拉斯維加斯金沙集團 (LVS) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands first quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加金沙集團 2025 年第一季財報電話會議。（操作員指示）

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

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。先生，請您發言。

Thank you, Paul. Joining the call today are Rob Goldstein, our Chairman and CEO; Patrick Dumont, our President and Chief Operating Officer; Dr. Wilford Wong, Executive Vice Chairman of Sands China, and Grant Chum, CEO and President of Sands China and EVP of Asia Operations.

謝謝你，保羅。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黃英福博士和金沙中國行政總裁兼總裁兼亞洲業務執行副總裁鄭君諾。

Today's conference call will contain forward-looking statements. We will be making those statements under the Safe Harbor provision of federal security laws. A language on forward-looking statements included in our press release and 8-K filings also applies to our comments made on the call today. The company's actual results will be revealed 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。我們將根據聯邦安全法的安全港條款發表這些聲明。我們的新聞稿和 8-K 文件中包含的前瞻性陳述的語言也適用於我們今天在電話會議上發表的評論。本公司的實際績效將從這些前瞻性陳述中反映的結果中得到實質體現。

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

此外，我們也將討論非公認會計準則衡量指標。我們的新聞稿中包含了與最具可比性的 GAAP 財務指標的對帳。我們已經在我們的網站上發布了收益報告。我們將在通話中參考該簡報。最後，在問答環節，我們請有興趣的人提出一個問題和一個後續問題，以便我們讓每個有興趣的人都有機會參與。本次演講正在錄製中。

I'll now turn the call over to Rob.

我現在將電話轉給 Rob。

Thank you, Dan. Let's begin with Macao. This is a competitive market. There's not room, as we anticipated. However, we have the strongest assets in the market. We can perform better despite the challenging macro environment.

謝謝你，丹。讓我們從澳門開始。這是一個競爭激烈的市場。正如我們預料的那樣，沒有空間。然而，我們擁有市場上最強大的資產。儘管宏觀環境充滿挑戰，我們仍然可以表現得更好。

London is now fully open this time. 2,405 study rooms and suites as we prepare for Golden Week in May. Now that we've completed development projects, we expect this asset to elevate our performance. Our focus is on improving our revenue and cash flow across the portfolio. There is opportunity in every segment to show strong results.

倫敦這次已經全面開放了。我們正在為五月的黃金週做準備，共有 2,405 間自習室和套房。現在我們已經完成了開發項目，我們預計這項資產將提升我們的績效。我們的重點是提高整個投資組合的收入和現金流。每個領域都有機會展現強勁業績。

Our business strategy remains unchanged. We have designed our capital investment program to ensure we will lead in both Macao and Singapore. We delivered $535 million of EBITDA for the quarter in Macao.

我們的經營策略維持不變。我們設計了資本投資計劃，以確保我們在澳門和新加坡都處於領先地位。本季我們在澳門實現了 5.35 億美元的 EBITDA。

SEL still continues to lead the market in gaming and non-gaming revenue in EBITDA. We have meaningful opportunities to grow in every segment. Our objective is to grow our share of EBITDA in the Macao market. We have a unique product advantage in terms of scale, quality, and diversity of product offers.

SEL 在 EBITDA 的博彩和非博彩收入方面仍然繼續領先市場。我們在各個領域都有重大的成長機會。我們的目標是增加澳門市場的 EBITDA 份額。我們在產品規模、品質和多樣性方面擁有獨特的產品優勢。

Turning to revenue-based funds in Singapore, we delivered a record quarter of $605 million of adjusted property EBITDA, an extraordinary achievement by any standard. I assume this is a record EBITDA quarter for any gaming property in the world.

談到新加坡的收入型基金，我們實現了創紀錄的 6.05 億美元調整後房地產 EBITDA 季度，無論以何種標準衡量，這都是一項非凡的成就。我認為這是全球任何博彩業創下 EBITDA 紀錄的一個季度。

Pretty extraordinary performance. Mass gaming is thought to have reached $778 million, reflecting 73% growth from the first quarter of 2019 and 13% growth from one quarter a year ago. The results of NBS reflect the positive impact of our gaming investment program and growth of high-value tourism. The growing appeal of Singapore as a destination is enhanced by robust entertainment and lifestyle calendar. We believe there is a considerable runway for growth there as well.

相當出色的表現。大眾博彩營收預計已達到 7.78 億美元，較 2019 年第一季成長 73%，較去年同期成長 13%。NBS 的結果反映了我們的博彩投資計劃和高價值旅遊業成長的正面影響。豐富的娛樂和生活方式增強了新加坡作為旅遊目的地的吸引力。我們相信那裡也具有相當大成長空間。

Again, thanks for joining me. Let me turn the call to Patrick before we move to Q&A, Patrick?

再次感謝您的加入。在我們進入問答環節之前，讓我先把電話轉給派崔克，派崔克？

Thanks, Rob. Macao EBITDA was $535 million. If we had held as expected in our rolling program, our EBITDA would have been higher by $10 million. When adjusted for lower-than-expected hold in the rolling segment, our EBITDA margin for the Macao portfolio of properties would have been 31.6%, down 280 basis points compared to the first quarter of 2024.

謝謝，羅布。澳門的 EBITDA 為 5.35 億美元。如果我們按照預期執行滾動計劃，我們的 EBITDA 將高出 1000 萬美元。在調整滾動分部低於預期的持有量後，我們澳門物業組合的 EBITDA 利潤率為 31.6%，較 2024 年第一季下降 280 個基點。

All 2,405 rooms and suites at the Londoner Grand are now available for the upcoming May Golden Week. Now that the refurbishment process is completed, we are focused on delivering revenue and cash flow growth at the Londoner.

倫敦人大酒店的全部 2,405 間客房和套房現已開放預訂，迎接即將到來的五月黃金週。現在翻新工程已經完成，我們專注於實現倫敦人的收入和現金流成長。

Margin at the Venetian was 35.3%, while margin at the Plaza and Four Seasons was 35.6%. We expect margin improvement as revenue grows, and we use our scale and product advantages to better address every market segment. As the Londoner ramps up and is integrated into our hotel offerings, our competitive position will be stronger than ever. We look forward to utilizing our entire portfolio to grow revenue and EBITDA.

威尼斯人的利潤率為 35.3%，而廣場和四季酒店的利潤率為 35.6%。我們預計隨著收入的成長，利潤率也會提高，我們將利用我們的規模和產品優勢來更好地滿足每個細分市場的需求。隨著倫敦酒店的崛起並融入我們的酒店服務，我們的競爭地位將比以往更加強大。我們期待利用我們的整個產品組合來增加收入和 EBITDA。

Now turning to Singapore, LVS's EBITDA was $605 million at a margin of 52%. Given the mix of games and demonstrated player preferences over the last two years, we have updated our expectation for hold on rolling play at Marina Bay Sands to 3.7%. There will naturally be fluctuations in any specific quarter given by game mix and player preference. We will continue to provide the illustrative impact of hold on our rolling play in Singapore.

現在轉向新加坡，LVS 的 EBITDA 為 6.05 億美元，利潤率為 52%。考慮到過去兩年的遊戲組合和玩家的偏好，我們將濱海灣金沙的滾動遊戲保留率預期更新為 3.7%。由於遊戲組合和玩家偏好，任何特定季度自然都會出現波動。我們將繼續提供持有對我們在新加坡的滾動遊戲的說明性影響。

The record financial results of Marina Bay Sands reflect the impact of high quality investment in market-leading product and growth in high-value tourism. We believe we are still in the early stages of realizing the benefits of our investments in Marina Bay Sands.

濱海灣金沙創紀錄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業的成長的影響。我們相信，我們仍處於實現濱海灣金沙投資收益的早期階段。

Turning to our program to return capital to shareholders, we repurchased $450 million of LVS stock during the quarter. We also paid our recurring quarterly dividend of $0.25 per share.

談到我們的股東返還資本計劃，我們在本季回購了價值 4.5 億美元的 LVS 股票。我們還支付了每股 0.25 美元的定期季度股息。

Before going on to Q&A, I would like to provide an update on the New York development opportunity. We strongly believe in the development opportunity for land-based downstate casino license in New York. We also continue to believe that the Nassau Coliseum site is the best location for that development opportunity and should be highly competitive in the New York casino licensing process.

在進入問答環節之前，我想先介紹紐約發展機會的最新情況。我們堅信紐約州南部陸基賭場牌照具有發展機會。我們也繼續相信，拿騷體育館地塊是實現這一開發機會的最佳地點，並且在紐約賭場許可過程中應該具有很強的競爭力。

However, as we have previously stated, the company remains concerned about the impact of potential legalization of iGaming on the overall market opportunity and project returns. We are in the process of attempting to secure an agreement with a third party to whom we can transact the opportunity to bid for a casino license on the Nassau Coliseum site. This would include those that may be able to address both land-based and digital markets in New York.

然而，正如我們之前所說，公司仍然擔心 iGaming 合法化對整體市場機會和專案回報的影響。我們正在嘗試與第三方達成協議，以便我們可以向該第三方提供在拿騷體育館場地競標賭場執照的機會。其中包括那些能夠同時滿足紐約陸基市場和數位市場需求的公司。

For Las Vegas Sands, we believe the highest and best use of our capital in the near term is to purchase LVS and SEL shares. Accordingly, LVS has decided not to bid for a casino license in New York. We believe repurchases of LVS equity through our share repurchase program will be meaningfully accretive to the company and its shareholders over the long term.

對於拉斯維加斯金沙集團而言，我們認為短期內我們資本的最高和最佳用途是購買 LVS 和 SEL 股份。因此，LVS決定不競標紐約的賭場牌照。我們相信，透過我們的股票回購計畫回購 LVS 股權將在長期內為公司及其股東帶來有意義的增值。

Our Board has increased our share repurchase authorization to $2 billion. We look forward to continuing to utilize the company's share repurchase program to increase returns to shareholders in the future.

我們的董事會已將股票回購授權增加至 20 億美元。我們期待未來繼續利用公司的股票回購計畫來增加股東回報。

Thanks again for joining the call today. Now let's take questions.

再次感謝您今天參加電話會議。現在我們來回答問題。

Thank you ladies and gentlemen. The floor is now open for questions. (Operator Instructions)

謝謝各位女士、先生們。現在開始接受提問。（操作員指示）

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Yeah, hey, thanks everybody. Rob, Patrick, thanks for your comments. As anyone could kind of see when you look at the valuation of the Hong Kong listing and what it implies basically for the corporate and Singapore, one understands kind of the willingness and desire to kind of repurchase shares. As you do think about the two entities though and the various repurchases across both and your stake in the Hong Kong listing specifically, how are you guys kind of balancing the way you more or less go about those allocations right now?

是的，嘿，謝謝大家。羅布、派崔克，感謝你們的評論。當你看到香港上市的估值以及它對企業和新加坡的基本意義時，任何人都能明白，人們回購股票的意願和願望。不過，當您考慮這兩個實體以及兩者之間的各種回購，特別是您在香港上市的股份時，您現在如何平衡這些分配的方式？

So I appreciate the question. You've heard us say it on prior calls. We see meaningful value in both LVS and SEL equity and we're going to continue to act with this belief. So we were active during the quarter at LVS. I think our goal is to really be active in both SEL and LVS equity and continue to march towards that 74.9 and you'll see us do that.

我很感謝你提出這個問題。您在之前的通話中已經聽到我們說過這一點。我們看到 LVS 和 SEL 股權都具有重大價值，我們將繼續秉持這項信念採取行動。因此，我們在本季在 LVS 非常活躍。我認為我們的目標是真正積極參與 SEL 和 LVS 股權並繼續朝 74.9 邁進，你會看到我們做到這一點。

I think on the LVS side, we think the valuation where our stock is currently is very attractive for us. We're going to be aggressive in the way that we buy back shares and that we have done previously. So we view it as an opportunity and we're going to continue to be active in the share repurchase market for both SEL and LVS.

我認為就 LVS 方面而言，我們認為我們股票目前的估值對我們來說非常有吸引力。我們將積極回購股票，就像我們以前做過的那樣。因此，我們將其視為一個機會，並將繼續活躍於 SEL 和 LVS 的股票回購市場。

Great, thanks. And then if I could, just a quick follow-up. Obviously, the decision to raise the theoretical on the VIP side in Marina Bay Sands makes sense relative to the history here over the last two years. As you look at, however, on the mass side, hold was up nicely and I know it's always tough to kind of guesstimate what handle would have been in a normalized hold environment and how to think about all of that.

太好了，謝謝。如果可以的話，我再快速跟進。顯然，考慮到過去兩年的歷史，決定在濱海灣金沙的VIP方面提出理論問題是有道理的。然而，正如您所看到的，從品質方面來看，保持效果很好，而且我知道，總是很難猜測在標準化保持環境中手柄會是什麼樣子以及如何考慮所有這些。

But when you look at kind of the impact, the higher hold year-over-year on the mass side, mass table side specifically had on MBS, is there any way you guys could maybe outline how you think about the potential EBITDA benefits that stem from that?

但是當您看到這種影響時，大眾方面，特別是大眾餐桌方面，同比更高的持有量對 MBS 產生了什麼影響，您能否概述一下您對由此產生的潛在 EBITDA 收益的看法？

I think the problem is, it doesn't matter high-end or MAS, the problem is it depends on what the customer's bet. And that's always been the reason why they start talking about smart tables, enables you to actually know and not guess whether it's 3-4, 3-6, 4-1. It tells you specifically. I think that's the advantage we're going to have in both Macao and Singapore in the future. And again, it depends on the composition of bets. It really doesn't matter if it's pre-MAS or base-MAS.

我認為問題在於，高端或 MAS 並不重要，問題在於它取決於客戶的賭注。這就是他們開始談論智慧桌的原因，它能讓你真正知道而不是猜測它是 3-4、3-6 還是 4-1。它具體地告訴你。我認為這是我們未來在澳門和新加坡都將擁有的優勢。再次強調，這取決於賭注的構成。無論是 MAS 前期還是 MAS 基礎，其實都不重要。

If the customer bets, I call them profits, but the lesser, the more favorable bets to house is going to drive the hold percentage. It's a very, for years people have discussed this and guess the handle or the hold percentage and false drop, et cetera. This takes the guesswork out of it. It makes it actually not be perfect. And that's our goal is to have that information across both jurisdictions in the future.

如果顧客下注，我稱之為利潤，但下注越少，對賭場越有利，持有率就會越高。這是一個非常多年以來人們一直在討論的問題，猜測手把或保持百分比和錯誤下降等等。這就消除了猜測。這使得它實際上並不完美。我們的目標是將來讓這些資訊涵蓋兩個司法管轄區。

I think the most important thing here is that while MBS obviously is impacted by old, our rolling program, really the outperformer at Marina Bay Sands has been the MAS segment. And I think that really has been the story at Marina Bay Sands. I think our rolling business has improved in a meaningful way, but when you look at Marina Bay Sands and the investments that have been made there, it's really to attract high value tourists on the MAS side. And our premium MAS and MAS segment there has outperformed to an extraordinary level. And we think there's room to grow now that our renovation is complete.

我認為這裡最重要的是，雖然 MBS 顯然受到我們舊的滾動計劃的影響，但濱海灣金沙的表現真正優異的是 MAS 部門。我認為這就是濱海灣金沙的真實故事。我認為我們的滾動業務已經有了顯著改善，但當你看到濱海灣金沙和那裡進行的投資時，你會發現，這實際上是為了吸引馬航方面的高價值遊客。我們的高端 MAS 和 MAS 業務表現非常出色。我們認為，既然我們的裝修已經完成，那麼還有發展空間。

So I think it's an important story to talk about how we see the uptake of these side bets and how it has moved our hold over time. I think our team there has done great work developing game types and innovating so that we can benefit from player preferences and these more aggressive bets. But at the same time, it's really a MAS driven story based on the investment and the non-gaming amenities that are driving visitation and high value tourism. That's why you see the EBITDA that we have today.

因此，我認為談論我們如何看待這些附加賭注的接受度以及它如何隨著時間的推移改變我們的控制力是一個重要的故事。我認為我們的團隊在開發遊戲類型和創新方面做得非常出色，因此我們可以從玩家偏好和這些更積極的賭注中受益。但同時，這實際上是新加坡金融管理局推動的故事，其基礎是投資和非博彩設施，這些投資和非博彩設施正在推動遊客數量和高價值旅遊。這就是我們今天看到的 EBITDA 的原因。

So Patrick then, is it fair -- if you look at last year, kind of the mass table hold was right around 20.1%, it have been kind of 18% and 19% in the prior years. Based on the theoretical that you guys are seeing with the information that you have to be able to do so, is 20% more like that normalized level on a go-forward basis on the mass side?

那麼派崔克，這公平嗎——如果你看看去年，大眾賭桌的持有率大約是 20.1%，而前幾年則是 18% 和 19%。根據你們所看到的理論以及你們必須能夠做到這一點的信息，20％是否更像大眾方面的標準化水平？

Again, the difference is it's like sports work, if you read about the sports betting companies, when they have flat bets on, if one team wins the other, the whole percentage is relatively weak. When they make side bets they soar. And I think the same is happening here, the math tends to bet more in the process using more advantage.

再說一次，不同之處在於它就像體育運動，如果你讀過體育博彩公司的文章，你會發現當他們進行平注時，如果一支球隊贏了另一支球隊，那麼整個百分比就會相對較弱。當他們進行附加賭注時，他們的表現就會飛漲。我認為這裡也發生了同樣的事情，數學傾向於利用更多的優勢在這個過程中下更大的賭注。

And that's my point is that in the 20, 30 years of helping doing this, people have been guessing what's the right hopefully 3.6, is it 2.24, the view of this whole thing will know mathematically perfect based on bets they making we take the table drop out of it and the false drop and the handle. It comes down to it becomes a slot machine, you'll know exactly what the numbers should be.

我的觀點是，在幫助做這件事的 20 到 30 年裡，人們一直在猜測正確的數字是多少，希望是 3.6，還是 2.24，整個事情的觀點將根據他們所做的賭注在數學上完美地知道，我們從中取出桌面掉落和假掉落和手柄。當它變成老虎機時，您就會確切地知道數字應該是多少。

And I think we are seeing, though, across the industry is the development of side bets has been very valuable and this is where the biggest software app provided in the world. So this company is very valuable and that will impact EBITDA in future because the more best they get in these side bets, the more we grow, the whole percent a very -- by each bet a very deep out to 26, 27 because the fact that were predominant.

而且我認為我們看到，整個行業中附加賭注的發展非常有價值，這是世界上最大的軟體應用程式所提供的。所以這家公司非常有價值，這將影響未來的 EBITDA，因為他們在這些附加賭注中獲得的最佳結果越多，我們的成長就越大，整個百分比非常高——透過每次賭注，可以達到 26、27，因為事實是主導的。

To date, the fact it's grown to 3.7 could have go to 4 is hugely valuable because of EBITDA and again, it will be very clear within the next year, the exact mathematical number. You won't be guessing more and say, it's going to be this, but it's no range it might guess 3.5%, 4%.

到目前為止，由於 EBITDA，它已經增長到 3.7，甚至可能達到 4，這一事實非常有價值，而且，確切的數學數字將在明年非常清楚。你不會再猜測，然後說，它會是這個數字，但它沒有範圍，可能會猜測 3.5%、4%。

But again, as these best prefer and people choose to make these side bets, I think background becomes more and more valuable to this company because it's our principal sources of revenue.

但是，由於這些最佳選擇和人們選擇進行這些附帶賭注，我認為背景對這家公司來說變得越來越有價值，因為它是我們的主要收入來源。

And we should just caution everyone that with player preference and game mix, these percentages will move around and with that size. So we just have to be aware that this is the best that we can do in terms of providing information and we're going to continue to be optimistic about the type two games we put on the floor in terms of growth they can provide and we'll see what they do.

我們應該提醒大家，隨著玩家偏好和遊戲組合的變化，這些百分比也會跟著改變。因此，我們必須意識到，就提供資訊而言，這是我們所能做的最好的事情，並且我們將繼續對我們推出的第二類遊戲保持樂觀，看看它們能帶來什麼成長，我們將拭​​目以待。

But one thing that drives was that differences are happening every day and you develop these games that is very valuable for the industry, very valuable for us, and it's happening and getting better by the day. And the more of these bets continue to become more important the more EBITDA will grow. I think it happened both in Singapore, I think will happen in Macao as well.

但推動這一發展的因素之一是，差異每天都在發生，而你開發的遊戲對行業非常有價值，對我們來說非常有價值，而且這種情況正在發生，並且日益改善。這些賭注越重要，EBITDA 就會成長得越多。我認為新加坡已經發生過這種情況，澳門也會繼續發生這種情況。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hey, thank you. I think you mentioned that there's an effort to activate the properties and see revenue and EBITDA ramp from here as the Londoner project has generally come to completion. It looks like there's some moving parts across the different properties.

嘿，謝謝你。我想您提到過，隨著倫敦人項目逐漸完工，我們正在努力激活這些房產，並希望看到收入和 EBITDA 的增長。看起來不同的屬性之間存在一些活動部件。

I'm curious if there's any thought process on some of the ones that maybe have lagged in terms of how you will reinvigorate growth there whether it's Venetian or others? Or is it just really a question of as the Londoner is kind of fully up and running, we'll see everything collect?

我很好奇，對於一些可能已經落後的項目，您是否考慮過如何重振其成長，無論是威尼斯人還是其他項目？或者這真的只是一個問題，隨著倫敦人全面啟動和運行，我們會看到一切收集起來？

Yes. Thank you, Stephen. I'll take that question. I think overall, yes, the focus will be ramping up the new product at Londoner Brands. As Rob mentioned, we now have the 2,400 rooms and suites in full service. And you'll see us leveraging the asset, the new product to drive customer growth and obviously, eventually revenues and EBITDA. But the ramp-up will take its course over the next 12 months, we're still at the early stages of it. We just got the full complement of the rooms in mid-April.

是的。謝謝你，史蒂芬。我來回答這個問題。我認為總體而言，是的，重點將放在提升倫敦品牌的新產品。正如 Rob 所提到的，我們現在擁有 2,400 間提供全套服務的客房和套房。您會看到我們利用資產、新產品來推動客戶成長，顯然最終推動收入和 EBITDA。但這一成長將在未來 12 個月內順利完成，我們仍處於早期階段。我們四月中旬就訂滿了房間。

As for the other properties, our intention is to maintain and grow each of the existing properties, whilst Londoner is ramped up. So you'll see us focus across Venetian, Parisian, Four Seasons and Sands across all of the product segments and price points. But yes, the driver of our customer growth will be the Londoner over the next 6 to 12 months.

至於其他物業，我們的目的是維護和發展每個現有物業，同時擴大倫敦人的規模。因此，您將看到我們專注於威尼斯人、巴黎人、四季酒店和金沙酒店的所有產品領域和價格點。但是，未來 6 到 12 個月內，我們客戶成長的動力將是倫敦人。

And does the initial read in what you're seeing there, changed the way you think about CapEx and allocating capital across the different properties? Or is there any kind of renovations that you see in the future at some of the other properties?

您看到的初步數據是否改變了您對資本支出以及在不同資產之間分配資本的看法？或者您認為其他一些酒店將來也會進行翻新？

I have to tell you, I think Macao is the greatest gaming market in the world. If you look at its size, and you look at the potential and where its source markets are, the long-term potential there is absolutely incredible. And so we love our ability to invest there. We love the scale nature of our portfolio, the number of amenities that we have and the quality of those amenities and now the high quality of our entire property portfolio. We think we're in a great position, and we're going to continue to invest to maintain that position, but also for growth because we think the opportunity is there long term.

我必須告訴你，我認為澳門是世界上最大的博彩市場。如果你看一下它的規模，看看它的潛力和它的來源市場，你會發現那裡的長期潛力絕對是令人難以置信的。因此我們很高興能夠在那裡投資。我們喜歡我們投資組合的規模性質、我們擁有的設施的數量和這些設施的質量，以及現在我們整個房地產投資組合的高品質。我們認為我們處於有利地位，我們將繼續投資以保持這一地位，同時也為了成長，因為我們認為長期存在機會。

I think we will continue, Stephen, with regular upgrade and renovation of our existing assets. That's a given, given we have 33 million square feet of asset portfolio across Macao, but the major redevelopment and upgrading at the Londoner is largely complete. We'll have a few more amenities to add restaurants.

史蒂芬，我認為我們將繼續定期升級和翻新我們現有的資產。這是肯定的，因為我們在澳門擁有 3,300 萬平方英尺的資產組合，但倫敦人的重大重建和升級工程已基本完成。我們將增加一些便利設施和餐廳。

But from here on, you should expect, yes, we will continue to reinvest back into the asset base because we need to upgrade and keep up with the competition, but it will be regular renovation where we'll be taking modest amount of keys out at any one time. And you'll see that over every year, every quarter, over the next several years as we upgrade the existing portfolio.

但從現在開始，你應該期待，是的，我們將繼續重新投資到資產基礎中，因為我們需要升級並跟上競爭的步伐，但這將是定期的翻新，我們將在任何時候取出適量的鑰匙。隨著我們升級現有產品組合，您將在未來幾年內每年、每季看到這一點。

Robin Farley, UBS.

瑞銀的羅賓法利。

Thanks. And I just wanted to circle back to the ramp-up you mentioned for the Londoner and you did mention that it may take 12 months. So I wonder if you could just talk a little bit about -- do you think that your market share results in Q1 -- did the new Londoner rooms contribute to that? Or would you say not really like that, that's not really indicative of where you think your market share can go?

謝謝。我只是想回到您提到的倫敦人的成長問題，您確實提到這可能需要 12 個月的時間。所以我想知道您是否可以稍微談談——您認為您第一季的市場份額結果——新的倫敦人房間對此有所貢獻嗎？或者你會說不是這樣，這並不能真正顯示你認為你的市佔率可以達到什麼程度？

And I guess I don't know if you can give a little more color around what would happen over the next -- why it would take 12 months? I know you'll have, of course, very easy comparisons to the disruption in Q2 and Q3 last year. But that maybe is a little bit longer of a ramp-up period than maybe people would have expected? Thanks.

我不知道您是否可以更詳細地說明接下來會發生什麼——為什麼要花 12 個月的時間？我知道，您當然可以輕鬆地將其與去年第二季和第三季的混亂進行比較。但這個加速期可能比人們預期的要長一點？謝謝。

I have to tell you, this is what we spend a lot of time talking about, and we're very focused on growing our business in Macao. Unfortunately, we had 2,000 keys that we really -- 2,405 keys that we really wanted to be available. It took a little while to get them. So during the quarter, we didn't have full access to all the inventory we normally would have to bring to bear.

我必須告訴你，這就是我們花了很多時間討論的事情，我們非常專注於發展我們在澳門的業務。不幸的是，我們有 2,000 把鑰匙，而我們真正想要的是 2,405 把鑰匙。花了一點時間才得到它們。因此，在本季度，我們無法完全獲得通常需要的所有庫存。

So I think when you think about it, 1,700 keys that we were out or 1,400 -- 1,600 keys were out in average over the quarter is equivalent to not having a property available in your portfolio. And so I think now that it's back, and we have the full strength of our portfolio, we're going to press very hard to continue to grow this business recapture share, recapture EBITDA share and grow revenue, which will expand our margin.

所以我認為，當你考慮一下，我們出掉的 1,700 把鑰匙或本季平均出掉的 1,400 到 1,600 把鑰匙就相當於你的投資組合中沒有可用的房產。所以我認為現在它已經回來了，我們擁有投資組合的全部實力，我們將非常努力地繼續發展這項業務，重新奪回份額，重新奪回 EBITDA 份額並增加收入，這將擴大我們的利潤率。

But we have some work to do. I think that's very clear to us, we know it, we acknowledge it. And there's some things we want to focus on in Macao to improve our outlook and grow our business.

但我們還有一些工作要做。我想這對我們來說非常清楚，我們知道這一點，我們承認這一點。我們希望在澳門重點關註一些事情，以改善我們的前景並發展我們的業務。

Robin, I think the reference to the 12 months is simply that in any new property of this scale, we are going to get better and better over time. That's really the point of that comment. In terms of the market share, yes, I think our results were impacted by the fact that we lost market share both against the prior year and sequentially.

羅賓，我認為提到 12 個月只是表示，對於任何這種規模的新房產，我們都會隨著時間的推移而變得越來越好。這確實是該評論的重點。就市場份額而言，是的，我認為我們的業績受到了市場份額同比和環比下降的影響。

And we are looking with the new assets coming online, we are looking to be competing harder for the revenues in a flat market, and we fully intend to compete with the Londoner, but also you can see in some of our results in the other properties. We're looking to improve performance at Venetian as well as the other existing properties. So I think it's going to be a comprehensive effort to reactivate, engage new customer growth as well as to fully leverage the new property and Londoner Grand.

我們正在關注上線的新資產，希望在平穩的市場中更加努力地爭奪收入，我們完全打算與倫敦人競爭，但您也可以從我們在其他物業中的一些結果中看到。我們希望提高威尼斯人以及其他現有飯店的業績。因此，我認為這將是一項全面的努力，旨在重新激活、吸引新客戶成長以及充分利用新物業和倫敦大酒店。

Thank you. And maybe just as a follow-up, Macao has talked about kind of wanting to review the non-gaming investments and efforts of the concessionaires. Do you have a sense of what they would like to see more of or what they have changed recently or they would be looking for more of going forward? Thanks.

謝謝。或許只是作為後續行動，澳門已經談到希望審查特許經營者的非博彩投資和努力。您是否了解他們希望看到更多什麼，或者他們最近做出了哪些改變，或者他們希望在未來看到更多什麼？謝謝。

I'll give my view, and maybe Wilfred can also chime in here in terms of the policy direction. For us, we are continuing to focus on what we've committed to the government in terms of non-gaming investments. And clearly, we've already made a significant investment in upgrading the Venetian arena at a cost of around $200 million that was completed last year. T

我會發表我的觀點，也許威爾弗雷德也可以就政策方向發表意見。對我們來說，我們將繼續專注於我們在非博彩投資方面對政府的承諾。顯然，我們已經對威尼斯競技場的升級進行了大量投資，耗資約 2 億美元，並在去年完工。T

hat's our single biggest project that we've completed for the concession commitment. And of course, in terms of programming in terms of developing sports and mega events with strong international IP, we'll bring the NBA preseason games this October, which will be a multiyear partnership.

這是我們根據特許承諾完成的最大項目。當然，在開發具有強大國際智慧財產權的體育賽事和大型活動的規劃方面，我們將在今年 10 月推出 NBA 季前賽，這將是一項多年的合作夥伴關係。

Wilford, do you want to add to how things are evolving in terms of the direction on non-gaming investments?

威爾福德，您能否補充一下非博弈投資方向的演變？

Sure. I think the new administration now has had time to look at the overall picture of the non-gaming development. And they are -- as long as we maintain our total commitment they are looking to us to specialize in areas where we each do best because there's -- they feel that maybe it's better that rather than six of us or working on similar areas, maybe there are emphasis that each of us can focus on.

當然。我認為新政府現在已經有時間檢視非博彩業發展的整體情況。只要我們保持全心投入，他們就希望我們專注於各自最擅長的領域，因為他們覺得也許我們六個人或在類似的領域工作會更好，也許我們每個人都可以專注於某個重點。

So there will be opportunities for us to discuss with the government what -- how we do best in some of the areas. And the second area is that we because of the GGR reaching a certain level, we are also committed to spending an additional 20% into the non-gaming investment. And the government is really looking into how best to coordinate the use of these proceeds.

因此，我們將有機會與政府討論我們如何在某些領域做得最好。第二個方面是，由於博彩總收入達到一定水平，我們也承諾將額外的20%投入非博彩投資。政府正在認真研究如何最好地協調這些收益的使用。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi, good afternoon everyone. Thank you for taking my question. One big picture one and then sort of one micro one, if I could. On the big picture side, just Rob or Grant, your high-level view here on just -- has the market dynamic in Macao changed at all as it relates to the balance between premium mass and the competition there versus base mass?

大家下午好。感謝您回答我的問題。如果可以的話，先畫一張大圖，然後再畫一張微圖。從整體來看，羅布或格蘭特，您從高層次的角度看——澳門的市場動態是否發生了變化，因為它關係到高端大眾與基層大眾之間的競爭之間的平衡？

I mean as I think about it, LVS has always succeeded, I think, really well when the market has been extremely full. But we've seen the visitation recover now and sort of both segments are struggling a little bit. And so I'm just kind of curious on the balance and sort of are you pivoting strategy at all to kind of lean into particularly the premium segment, if that's the healthier one right now?

我的意思是，當我想到這一點時，我認為，當市場極其飽和時，LVS 總是能取得很好的成功。但現在我們看到遊客數量正在恢復，而這兩個部分都有些掙扎。所以我只是有點好奇平衡情況，以及您是否正在調整策略以特別傾向於高端市場，如果這是目前比較健康的市場？

Certainly, your observations are correct. It's used -- our scale and size played to our advantage for years, and it was a huge advantage for us. And that's more difficult to make it right. And it's a more competitive segment. There's no longer a free segment or easy business, but they are very competitive.

當然，你的觀察是正確的。它被利用了——我們的規模和大小多年來一直發揮著我們的優勢，這對我們來說是一個巨大的優勢。而要糾正這個問題則更加困難。這是一個競爭更加激烈的領域。不再有免費的部分或輕鬆的業務，但競爭非常激烈。

But in the end, I think our assets give us -- I think that we been handicap this one other things taken so long so difficult. Now they have all these rooms back open again, we can service the base mass, premium mass. We've done well at the premium mass, we haven't done as well in the base mass nor has the market provided an opportunity to base mass.

但最終，我認為我們的資產為我們帶來了——我認為我們一直在阻礙這一其他事情的發生，而這需要很長時間才能實現。現在他們已經重新開放了所有這些房間，我們可以為基本品質和高級品質提供服務。我們在高端市場表現不錯，但在基礎市場表現不佳，市場也沒有提供基礎市場的機會。

But your observations are spot on. We were the leaders and the margin leaders as well in that their segment, which is much more difficult today. And that's been the conundrum of Macao for us. I think now though it's a new day, Londoner is open. It's extraordinary, both in terms of scale and quality. I think it introduces all kinds of opportunities for us to maximize that asset and grow again and get back in the game.

但你的觀察是正確的。我們是該領域的領導者，也是利潤領導者，但如今該領域的情況要困難得多。這就是澳門帶給我們的難題。我認為現在雖然是新的一天，但倫敦人是開放的。無論從規模還是品質來看，它都是非凡的。我認為它為我們提供了各種機會，讓我們能夠最大限度地利用這項資產，再次實現成長並重返遊戲。

We're disappointed by our results in every step and we can do better, we plan to do better. But I think your observation is, unfortunately make that market is highly competitive with base mass, premium mass, there is no easy segment anymore of Macao. Grant?

我們對每一步的結果都感到失望，我們可以做得更好，我們計劃做得更好。但我認為你的觀察是，不幸的是，澳門市場與基礎大眾、高端大眾的競爭非常激烈，澳門不再有簡單的細分市場。授予？

Yeah. Shaun, I think to add to the visitation question, although you do see strong visitation growth and recovery, you can see also from slide 20 of Dan's deck, the invitation, especially this quarter has been driven by the day trippers from Guangdong province because they've introduced a couple of new multiple entry visas to Zhuhai and Cheng. And the non-Guangdong visitation is still only a recovery rate of about 75%.

是的。肖恩，我想補充一下關於訪問量的問題，雖然你確實看到了強勁的訪問量增長和復蘇，但你也可以從丹的演示文稿的第 20 張幻燈片中看到，邀請，特別是本季度的邀請，是由來自廣東省的一日遊遊客推動的，因為他們為珠海和鄭州推出了幾項新的多次入境簽證。而廣東以外地區的遊客恢復率仍只有75%左右。

So clearly, overnight visitation, the customers are going to spend more coming from further away. That's still lagging. But to Rob's point, the base mass is -- the opportunity there has been more challenging for us. And therefore, we are also competing for the revenues in premium mass given a very competitive context in that segment, but that is the strongest segment. You're absolutely right in that observation, but we will continue to drive both premium mass and base mass especially with the full inventory online now.

因此，很明顯，過夜訪問的顧客會從更遠的地方花費更多。這仍然落後。但正如羅布所說，基礎品質——那裡的機會對我們來說更具挑戰性。因此，鑑於高端大眾市場的競爭非常激烈，我們也在爭取這一市場的收入，但這是最強勁的市場。您的觀察完全正確，但我們將繼續推動優質品質和基礎質量，特別是現在完整庫存已上線。

Great, thanks. And just as a follow-up, this sort of alludes to, I think, comment that Patrick made in the prepared remarks about sort of expecting margin improvement as revenue grows. Just I think as we did our math and this is high level, so it could be off a little bit, but Macao OpEx, we had up roughly 7% across the properties this quarter.

太好了，謝謝。作為後續行動，我認為這暗示了帕特里克在準備好的評論中所說的隨著收入的增長利潤率也會提高。我認為，正如我們所做的計算，這是高水準的，所以可能會有一點偏差，但澳門的營運支出，本季我們所有物業的營運支出上漲了約 7%。

And kind of curious, is that like the right run rate? Or are there things you can do to match cost to revenue, again, maybe this was somewhat inflated by reopening of Londoner, maybe the reopening of the arena in the Venetian, I'm not sure exactly, but it felt like it was a little -- that being up relative to kind of where revenues came in was a bit of a kind of a double issue for you.

有點好奇，這是正確的運行率嗎？或者您可以採取哪些措施來使成本與收入相匹配，再說一次，也許這是由於倫敦人重新開放而導致的，也許是由於威尼斯人競技場重新開放而導致的，我不太確定，但感覺有點 - 相對於收入來源而言，這對您來說有點像雙重問題。

Again, your observation is right. The main contributor is just the additional payroll costs that we incurred, both because of salary increases, but also additional head count as we opened up these new assets. But at the same time, obviously, we had a revenue decline in the non-rolling segment. We actually did well in the slot and also rolling. But the most important segment of revenue is the non-rolling tables and we came down in that segment. So that's where you get that negative operating leverage.

再一次，你的觀察是正確的。主要因素是我們產生的額外工資成本，既因為薪資上漲，也因為我們開放這些新資產而增加了員工人數。但與此同時，顯然我們的非滾動部門的收入有所下降。事實上，我們在投籃和滾動方面都做得很好。但最重要的收入部分是非滾動表，我們在該部分的收入下降了。這就是負經營槓桿的產生原因。

So hopefully, we should be seeing the reverse of that over time as we compete with the new assets and the existing properties for the customers and the revenues. And as revenues improve, we should see the positive operating leverage even with the payroll cost increase.

因此，我們希望隨著時間的推移，隨著我們用新資產和現有資產來爭取客戶和收入，我們能夠看到相反的情況。隨著收入的增加，即使薪資成本增加，我們也應該看到積極的經營槓桿。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Great, thanks everybody. Thanks for taking my questions. So curious, and I know you guys don't give guidance or a comprehensive forward look at the business. But there's been some commentary from the government from other sources that there's a pretty decent momentum into Golden Week in May. I'm just curious if April and/or the Golden Week bookings that you see feel better than normal or worse than normal? Or how would you kind of characterize what you're seeing out there?

太好了，謝謝大家。感謝您回答我的問題。非常好奇，我知道你們沒有提供指導或對業務的全面前瞻性看法。但其他來源的一些政府評論稱，五月黃金周的勢頭相當不錯。我只是好奇，您認為四月份和/或黃金週的預訂情況比平常好還是比平常差？或您如何描述您所看到的情況？

I appreciate the question, but we don't talk about the current quarter. So why don't you move on to your next question.

我很感謝你提出這個問題，但我們不討論當前季度的情況。那為什麼不繼續回答下一個問題呢？

Okay, fair enough. So next question would be on the Venetian. I'm curious -- I understand we kind of talked about the Londoner a lot here, and we kind of can see what's going on a little bit with the sequential share losses there because you didn't have the rooms, and so it's a tough environment for base mass.

好吧，夠公平。下一個問題是關於威尼斯人的。我很好奇——我知道我們在這裡談論了很多關於倫敦人的事情，我們可以看到那裡連續的份額損失是怎麼回事，因為你們沒有房間，所以對於基本群眾來說這是一個艱難的環境。

But what about the Venetian? Is there something -- can you kind of walk us through maybe the monthly results in that property or how things evolve throughout the quarter? And if that was sort of affected at all by other things in the portfolio and optimization changes that you've made?

但是威尼斯人怎麼樣？有什麼事嗎－您能否向我們介紹一下該物業的月度業績或整個季度的情況發展情況？這是否受到投資組合中的其他事項以及您所做的最佳化更改的影響？

I think as straightforward, Brandt, I mean, Venetian we just had too sharp a decline in non-rolling revenues especially in the premium mass segment, and we're addressing that. Obviously, the whole percentage against both prior year and quarter-on-quarter was actually much lower as well. But nonetheless, we're focused on driving the customer and revenues across all segments of Venetian, premium mass and base mass.

我認為，布蘭特，坦白說，威尼斯人的非滾動收入下降得太厲害了，特別是在高端大眾市場，我們正在解決這個問題。顯然，與去年同期和季度相比的整體百分比實際上也低得多。但儘管如此，我們仍專注於推動威尼斯人所有部門（高端和基礎部門）的客戶和收入。

It's fair to say it's as well patronized as well populated in terms of head count as ever, in fact, we had quite significant growth in non-rolling table head count during the quarter, both over the prior year and sequentially. But clearly, the spend per head count was lower. And so we do need to drive to secure higher value customers in the premium mass segment to grow the revenues back at Venetian.

公平地說，就人數而言，它的光顧率和人數都一如既往地高，事實上，本季度我們的非滾動桌人數與去年同期和上一季度相比都有了相當顯著的增長。但顯然，人均支出較低。因此，我們確實需要努力爭取高端大眾市場的更高價值客戶，以增加威尼斯人的收入。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

Thank you, Patrick, Rob, Grant. Two questions on NBAs, please. I guess the first one, is there any way to assess, I guess, the level of consumer adoption especially for the mass customer for prop bets naturally kind of given the higher guidance that you have on VIP that the adoption rate is higher, but I was just wondering how you guys think about it.

謝謝你，派崔克、羅布、格蘭特。請問兩個關於 NBA 的問題。我想第一個問題是，有沒有什麼方法可以評估消費者的採用程度，特別是對於大眾客戶來說，對於道具投注來說，自然而然地，考慮到您對 VIP 的更高指導，採用率更高，但我只是想知道你們是如何看待它的。

I think it's very difficult. Are you saying how can you handicap people's then used to bet certain way? I'm not sure I understand what you're asking.

我認為這非常困難。你是說你如何能阻礙人們以某種方式下注？我不確定我是否明白你在問什麼。

No more like in the -- I guess, the frequency of a mass customer to bet on props versus that of VIP. Obviously, different bet sizes but just the frequency between the two groups.

不再像——我猜，大眾顧客對道具下注的頻率與 VIP 下注的頻率不同。顯然，兩組之間的投注大小不同，只是頻率不同。

I don't think you can actually ever say 100% help you bet a certain way. But I do think the lower end customer intensity, it's like lottery tickets, they tend to be more -- it's a lesser customer, I think, on the prop bets. And your large betters or where you're rolling in super high end tend to be more flat betters, but that's not always true. That can reverse as well.

我認為你實際上永遠無法說 100% 能幫助你以某種方式下注。但我確實認為，低端客戶的強度就像彩票一樣，他們往往更多——我認為，他們是道具賭注中較少的客戶。而您的大賭注或您在超高端中滾動的地方往往是更平坦的賭注，但這並不總是正確的。這也可以逆轉。

And I think the truth is no one should predict this, but what you are seeing in the market is they are adopting or moving towards these prop bets in a way which I never thought we'd see these. Think about a whole percentage through the entire point. It wasn't that long ago, 285 was the standard, where now 370, it could be 40.

我認為事實是沒有人應該預測這一點，但你在市場上看到的是，他們正在以一種我從未想過的方式採用或轉向這些道具賭注。思考整個點的整數百分比。不久前，285 是標準，而現在是 370，可能是 40。

The truth is they are adopting these bets every day, both in the base mass, premium mass and rolling segments. How much we keep moving after? I don't know. I can't predict that. I can tell you we've got the ability now we're confident with the new machinery and our smart tables to tell you what it should be exactly. And you'll be able to help yourself.

事實是，他們每天都在採取這些措施，無論是在基礎大眾、優質大眾還是滾動領域。之後我們還要繼續前進多少？我不知道。我無法預測這一點。我可以告訴你們，現在我們有能力，我們對新機器和智慧錶充滿信心，可以告訴你們它到底應該是什麼樣子。你將能夠自助。

But I think people -- propensity of bet is very hard to figure out. Some people are -- bank betters or player betters and some love prop bets. So I don't think you can pigeonhole any one segment how they're going to bet. We have people at the super on it, who bet props like crazy. And it's hard to imagine betting that kind of money and the others who would -- in the word flat betters. And that's always been the case in gambling. You can't really assess how someone is going to bet if they step up the table.

但我認為人們的賭博傾向很難弄清楚。有些人是－銀行投注者或玩家投注者，而有些人喜歡道具投注。因此，我認為你不能將他們的投注方式歸類為任何一個部分。我們酒吧裡有人瘋狂地下注。而且很難想像其他人會押注那麼多錢——用平手賭注來形容。賭博中總是存在這樣的情況。你無法真正評估如果有人上桌的話會如何下注。

Although people sometimes do see these bets and how we merchandise them will be very important in the future of our business to merchandise these bets in a way we could get people to bet more in different directions. Flat betting definitely helped our company's whole percentage for the industry. But I think we're in a new world here in background and it's an astounding new world. We're lucky to have it because imagine 1 point, 1.5 points more deep in hole where that does, this company's revenues and EBITDA. It's astounding.

儘管人們有時確實會看到這些賭注，但我們如何推銷它們對於我們未來的業務來說非常重要，以一種可以讓人們向不同方向下更多賭注的方式推銷這些賭注。平注確實有助於我們公司在整個行業中的份額的提高。但我認為我們正處於一個新世界，這是一個令人驚嘆的新世界。我們很幸運擁有它，因為想像一下這家公司的收入和 EBITDA 的虧損會達到 1 個百分點、1.5 個百分點。這真是令人震驚。

And we're seeing it in Singapore, I think you'll see it in Macao as well over time. But you can't really handicapped or assess, you can merchandise it better, so people see it and have the ability to at least gravitate towards it.

我們在新加坡看到了這種情況，我想隨著時間的推移你也會在澳門看到這種情況。但你無法真正限製或評估它，你可以更好地推銷它，這樣人們就能看到它，並且至少有能力被它吸引。

-- And you maybe add more games, as you all say, we also have people to spend their time thinking about developing these new games and how you do that, how we find new prop bets to make and make the games more interesting and then merchandise it to the customer. So we're actively trying to do that. And it's a very big part of our push towards better hold percentage.

— 而且你可能會添加更多遊戲，正如你們所說，我們也有人員花時間思考開發這些新遊戲以及如何做到這一點，我們如何找到新的道具賭注來製作和使遊戲更有趣，然後將其推銷給客戶。因此我們正在積極嘗試這樣做。這是我們努力提高持有率的一個重要部分。

Understood. And maybe a follow-up on just the renovations in Tower 3. What I guess, very briefly, are you still on time to finish roughly in June? And what -- just taking inventory of what are the big items still that need to be completed?

明白了。或許還會對 3 號塔的裝修進行後續跟進。我簡單問一下，您還能準時在六月左右完成嗎？還有什麼——只是盤點一下還有哪些大專案要完成？

So Tower 3 is done, but the key thing is there's some things we're going to be doing in the lobby and the Sky Park over the next six to nine months. But as a lodging capacity, we're there.

所以 3 號塔樓已經完工，但關鍵是我們將在未來六到九個月內在大廳和空中花園做一些事情。但作為住宿場所，我們有能力做到這一點。

The room is just not the public space.

房間不是公共空間。

Yeah. The rooms are good. It's the public space that we're going to continue do some work on throughout the year. But the rooms are there, and you're going to start seeing the benefit of those rooms in the upcoming quarters.

是的。房間很好。我們將在全年繼續在公共空間進行一些工作。但是房間就在那裡，你將在接下來的幾個季度開始看到這些房間的好處。

George Choi from Citigroup.

花旗集團的 George Choi。

Thank you very much for taking my question. Now obviously, the introduction of the new side bets was done in Macao only in the middle of last year. I just wonder how popular are these new side bets in Macao thus far? And how does it compare to Singapore? Is there any chance that you could also raise the theoretical whole in less than two years' time?

非常感謝您回答我的問題。顯然，新的邊注是去年年中才在澳門推出的。我只是想知道到目前為止這些新的附加賭注在澳門有多受歡迎？與新加坡相比如何？您是否有可能在不到兩年的時間內提出整個理論？

Hi, George, actually, in terms of introducing new site wages, we had one set of introduction in Q2 of last year and the other latest one in October last year. So progressively, you're seeing strong take-up of all of these new ages. Obviously, Macao is somewhat behind Singapore as a market. Some of these wages were introduced a lot earlier before Macao.

你好，喬治，實際上，在引入新的現場工資方面，我們在去年第二季度推出了一套，最新一套是在去年十月推出的。因此，你會看到，所有這些新時代的人們都逐漸受到歡迎。顯然，澳門市場在某種程度上落後於新加坡。其中一些工資早在澳門之前就已實施。

So we're only beginning to see the adoption. But the adoption, I would say, is strong. But at this stage, yes, in Singapore, we do see a higher propensity to wager these side wages but Macao is growing. And over time, who knows. As Rob says, you can't predict the precise distribution. All we know is that the propensity is increasing.

所以我們才剛開始看到它的採用。但我想說的是，採用率很高。但在這個階段，是的，在新加坡，我們確實看到了更高的投注這些額外工資的傾向，但澳門也在增長。隨著時間的推移，誰知道呢。正如羅布所說，你無法預測精確的分佈。我們只知道這種傾向正在增強。

I think with time, George, these two markets have become very similar. I believe that long term, it will be very similar -- there's a whole percentage. (multiple speakers). I'll hand it back to George, you guys feel that, right?

喬治，我認為隨著時間的推移，這兩個市場變得非常相似。我相信從長遠來看，它會非常相似——有一個完整的百分比。（多位發言者）我會把它交還給喬治，你們感覺到了嗎？

Thanks for those kind words. Another question for me is on dividends. So you all appreciate the recent dividend assumption at Sands China. Should we expect the payout ratio to be maintained at around 50% level? And I guess, more importantly, should we expect an increase in the dividends of LVS as a result from Sands China dividend assumption?

謝謝你的好意。我的另一個問題是關於股息的。所以大家都很欣賞金沙中國最近的股利假設。我們是否應該預期派息率將維持在50％左右的水準？我想，更重要的是，我們是否應該預期金沙中國股利假設會導致 LVS 的股利增加？

So first off, in the honor of -- I'd like to say yay dividends, I think that's very important here, very applicable. I think the key thing here is we're very happy that the SCL Board determines they start paying a dividend again at China level. And we hope to be able to grow that dividend over time as our CapEx rolls off there and as we generate more cash flow through revenue and EBITDA growth.

首先，為了表彰——我想說，股息是的，我認為這裡非常重要，非常適用。我認為關鍵在於，我們非常高興 SCL 董事會決定再次向中國派發股息。我們希望，隨著資本支出的減少以及透過收入和 EBITDA 成長產生更多現金流，股息能夠隨著時間的推移而成長。

So we're very excited about the opportunity to continue to return on capital at the SCL level and to grow that dividend to the future. I think at the LVS level, what you've seen us do in years past has really been very dividend heavy.

因此，我們對繼續在 SCL 水準上實現資本回報並在未來增加股息的機會感到非常興奮。我認為在 LVS 層面，您看到我們過去幾年所做的確實非常注重股息。

And I think what you're seeing now is you sort of look at our return of capital, which is actually laid out on Page 33 of our book. You can kind of see that our ratio from share repurchase to dividends has been very weighted towards share repurchases. And if you sort of review our prior commentary on this call, you'll see that we're very focused on returning capital through share repurchase both at the LVS level and through the acquisition of further SCL shares.

我認為您現在看到的是我們的資本回報率，這實際上列在我們書的第 33 頁上。您可以看到，我們的股票回購與股利的比例非常傾向於股票回購。如果您回顧我們先前對這次電話會議的評論，您會發現我們非常注重透過在 LVS 層級的股票回購和透過收購更多 SCL 股票來返還資本。

So while we don't necessarily target a specific dividend payout ratio, we do think where we are is healthy and sustainable for the long term for long-term dividend growth. And as SCL continues to grow its dividend over time as we hope, we'll have the ability to return more capital at the LVS level.

因此，雖然我們不一定以特定的股息支付率為目標，但我們確實認為，就長期股息成長而言，目前的狀況是健康且可持續的。正如我們所希望的那樣，隨著 SCL 的股息隨著時間的推移而增加，我們將有能力在 LVS 層面返還更多資本。

Colin Mansfield, CBRE.

科林‧曼斯菲爾德，世邦魏理仕。

Hey, everybody. Thanks for taking my question. Maybe the first one, can you give a little bit of color around what drove the decision to repay the parent loan from Sands China back to the parent? Just given we talked about that in the past, things are pretty attractive cost of capital relative to where your current spreads are. So just kind of curious what influence that decision? And how should we think about your ability to dividend cash out of Macao was that part of the decision, too?

嘿，大家好。感謝您回答我的問題。也許是第一個問題，您能否稍微解釋一下是什麼促使您決定將金沙中國的母公司貸款償還給母公司？鑑於我們過去討論過這個問題，相對於當前的利差，資本成本相當有吸引力。所以只是有點好奇是什麼影響了這個決定？我們該如何看待你們從澳門分紅的能力，這也是決策的一部分嗎？

I think the idea was that decision was made at the SCL Board level. But the general concept was SCL is performing in a strong way. And as growth opportunities, it's leverage level is quite low. And I think for SCL was just negative carry. It was accumulating cash and why not pay down some prepayable debt, since they didn't really no longer needed it, as SCL's access to the investment-grade credit market, if there's any reason to create an opportunity for further borrowings.

我認為這個決定是在 SCL 董事會層級做出的。但整體而言，SCL 表現強勁。作為成長機會，它的槓桿水平相當低。我認為對於 SCL 來說只是負向進位。它正在累積現金，為什麼不償還一些預付債務呢，因為他們實際上不再需要它，因為 SCL 進入投資級信貸市場，如果有任何理由為進一步借款創造機會。

So I think with access to the revolving credit facility that it had its current capital structures leverage levels and the amount of cash that it was generating, it just made sense for SCL to pay back and get rid of some negative carry.

因此，我認為，透過利用循環信貸額度，加上其當前的資本結構槓桿水準和產生的現金量，SCL 償還債務並擺脫一些負面利差是合理的。

Okay, that’s helpful color. Thanks, Patrick. Maybe a second one for you, maybe just thinking about capital markets activity coming up with your upcoming refinancings, both at the HoldCo level and also Sands China. You guys are seasoned investment-grade issuer. How are you guys thinking about timing, potentially tapping the capital markets, would you potentially lean on the revolver since you have capacity and liquidity there, too? Just how you're thinking about that?

好的，這是有用的顏色。謝謝，派崔克。也許對您來說這是第二個，也許只是考慮即將進行的再融資的資本市場活動，包括控股公司層級和金沙中國層級。你們是經驗豐富的投資級發行人。你們如何考慮時機，可能利用資本市場，你們是否有可能依靠循環信貸，因為你們在那裡也擁有產能和流動性？您對此有何看法？

So I think you'll see us address the $500 million of LVS bonds in '25 in the near term. And I think we have an approach for that that we're very comfortable with. In regards to the SCL bonds, the $1.625 billion that comes due.

因此我認為您會看到我們在近期解決 25 年 5 億美元的 LVS 債券問題。我認為我們對此有一個非常滿意的方法。關於 SCL 債券，有 16.25 億美元到期。

We did actually through the revolver refinancing there. We also initiated a term loan that we had the ability to draw on that amount. So if we choose to access the high-grade credit markets, we have that opportunity or we may put it into the term loan, which is also very favorable and offers a lot of flexibility. So we have an approach to both of those maturities in 2025.

我們實際上是透過循環再融資來實現這一點的。我們還啟動了一筆定期貸款，我們有能力提取這筆金額。因此，如果我們選擇進入高級信貸市場，我們就有這個機會，或者我們可以將其放入定期貸款中，這也是非常有利的，並且提供了巨大的靈活性。因此，我們對 2025 年到期的這兩種債券都採取了相應的處理方法。

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維辛斯基 (Steve Wieczynski)。

Good afternoon. So a bigger picture question that I'm not even sure you're going to have an answer or not but I'm going to ask it anyway. Rob, clearly, there's a lot of uncertainty around the political environment in both the US and China. And I think the fear that's out there is China by at some point, retaliating against US companies or something along the lines, and that's where a lot of investor's heads are these days.

午安.所以這是一個更大的問題，我甚至不確定你是否會回答，但我還是要問。羅布，顯然，美國和中國的政治環境都存在著許多不確定性。我認為，人們擔心中國最終會對美國公司採取報復性措施或類似行動，而這正是目前許多投資者所擔心的。

So I guess the question is, is that something, Rob that kind of keeps you awake at night? Or do you view your relationship with China in very good standing at this point and that risk seems more low, if that makes sense.

所以我想問題是，羅布，這是否是讓你夜不能寐的事情？或者您是否認為目前貴國與中國的關係非常好，而且風險似乎較低，如果這樣說的話。

First of all, I think we are not in Mainland China, we are in Macao. I’d say I think there is a difference. Number one, I do think Macao is a different orientation vis-a-vis Beijing. Secondly, to your point, I think we have an incredible relationship with Beijing and we've worked on it for many, many years, and it's very important to us. We're a big believer in the relationship between China and the US We're very disheartened to what's happening right now. Hopefully, we can get back on track.

首先我覺得我們不在中國大陸，我們在澳門。我想說，我認為是有差別的。首先，我確實認為澳門與北京的定位不同。其次，關於你提到的，我認為我們與北京的關係非常好，我們為此努力了很多年，這對我們非常重要。我們非常相信中美關係，但對於目前發生的事情我們感到非常沮喪。希望我們能夠重回正軌。

But it doesn't keep me up at night at all. In fact, I think we're in a very good position in Macao. We've been the leader in CapEx, we've been the leader in developing non-gaming assets, Sheldon has a legacy, which stands well. I don't believe this -- right now, this dislocation in countries is sustainable.

但它根本不會讓我徹夜難眠。事實上，我認為我們在澳門處於非常有利的地位。我們一直是資本支出領域的領導者，我們一直是非博彩資產開發領域的領導者，Sheldon 有著悠久的歷史。我不相信這一點——目前，各國的這種混亂局面是可持續的。

There has to be a deal between the two most powerful countries in the world. I remain steadfast, my lead has come back to a much more normal rational place quickly. They have to and I'm hoping that happens sooner than I anticipated. But no, it doesn't keep any of us up at night. We feel great commitment to Macao and vice versa, it's been a very special relationship with this company, and it began 20-plus years ago when Sheldon first went there and made that pitch for Cotai.

世界上最強大的兩個國家之間必須達成協議。我依然堅定不移，我的領先優勢很快就恢復到了更正常理性的水平。他們必須這麼做，我希望這能比我預期的更快發生。但不，它不會讓我們任何人徹夜難眠。我們對澳門抱持著極大的責任感，澳門也是如此，我們與這家公司有著非常特殊的關係，這段關係始於 20 多年前，當時 Sheldon 第一次去澳門，並向大家介紹路氹城。

I think the Chinese are been incredible partners, the government in Macao, people in Beijing, we're grateful for their support over the years. And we do believe we'll be there for many years to come beyond the concession. And no, it doesn't keep me up all night at all.

我認為中國是我們不可思議的合作夥伴，澳門政府、北京人民，我們感謝他們多年來的支持。我們確實相信，在特許經營結束後，我們仍將在那裡繼續經營多年。不，它根本不會讓我整夜不眠。

I would like to see a stronger relationship in the US and China like tonight because we all need it. Consumers need it, they need it, we need it. It's good for the world. And I'm very disheartening, but hopefully, it gets resolved quickly. But no, we're not concerned at all about our position in Macao nor should we be.

我希望看到美國和中國的關係像今晚一樣更加牢固，因為我們都需要它。消費者需要它，他們需要它，我們也需要它。這對世界有好處。我非常沮喪，但希望這個問題能盡快解決。但不，我們根本不關心我們在澳門的地位，也不應該關心。

Okay, that’s great color. Appreciate that, Rob. And then second question real quickly. There have been some reports out there that the Singapore government wants to get probably a little bit more aggressive with driving visitation into their country moving forward. And obviously, that should benefit over time.

好的，顏色很棒。非常感謝，羅布。然後很快回答第二個問題。有報導稱，新加坡政府希望採取更積極的措施來推動旅遊業的發展。顯然，隨著時間的推移，這將會帶來好處。

So I guess the question is, have you guys thought about that more in terms of what obviously increased visitation could do to -- you've always kind of given some longer-term projections of what MBS could look like from an EBITDA perspective over time? And has this kind of changed your view around that at all?

所以我想問題是，你們是否更多地考慮過訪問量明顯增加會帶來什麼影響——你們是否總是從 EBITDA 的角度對 MBS 的未來發展做出一些長期預測？這是否改變了您對此的看法？

So first off, I think Singapore is an unbelievable market for high-value tourists and Singapore has been very focused on creating opportunities for high-value tourism for many years and investing behind that piece. Airports infrastructure and other things that create attractions to help create prominence and desirability to visit Singapore. And so I think for us, it benefits us, but we're also investing with this thesis.

首先，我認為新加坡是一個令人難以置信的高價值旅遊市場，新加坡多年來一直致力於創造高價值旅遊機會並為此進行投資。機場基礎設施​​和其他吸引人的事物有助於提高新加坡的知名度和吸引遊客前往新加坡的慾望。所以我認為對我們來說，這是有利的，但我們也會根據這個論點進行投資。

So if you look at how we invest, the amenities that we're creating, the way we're positioning ourselves, the way other non-gaming operators positioning their tourism offerings is really a special place. I think for us, if we're motivating and we're very excited to continue to invest there and expand our offerings there. It's a very rare place. Singapore is rarefied there.

因此，如果你看看我們如何投資、我們正在創造的便利設施、我們的定位方式以及其他非博彩業者定位其旅遊產品的方式，你會發現我們確實很特別。我認為對我們來說，如果我們有動力並且非常高興繼續在那裡投資並擴大我們的產品範圍。這是一個非常罕見的地方。新加坡在那裡很稀有。

And it's very special who goes to Singapore, the consumption habits. If you look at the retail consumption, beverage consumption, the gaming play, the lodging consumption, it's really unique. And I think it's driven because of the overall goal of the government of Singapore, which is to create the opportunity for high-value tourism.

去新加坡的人的消費習慣都很特別。如果你看看零售消費、飲料消費、遊戲消費、住宿消費，它確實是獨一無二的。我認為這是由新加坡政府的總體目標所推動的，即創造高價值旅遊的機會。

And so we've been benefiting from it for the last 15 years. And the Singapore government has been great in terms of investing in the assets to drive tourism and we've been investing behind that.

過去 15 年我們一直從中受益。新加坡政府在投資推動旅遊業的資產方面做得很好，我們也一直在為此進行投資。

I have to say though, as much as same but one will place our asset is a wonderful asset within that place. And we create our own very special place within the great state of Singapore. I think what we've done there is extraordinary. And it attracts those people because there's nothing like it in the region. There's nothing that special, versus the rooms, the product and it appears is amazing, and it's enhanced Singapore and vice versa. So going back to, in addition the Singapore government is amazing, our vision is pretty good too that we've built over them.

我不得不說，儘管如此，人們會把我們的資產放在那個地方，這是一筆寶貴的資產。我們在偉大的新加坡創造了我們自己非常特殊的地位。我認為我們在那裡所做的事非常了不起。它之所以吸引這些人，是因為該地區沒有類似的東西。沒有什麼特別之處，相比房間、產品和外觀而言，它令人驚嘆，並且增強了新加坡的魅力，反之亦然。所以回過頭來說，除了新加坡政府很了不起之外，我們建立在他們基礎上的願景也非常好。

Ben Chaiken, Mizuho.

瑞穗的本‧查肯 (Ben Chaiken)。

Hey, good afternoon. Thanks for taking my questions. First, in MBS, great margin results and strong mass performance. Just remind us, would you say that 1Q '25 had a difficult comparison year-over-year from the -- there was a large concert in the prior year as well as the easing of the China visitation policy which I believe was also in the prior year? Or was this a pretty clean comparison here? Then one follow-up. Thanks.

嘿，下午好。感謝您回答我的問題。首先，在MBS方面，利潤率結果很好，品質表現強勁。提醒我們一下，您是否認為 25 年第一季與去年同期相比比較困難——去年有一場大型音樂會，而且中國放寬了訪問政策，我相信去年也是如此？或者這是一個相當清晰的比較？然後進行一次跟進。謝謝。

Well, first off, I think both quarters were awesome. So it's a tough comp. But as a practical matter, this was a totally normal quarter. So I would say that there wasn't anything extraordinary that happened in the quarter. This is pretty indicative of the performance of the business without any sort of anything that's out of the ordinary.

嗯，首先，我認為兩個季度都很棒。所以這是一場艱難的比賽。但實際上，這是一個完全正常的季度。所以我想說本季沒有發生任何異常的事情。這很能說明業務表現，沒有任何異常情況。

And I think the key thing here is we really have been able to put the entire asset to work, which is something we haven't been able to do for a while because of all the construction activity. So we're really getting close to being able to see this thing really gets to the point where it's not experiencing any interruption due to the development work.

我認為這裡的關鍵是我們確實能夠讓整個資產投入使用，而由於所有的施工活動，我們有一段時間無法做到這一點。因此，我們真的快要看到這個東西真正達到了不會因為開發工作而受到任何中斷的程度。

And I think the key thing is this quarter was very normal. To your point, last year's quarter did have the Taylor Swift concert, did have a lot of other things going on that created very strong demand and very strong visitation. This quarter did and so we're very fortunate that we had the results that we did. Credit to the team that did phenomenal work. As Rob just referenced, the buildings in phenomenal shape. We think it's the best building in the world, and I'm very proud of what we've accomplished. But you can see the results from the activities there.

我認為關鍵是本季的情況非常正常。正如您所說，去年這個季度確實舉辦了泰勒絲演唱會，還有很多其他活動，這些都產生了非常強勁的需求和非常高的訪問量。本季確實如此，因此我們很幸運地取得了這樣的成果。感謝團隊的出色工作。正如羅布剛才所提到的，這些建築的形狀非常驚人。我們認為這是世界上最好的建築，我為我們所取得的成就感到非常自豪。但你可以從那裡的活動看到成果。

And then switching to Macao. Maybe just touching on the sequential market share in Macao again, fully recognizing that you had rooms out of service in 1Q, but also acknowledging bedrooms out of service in 4Q as well. I guess is the interpretation, just from some of the previous commentary that it's harder for you to leverage the current type of gameplay or player in Macao as it stands?

然後轉到澳門。也許只是再次觸及澳門的連續市場份額，充分認識到第一季有客房停止服務，但也承認第四季也有臥室停止服務。我猜，從之前的一些評論來看，你很難利用澳門目前的遊戲類型或玩家？

I think sequentially, our room count moved up marginally. So we're about 8,900 both for Q4 and 9,100 or 9,200 in Q1. I think in terms of the Londoner Grand ramp-up that was really a very soft ramp for Q1 because we didn't have all of the rooms and therefore, it didn't make sense for us to operate as many gaming units in the Londoner Grand Casino for the first quarter.

我認為，我們的房間數量會連續小幅增加。因此，第四季我們的銷售額約為 8,900 人，第一季的銷售額約為 9,100 人或 9,200 人。我認為，就倫敦大酒店的成長而言，第一季的成長確實非常緩慢，因為我們沒有所有的房間，因此，在第一季度在倫敦大賭場運營那麼多的遊戲單元對我們來說是沒有意義的。

But from now on, from April, you'll see obviously us in full ramp-up mode. So I'm not sure that answers question, but is there something else that you're asking that we haven't addressed?

但從現在開始，從四月開始，你會明顯看到我們處於全面加速模式。所以我不確定這是否回答了問題，但是您問的還有其他我們尚未解決的問題嗎？

David Katz. Jefferies.

大衛卡茨。傑富瑞。

Thank you very much. Appreciate your working in. I just want to go back to some of the earlier commentary and questions because I heard the word competition and competitive market in Macao quite a bit. Having been there not all that long ago and heard a lot of the on-the-ground commentary about more of a benign promotional environment. Are you suggesting that we might start to see that change as part of the Londoner ramp-up when you use the word competition, what do you mean by that?

非常感謝。感謝您的工作。我只是想回顧一下之前的一些評論和問題，因為我經常聽到「澳門的競爭」和「競爭性市場」這個詞。不久前我去過那裡，聽到了很多關於更良性的促銷環境的實地評論。當您使用“競爭”這個詞時，您是否暗示我們可能會開始將這種變化視為倫敦人崛起的一部分，您是什麼意思？

We mean competition, people are fighting for various segments and it's across the board. I'm not sure what you need benign thing like that, David, because I don't see it as benign. There was a time when base mass was benign and installed the door and no one game anything those days are gone. So I think it is hard competitive.

我們的意思是競爭，人們在各個領域爭奪，而且競爭是全面的。大衛，我不確定你需要什麼樣的良性事物，因為我不認為它是良性的。曾經有一段時間，基地品質是良性的，安裝了門，沒有人玩任何遊戲，那些日子已經一去不復返了。所以我認為競爭很激烈。

Again, our asset base is the best in class and scale and size. So I think we will do better. But I think it'd be foolish to think a non-growing market, with the top line --- expected we'd be competitive and that reflects everyone's not just ours. So I must say it's outside of the facility into competition, but it's competition, Grant?

再次強調，我們的資產基礎、規模和大小都是同類中最好的。所以我認為我們會做得更好。但我認為，認為一個非成長型市場具有競爭力是愚蠢的，而且預計我們的收入將具有競爭力，這反映出每個人的競爭力而不僅僅是我們的競爭力。所以我必須說這是設施之外的競爭，但這是競爭，格蘭特？

Yeah. I don't have to add to that Rob's comment. I think it's always been very, very competitive. I think we've just got to look at the competitive context, use of new assets that we have and the advantages of scale and the product that we have to really compete harder to get more revenue and customer growth. That's all we're saying.

是的。我不需要補充 Rob 的評論。我認為競爭一直都非常激烈。我認為我們必須考慮競爭環境、我們擁有的新資產的使用、規模優勢以及我們必須更加努力競爭的產品，才能獲得更多收入和客戶成長。這就是我們要說的。

I think the market has been very competitive. It hasn't -- I don't think there's been any significant deterioration in that. But we've also got to reflect and see where our position is within that context. And with all of the new rooms online, we fully intend to compete hard to get more revenue.

我認為市場競爭非常激烈。事實並非如此——我認為情況沒有任何顯著惡化。但我們也必須反思並看看我們在這種背景下處於什麼位置。隨著所有新房間上線，我們決心全力競爭以獲取更多收入。

The reduced liquidity, obviously from 2019, reduced the top line results. So in any market, we are shrink by $6 billion to $8 billion, $10 billion, you're going to see more competition to the existing dollars out there. And we're seeing that in Macao. I'm not saying we can't compare the world to be well, but I think it’d be force not to recognize that base mass, premium mass in every segment in Macao is under pressure in terms of getting your fair share.

顯然，從 2019 年開始，流動性的減少導致了營業利潤的下降。因此，在任何市場中，如果我們的規模縮水 60 億美元到 80 億美元、100 億美元，你會看到現有市場的競爭更加激烈。我們在澳門就看到了這種情況。我並不是說我們不能比較世界，但我認為，如果不承認澳門各個細分市場的基礎大眾和高端大眾在獲得公平份額方面都面臨著壓力，那就太不公平了。

Right and if I can just follow that up. One of the observations is -- and I think some of the earlier questions were to this end is that the premium mass arena seems to be getting quite a bit more crowded. Part of my question was are you planning to get more promotional? And I think that's what the word benign is really attached to whether operators start becoming more promotional in how they compete.

好的，我可以跟進一下嗎？其中一個觀察是——我認為之前的一些問題也與此有關——那就是高端大眾場所似乎變得更加擁擠了。我的問題之一是您是否計劃獲得更多促銷？我認為「良性」一詞的真正意義在於營運商是否開始在競爭中變得更加重視促銷。

I'm not sure -- I think in terms of promotional, you have to look at it in different ways. I mean firstly, we're going to aggressively deploy our new assets. I think that's first and foremost. We have the largest scale in terms of the big product and -- products. And we need to drive that as hard as we can to maximize that scale advantage across all product types and across all price points. That's the second piece.

我不確定——我認為從促銷的角度來看，你必須以不同的方式看待它。我的意思是，首先，我們將積極部署我們的新資產。我認為這是首要的。就大型產品和產品而言，我們的規模是最大的。我們需要盡最大努力，最大限度地發揮所有產品類型和所有價格點的規模優勢。這是第二件。

In terms of marketing activities, there's always going to be tactical promotions that you implement every operator does. I think we're just going to be very active in engaging existing and new customers and reactivating more customers with the full inventory that we're going to have at our disposal and we're going to drive that very hard because we intend to gain customers and gain revenue.

在行銷活動方面，每個業者都會實施戰術促銷。我認為我們將非常積極地吸引現有客戶和新客戶，並利用我們掌握的全部庫存重新激活更多客戶，我們將非常努力地推動這一進程，因為我們打算贏得客戶並增加收入。

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

謝謝。今天的問答環節到此結束，今天的電話會議也到此結束。現在您可以斷開電話線，並享受美好的一天。我們感謝您的參與。