的窗戶望出去時，拉斯維加斯的賭場數量比整個亞洲的賭場數量還多。

Okay.

好的。

So my point is there's an awful lot of people in Asia, high propensity to gamble.

我的觀點是亞洲有很多人有強烈的賭博傾向。

I wouldn't worry too much about Singapore doing very, very well.

我不會太擔心新加坡會表現得非常非常好。

There's just not enough capacity.

容量不夠。

Shell now seems to say they'd like to build a strip in every Asian country as possible.

殼牌現在似乎表示他們希望盡可能在每個亞洲國家建造一條跑道。

The point being, we'll do very well in Singapore for years and years to come.

關鍵是，未來許多年裡，我們在新加坡都會做得很好。

We'll make all kinds of money there.

我們會在那裡賺各種各樣的錢。

But Thailand is an extraordinary market and it will do very well.

但泰國是一個非凡的市場，它將會表現得很好。

Again, Las Vegas, Los Angeles, I don't know, 200 casinos.

再說一次，拉斯維加斯、洛杉磯，我不知道，有 200 家賭場。

There's not 200 casinos in all of Asia.

整個亞洲沒有20​​0家賭場。

So the concern about it categorizing, I think is not necessarily even valid to think about. 4 billion people in Asia looking for a place to go.

因此，我認為對其分類的擔憂不一定是值得考慮的。亞洲有 40 億人在尋找一個去處。

Thailand will do very, very well, but so will Singapore and so look out.

泰國的表現將會非常非常好，但新加坡也會如此，因此值得關注。

Daniel Politzer, Wells Fargo.

富國銀行的丹尼爾‧波利策 (Daniel Politzer)。

First, I wanted to touch on Venetian.

首先，我想談談威尼斯。

Last couple of quarters, it looks like mass volumes have slowed a bit there.

過去幾個季度，那裡的批量增長似乎有所放緩。

Can you maybe talk about a little bit what's going on with that property relative to some of your other properties in the market?

您能否談談該房產相對於市場上其他房產的情況？

And also, I think the Arena recently opened there.

而且我認為競技場最近在那裡開業了。

So any kind of incremental details on how that's been trending?

那麼，您能提供一些關於其發展趨勢的詳細資訊嗎？

One thing I do want to mention, I think the Venetian really is for us the benchmark in Macau, and we're very focused on growing revenues in the Venetian and maintaining margin there and generating a lot of cash flow.

我確實想提一下，我認為威尼斯人確實是澳門的標桿，我們非常注重增加威尼斯人的收入、維持利潤率並產生大量現金流。

And we think it has the capacity to do it.

我們認為它有能力做到這一點。

In the first half of the quarter, things were going great and things were accelerating.

本季前半段，一切進展順利，而且正在加速發展。

In the second half of the quarter, there was some disruption and visitation because of what I mentioned earlier on in the prepared remarks, which is the 25th anniversary to hand over.

在本季度的後半段，出現了一些混亂和訪問，因為我在之前的準備好的發言中提到過，這是移交 25 週年。

And so there were a lot of things going on in this quarter.

所以本季發生了很多事情。

And one of the things that went on is that base mass was impacted most meaningfully by that event and by that 30-day period.

其中發生的事情是，基數受到了該事件和那 30 天的影響最為顯著。

And so I would not necessarily look at this quarter as representative of the base mass run rate associated with the Venetian going forward.

因此，我不會將本季視為威尼斯人未來基本運行率的代表。

Grant, I don't know if you have anything else to add.

格蘭特，我不知道您是否還有什麼要補充。

Yes, that's right.

是的，沒錯。

And I think with the premium mass, I think the business continues to be very strong there.

我認為，憑藉高端產品，那裡的業務將會持續保持強勁。

Also, I think you have to consider that most of the lodges in Venetian, together with the Four Seasons, it plays as a complex for that segment.

此外，我認為你必須考慮到威尼斯的大多數旅館和四季酒店一起構成了該部分的綜合體。

So you can see how strong the Four Seasons plaza was in the non-rolling segment this quarter, up 26% against prior year.

所以你可以看到本季四季廣場在非滾動領域的表現有多強勁，比去年同期成長了 26%。

So I think you should look at it in a composite as patrons move around between the two properties.

因此我認為你應該從顧客在兩家酒店之間移動的角度來看待這個問題。

But the base mass, as Patrick said, was affected during the quarter.

但正如帕特里克所說，基礎品質在本季度受到了影響。

We had a very strong first half of the quarter and then it softened thereafter.

我們在本季前半段表現非常強勁，但隨後就變得疲軟了。

As in regards to the Venetian arena, we launched a fully upgraded arena in late November.

至於威尼斯人競技場，我們在11月下旬推出了全面升級的競技場。

We've had a few events, some of them more like a warm-up events during fourth quarter.

我們舉辦了一些活動，其中一些更像是第四季度的熱身活動。

We had concerts.

我們舉辦音樂會。

And then we also hosted the NBA Legends game that accompanied announcement of the strategic collaboration with the NBA over the next few years.

然後我們還舉辦了 NBA 傳奇賽，並宣布了未來幾年與 NBA 的戰略合作。

So the facility gives us, I think, very strong scope to program content for our calendar entertainment, sporting events, mice groups.

因此，我認為，該設施為我們為日曆娛樂、體育賽事、老鼠組等節目編排內容提供了非常廣闊的空間。

And at the same time, we'll continue to use London Arena.

同時，我們將繼續使用倫敦競技場。

And really, this is another example of the scale advantage and the product diversity that we have.

事實上，這是我們規模優勢和產品多樣性的另一個例子。

We've learned how to program the London arena successfully.

我們已經學會如何成功地規劃倫敦競技場。

We'll be hosting some major concerts in the Venetian Arena as well as the NBA games in October in 2025.

我們將在威尼斯人競技場舉辦一些大型音樂會，並於 2025 年 10 月舉辦 NBA 比賽。

So we'll have the full flexibility and benefit of having these two great venues for different types of programming events and we believe that it's going to support the growth of the business in 2025 and beyond.

因此，我們將擁有充分的靈活性和優勢，並擁有這兩個適合舉辦不同類型節目活動的優秀場地，我們相信它將支持 2025 年及以後的業務成長。

Got it.

知道了。

That's helpful color.

這是很有幫助的顏色。

And then just a follow-up.

然後只是後續行動。

I think for the Londoner all in, you'll be -- have invested around $8 billion.

我認為對於倫敦人來說，總共將投資約 80 億美元。

How do you think about, I guess, the return on this?

我想，您認為這項計劃的回報如何？

Is this consistent with some of your other properties in the mid- to high-teens?

這和您其他一些處於中高水平的房產一致嗎？

And if not, why would that be?

如果不是，那原因何在？

And then how do you think about the timing in terms of the ramp?

那麼，您如何考慮坡道的時機呢？

And do you need to see that base mass business come back into the market given that you've certainly invested in making this property at more premium mass centric?

鑑於您已投資將該物業打造為更以高端大眾為中心的物業，您是否希望看到基礎大眾業務重返市場？

Yes.

是的。

So I think the key thing here to note is it depends on how long your IRR measurement period is.

所以我認為這裡要注意的關鍵是取決於你的 IRR 測量期有多長。

And so I think for us, when we first opened the property, it had a ramp-up period where if you sort of looked at it at peak it was, I think, $1.1 billion run rate of EBITDA.

所以我認為，對於我們來說，當我們第一次開放該物業時，它有一個上升期，如果你從高峰期來看，我認為它的 EBITDA 運行率為 11 億美元。

And so if you sort of drew your trend line off that, it would be an unbelievable investment.

因此，如果您以此為基礎繪製趨勢線，這將是一項令人難以置信的投資。

Then events overtook that measurement, and we realized we need to reinvest and reposition, which we did.

隨後事件超越了這個衡量標準，我們意識到我們需要重新投資和重新定位，我們也這樣做了。

So if you think of this as a 30-year asset, which we do, and you look at the potential cash flow generation out of this asset, given its positioning, its theming, its amenities and its structure, which is not replicatable anymore in Macau, we feel like this is a very high return potential asset.

因此，如果你把它看作一項 30 年的資產，我們就是這樣做的，你看看這項資產的潛在現金流，考慮到它的定位、主題、設施和結構，這是不可複製的。澳門，我們覺得這是一項潛在回報非常高的資產。

And that's why we put the capital into it.

這就是我們投入資金的原因。

If you look at its structure, if you look at the room count, you look at the organization of the casino floors and the retail and of the amenities around it to support the activity of our patrons, there's nothing like it, right?

如果您看看它的結構，看看房間數量，看看賭場樓層的組織以及周圍的零售和便利設施以支持我們顧客的活動，沒有什麼能與之相比，對嗎？

And so we feel like this asset will provide very high returns over time.

因此我們認為這種資產隨著時間的推移將帶來非常高的回報。

Otherwise, we would have done it.

否則我們就會這麼做。

If the model didn't work, it wouldn't have happened.

如果該模型不起作用，這件事就不會發生。

But I think it depends on how you view the market and how long you view the assets to be running in this way.

但我認為這取決於你如何看待市場，以及你認為資產以這種方式運作多長時間。

But we've done the major structural lift.

但我們已經完成了主要的結構提升。

So we think we're in good shape to carry this asset forward for years to come.

因此我們認為，我們有能力在未來幾年內繼續發揚這項資產。

Dan, one additional comment to Patrick's.

丹，針對派崔克的問題我還有一點補充。

And I think you made a comment it's BMS centric, I would disagree.

我認為您評論說它是以 BMS 為中心的，我不同意。

Its market segment is open to everything.

它的市場領域對一切都是開放的。

What makes these buildings so powerful like the Londoner and Venetian, successful buildings in the world get everybody.

是什麼讓這些建築如此強大，像倫敦人和威尼斯人一樣，世界上成功的建築得到了每個人的青睞。

They get the base mass, the grind pretty met because they have all kinds of capacity.

由於它們具有各種容量，因此它們獲得了基本質量，研磨相當滿足。

They got sleeping rooms, they've got retail, they've got entertainment, and they've got just capacity.

他們有臥室、有零售店、有娛樂場所，而且他們還有容量。

What makes it special versus some of our competitors, they can't, they don't have that scale capacity in lodging and gaming.

與我們的一些競爭對手相比，它的特殊之處在於，他們沒有那麼大規模的住宿和博彩能力。

This Londoner thing better have all the segments which is far beyond $1 billion.

這個倫敦項目最好涵蓋所有部分，其價值將遠遠超過 10 億美元。

And I think the answer is, I think Patrick said it well, it's a time issue in how you view the market.

我認為答案是，派崔克說得很好，這是一個你如何看待市場的時間問題。

Had we not fixed the Londoner, it wouldn't be competitive.

如果我們沒有修復倫敦人，它就不會具有競爭力。

Say the old standards of the Londoner, it couldn't withstand the pressure of today's market.

按照倫敦人的舊標準，它無法承受當今市場的壓力。

Londoner will not do well, do very well.

倫敦人不會做得好，但會做得很好。

They'll do well with not just premium mass, but base mass, drawing everything.

它們不但能很好地處理優質質量，還能處理基本質量，繪製一切。

It's going to dominate just like the East.

它將像東方一樣佔據主導地位。

The East didn't get there simply with high rolls.

東方隊並非僅僅憑藉高額賭注就到達那裡。

You get to -- you walk in there, it's all, it's poker, it's base mass.

你走進去，一切就緒，這就是撲克，這就是基礎品質。

It's all kinds of logs, all kinds of retail, all kinds of food and beverage.

這裡有各種原木、各種零售、各種食品和飲料。

That's how we modeled the Londoner.

這就是我們塑造倫敦人的形象的方式。

That's why it's near a $1billion-plus building when it gets fully operational.

這就是為什麼當它全面投入營運時，其成本將接近10億美元以上。

Chad Beynon, Macquarie.

麥格理的查德貝農 (Chad Beynon)。

Rob, you mentioned in your prepared remarks that there was a decline in the turnover rent.

羅布，你在準備好的發言中提到營業額租金下降。

It looks like I believe, pretty much all of that may have been at the Four Seasons.

看起來我相信，幾乎所有這一切都發生在四季酒店。

The other properties in Macau and in Singapore had some nice increases year over year.

澳門和新加坡的其他物業較去年同期都有不錯的成長。

So firstly, just kind of wanted to ask about that, if that was something related to maybe some VIP business that was there last year, anything structural in the property?

所以首先，我只是想問一下，這是否與去年的一些 VIP 業務有關，以及該物業的任何結構性特徵？

And then secondly, I know the market and everyone are expecting visitation GGR to be up next year.

其次，我了解市場，大家都預期明年的遊客 GGR 將會上升。

Is there anything in the model that would put a lid in terms of what's happening with retail given where the base is right now?

考慮到目前的基礎狀況，模型中是否有任何東西可以限制零售業的發展？

Yes.

是的。

I'm going to defer to Grant Chum, who should answer this question.

我將把這個問題交給 Grant Chum 來回答。

Grant?

授予？

Yes.

是的。

Thanks, Rob.

謝謝，羅布。

Yes.

是的。

The turn of the rent change is largely related to the Four Seasons Mall.

租金變化的轉折，很大程度與四季購物中心有關。

Last year, or I should say, 2023, that was a record year.

去年，或者我應該說 2023 年，是創紀錄的一年。

That was an all-time high for the Four Seasons Mall in terms of retail sales coming out of that post-COVID spend.

就疫情後四季購物中心的零售額而言，這是歷史最高水準。

So when you look at year-on-year comparison, '24 against '23, the turnover rent is heavily impacted by the sales at the Four Seasons being down year on year.

因此，當您查看 24 年與 23 年的同比比較時，您會發現，營業額租金受到四季酒店銷售額同比下降的嚴重影響。

And that's nothing structural.

這不是什麼結構性問題。

That's nothing one-off about the '23, I think it's just the way the cells evolved straight after pandemic.

這不是 23 年特有的現象，我認為這只是大流行之後細胞進化的方式。

And of course, the softening macro environment thereafter.

當然，此後宏觀環境開始走軟。

I think we're strategically very well positioned for the retail sector over the next 18, 24 months.

我認為，在未來 18 到 24 個月內，我們在零售領域已經佔據了非常有利的戰略地位。

We are opening a number of very significant flagship stores across a number of the major brands.

我們正在為多個主要品牌開設一些非常重要的旗艦店。

You've seen the first of these opening in November in Four Seasons with the Audemars Piguet, AP House, the largest in Asia.

您已經看到第一家這樣的精品店於 11 月在四季酒店開業，即亞洲最大的精品店愛彼 (Audemars Piguet) AP 店。

That will continue in 2025 with some other major flagships and also significant store openings.

這種模式將在 2025 年繼續延續，屆時還將開設一些其他主要旗艦店和重要商店。

So we feel that between now and end of '25, you're going to see a further strengthening in the tenant mix and the product offering in the mall.

因此，我們認為，從現在到 2025 年底，您將看到購物中心的租戶組合和產品供應進一步加強。

And hopefully, that positions us very well for the eventual recovery in the macro and the retail sales that will come with it.

希望這能為我們最終實現宏觀經濟和隨之而來的零售銷售復甦下良好基礎。

Great.

偉大的。

And then back to the US, I know we talked about a few potential legislation positives or opportunities.

回到美國，我知道我們討論了一些潛在的立法正面因素或機會。

Anything changed in terms of your view on Texas, the timing of that and kind of where things stand down there?

您對德克薩斯州的看法有什麼改變嗎？

So as we said before, we think Texas has a great potential as a market for our business, but there's really nothing to report at this point.

正如我們之前所說，我們認為德克薩斯州作為我們業務的市場具有巨大潛力，但目前還沒有什麼可報告的。

The session just began, and we'll see how it goes.

會議剛剛開始，我們將看看其進展如何。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎哈納。

Rob, Patrick, Grant.

羅布、派崔克、格蘭特。

I had two questions on MBS, please.

我有兩個關於 MBS 的問題。

One, where are you seeing, say, the biggest early returns from your investments thus far?

第一，到目前為止，您認為投資的最大早期回報在哪裡？

I'm wondering if it's more heavily weighted towards a particular metric, longer stays, new customers, higher spend.

我想知道它是否更偏向某個特定指標，更長的停留時間，新客戶，更高的消費。

And then my second question really is on a longer-term basis for MBS, for the three towers, as we think about the ramp in EBITDA, Patrick, you had mentioned Singapore certainly is rarefied air, but could you comment on longer term, what these new investments and where you think the biggest opportunity is for you to ramp EBITDA?

然後我的第二個問題實際上是 MBS 的長期發展，對於這三座大樓，當我們考慮 EBITDA 的增長時，Patrick，你提到新加坡肯定是稀薄的空氣，但你能評論一下長期發展嗎？這些新的投資以及您認為提高EBITDA 的最大機會在哪裡？

Really appreciate the question.

非常感謝您的提問。

I think for us, Marina Bay Sands customer base is very diverse, diverse markets around Singapore, who all want to do business in Singapore or I want to go there for leisure purposes.

我認為對我們來說，濱海灣金沙的客戶群非常多樣化，新加坡各地的市場多樣化，他們都想在新加坡做生意或想去那裡休閒度假。

And the spending habits are very powerful.

而且消費習慣非常強。

And I think the biggest growth that you'll see as you sort of look across our business, it's in every facet.

而且我認為，當您縱觀我們的業務時，您會看到最大的成長遍及各個方面。

Credit to the team there.

感謝那裡的團隊。

They've done phenomenal work this quarter and utilizing the assets that were put into production, and they still don't have everything in inventories.

他們本季做出了非凡的工作，充分利用了已投入生產的資產，但庫存仍未全部到位。

And so I think the key thing here is if you sort of look at our gaming growth, it's been fantastic, particularly on the non-rolling side, absolutely phenomenal, and in both segments, in terms of slots and tables.

因此，我認為這裡的關鍵是，如果你看看我們的博彩增長情況，你會發現它非常棒，特別是在非滾動方面，絕對是驚人的，並且包括老虎機和賭桌兩個領域。

But also on a rolling basis, it's been very strong.

但從滾動基礎來看，它一直非常強勁。

I think the other thing is if you look at the non-gaming side, it's been extraordinary.

我認為另一件事是，如果你看看非遊戲方面，它一直很出色。

If you look at the -- across the board, things have performed incredibly well.

如果你從整體上看，事情表現得非常好。

We just had a question about retail in Macau.

我們剛才有一個關於澳門零售業的問題。

But if you look at the retail in Singapore, it's performed incredibly well and shown to be very resilient.

但如果你看看新加坡的零售業，它的表現非常好，而且顯示出強烈的彈性。

So I think the offering there is quite strong, addresses the market properly.

所以我認為那裡的產品非常強大，能夠很好地滿足市場需求。

And I can't really point to one thing to say that it's the way to measure the investment.

我實在無法指出一件事來說明這是衡量投資的方式。

I think it's a very holistic approach.

我認為這是一個非常全面的方法。

Rob earlier mentioned that we addressed all segments.

Rob 之前提到我們解決了所有問題。

I think in Singapore, the market is full with high-value tourists and we really address with a variety of amenities something that's very unique.

我認為新加坡的市場充滿了高價值的遊客，我們透過提供各種便利設施來解決這個問題，這是非常獨特的。

And that experience in our ecosystem is not replicatable.

我們生態系中的經驗是不可複製的。

And so I think we get the benefit of that.

所以我認為我們從中受益。

And I think you see the results in our EBITDA this quarter.

我想您可以看到我們本季的 EBITDA 的結果。

And I think there's more to come.

我認為接下來還會有更多。

And I think when we get the rest of Tower 3 online and we get some of the other investments fully in the room to room is completely done.

我認為，當我們將 3 號塔的其餘部分上線並且我們對房間進行一些其他投資時，一切都完成了。

I think you'll see the power of this building as people start to figure it out.

我想，當人們開始了解這棟建築時，你就會看到它的力量。

I think that building, have you been here?

我認為那棟樓，你來過這裡嗎？

Have you seen the building?

你看過那棟建築物嗎？

(inaudible).

（聽不清楚）。

Okay.

好的。

If you've been in the building and you see it, there's just nothing like it.

如果您曾經去過那棟建築並且親眼見過它，您會發現它和其他地方都不一樣。

The epicenter of affluence in terms of it's got the room product, it's got the sweep pie, food and beverage, retail, it's got it at all.

就客房產品、清掃餡餅、食品和飲料、零售而言，它是富裕的中心，應有盡有。

And I think for people who can afford the experience and want to gamble, which is a lot of people in Asia, it's just a very unique product.

我認為對於那些有能力享受這種體驗並且想要賭博的人來說（亞洲有很多人），這只是一種非常獨特的產品。

It's going to capture all those people.

它將捕獲所有這些人。

It's also got a wonderful place to be, which is Singapore itself.

新加坡本身也是一個奇妙的地方。

So I think we're in the right place, right time to keep growing that.

所以我認為我們處於正確的地點，正確的時間來繼續發展。

And we're measured obviously, the profitability and the profitable is soaring.

我們顯然已經衡量過了，獲利能力和利潤正在飆升。

But I think you're just -- the best is yet to come.

但我認為你只是——最好的尚未到來。

I mean, Singapore is just the beginning of its run.

我的意思是，新加坡才剛開始它的運作。

As Patrick alluded to, the quality of assets and the finishes, et cetera, are extraordinary, and it's hard to replicate.

正如帕特里克所提到的，資產的品質和完成度等等都是非凡的，很難複製。

So I think we have every confidence we're just at the beginning of this thing, not the end.

因此我認為我們完全有信心，這件事才剛開始，而不是結束。

It's not aberrational.

這並不是異常現象。

It's just the way it's going to be.

事情就是如此。

Singapore is an exceptional asset in a very strong market.

新加坡是一個非常強勁的市場中的一項特殊資產。

Lots of countries driving it and also is the beneficiary of lots of great publicity and awareness of how people call MBS.

許多國家都在推動這項進程，同時也受益於人們對 MBS 的大量宣傳和認識。

They see it on the newspapers, magazines, the Internet.

他們在報紙、雜誌、網路上看到它。

It's very powerful, a real brand to us now.

它非常強大，對我們來說現在是一個真正的品牌。

So I think you're at the beginning of an exceptional growth story in Singapore as the assets mature this summer.

因此，我認為，隨著今年夏天資產的成熟，新加坡將迎來一個非凡的成長故事。

Again, I think the future is very, very strong.

我再說一遍，我認為未來非常非常強大。

George Choi, Citigroup.

花旗集團的喬治崔 (George Choi)。

First of all, you noted at the introduction of some new background since late September in Macau.

首先，您注意到9月底以來澳門出現了一些新的背景。

And would you please comment on how popular have to come and is a potential impact on whole rates longer term?

您能否評論一下這種模式的普及程度以及這對長期整體利率有何潛在影響？

And then I have a follow-up.

然後我有一個後續問題。

Thank you.

謝謝。

George, I got to tell you they're very popular with me.

喬治，我得告訴你，我很歡迎它們。

I think they're great.

我認為他們很棒。

Of course, you had the best one.

當然，你得到的是最好的。

George, I think you know the story, I appreciate the question.

喬治，我想你知道這個故事，我很感謝你的提問。

It's a very, very powerful possibility.

這是一個非常非常大的可能性。

It's not a reality yet.

這還不是現實。

But the side that, as you know, are akin to parlay adventure on the sports betting.

但如你所知，這類似於體育博彩中的累積冒險。

It's more of a profit, more of a long shot-type event, which people gravitate to.

它更像是一種利潤豐厚、更具遠見卓識的活動，人們對此很感興趣。

Some people like it.

有些人喜歡它。

You know the house advantage is much higher than the flatbed the usual than fighter time payer.

您知道房屋優勢比平板車高得多，通常比戰鬥機時間付款人高得多。

So for the industry, we're at the forefront of this, we want to offer those bets and hopefully the customers will come towards them.

因此對於這個行業來說，我們處於最前沿，我們希望提供這些選擇，並希望客戶能夠選擇我們。

It's got great potential.

它有很大的潛力。

It's early days yet.

現在還為時過早。

But as you know, this box run is our primary business.

但正如您所知，這種箱式運輸是我們的主要業務。

It could be very, very powerful in the years to come, yet the customers decide to take higher long-run type bets so they do benefit the house, no surprise.

在未來的幾年裡，它可能會非常非常強大，但客戶決定進行更高的長期投注，因此他們確實使賭場受益，這並不奇怪。

There's an article recently on the journal about sports betting and parlay betting, it's akin to that.

期刊上最近有一篇關於體育博彩和複式投注的文章，與此類似。

So we're hopeful that more people will partake in that.

因此我們希望有更多的人能夠參與其中。

It helps drive the curve and it would be very advantageous for those companies who have bought centric like Las Vegas Sands.

它有助於推動曲線發展，對於那些已經購買了拉斯維加斯金沙集團等中心的公司來說，這將非常有利。

And just to sort of additional thought.

這只是一種額外的思考。

Yes, I think the key thing here is it's early days yet.

是的，我認為這裡的關鍵是還處於早期階段。

And so I think our goal is to continue to evaluate how the market is adopting and actually choosing to utilize those bets.

因此我認為我們的目標是繼續評估市場如何採用並實際選擇利用這些賭注。

But we'll see.

但我們會看到。

And obviously, very encouraging to learn that you had 700 more suites at the Londoner Grand opened after the yearend.

顯然，得知倫敦大飯店在年底後又開設了 700 多間套房，我感到非常鼓舞。

I'm just wondering if you have opened in new premium mass capacity at the Londoner Grand.

我只是想知道您是否在倫敦大酒店開設了新的高級大眾酒店。

On the gaming floor?

在遊戲場上？

Yes.

是的。

Yes.

是的。

Yes, we did -- we just opened yes, just around the time to Lunar New Year, we opened a new premium mass salon on Level 1 of Londoner Grand.

是的，我們剛開業了，就在農曆新年前後，我們在倫敦人大酒店一樓開了一家新的高級大眾沙龍。

So we're obviously ramping up on the gaming side in sync with the room inventory.

因此，我們顯然會與房間庫存同步增加遊戲方面的數量。

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維辛斯基 (Steve Wieczynski)。

So Patrick or Rob or maybe even Grant, if we go back to the Londoner, obviously you have that coming back online over the next couple of months, and obviously your competitors in the market know that property is coming back online as well.

所以，派崔克、羅布，甚至格蘭特，如果我們回到倫敦，顯然你會在接下來的幾個月重新上線，顯然你在市場上的競爭對手也知道房地產也會重新上線。

So the question is, have you seen any changes in the promotional activity from your competitors in the market in anticipation of that property coming back online?

所以問題是，您是否看到您的競爭對手在市場上為預期該房產重新上線而採取了任何促銷活動變化？

I think, first off, I think we've mentioned this in the prior quarter's call.

我認為，首先，我認為我們在上一季的電話會議中提到過這一點。

Macau has always been incredibly competitive and very promotional.

澳門的競爭一直非常激烈，而且促銷活動​​也十分頻繁。

And I think to the team's credit there, they've been very disciplined.

我認為，該團隊的紀律性很強，這是值得讚揚的。

When we closed the P6 Casino, there was some promo in there to move people around, and we talked about that.

當我們關閉 P6 賭場時，那裡有一些促銷活動來吸引顧客，我們討論了這一點。

But I think it's a practical matter.

但我認為這是個實際問題。

We're very focused on leveraging the assets that we invest in for the long term to drive customer visitation and patron experience.

我們非常注重利用我們長期投資的資產來推動顧客訪問和顧客體驗。

And I think for us, the goal is to be disciplined in the face of this market, which, by the way, is ever evolving.

我認為，對我們來說，我們的目標是面對這個不斷發展的市場來保持紀律。

If you go back more than a decade, there were different segments that are in favor, different ways that people thought about those segments and invested against the opportunity.

如果你回顧十多年前，你會發現有不同的細分市場對此表示青睞，人們對這些細分市場的看法不同，並且針對這個機會進行了投資。

And I think that's what we have today.

我想這就是我們今天所擁有的。

I think we have a very competitive market as we've always had.

我認為我們的市場競爭非常激烈，一如既往。

I think people are investing against the segments the way they think that will create the most profit for them.

我認為人們會根據自己的想像對各個細分市場進行投資，以創造最大的利潤。

And I think for us, we're doing the same thing.

我認為我們也在做同樣的事情。

But our model has been pretty consistent, which is about investment in product, investment in a great team, great service levels and focusing on the way that we can drive margin and cash flow.

但我們的模式相當一致，即投資產品、投資優秀團隊、投資優秀的服務水平，並專注於提高利潤和現金流的方式。

Grant, do you have any other comments you'd like to add?

格蘭特，您還有其他想要補充的評論嗎？

I think you said it well, I think we remain focused on EBITDA generation and the profit share.

我認為你說得很好，我認為我們仍然專注於 EBITDA 的產生和利潤份額。

And if you look at the third-quarter results when all the results came out from all of the operators, I think those who gained revenue share didn't necessarily see that translate into profit share gain.

如果你看一下第三季的業績，當所有業者都公佈了業績時，我認為那些獲得收入份額的人並不一定會看到這轉化為利潤份額的成長。

And I think we continue with our strategy.

我認為我們會繼續執行我們的策略。

I think it remains competitive regardless of whether we're bringing Londoner Grand suites online or not.

我認為，無論我們是否在線上推出倫敦大套房，它都仍然具有競爭力。

I don't think that changes.

我認為這不會改變。

I think that's a constant.

我認為這是一個常數。

And so our constant is that our strategy remains leveraging our core products, leveraging the quality and scale of what we have.

因此，我們始終不變的策略是利用我們的核心產品、利用我們現有產品的品質和規模。

And the coming online of the rooms for Londoner Grand is the perfect opportunity for us to really drive home that strategy.

倫敦人大飯店客房的即將上線是我們真正推行這項策略的絕佳機會。

And we really look forward to having to full inventory in place.

我們真誠地希望能夠擁有完整的庫存。

And then from May Golden Week into the summer and for the rest of the year, we hope to see that really deliver for us.

從五月黃金周到夏季以及今年剩餘的時間，我們希望看到這確實能為我們帶來好處。

Okay.

好的。

And then real quick, Patrick, you obviously brought up the President's visit in December.

然後帕特里克，你顯然提到了總統在 12 月的訪問。

I'm not sure if you're going to be able to do this or not.

我不確定你是否能做到這一點。

But just wondering if you guys have some sort of estimate on what the potential impact from his visit was on your properties during that time frame?

但我只是想知道你們是否對他的訪問對你們在這段時間內的財產可能造成的影響有什麼估計？

Unfortunately, I really can't give you an estimate.

不幸的是，我真的無法給你一個估價。

All I can tell you is that there was a noticeable change.

我只能告訴你，確實發生了明顯的改變。

But the important thing is that we're looking forward to a great '25.

但重要的是，我們期待著一個偉大的25年。

We're excited about the opportunity.

我們對這個機會感到非常興奮。

We feel really good about where our assets are positioned.

我們對我們的資產配置狀況感到非常滿意。

We have a great team.

我們有一個優秀的團隊。

We have great service levels, and we're excited about what we can do now that we're finally getting all of our assets back in inventory.

我們擁有出色的服務水平，我們對現在所能做的事情感到非常興奮，因為我們終於將所有資產放回庫存。

We're looking forward to it.

我們對此充滿期待。

Thank you.

謝謝。

There are no questions at this time.

目前還沒有問題。

Thank you, ladies and gentlemen.

謝謝各位，女士們、先生們。

This does conclude today's conference call.

今天的電話會議到此結束。

You may disconnect your phone lines at this time, and have a wonderful day.

此時您可以斷開電話線，並享受美好的一天。

Thank you for your participation.

感謝您的參與。