拉斯維加斯金沙集團 (LVS) 2025 Q3 法說會逐字稿

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

各位女士、先生，大家好，歡迎參加金沙集團2025年第三季財報電話會議。（操作說明）

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.

現在我很高興把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, Chairman and CEO; Patrick Dumont, our President and Chief Operating Officer; Dr. Wilfred Wong, Executive Vice Chairman of Sands China; and Grant Chum, CEO and President of Sands China and EVP of our Asia operations.

謝謝你，保羅。今天參加電話會議的有：董事長兼執行長羅伯‧戈德斯坦；總裁兼營運長派崔克‧杜蒙；金沙中國執行副董事長黃偉傑博士；以及金沙中國執行長兼總裁、亞洲業務執行副總裁格蘭特‧楚姆。

Today's conference call will contain forward-looking statements. We will be making those statements under the safe harbor provision of federal securities laws. The language on forward-looking statements included in our press release also applies to our comments made on the call today. The company's actual results may differ materially from the results reflected in those forward-looking statements.

今天的電話會議將包含前瞻性陳述。我們將依據聯邦證券法的安全港條款發表這些聲明。我們新聞稿中包含的關於前瞻性陳述的措辭也適用於我們今天在電話會議上發表的評論。本公司的實際業績可能與這些前瞻性聲明中所反映的業績有重大差異。

In addition, we will discuss non-GAAP measures. Reconciliations to the most comparable GAAP financial measures are included in our press release. We have posted an earnings presentation on our website. We will refer to that presentation during the call. (Operator Instructions) This presentation is being recorded.

此外，我們也將討論非GAAP指標。我們的新聞稿中包含了與最可比較的GAAP財務指標的調節表。我們已在網站上發布了盈利報告。我們將在通話中提及該簡報。（操作說明）本次示範正在錄製。

I'll now turn the call over to Rob.

現在我將把電話交給羅布。

Thank you, Dan. Good afternoon, and thanks for joining us. Marina Bay Sands delivered EBITDA of $743 million. We had forecasted MBS could do $2.5 billion annually. It turns out we were too conservative. We should easily exceed that figure in 2025. MBS is currently over $2.1 billion of EBITDA this year with a quarter still to go.

謝謝你，丹。下午好，感謝各位的參與。濱海灣金沙實現息稅折舊攤提前利潤 (EBITDA) 為 7.43 億美元。我們曾預測抵押貸款支持證券每年可創造 25 億美元的收入。事實證明我們太保守了。到 2025 年，我們應該很容易就能超過這個數字。MBS今年的EBITDA目前已超過21億美元，而且還有一個季度尚未結束。

Mass gaming and slot was a record $905 million, reflecting 122% growth from Q3 of 2019 and 35% higher than last year. We are in the right place at the right time with the right product. Singapore is a highly desirable destination, and our product is superb. It's difficult to find superlatives describing the magnitude of this result. Operating performance of MBS is unprecedented in the history of our industry.

大眾遊戲和老虎機收入創下 9.05 億美元的紀錄，比 2019 年第三季成長了 122%，比去年同期成長了 35%。我們帶著合適的產品，在適當的時間，出現在了合適的地點。新加坡是一個非常理想的旅遊目的地，我們的產品也非常出色。很難找到合適的字詞來形容這結果的意義之重大。MBS的營運表現在我們產業歷史上是前所未有的。

Macao delivered $601 million EBITDA for the quarter, which reflects an improvement in our financial results. The typhoon negatively impacted our reported EBITDA by about $20 million. We have underperformed in the Macao market for the past few years. We believed our buildings would be enough to compete favorably. We were wrong.

澳門本季實現 6.01 億美元 EBITDA，反映出我們財務表現的改善。颱風對我們報告的 EBITDA 造成了約 2000 萬美元的負面影響。過去幾年，我們在澳門市場的表現一直不盡人意。我們相信我們的建築足以讓我們在競爭中佔優勢。我們錯了。

We've adapted to the market and changed our approach in the second quarter of 2025 to enable us to be more competitive. Our mass market revenue share jumped to 25.4% this quarter, up from 23.6% in the first quarter of 2025. We expect additional share gains and EBITDA growth in the fourth quarter. Our assets remain unmatched in the Macao market. The Londoner is moving towards $1 billion of EBITDA. We have meaningful opportunities for growth and improvement throughout our Macao property portfolio. Importantly, the Macao market's GGR is growing. When you couple this with our assets and our recent marketing changes, we will continue to improve in the fourth quarter and beyond.

為了適應市場變化，我們在 2025 年第二季改變了策略，以提高競爭力。本季我們的大眾市場營收份額躍升至 25.4%，高於 2025 年第一季的 23.6%。我們預計第四季度市場份額和 EBITDA 將進一步成長。我們在澳門市場上的資產仍然無可匹敵。這家倫敦公司正朝著 10 億美元的 EBITDA 邁進。我們在澳門的房地產投資組合中擁有許多有意義的成長和提昇機會。重要的是，澳門市場的博彩總收入正在成長。結合我們的資產和最近的行銷調整，我們將在第四季度及以後繼續取得進步。

Let's hear from Patrick.

讓我們聽聽派崔克怎麼說。

Thanks, Rob. Macao EBITDA was $601 million. We had held as expected in our rolling program, our EBITDA would have been lower by $2 million. When adjusted for higher-than-expected hold in the rolling segment, our EBITDA margin in the Macao portfolio of properties would have been 31.5%, down 160 basis points compared to the third quarter of 2024. We are focused on delivering revenue and cash flow growth at the Londoner and across the portfolio.

謝謝你，羅伯。澳門 EBITDA 為 6.01 億美元。如果我們按預期執行滾動計劃，我們的 EBITDA 將減少 200 萬美元。如果考慮到滾動分部持有量高於預期，我們在澳門物業組合中的 EBITDA 利潤率為 31.5%，比 2024 年第三季下降 160 個基點。我們致力於提升倫敦人酒店及整個投資組合的收入和現金流。

Margin at the Venetian was 35%, while margin at the Londoner was 31.9%. We expect growth in EBITDA as revenues grow and as we use our scale and product advantages together with targeted incentives to better address every market segment. We see opportunity in every segment.

威尼斯人的利潤率為 35%，而倫敦人的利潤率為 31.9%。我們預計隨著收入的成長，以及我們利用規模和產品優勢，結合有針對性的激勵措施，更好地滿足每個細分市場的需求，EBITDA 也將成長。我們看到每個領域都蘊藏著機會。

Now turning to Singapore. MBS EBITDA for the quarter was $743 million at a margin of 51.7%. We had held as expected in our rolling program, our EBITDA would have been lower by $43 million.

現在轉向新加坡。MBS 本季 EBITDA 為 7.43 億美元，利潤率為 51.7%。如果我們按預期執行滾動計劃，我們的 EBITDA 將減少 4300 萬美元。

With this quarter's results, we are putting in place a new methodology for the theoretical hold percentage of rolling Baccarat play for the quarter. This new approach has been enabled by the introduction of smart tables on our Baccarat Games in Singapore. This technology has now been in place at our rolling Baccarat roundtables in Marina Bay Sands for over one year. Please see slide 7 in the earnings materials for more detail.

根據本季的業績，我們將採用新的方法來計算本季滾動百家樂遊戲的理論獲利百分比。這種新方法的實現得益於我們在新加坡百家樂遊戲中引入了智慧賭桌。這項技術已經在濱海灣金沙酒店的流動百家樂圓桌遊戲中應用一年多了。詳情請參閱收益資料中的第 7 頁。

We have provided theoretical hold rates for rolling Baccarat plays for the last five quarters at Marina Bay Sands. There will naturally be fluctuations in theoretical hold rate in any specific quarter driven by player betting preferences. The record financial results of Marina Bay Sands reflect the high -- the impact of high-quality investment and market-leading product and the growth in high-value tourism. We believe we are still in the initial stages of realizing the benefits of our investments in Marina Bay Sands.

我們提供了濱海灣金沙賭場過去五個季度滾動百家樂投注的理論勝率。在任何特定季度，理論勝率自然都會受到玩家投注偏好的影響而出現波動。濱海灣金沙創紀錄的財務表現反映了高品質投資和市場領先產品的影響，以及高價值旅遊業的成長。我們相信，我們仍處於實現濱海灣金沙投資收益的初期階段。

Turning to our program to return capital to shareholders. We repurchased $500 million of LVS stock during the quarter. We also paid our recurring quarterly dividend of $0.25 per share. Our Board of Directors has approved an increase in our quarterly dividend of 20% for the 2026 calendar year or $1.20 per share per year or $0.30 per share per quarter.

接下來，我們將啟動向股東返還資本的計畫。本季我們回購了價值 5 億美元的 LVS 股票。我們還支付了每股 0.25 美元的季度股息。我們的董事會已批准將 2026 年的季度股息提高 20%，即每股每年 1.20 美元，或每股每季 0.30 美元。

In addition, during the third quarter in July, we purchased $337 million of SCL stock, increasing the company's ownership percentage of SCL to 74.76% as of today. 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. We look forward to continuing to utilize the company's share repurchase program to increase returns to shareholders.

此外，在7月的第三季度，我們購買了價值3.37億美元的SCL股票，使該公司目前持有的SCL股份比例增加至74.76%。我們相信，透過我們的股票回購計畫回購LVS的股權，長期來看，將對公司及其股東產生顯著的增值作用。我們期待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. And let's take some questions.

再次感謝您今天參加電話會議。接下來我們來回答幾個問題。

(Operator Instructions) Dan Politzer, JPMorgan.

（操作員指令）Dan Politzer，摩根大通。

So for Singapore, I want to go back to the hold rate. And obviously, you guys raised it to the 4.2% for VIP. Is there any impetus or desire or potential to raise the mass hold because that one has been going up, too. So I guess, one, is that directionally similar in terms of the benefit that you're seeing from the smart tables? And two, is that something you would ever give a whole range for?

所以對於新加坡，我想恢復到持有利率。顯然，你們把 VIP 會員的會員費提高到了 4.2%。是否有任何動力、願望或潛力來提高群眾持球率，因為群眾持球率也在上升。所以我想問的是，就您從智慧桌獲得的益處而言，這在方向上是否相似？第二，你會為此給出完整的範圍嗎？

Yeah. I think right now, what you're seeing is a rollout onto the floor where we can get accurate rolling table data. So we're not there yet to give you data on the mass floor because if you remember, it's a mix of games. So it's not just Baccarat. So I think that's an important point to note.

是的。我認為現在，你們看到的是向第一線員工推廣，這樣我們就可以獲得準確的滾動表格數據。所以，我們目前還無法提供大眾市場的數據，因為如果你還記得的話，大眾市場是由多種遊戲混合組成的。所以不只是百家樂。所以我認為這一點很重要。

And the other thing is we don't really normalize mass hold because of the volume of play at that size and getting to the, let's call it, the theoretical. So for us, it's much more meaningful to deal with the rolling program because of the volatility of the hold in that segment.

還有一點就是，由於該尺寸的體積和達到所謂的理論值，我們並沒有真正將質量保持力標準化。因此，對我們來說，處理滾動計劃更有意義，因為該領域的持有情況波動較大。

Got it. That makes sense. And then just turning to Macao, this is more of a high level one. Londoner does seem like it's turned the corner. You guys have been marketing broadly across the portfolio there. Can you kind of talk about that path back to $2.7 billion, $2.8 billion of EBITDA that you kind of laid out is maybe a soft target last quarter? How are you pacing in terms of getting back there?

知道了。這很有道理。然後，再來看看澳門，這方面的情況比較高了。《倫敦人》似乎已經走出了困境。你們一直在針對整個產品組合進行廣泛的市場推廣。您能否談談您在上個季度提出的將 EBITDA 恢復到 27 億美元或 28 億美元的目標，這個目標可能比較容易實現？你目前的進度如何？

Would you say that you need the market to kind of pick up from here to get there? Or can you kind of do this independent of the market to help?

您認為需要市場從目前的狀況好轉才能達到目標嗎？或者，你能不能獨立於市場之外，做一些事情來提供幫助？

I would say, Dan, you can't do it in this kind of market. You need market growth, which you're experiencing thankfully in Macao in the overall market. It could be next year, $33 billion to $34 billion. We need everyone of this market growth to make the Macao numbers work better, but we also had to make changes. We've been making those changes the last four or five months and adapting to the market, which we did not participate, and we are now participating properly. Probably, we're halfway there that we have to go.

我會說，丹，在這種市場環境下，你不能這麼做。你需要市場成長，而令人欣慰的是，澳門整體市場正在經歷成長。可能明年就會達到330億至340億美元。我們需要市場成長的每一分每一秒，才能讓澳門的經濟數據更好發揮作用，但我們也必須做出一些改變。在過去的四、五個月裡，我們一直在做出這些改變，適應我們之前沒有參與的市場，現在我們正在正式參與其中。或許，我們已經走了一半的路了。

But I think when you marry the market growth to our assets and our new marketing programs, yes, we can get to our target. But critical to that is market growth. That's essential for all of us; otherwise, we're just --same customers are circulating. But you're seeing we've come off the bottom here. We're growing, we're getting better. Probably $620 million is the right number if you take out the typhoon.

但我認為，當市場成長與我們的資產和新的行銷計劃相結合時，是的，我們可以實現我們的目標。但市場成長是關鍵所在。這對我們所有人來說都至關重要；否則，我們只是──同樣的顧客在流動。但你們可以看到，我們已經走出了低谷。我們正在成長，我們正在變得更好。如果排除颱風的影響，6.2億美元可能是比較準確的數字。

It's a respectable quarter, but it's not our goal. Our goal is to get to $2.7 billion to $2.8 billion. We're not there yet. I think we're making progress, and we keep putting down that the team has to stay in sync with the market to deliver those results.

這是一個不錯的季度，但這並非我們的目標。我們的目標是達到 27 億美元至 28 億美元。我們還沒到那一步。我認為我們正在取得進展，我們也一直強調，團隊必須與市場保持同步才能取得這些成果。

Grant?

授予？

Yeah. I think this quarter, what we saw was, I think, some of our reinvestment programs coming to fruition in terms of productivity across Londoner, yes, because this is the first quarter we've had the full deployment of the Londoner Grand rooms and suites. And on the product side, that definitely helped us.

是的。我認為本季我們看到的是，我們的一些再投資計劃在倫敦人酒店的生產力方面取得了成果，是的，因為這是我們全面部署倫敦人豪華客房和套房的第一個季度。在產品方面，這確實對我們有幫助。

And then to Rob's point in terms of our marketing strategies, responding to the market dynamics, we've obviously adjusted our reinvestment rates across the portfolio, not uniformly. Obviously, some of our smaller properties have had a bigger boost in our reinvestment ratios, as you can see.

至於羅布提到的我們的行銷策略，為了因應市場動態，我們顯然調整了整個投資組合的再投資率，但調整幅度並不統一。顯然，正如你所看到的，我們一些規模較小的房產的再投資率提升幅度更大。

And we're seeing the results of that. You can see that both year-on-year and sequentially, we are outgrowing the market for the first time in a long time when you look at the mass GGR.

我們正在看到這些努力的成果。從整體 GGR 來看，無論是同比還是環比，我們都在很長一段時間以來首次超過了市場平均水平。

I think the weak links in our portfolio in Parisian and Sands, especially Parisian has come way off the highs and about 50% of what it used to be because of of EBITDA performance. I think we have a lot of value in that property. Londoner, as you referenced, is fine. Venetian is okay. And I just think we've got to come off the bottom in Sands to get that back to being competitive.

我認為我們投資組合中的弱點是巴黎人酒店和金沙酒店，尤其是巴黎人酒店，由於 EBITDA 表現不佳，其股價已遠低於之前的峰值，約為之前的 50%。我認為那處房產很有價值。正如你所提到的，倫敦人沒問題。威尼斯人還可以。我認為我們必須在金沙球場擺脫低谷，才能重新具備競爭力。

But it's underway. It's progressing. It just takes a lot of work and a lot of focus.

但它已經開始了。進展順利。這需要付出大量的努力和高度的專注。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

To whoever wants to take it, I want to go back to Singapore just because the smart table initiative is super interesting. Can we just unpack a little bit, though, about like what's the underlying betting behavior or change that would sort of be driving such a material increase? I mean, obviously, on your numerator, this type of change in hold would suggest some sort of underlying behavioral change or mix change. So is it mix of bettors, and we're maybe getting more casual bettor? Or is it a mix in, again, what games or in what bets are making?

如果有人想去新加坡，我想說，因為智慧餐桌計畫真的非常有趣。我們能否稍微分析一下，究竟是什麼潛在的投注行為或變化導致瞭如此顯著的成長？我的意思是，很明顯，從你的分子來看，這種持倉變化表明某種潛在的行為變化或組合變化。所以投注者組成是多種多樣的，而且我們可能還會吸引更多休閒投注者？或者，這是否又涉及了哪些遊戲或哪些賭注？

Because I mean, historically, we think of Baccarat, in particular, as being extremely simple player banker. So how is the smart table piece evolving in a way that we're seeing an actual underlying change in behavior?

因為我的意思是，從歷史上看，我們認為百家樂尤其是一種非常簡單的莊家對玩家的遊戲。那麼，智慧餐桌是如何演變的，以至於我們看到了人們行為的真正潛在變化？

So just to be clear, the smart table is just the scorekeeper, the umpire, the referee. It doesn't make this stuff happen. What makes it happen is, as you alluded to, historically, Baccarat's been 285. When I began in this industry, Baccarat was a boring game, its a sub-3 whole percentage game. There was not a lot of juice in it. And it stayed that way for decades.

所以說清楚點，智慧記分台就是記分員、裁判、裁判。它並不能使這些事情發生。正如你所提到的，造成這種情況的原因是，從歷史上看，百家樂已經有 285 年的歷史了。剛入行的時候，百家樂還是個很無聊的遊戲，勝率不到3%。裡面果汁不多。這種情況持續了幾十年。

What's changed in Baccarat is not the smart tables, that's the score keep. What's changed is the game itself offers a lot more opportunities to gamble different ways. It's analogous to sports betting and your side bets and sports bets, the prop bets, the side bets, the honestly the low percentage bets for the customer are played in your favor.

百家樂改變的不是智慧賭桌，而是記分系統。改變的是，遊戲本身提供了更多不同方式的賭博機會。這類似於體育博彩，你的附加投注和體育投注、特殊投注、附加投注，說實話，對客戶而言，那些低機率的投注都是對你有利的。

And this is simply mathematics. This isn't casual bettors. This isn't game bettors. This is everybody gravitating towards side bets that are house advantaged. And that's what's happening here. I don't think the -- we tell you it's 4.1 or 4.2. That's what the smart tables tell us.

這其實就是數學。這可不是普通的投注者。這不是賭博遊戲。這是因為大家都傾向選擇莊家佔優勢的附加賭注。這就是這裡正在發生的事情。我不認為——我們告訴你的是 4.1 或 4.2。這是智慧表格告訴我們的。

The score keeper said, hey, these guys are making these bets and that results in this result. It has the game, as you alluded to, it's changed dramatically from the old days was kind of a steady game. It's very interesting, lots of opportunities to lose your money in different ways, And people -- and especially in Singapore, we're seeing all levels, not just casual, but seasoned pros seem to want to bet these side bets.

記分員說，嘿，這些人下了這些賭注，結果就變成這樣了。正如你所提到的，這款遊戲已經發生了翻天覆地的變化，與過去那種相對穩定的遊戲模式相比，已經截然不同了。這很有意思，有很多機會以不同的方式賠錢，而且人們——尤其是在新加坡，我們看到各個級別的人，不僅僅是休閒玩家，還有經驗豐富的專業人士，似乎都想參與這些場外投注。

And it's become very powerful. And in a company like ours, which is Baccarat-dependent, it's a powerful driver of revenue and EBITDA flow through. So what you're seeing in Singapore is simply not the smart table helping us, but the game deviations helped us, and the customers wanting to bet those deviations has driven this thing to 4%-plus percent, which is astounding when you think back to what used to be a very boring 2.85 game for years.

它變得非常強大。對於像我們這樣依賴百家樂的公司來說，它是收入和 EBITDA 流動的強大驅動力。所以你在新加坡看到的，並不是智慧賭桌幫助我們，而是遊戲偏差幫助我們，而想要投注這些偏差的顧客，將賠率推高到了 4% 以上，這令人震驚，因為回想一下，這曾經是一個非常無聊的 2.85 的賠率，持續了好幾年。

But that's a simple factor. This isn't an anomaly. It's just the way the market is proceeding. I think you'll see that in Macao as well. And for this company, it's a massive, massive change in the opportunity to make more money.

但這只是一個簡單的因素。這並非個案。這就是市場運作的規律。我想你在澳門也會看到這種情況。對這家公司來說，這是一個巨大的、改變其獲利機會的機會。

I think you have to give credit to our gaming innovation team for their willingness to really look at the customer experience and add the opportunity to have that experience through some higher volatility bets, which the customers are actually using, and it's their preference. They could choose not to use them, but they seem to be very popular. They create a better gaming experience and better enjoyment in the game.

我認為應該讚揚我們的遊戲創新團隊，他們願意真正專注於客戶體驗，並透過一些高波動性投注來增加這種體驗的機會，而客戶實際上正在使用這些投注，這也是他們的偏好。他們可以選擇不使用這些產品，但它們似乎非常受歡迎。它們能創造更好的遊戲體驗和更大的遊戲樂趣。

So we're very fortunate that our team continues to innovate and try these things and the market is receiving them quite well. And so I think the smart table system has helped us measure these bets better, but it's a practical matter, it's just as Rob said, it's about having the bets on the table and having the customers enjoy using them.

所以，我們非常幸運，我們的團隊不斷創新，嘗試這些事物，而且市場對這些事物的接受度也相當高。所以我認為智慧賭桌系統幫助我們更好地衡量了這些投注，但這其實是一個實際問題，就像羅布說的那樣，關鍵在於把投注擺在賭桌上，讓顧客樂於使用它們。

Very clear. And Rob, you kind of went where I was going to take it, which I think this is the next logical place, which is the ability to expand these types of bets or these types -- this type of table to other markets, obviously Macao being a big opportunity. So can you just talk a little bit about either where you're at and rolling that out? What segments, I mean, I would assume, given that sort of the junket-based VIP business is no longer a thing there, but perhaps in-house VIP or premium mass would have some real opportunities. So where are you at?

非常清楚。羅布，你其實已經說到我要說的了，我認為這是下一個合乎邏輯的方向，那就是將這類投注或這類賭桌擴展到其他市場，顯然澳門是一個很大的機會。那麼，您能否簡單談談您目前的進展以及即將推出的產品？我的意思是，考慮到那種以公款旅行為基礎的 VIP 業務在那裡已經不復存在，那麼內部 VIP 或高端大眾業務可能會有一些真正的機會。你現在在哪裡？

What inning are you in? And then just maybe super high level, is this technology or these bets, are these proprietary to you all? I mean, I know there's kind of open secrets in gaming. But I mean, you are developing these in-house, there's not like a third party that's kind of brought these to you from a sort of just pure optionality perspective?

現在進行到第幾局了？然後，或許可以從更高層次問一下，這項技術或這些投注方式，這些都是你們獨有的嗎？我的意思是，我知道遊戲界有一些公開的秘密。但我的意思是，這些都是你們內部開發的，並沒有第三方從純粹的可選方案角度把這些方案帶給你們嗎？

Yeah. We probably were the initiators. As much a decade ago, we started this process with someone. We grew that team. The team has now expanded. So we were the issue. We're not -- it's not proprietary. We can't -- we don't have control and people can copy these bets. They are copying these bets, which, by the way, doesn't. It shouldn't be a problem. It's good for the industry to grow.

是的。我們很可能是發起者。早在十年前，我們就和某人開始了這個過程。我們壯大了團隊。團隊規模現已擴大。所以問題出在我們身上。我們不是——這不是專有技術。我們做不到——我們無法控制，而且其他人可以複製這些賭注。他們正在複製這些賭注，但順便說一句，這樣做是行不通的。應該不會有問題。這對產業發展是好事。

Yes, we're moving towards this in Macao. Yes, the smart table system will be there as well as a score keeper. And so as the Macao market has more opportunity, you're seeing it happening already. I think you'll see the pros go up there as well. It's the more advantageous thus far in Singapore, but we are moving into Macao as is the Macao market. You go look at the layouts now, they're fraught with side bets all over the place.

是的，澳門正朝著這個方向發展。是的，我們會配備智慧球桌系統和記分器。因此，隨著澳門市場機會增多，這種情況已經開始出現了。我想你也會看到職業選手上去。目前來看，在新加坡更有優勢，但我們正在進軍澳門市場，因為澳門市場也是如此。你現在去看看這些佈局，到處都是附加賭注。

In fact, some of the times, you can't find the flat bet because you're so busy with alternatives. But yeah, moving in that direction to Macao. No, it's not proprietary. Yes, we did develop it. I think we've initiated it.

事實上，有時候你找不到合適的投注方式，因為你忙於尋找其他選擇。是的，我們正朝著澳門那個方向發展。不，這不是專有技術。是的，是我們開發的。我認為我們已經啟動了這個項目。

But -- and again, the confusion is sometimes people think it's a smart table, which is not true at all. The smart tables gives you a better measurement stick to know how many bets they're making in the side what that means the mathematics. And I think what Patrick alluding to the 4.1 or 4.2 is we have good evidence that these are -- this is not a guessing more or it should be this. For years, we wrestled with what's the correct hold percentage. There is no correct hold percentage. It depends on that quarter, what those people bet.

但是——而且再次強調，有時人們會誤以為它是智慧桌，這完全是錯誤的。智慧賭桌能讓你更好地衡量他們在場邊下了多少注，以及這背後的數學原理。我認為帕特里克提到的 4.1 或 4.2 版本，是我們有充分的證據表明這些版本——這不是猜測，或者說應該是這樣。多年來，我們一直在糾結正確的持球率是多少。沒有正確的持有率。這取決於當季的情況，取決於那些人下了什麼注。

We could have a quarter that comes in at 5.1 or comes in at 3.8, it depends on what the players at the table bet at that time, and their bet is calculated. So yes, it's going to move towards Macao, and I think it's very helpful for not just this company but others to make gambling more interesting and more diversified. I don't think it's tied to the high end, by the way, mass customers love it too. Small bettors, large bettors, you bet the sports book, the biggest props, the small guys, the guys betting $100 a game, they love betting props. I think Baccarat is similar to sports betting in that regard.

一節比賽的賠率可能是 5.1，也可能是 3.8，這取決於當時牌桌上的玩家下注的金額，以及他們的下注金額是如何計算的。所以，是的，它將向澳門轉移，我認為這不僅對這家公司，而且對其他公司來說都非常有幫助，可以使博彩業更有趣、更多元化。順便說一句，我不認為它只屬於高端市場，大眾消費者也喜歡它。小額投注者、大額投注者，你投注體育博彩，最大的投注項目，小額投注者，每場比賽投注 100 美元的人，他們都喜歡投注投注項目。我認為百家樂在這方面與體育博彩類似。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

So you've upped the dividend for next year, and you keep the pedal down on buyback. At the same time, you have the disclosure around CapEx coming down as well over the next year. One thing you didn't touch on that you talked about in the past is just maybe a willingness to buy back some of the shares in Hong Kong as well. So I’d love any thoughts that you have there or other capital allocation opportunities.

所以你們提高了明年的股息，並且繼續加大股票回購力道。同時，未來一年資本支出的揭露也將減少。你過去曾談過，但沒有提到的一點是，或許公司也願意回購一些香港的股份。所以，我很想聽聽您在這方面的任何想法，或其他資本配置機會。

So I think the best thing is we are a capital allocation story and a return of capital story. You look at the company's history, we've been very shareholder friendly. We allocate capital with growth in mind. We invest for high returns, but we know high-return investment opportunities aren't always available.

所以我認為最好的一點是，我們講述的是一個資本配置的故事，也是一個資本回報的故事。縱觀公司歷史，我們一直都非常重視股東利益。我們以成長為目標進行資本配置。我們投資是為了獲得高回報，但我們也知道高回報的投資機會並非總是存在的。

We return the capital and we try to do it through dividends in a prudent manner and through share repurchases. I think that's where you're seeing us today. We did buy back SCL the last little while. If you kind of see where we're at, we're basically getting close to the limit where it's 74.76%, I think the number is. We can't really go past 75%, so I think for us right now it's to continue to return capital both to Sands China and at the parent company in a friendly way for shareholders. You'll see us continue to do that.

我們會返還資本，我們盡量以謹慎的方式透過分紅和股票回購來實現這一點。我想這就是你們今天看到我們的原因。最近我們確實回購了SCL的股份。如果你了解我們目前的狀況，你會發現我們基本上已經接近極限值 74.76%，我想這個數字是 74.76%。我們實際上無法超過 75%，所以我認為目前對我們來說，最重要的是繼續以對股東友好的方式向金沙中國和母公司返還資本。你會看到我們繼續這樣做。

Makes sense. And maybe changing gears a little bit. Just going back to Macao. Would love any further color you could provide on kind of characterizing the strength that we've seen in DIP. I mean, it's been quite a while since we've seen this level of growth.

有道理。或許還要稍微換個思路。只是回澳門。如果您能進一步闡述我們在DIP中看到的強度特徵，我將不勝感激。我的意思是，我們已經很久沒有看到這種程度的成長了。

Is that really just more semantics around where customers are referring to bet? Or is that a new customer who's coming in?

這真的只是圍繞著顧客對「投注」一詞的指涉方式而進行的更多語義上的探討嗎？還是有新顧客進來了？

Stephen, let me take that. Yes, I think the VIP has outgrown the mass GGR over the last few months. In some cases, some months it's been -- it's been very high rates of growth. I think it is driven by some concentration of super high-end VIP players as well as increased liquidity in the market. This quarter, we haven't participated as much in that segment, but we are going to be getting more competitive in that segment as well.

史蒂芬，讓我來接吧。是的，我認為在過去的幾個月裡，VIP 的成長速度已經超過了大眾 GGR。在某些情況下，某些月份的成長率非常高。我認為這主要是由於超高端VIP玩家的集中以及市場流動性的增加所致。本季我們在該領域的參與度不高，但我們也將在該領域提高競爭力。

And of course, we have introduced our -- we entered the junket market this quarter. Of course, the growth of that segment in the past few months has also driven the rolling market. But at this point, it still remains a low margin segment, which typically is going to stay around 12% to 15% of the overall GGR. But we're also focused on growing that segment. But obviously, the bulk of the profit growth is going to come from the non-rolling.

當然，我們本季也推出了——我們進入了公務旅行市場。當然，過去幾個月來該細分市場的成長也推動了滾動市場的發展。但目前，它仍然是一個低利潤率的領域，通常佔總營業利潤的 12% 到 15% 左右。但我們也致力於發展這個細分市場。但很顯然，大部分利潤成長將來自非滾動交易。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

I just want to double click on that comment. I mean, I think that we all kind of see the premium mass led inflection since midyear. But it sounds like -- I mean, looking at your slides, base mass per table was up nicely. And so I guess, Rob, for you, the question is that for the market to grow, what you need the market to grow 33, 34. When you think about that growth, is that -- does that require a broadening out of the depth and breadth of base mass? And are you seeing early signs of that inflection for that particular cohort?

我只想雙擊那條評論。我的意思是，我認為我們都看到了自年中以來高端大眾市場引領的轉捩點。但聽起來——我的意思是，看了你的幻燈片，每張桌子的基礎品質增加得很好。所以我想，羅布，對你來說，問題是，為了讓市場成長，你需要市場成長33、34。當你思考這種成長時，這是否需要擴大基礎品質的深度和廣度？您是否已在該特定群體中觀察到這種轉變的早期跡象？

I think it's impossible to say where it comes from, I'll be honest. I don't -- the junket they're rolling, they're not rolling the math, it's very hard to define. I think what's important to see is happening. I mean, the market looks to me like it's -- we know that October comes in, I would say it comes in 7%, 8%, 9% year on year. But it feels like there's a stronger trend over there.

說實話，我覺得不可能說它來自哪裡。我不這麼認為——他們搞的那些公款旅行，他們沒在做任何計算，這很難定義。我認為重要的是要觀察正在發生的事情。我的意思是，在我看來，市場看起來——我們知道10月的數據出來後，我認為年比漲幅會達到7%、8%、9%。但感覺那邊的趨勢更明顯。

Macao is recovering in different segments. Obviously, we like a base mass recovery, but there's nothing like premium mass. I don't have real insight to where it come from, right? So it comes. Because I think the key thing for all Macao, for all the operators for profitability and growth is to see this GGR acceleration.

澳門各領域正在復甦。顯然，我們喜歡基礎品質恢復，但沒有什麼比得上優質品質。我對它的來源並沒有真正的了解，對吧？就這樣，它來了。因為我認為對整個澳門，對所有營運商而言，獲利和成長的關鍵在於看到博彩總收入加速成長。

Grant, maybe you see it different?

格蘭特，或許你的看法不同？

I think that's right. And it is obviously helpful, especially to us if the base mass grows faster because of our advantage in that segment, but also the margin structure in that segment is very favorable. I think if you look at this quarter, you're right. Year-on-year, our base mass actually grew 18%. But part of that reflects the fact that a prior year, we had the closure of the Pacific Casino which is now the Londoner Grand Casino.

我覺得是對的。這顯然對我們很有幫助，尤其是如果由於我們在該細分市場的優勢，基礎品質成長得更快，而且該細分市場的利潤結構也非常有利。我認為，如果你看看這個季度的數據，你的說法是對的。與前一年相比，我們的基礎品質實際上增長了 18%。但部分原因在於，前一年我們關閉了太平洋賭場，它現在是倫敦人大賭場。

If you look at sequentially, premium mass, we still grew faster than base mass 11% versus 7%. But yes, I think the summer was positive for base mass, but again, I would characterize the bulk of the growth in this market, even in a non-rolling is still dominated by the upper tiers of the value segment.

如果按順序來看，高階產品線的成長速度仍比基礎產品線快，分別為 11% 和 7%。是的，我認為夏季對基礎市場規模來說是積極的，但同樣，我認為即使在非滾動式增長的情況下，該市場的大部分增長仍然由價值細分市場的高端產品主導。

Okay. Just a quick question on Singapore. Obviously, really strong results in the third quarter in MBS, and that was without the F1 race, which usually falls in September it fell -- is now in October this year. So you didn't have that in the third quarter. What order of magnitude or how should we think about how impactful that event is that sort of has now moved into the fourth quarter for you now this year?

好的。關於新加坡，我有個問題想問一下。顯然，MBS在第三季度取得了非常強勁的業績，而且這還是在沒有F1比賽的情況下取得的，F1比賽通常在9月份舉行，但今年推遲到了10月份。所以你在第三季沒有做到這一點。我們該如何看待這件事的影響程度，或者說，我們該如何看待這件事對你今年的影響已經延續到第四季？

First off, it's a great event, and it's a great event globally, and it's one of the most important F1 events, and it's phenomenally attended and it really helps Singapore. And we're actually really supportive of it and involved in its presentations. So we're very happy about that.

首先，這是一場偉大的賽事，也是一場全球性的偉大賽事，更是F1最重要的賽事之一，吸引了大量觀眾，對新加坡的發展也大有裨益。我們實際上非常支持它，並參與了它的展示工作。我們對此感到非常高興。

As a practical matter, you can see the demand of Marina Bay Sands as a product and that even with F1 in a different part of the calendar year, we continue to perform through that. So I think F1 is helpful, something that we really enjoy having in Singapore.

從實際角度來看，你可以看到濱海灣金沙酒店作為產品的需求，即使F1賽事在一年中的不同時間舉行，我們仍然能夠繼續保持良好的業績。所以我認為F1很有幫助，新加坡非常歡迎F1這項賽事。

It's great for visitation, it increases the prestige of Singapore by having such a prominent race there. It drives a lot of high-value visitation, much of which ends up at Marina Bay Sands. So we're very happy about it. But where it falls in the calendar is okay or fine.

這對遊客來說是件好事，舉辦如此重要的賽事也提升了新加坡的聲望。它吸引了大量高價值遊客，其中大部分最終都流向了濱海灣金沙酒店。所以我們對此感到非常高興。但它在日曆上的位置是可以接受的。

I got to say that for the last couple of years, we had all these people pointing to F1 or Taylor Swift or I don't know, I don't think it matters all that much. I think Singapore has taken a whole new -- we can't figure out just how high is up. This thing just keeps getting stronger and stronger. And the reason to me is very simple. It's the most favorable location, a lot of people with high net worth to come to whether F1 is there or Taylor Swift is there or whoever is there that weak, I think the place -- the building is extraordinary, the place is extraordinary, and the events certainly move the customers around.

我必須說，在過去的幾年裡，很多人都在拿F1賽車、泰勒絲或其他什麼說事，我不知道，我覺得這些都不太重要。我認為新加坡已經進入了一個全新的階段——我們無法確定它究竟達到了多高的高度。這東西越來越厲害了。對我來說，原因很簡單。這是最理想的地點，許多高淨值人士都會來這裡，不管是F1賽事、泰勒·斯威夫特活動還是其他什麼活動，我認為這個地方——建築本身就非常出色，地理位置也非常優越，而且各種活動也確實能吸引顧客前來。

In the end, Singapore is the driver. That place is well attended, well visited, very desirable. And it's become the place to go to in Asia for people who want to gamble at a certain level. And I think that's really the real driver is unique asset we built, unique room product. And again, what we provide there the option to gamble what you want, how you want.

歸根究底，新加坡才是驅動力。那個地方人來人往，非常受歡迎。這裡已經成為亞洲一些想要進行一定程度賭博的人的首選之地。我認為這才是真正的驅動力，我們打造了獨特的資產，獨特的房間產品。再次強調，我們提供的選擇是讓您可以隨心所欲地賭博，想賭什麼就賭什麼。

So as much as I respect F1, I respect Taylor Swift, I respect all these drivers, I think Singapore has just gone to a whole new place, and you see these numbers. I thought we were ambitious in $2.5 billion. We probably this year, we get, I don't know, $2.7 billion, $2.8 billion, $2.9 billion, I don't know , but the numbers are there. And it just seems like it's getting more and more desirable the high end of the market. So extraordinary results.

雖然我很尊重F1，也很尊重泰勒·斯威夫特，我很尊重所有這些車手，但我認為新加坡已經進入了一個全新的階段，看看這些數據就知道了。我原以為我們25億美元的預算已經很有野心了。我們今年大概可以拿到，我不知道，27億美元、28億美元、29億美元，我不知道，但數字是有的。而且，它似乎越來越受到高端市場的青睞。如此卓越的成果。

I think no one could have seen this kind of growth. And I don't think it's that tied to special, not as much as tied to the place itself.

我想沒有人能預料到這種成長。而且我認為這與特殊性關係不大，更多的是與這個地方本身有關。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Just going back to your comments about kind of what you hope to achieve in market share in premium mass. I know you talked about upgrading the Londoner would kind of give you the assets to do that. You said something earlier in the call about how you're kind of only halfway there with what you hope to do or plan to do there. Can you talk a little bit about what other steps that you'll be taking and sort of what timing when you think about that?

偉大的。回到您之前關於您希望在高端大眾市場取得怎樣的市場份額的評論。我知道你之前說過，升級倫敦人號會讓你擁有實現這個目標所需的資源。你之前在通話中說過，你希望或計劃在那裡做的事情，目前只完成了一半。您能否談談您接下來還會採取哪些步驟，以及您預計的時間安排？

Robin, let me take that. Yes. I think when you look at the progression in market share, clearly, would come off the bottom in Q1 when we were down at 23.5%, 23.6%. Now we are 2 points above that, which is great. But as Rob said, I think we're only halfway through, is that we started our tweaking our programs and changing our marketing programs in the middle of second quarter and that ramped up throughout each month in the third quarter.

羅賓，讓我來吧。是的。我認為，從市場佔有率的發展來看，很明顯，第一季我們的市佔率跌至 23.5% 和 23.6%，之後開始回升。現在我們比之前高出2分，這很棒。但正如羅布所說，我認為我們完成了一半，因為我們在第二季中期開始調整我們的計劃並改變我們的行銷計劃，並在第三季的每個月都加大了力度。

And you can see we were improving month-on-month within the quarter. But I think it's important that we're also considering how each segment has a different requirement. So we are marrying the tactical incentives with the product advantage that we have. So in the Londoner that you can see it very clearly what we're doing, not just Londoner Grand, which is newly open, but also leveraging the other side of Londoner on the super high end and we're seeing good results there. I think in the smaller properties, we have adjusted our marketing programs, but also reset our distribution team as well in terms of composition and the number of people.

你可以看到，我們在本季內每個月都在進步。但我認為，我們也應該考慮到每個細分市場都有不同的需求。因此，我們將戰術激勵措施與我們擁有的產品優勢結合在一起。所以，從倫敦人酒店（Londoner）您可以很清楚地看到我們正在做的事情，不僅是新開業的倫敦人豪華酒店（Londoner Grand），而且還利用倫敦人酒店的另一面，即超高端酒店，我們在那裡看到了良好的效果。我認為對於規模較小的物業，我們不僅調整了行銷方案，還調整了分銷團隊的組成和人數。

So we should be seeing better results from the distribution side over the next two to three quarters because so far, what we've benefited most from, I think, the launch of Londoner Grand, married with these customer reinvestment adjustments. But I think there's still a lot to be done, but we're confident that we're going to be progressing month by month, quarter-by-quarter.

因此，在接下來的兩到三個季度裡，我們應該會在分銷方面看到更好的結果，因為到目前為止，我認為我們受益最大的是倫敦人豪華轎車的推出，再加上這些客戶再投資調整。但我認為還有很多工作要做，但我們有信心每個月、每季都會進步。

Great. And maybe just one follow-up on a different topic. I don't know if we've heard your thoughts to recently on any potential opportunity in the UAE where there may be other licenses to give out. Is that something that LVS is interested and kind of actively engage with?

偉大的。或許還可以就另一個話題做一個後續報道。我不知道您最近是否對阿聯酋可能存在的其他許可證發放機會發表過看法。LVS是否對這方面感興趣並積極參與其中？

I really appreciate the question. So we're always looking at opportunities to deploy capital and grow our business. And I think you've seen us be very disciplined and be very patient. The UAE is a tremendous tourism market. There's been billions of dollars of investment in the UAE to create tremendous tourism infrastructure. Some of the best hospitality and food and beverage products in the world are located there, and it's a lot of fun to visit. That being said, it's not a market we're looking at this time, but we're following.

非常感謝你的提問。因此，我們一直在尋找機會來部署資本並發展業務。我想你們也看到了，我們非常自律，也很有耐心。阿聯酋是一個巨大的旅遊市場。阿聯酋已投入數十億美元打造龐大的旅遊基礎設施。那裡擁有世界上一些最好的酒店服務和食品飲料，去那裡遊覽非常有趣。話雖如此，但這並不是我們目前關注的市場，但我們會持續關注。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

So clearly, incredible results in Singapore again. And you mentioned for this year, $2.7 billion, $2.8 billion, $2.9 billion, who knows. It feels like it's whole base that you said not tied to one event, but how should we think about the long term? Like is this sustainable? Can it, on a holder, just a basis grow next year?

顯然，新加坡再次取得了令人矚目的成績。你提到今年是27億美元、28億美元、29億美元，誰知道呢。感覺就像你說的，整個基礎並不與某個事件相關，但我們該如何考慮長遠發展呢？這樣做可持續嗎？如果只持有股票，它明年能成長嗎？

Like how are you thinking about kind of longer tail the sustainability of growth in Singapore?

您如何看待新加坡成長的長期永續性議題？

Lizzie, I'd say we've been wrong all along for starters, and we've under forecasted this thing. We thought we were very ambitious at $2.5 billion. And like I said, we're at $2.1 billion-plus currently with a quarter ago. With a big quarter, you get to $2.8 billion, $2.9 billion. Is it sustainable? Hell, yes, it's very sustainable. You're alone over there, and you've got one competitor, which is just -- it's a duopoly, it's a market that has tremendous support of the government.

莉齊，首先我想說，我們一直以來都錯了，而且我們低估了這件事的嚴重性。我們當時覺得25億美元的目標已經非常雄心勃勃了。正如我所說，我們目前的營收已經超過 21 億美元，比上個季度有所成長。如果季度業績出色，就能達到 28 億美元、29 億美元。它可持續嗎？當然，這非常永續。你孤身一人，只有一個競爭對手，這完全是雙頭壟斷，這是一個得到政府大力支持的市場。

And it's -- if you've been in the building, it's incredibly well done. I think the team did a great job of building out a one-of-a-kind asset. So yes, it's very sustainable. The question I can answer is, does it get to $3 billion next year? Is it a $3.2 billion down the road? Does it get to -- I don't know.

如果你去過那棟大樓，你會發現它做得非常出色。我認為團隊在打造這獨一無二的資產方面做得非常出色。所以，是的，它非常可持續。我可以回答的問題是，明年它能達到 30 億美元嗎？未來會花費32億美元嗎？會不會發展到那種程度──我不知道。

We've been rolling along. Here we are in 2025. As you said, two years ago, we're delivering $700 million quarters back to back, I would have said that's very ambitious. Well it turns out it was done easily. These last quarters came along pretty well. And so I don't think anyone should question the longevity and sustainability of Singapore.

我們一直進展順利。現在是2025年。正如你所說，兩年前，我們連續兩個季度實現了 7 億美元的收入，我會說這非常有雄心壯志。結果發現這很容易做到。最近幾季進展得相當順利。因此，我認為任何人都不應該質疑新加坡的長期發展和永續性。

If anything, what I can't figure out is how deep is the well, and I've been wrong and I'm pretty aggressive by nature in forecasting the demand over there. Slot win is going to break $1 billion looks like. These table wins are extraordinary. It's coming out to all sides. I think the strength in the building, having all suites versus mostly more rooms is a very good idea. So yeah, I think it's very sustainable.

如果有什麼我無法弄清楚的，那就是這口井到底有多深，而且我預測那邊的需求時總是出錯，我天生就比較激進。看來老虎機大獎要突破10億美元大關了。這些桌上勝利非同尋常。事情正在向各方發酵。我認為這棟建築的優點在於全部是套房而不是更多房間，這是一個非常好的想法。是的，我認為這非常可持續。

And the question for me is not sustainability, it's how high is up? Could this thing hit $3 billion, get to $3.2 billion?, I don't know. But I didn't think you go from what used to be a $1.6 billion asset pre-COVID to now it looks like a $2.78 billion asset post-COVID. So it's hard to forecast something that feels so powerful, and right now, it feels to me like it's got more growth to go.

對我來說，問題不在於永續性，而在於「高度」究竟有多高？這個項目能達到30億美元，甚至32億美元嗎？我不知道。但我沒想到，疫情前價值 16 億美元的資產，疫情後竟然變成了 27.8 億美元的資產。所以很難預測這種感覺如此強大的事物的發展趨勢，而且就目前而言，我覺得它還有很大的成長空間。

Definitely, definitely. I guess on that subject, just one event, but making a bigger picture, I guess, on Golden week, it looked like there was a lot of outbound visitation from China into Singapore. It was up a lot year on year. And so curious what you're seeing really even just beyond Golden Week if there's any changes in visitation trends and whether you are versus Macao seeing that kind of high-end -- higher-end Chinese customer visiting Singapore at the expense of Macao and whether you think that might continue?

當然，當然。關於這個主題，我想只說一件事，但從更宏觀的角度來看，在黃金週期間，似乎有很多中國遊客出境新加坡。與去年相比，漲幅很大。所以，我很好奇，即使在黃金週之後，您觀察到的遊客趨勢是否有任何變化？與澳門相比，您是否看到高端中國遊客湧向新加坡，而減少了澳門的遊客數量？您認為這種情況會持續下去嗎？

Yeah, we're not really getting into the current quarter, but just overall, Macao and Singapore are very separate markets. And typically, the catchment area for Singapore is very focused on Southeast Asia, and Macau is primarily Hong Kong and China. So different businesses, different tourism base, different assets, but we'll talk about this quarter on the next earnings call.

是的，我們暫且不談本季的情況，但總的來說，澳門和新加坡是非常獨立的市場。通常來說，新加坡的輻射範圍主要集中在東南亞，而澳門的輻射範圍則主要集中在香港和中國。所以，不同的業務、不同的旅遊基礎、不同的資產，但我們將在下次財報電話會議上討論本季的情況。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎哈納。

Just wanted to follow-up, Patrick, on your comment about, A, the opportunity in Singapore in particular is still essentially in the early innings, obviously, maybe an expansion of other questions. I wondered if you could just maybe talk about the second and third quarter, the strength of the volumes and maybe the things that you learned that surprised you?

Patrick，我想就你關於A的評論做個後續說明，很明顯，新加坡的機會仍然基本上處於早期階段，或許可以擴展到其他問題。我想請您談談第二季和第三季的情況，銷售表現如何，以及您有哪些意想不到的發現？

And then as we think about the opportunity set going forward, I understand it's hard to put a number to it. But maybe some of the bigger layers of opportunity, is it a strategy such that you'd expect to get a higher level of average spend? Is it geographical reach? Are there any puzzle pieces you can give us from that perspective?

然後，當我們思考未來的機會時，我知道很難用數字來衡量它。但或許在某些更大的機會層面上，這種策略是否能帶來更高的平均消費水準？是指地理覆蓋範圍嗎？從這個角度來看，您能提供一些線索嗎？

There's a lot there in this question. So bear with me, I'm going to try to get through it all. I think the first thing is the way we got to Singapore today and this performance was very deliberate. And it started probably five years ago, we first started charting out where we wanted to go with the asset, given where we thought the direction of growth in high-value tourism would be. And we start off by building a great customer experience by focusing on the physical asset, which took time to both design and ultimately implement.

這個問題包含的資訊量很大。請大家耐心等待，我會努力完成所有的事情。我認為首先是我們今天抵達新加坡的方式，以及這次演出都是經過深思熟慮的。大概五年前，我們開始規劃如何利用這項資產，因為我們認為高價值旅遊業的發展方向將會是…我們首先著眼於打造卓越的客戶體驗，並專注於實體資產，這需要時間來設計和最終實施。

We redesigned our service teams that we could better service our customers in a more complete way. And that was also a big lift. We focused a lot on how we sold, how we attracted customers by developing larger and more geographically spread out marketing teams and sales teams. And all that come together with a very strong management group over time with lots of investment produced this result. So this was not something that happened overnight.

我們重新設計了服務團隊，以便能夠以更全面、更有效率的方式為客戶提供服務。那也是一次很大的提升。我們非常注重銷售方式，透過組成規模更大、地理分佈更廣的行銷團隊和銷售團隊來吸引客戶。所有這些因素，再加上一支非常強大的管理團隊，以及長期的大量投資，最終促成了這一結果。所以這不是一朝一夕就能發生的。

It was planned. It was a strategic decision. It was an investment over many years in both human capital and physical capital, along with the philosophy with a service focus and a customer experience focus. We focused on a lot of different amenities, how we enhance our entertainment, how we enhance our retail mall, how we enhance our food and beverage, and how we bring it all together so that gaming customers can come in and get a lifestyle experience that can't be replicated in any place else. And so for us, that was really key.

這是事先計劃好的。這是一個戰略性決定。這是多年來對人力資本和物質資本的投資，以及以服務為中心、以客戶體驗為中心的理念。我們專注於許多不同的配套設施，如何提升我們的娛樂體驗，如何提升我們的零售商場，如何提升我們的餐飲體驗，以及如何將所有這些融合在一起，讓遊戲玩家能夠在這裡獲得一種在其他任何地方都無法複製的生活方式體驗。所以對我們來說，這才是關鍵。

So the question is how do we grow the business more? Well, first off, I think people are just getting to know that we're in Marina Bay Sands. Remember, the renovation has not been done for that long. So we have a lot of customers who maybe experienced Marina Bay Sands a decade ago, and are not surprised by what's on offer today. I think the other thing is the quality of tourists that is coming to Singapore is continuing to elevate.

所以問題是，我們要如何進一步發展業務？首先，我想大家才剛知道我們位於濱海灣金沙酒店。請記住，翻新工程完成的時間並不長。因此，我們有很多顧客可能十年前就體驗過濱海灣金沙，他們對今天這裡提供的服務並不感到驚訝。我認為另一點是，來新加坡旅遊的遊客素質正在不斷提高。

There are also a lot of people who are engaging in commerce out of Singapore, and that's growing. So we have a lot of people on the leisure and on the business tourism side that are experiencing Marina Bay Sands and it's only growing. I think segments that we look to in the future continue to bring high-value tourism from different parts of the catchment area, and we're working on that. And to be fair, at some point, we're going to run out of capacity, and that's where IR2 comes in. Someone asked us earlier about how we feel about the sustainability of Singapore as a market for us.

也有很多人在新加坡以外的地方從事商業活動，而且這種現象還在持續成長。因此，無論是休閒旅遊還是商務旅遊，都有很多人體驗濱海灣金沙，而且這個數字還在不斷增長。我認為我們未來關注的細分市場將繼續為流域內不同地區的遊客帶來高價值旅遊，我們正在為此努力。公平地說，在某種程度上，我們的產能將會耗盡，而這正是 IR2 發揮作用的地方。之前有人問過我們，對於新加坡作為我們市場的可持續性，我們有何看法。

And I think the biggest statement is that we're investing $8 billion to continue to grow our presence there. And that to me is the biggest signal that we're very serious about long-term investment for the success of Singapore. But I think for us, it's going to come from continuing to attract high-value tourists, continue to bring in high-value business and leisure tourism activities, great entertainment, great retail, continuing to lead in amenities the investments that are necessary to stay at the forefront of tourism and attract high-value tourists from different markets, and we'll continue to grow. That was the strategy, and we're executing it now.

我認為最重要的一點是，我們將投資 80 億美元，繼續擴大我們在那裡的業務。在我看來，這充分錶明我們非常重視對新加坡長期發展進行投資，以實現其成功。但我認為，對我們來說，未來的發展將來自於繼續吸引高價值遊客，繼續引進高價值的商務和休閒旅遊活動，提供優質的娛樂和零售服務，繼續在配套設施方面保持領先地位，進行必要的投資，以保持在旅遊業的前沿地位，吸引來自不同市場的高價值遊客，我們將繼續發展壯大。這就是我們的策略，我們現在正在執行它。

Maybe just a quick clarification. Earlier in my response to a question on smart table deployment for the mass tables and games area of Singapore, are you six months, are you nine months behind kind of the process that you went through with the rolling tables?

或許需要簡單澄清一下。在我之前回答關於新加坡大型桌遊區智慧桌部署的問題時，你們的流程是否比行動桌的流程落後了六個月、九個月？

It's not that we're behind. It's that we have it on some games and not on others. Remember, our casino floor has Baccarat, has Sic Bo, has a bunch of other different gaming products that are there, actually including craps, like we've got different types of games out on the floor. And so not all those games are ready for this digital table system. So over time, we'll get there.

並不是我們落後了。問題在於，有些遊戲有這個功能，有些遊戲則沒有。記住，我們的賭場大廳裡有百家樂、骰寶，還有很多其他不同的遊戲產品，實際上包括擲骰子，我們大廳裡有各種不同類型的遊戲。因此，並非所有遊戲都適合這種數位桌面系統。所以假以時日，我們終會達成目標。

But remember, we make most of our money from Baccarat. And the area with the most volatility was the rolling programs. And so we started there.

但請記住，我們大部分的錢都來自百家樂。波動最大的領域是滾動式項目。於是，我們就從那裡開始了。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Just wanted to revisit the comments around reinvestment program. You guys have been very open and honest in terms of your strategy and your competitive strategy in the market, I guess, year-to-date in your decision to change that. Have you seen any change with those competitors that maybe are now on a level playing field from a reinvestment strategy and maybe they don't have the product or the service that you guys have and they could potentially step outside of the current ZIP code of what's being provided to players? Or does it remain pretty rational?

想再次提及關於再投資計劃的評論。你們在策略和市場競爭策略方面一直非常坦誠，我想，今年以來你們也一直在努力改變策略。您是否注意到，那些競爭對手由於採取了再投資策略，現在可能與你們處於同一起跑線上，但他們可能沒有你們的產品或服務，因此他們有可能跳出你們目前為玩家提供的服務範圍？或者說，它仍然相當理性？

Yeah, let me take that. I think in general, the competition remains intense, and we don't foresee that to slow down. I think what you see is basically constant action and reaction, and we have to stay very alert to those changes, which we are, and like what Rob said, we're going to be laser focused on basically responding to the market with the right office. And I think you can see the benefit of that change in our marketing strategy over this quarter, and that will continue.

好的，我來拿。我認為總體而言，競爭仍然激烈，而且我們預計這種競爭不會放緩。我認為你看到的基本上是持續不斷的行動和反應，我們必須對這些變化保持高度警惕，而我們也確實做到了。就像羅布說的那樣，我們將全力以赴，透過合適的辦公室來應對市場需求。我認為，在本季度，大家可以看到我們行銷策略的這項改變帶來的好處，而且這種好處還會持續下去。

As to what other people are going to do and how they will respond, I think that's just an evolving picture that we have to monitor. And you would expect that the market to continue to be very competitive. But the positive aspect of the market is that we are seeing GGR growth, and I think that helps all of us, but it will stay competitive, and we're very committed to staying ultracompetitive.

至於其他人會做什麼以及他們會如何回應，我認為這只是一個不斷變化的情況，我們需要密切注意。可以預見，市場競爭將持續非常激烈。但市場的正面是，我們看到了 GGR 的成長，我認為這對我們所有人都有幫助，但市場仍將保持競爭，我們也致力於保持極強的競爭力。

And then Patrick, I know the digital gaming business, I guess, the doors have been open or slightly open for the past couple of years. You haven't made many moves, but now you're officially closing that door, those windows. So why now? And then any cost saves that we should think about for our models?

派崔克，我知道數位遊戲產業，我想，過去幾年裡，大門一直敞開著，或者說略微敞開著。你雖然沒採取太多行動，但現在你正式關閉了那扇門，那些窗戶。那麼，為什麼是現在？那麼，我們應該考慮在模型中要節省哪些成本呢？

Yeah. I think we looked at this for a couple of years. I think we just didn't feel like there was something that we felt would be a good use of shareholder capital. So we shut it down. In terms of cost save, I think it's just things that all come out of development expense that you would have seen in the last year, but that's out now. It wasn't super material.

是的。我想我們研究這個問題已經好幾年了。我認為我們只是覺得沒有什麼東西能真正有效地利用股東資金。所以我們就把它關掉了。就節省成本而言，我認為這只是去年你在開發費用中看到的所有支出，但現在這些支出都消失了。它並不是特別優質的材料。

George Choi, Citigroup.

喬治‧崔，花旗集團。

Yes, sorry, I was on mute. So obviously the encouraging hold rate disclosure in Singapore, very, very solid. But I'm just wondering when will you do the same thing in Macao? Is there any significant difference in terms of the player behavior on how much they wager on the side bets that make a difference between how you do it in Singapore versus Macao?

是的，抱歉，我剛才靜音了。顯然，新加坡的持有率揭露令人鼓舞，非常非常可靠。但我只是好奇，你們什麼時候會在澳門做同樣的事情？在新加坡和澳門，玩家在邊注上的投注行為是否有顯著差異，導致投注方式有所不同？

One thing to note that our rolling volumes are much larger relative to our overall gaming win in Singapore. And so there was a real focus there to begin with that. Also, the number of tables are smaller in Singapore than they are in Macao.

需要注意的是，我們的滾動交易量相對於我們在新加坡的整體博彩盈利而言要大得多。所以一開始，我們確實非常關注這一點。此外，新加坡的賭桌數量也比澳門少。

So I just want to highlight that, but I'll turn it over to Grant to respond to the rest of the question.

我只想強調這一點，剩下的問題就交給格蘭特回答吧。

Yeah, George. Just to reiterate the distinction Rob made, the smart technology helps us to understand what is happening at the table. Independent of that is the player propensity; it's not one leading the other. So I think on the question of propensity wager -- in the side wagers in Macau, it is -- the mix is obviously smaller than in Singapore, but it's also rising, and it has contributed to enhancing the house edge over the past several years. And as you, all of the people here, you visiting all these casinos, and you can see the layouts are being reinvented every few months with additional side wagers. So that's on the side wagers.

是的，喬治。正如羅布所指出的，智慧科技可以幫助我們了解餐桌上發生的事情。這與球員的傾向無關；兩者之間沒有孰優孰劣之分。所以我認為，關於傾向性投注的問題——在澳門的附加投​​注中，確實存在這種情況——雖然其比例明顯低於新加坡，但也在上升，並且在過去幾年中加劇了莊家優勢。就像你們，在座的各位，你們都去過這些賭場，你們可以看到賭場的佈局每隔幾個月就會重新設計一次，並增加額外的邊注。以上是關於場外賭注的部分。

In terms of the smart tables, we in Macao have actually fully rolled out on non-rolling Baccarat tables all of the smart table technology, and we are in the process of completing the rollout in the rolling segment. So within the next few months, we should be able to gauge across the total Baccarat table.

就智慧賭桌而言，我們在澳門實際上已經全面在非滾動式百家樂賭桌上推出了所有智慧賭桌技術，我們正在完成滾動式百家樂賭桌的推廣工作。因此，在接下來的幾個月內，我們應該能夠對整個百家樂賭桌進行評估。

As a follow-up, now that we have a myriad of side bets at the Baccarat tables in both Singapore and Macao, I was just wondering how do you strike a balance between improving the incremental excitement and experience for players from obviously these new side bets versus any potential cannibalization amongst the various side bets?

作為後續問題，既然新加坡和澳門的百家樂賭桌上現在有無數的附加投注，我只是想知道，如何在提高玩家通過這些新的附加投注獲得的額外興奮感和體驗，與各種附加投注之間可能存在的相互蠶食之間取得平衡？

Well, I think the great thing about it is all the original bets are there. So if you -- all the bets that people are used to, are still in the belt. So this is really just up to the player, it's just an option. It just gives them some additional volatility if they want to take it. So for us, it's really a player decision.

我覺得最棒的一點是，所有最初的賭注都還在。所以如果你——所有人們習以為常的賭注，仍然在腰帶上。所以這完全取決於玩家，只是一個選項而已。這只是給他們增加了一些額外的波動性，如果他們願意的話。所以對我們來說，這完全取決於球員自己的決定。

And in some cases, they take it. In some cases, they don't, which is the reason why Robin's remarks said, in Singapore, you may see a quarter where we hold 5 where you see -- where we will hold high 3s. It just depends on propensity, the preference of the player to want to make that wager. But as a practical matter, the games has more options, but it doesn't foreclose the ability for them to bet a more traditional path.

在某些情況下，他們會接受。在某些情況下，他們不會這樣做，這就是為什麼羅賓說，在新加坡，你可能會看到一個季度我們持有 5，而你會看到——我們會持有 3 以上的高位。這完全取決於個人傾向，取決於玩家是否願意進行這種投注。但實際上，遊戲提供了更多選擇，但這並不妨礙他們選擇更傳統的投注方式。

If you want to flat bet, you can flat bet all day long. Bank player, high payer. It's not -- it doesn't exclude those bets. It's just like it's no different for years than the Super Bowl. The year people thought there was something different about the Super Bowl, all the while is they offered 2,000 side beds versus the usual bets on the Packers or the Bears.

如果你想進行固定投注，你可以全天進行固定投注。銀行玩家，高額投注者。並非如此——它並不排除這些投注。感覺就像多年來的超級盃一樣，沒什麼不同。那一年，人們認為超級盃有些不尋常，而實際上，他們提供的賭注是 2000 張邊床，而不是像往常一樣押注包裝工隊或熊隊。

All we've done here is expand the side bets. And -- but the usual bets are still there, traditional bets people want to bet. So it's their decision whether to make that decision on what to bet. It's not ours. We don't dictate it.

我們所做的只是擴大了附加賭注的範圍。而且——但常見的賭注仍然存在，人們想下的傳統賭注。所以，是否下注完全由他們自己決定。這不是我們的。我們無權決定。

I think the important thing here to remember is that we are iterative in the way that we apply new bets on the belt. So what you see today is after attempts to improve the game experience for people. We're very focused on the experience. So if players like it, that's great and we keep it out there and they use it. And if it makes their trip more enjoyable, that's fantastic.

我認為這裡需要記住的重要一點是，我們在對腰帶進行新的投注時，是採用迭代的方式。所以你今天看到的，是經過一系列改善玩家遊戲體驗的嘗試之後的結果。我們非常注重用戶體驗。所以如果玩家喜歡，那就太好了，我們會繼續保留它，讓他們使用它。如果這能讓他們的旅程更加愉快，那就太好了。

If it's not something that's preferred by the players, eventually it evolves itself out of the game. And we've had a lot of different iterations of what's on the belt. So I would just view this as an enhancement to the gaming experience mechanism. And so they enjoy the volatility, they enjoy the additional bets. And so they use them.

如果玩家不喜歡某些東西，最終它會從遊戲中消失。我們已經對傳送帶上的物品進行了許多不同的迭代。所以我認為這只是對遊戲體驗機制的一種增強。因此，他們享受這種波動性，享受額外的投注。所以他們就使用它們。

But as to how those bets will progress over time, player's preferences may change over time. You may see us have different side bets on the belt over time as players change what they want to do.

但這些投注會如何隨時間發展，玩家的偏好可能會隨著時間而改變。隨著玩家策略的改變，您可能會看到我們在腰帶上設置不同的額外賭注。

That's a very important point. In a supermarket, we keep putting these on the shelves that sell and don't sell. We're constantly coming up with new bets all the time. We have a very important committee called the Make More Money Committee. That job is to find all bets and deviations that's existing, and if things don't sell, we take it off the table and put something else to try out. It's evolving all the time. It's not a static function.

這一點非常重要。在超市裡，我們會把這些東西放在貨架上，有的賣得出去，有的賣不出去。我們一直在不斷地提出新的投注方案。我們有一個很重要的委員會，叫做「賺錢委員會」。這項工作的目的是找出所有現有的投注和偏差，如果某些東西賣不出去，我們就把它撤下來，換成別的東西來嘗試。它一直在不斷發展變化。它不是一個靜態函數。

David Katz, Jefferies.

David Katz，傑富瑞集團。

With respect to Macao, one of the topics of conversation and one of the things that we're tracking very carefully is events, whether they're concerts or otherwise. Can you talk to us about your strategy around those? And more specifically, the recent -- I know it's sort of -- maybe post the end of the quarter, but I'd love to hear any general comments, learnings, opportunities, et cetera, around the NBA games that were hosted and events in general.

關於澳門，我們正在密切關注的話題之一就是各種活動，無論是音樂會還是其他活動。您能跟我們談談您在這方面的策略嗎？更具體地說，最近——我知道這有點——也許是在季度末之後，但我很想聽聽大家對舉辦的 NBA 比賽和一般性活動的任何一般性評論、經驗教訓、機會等等。

So I think, first off, going back to early days of the Venetian with Rob, entertainment has always been front and center. And I think it's something that's always helped us in the gaming business and the perception of the excitement around our properties. We've always been focused on providing high-quality entertainment and actually building the assets to support it. Many years ago, our SCL built a first Arena in Macao for this very reason. And we've been very dedicated to programming it and creating entertainment that's been very successful over the years in creating opportunities for our patients to have a great experience.

所以我覺得，首先，回顧羅佈在威尼斯人飯店的早期歲月，娛樂一直是重中之重。我認為這在遊戲產業一直對我們有所幫助，也提升了人們對我們遊戲作品的興奮感。我們一直專注於提供高品質的娛樂內容，並實際建立支持這些內容的資源。多年前，正是因為這個原因，我們的SCL在澳門建造了第一座競技場。多年來，我們一直致力於節目製作和娛樂節目的創作，這些節目非常成功，為我們的患者創造了良好的就醫體驗。

And I think you'll see that as well in Singapore. We broke ground in mid-July on what we're calling IR2 right now, eventually, we'll have a name. And we're building a 15,000-seat live performance venue there. That will be the most technologically advanced arena in Asia and provide a great customer experience to live performance. And we're always very focused on it.

我想你在新加坡也會看到同樣的情況。我們在七月中旬破土動工，計畫目前暫稱為 IR2，最後我們會給它一個正式名字。我們正在那裡建造一個可容納 15,000 人的現場表演場地。那將是亞洲技術最先進的場館，為現場演出提供絕佳的客戶體驗。我們始終非常關注這一點。

And so for us, I think it's a very important benefit for a company to have that excitement that goes along with entertainment, but also gives our patients something to experience in the environment as part of the lifestyle that we provide to them. In terms of the NBA, this was something we started working on many years ago. We're very fortunate the NBA is a great partner. They really pulled out all the stops. They were very supportive.

因此，我認為，對於一家公司來說，擁有娛樂帶來的興奮感是一項非常重要的好處，同時也能讓我們的患者在我們為他們提供的生活方式環境中體驗到一些東西。就NBA而言，這是我們多年前就開始著手的事。我們非常幸運，NBA 是個很棒的合作夥伴。他們真是使出了渾身解數。他們非常支持我。

I have to give credit to both the Brooklyn Nets and the Phoenix Suns for the support that they gave to the China games. They really showed up in force. And there are teams that did a lot of charity events in the local community. They were great with the fans. Really, it's an unbelievable experience. And our team was very excited because the reaction in Macao was very strong.

我必須感謝布魯克林籃網隊和菲尼克斯太陽隊對中國賽的支持。他們真的來了很多人。還有一些球隊在當地社區舉辦了許多慈善活動。他們和粉絲互動非常好。這真是一次難以置信的體驗。我們的團隊非常興奮，因為澳門的反應非常強烈。

I think just some of the goals we set out for this event was to create something that brought a unique form of entertainment to highlight Macao and to showcase the investment that we've made and how high quality Macao is as a global tourism destination. And I think that goal was achieved. I think the media coverage, the social media into China, the social media externally around the globe has been very positive. I think the teams play very competitively. And I think it was a great format for the league, so I think that benefits Sands China because of that collaboration.

我認為我們為活動設定的目標之一是創造一種獨特的娛樂形式來突出澳門，展示我們所做的投資，以及澳門作為全球旅遊目的地的高品質。我認為這個目標已經實現了。我認為媒體報導、中國社群媒體以及全球社群媒體上的反應都非常正面。我認為兩隊之間的比賽非常激烈。我認為這對聯賽來說是一個很棒的賽制，所以我認為這對金沙中國來說也是一個有利的合作。

I think it created a lot of excitement for our patrons when they actually came to the games, and there was this outstanding visitation. And there was just a heightened sense of visitation around the business. In terms of the impact, again, we'll talk about it at the end of this quarter, we'll have better data. But I think overall, it was a very strong success. We're very happy with the results.

我認為，當觀眾們真正來到現場觀看比賽時，這給他們帶來了極大的興奮，而且現場人氣也非常高。感覺這家店周圍的訪客明顯增加。至於影響方面，我們將在本季末進行討論，屆時我們將掌握更準確的數據。但我認為總體而言，這是一次非常成功的活動。我們對結果非常滿意。

I think our fans and fans of the NBA were very happy. I think we did a lot of things that helped the local community, which is also a benefit. And then lastly, we think it was very beneficial for Sands China on a lot of different levels. I think the marketing value that's created for us was also very strong. So a lot of benefit to it. And I also think we accomplished some of the goals that we set out in our concessional renewal, which was to bring, let's call it, high-value sports, global sports to Macao, which I think we did very successfully, so a lot of positive things all around.

我認為我們的球迷和NBA的球迷都非常高興。我認為我們做了很多對當地社區有益的事情，這也是一件好事。最後，我們認為這對金沙中國在許多方面都非常有利。我認為它為我們創造的市場價值也非常強大。所以它有很多好處。而且我認為我們也實現了我們在特許經營權續約時設定的一些目標，那就是將高價值的體育賽事、全球性體育賽事引入澳門，我認為我們在這方面做得非常成功，所以各方面都取得了許多積極成果。

I don't know, Grant, do you have any other comments or anything you'd like to add?

格蘭特，我不知道，你還有其他意見或想補充的嗎？

No, I think covers it very well. I think it did showcase Macao in a very, very favorable light. It was great for the city to have such a, I would say, strong visitation from different countries. As you know, the government has been very keen on pushing us to have international events drawing visitors from different countries around the region, but in the rest of the world. And I think this event really highlighted the attraction of Macao as an international tourism destination like Patrick said, and I think we're proud of delivering this first set of China games from Macao.

不，我覺得已經解釋得很清楚了。我認為這部影片以非常、非常正面的視角展現了澳門。這座城市能吸引到來自不同國家的大量遊客，這真是一件好事。如您所知，政府一直非常熱衷於推動我們舉辦國際活動，吸引來自該地區和世界其他地區的遊客。正如派崔克所說，我認為這場賽事真正突顯了澳門作為國際旅遊目的地的吸引力，我們為能在澳門舉辦首屆中國運動會而感到自豪。

And I think we got a lot of cost positive price, not just from the people who came from different corners of the world, but also a very positive feedback from the local community.

我認為我們獲得了許多成本效益高的價格，不僅來自來自世界各地的人們，也來自當地社區的非常正面的回饋。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

Thanks for all the color and commentary so far. I wanted to ask a follow-up on more of the strategic priorities outlined in your deck development. I know you gave some comments about the UAE specifically. But curious what you're seeing around the globe, if there's anything particularly interesting right now. And I guess I specifically asked about Japan.

感謝大家迄今為止提供的所有精彩見解和評論。我想就您在簡報中概述的更多策略重點進行後續詢問。我知道你曾就阿聯酋發表過一些評論。不過，我很好奇你現在在世界各地都看到了什麼，有沒有什麼特別有趣的事情發生。我想我問的是關於日本的問題。

You guys obviously looked at that in the past. This new Prime Minister, I think, historically supportive of IR. So curious if it's worth another look at Japan and anything else that might be out there right now that's garnering your attention.

你們顯然以前研究過這個問題。我認為這位新總理在歷史上一直支持國際關係。很好奇是否值得再次關注日本，以及目前還有哪些事物引起了你的注意。

Look, I think our strategic priority is to deploy capital in high-growth projects. And we're always looking at those opportunities and always evaluating them to see if the returns are there with the appropriate factor of safety. And I think for us, as I said before, we're looking at the UAE, trying to observe it and follow it. Obviously, Japan was something we're very interested in the past, although that seems unlikely. There's been talk about Thailand, which is something that we've expressed interest in the past.

我認為，我們的策略重點是將資金投入高成長項目。我們一直在關注這些機會，並不斷評估它們，看看在適當的安全係數下，回報是否能夠實現。我認為，正如我之前所說，我們正在關注阿聯酋，試圖觀察和效仿它。顯然，我們過去對日本非常感興趣，儘管這似乎不太可能。有人談到了泰國，而我們過去也曾對泰國表示過興趣。

So we're very patient, and we're constantly looking, and we'll see what opportunities arise. But as of right now, there's nothing really to report.

所以我們很有耐心，一直在尋找機會，看看會出現什麼機會。但就目前而言，沒有什麼特別值得報告的。

Steve Wieczynski, Stifel.

史蒂夫·維欽斯基，斯蒂費爾。

So Patrick, I apologize if I missed this in your prepared remarks. But if we think about the 150-basis-point decrease in your Macao margins, Wondering if most of that was tied pretty much directly to your change in marketing strategy or if that was just something else?

派崔克，如果我錯過了你事先準備好的發言稿中的這一點，我深表歉意。但如果我們考慮一下澳門利潤率下降 150 個基點，想知道這是否大部分與你們的行銷策略變化直接相關，還是另有其他原因？

Yeah, I think it was a combination of marketing strategy and a little bit of higher cost. But I think the key thing for us is the way we get operating leverage and increase margin over time despite growing revenue. You said it all along, I think there was a question earlier that Rob answered about the size of the Macao market. If you look at the Macao market today, it's growing, it's growing both in the mass segment and the VIP segment, which is very beneficial. I think we're very positive on the Macao market overall.

是的，我認為這是行銷策略和成本略高共同作用的結果。但我認為對我們來說，關鍵在於如何在收入成長的情況下，透過提高營運槓桿效應來提高利潤率。你一直都這麼說，我想羅布之前已經回答過一個關於澳門市場規模的問題。如果你看看今天的澳門市場，你會發現它正在成長，無論是大眾市場還是貴賓市場都在成長，這非常有利。我認為我們對澳門市場的整體前景非常樂觀。

And the way we're going to grow EBITDA and grow margins is through revenue growth. We have a great team there, but we have a big cost basis. So we need to leverage it. We need to get more volume.

我們提高 EBITDA 和利潤率的方式是透過收入成長。我們在那裡擁有一支優秀的團隊，但是我們的成本很高。所以我們需要利用它。我們需要提高銷量。

Okay. Got you. And then, Rob, second question, if we go back to Singapore real quick. I mean, you're at the point where you're pushing almost $1,000 a night per room. And look, I understand there's more room capacity -- I understand there's more room capacity coming online in the next couple of years. But this is probably a little bit of a higher level question, but wondering, Rob, how you're thinking about room rates not only maybe now and your ability to still take price there, but maybe how you're thinking about room rates once your additional capacity comes online?

好的。抓到你了。然後，羅布，第二個問題，如果我們快速回到新加坡的話。我的意思是，現在每個房間每晚的價格都快接近 1000 美元了。我知道未來幾年會有更多房間投入使用。但這可能是一個更高層次的問題，羅布，我想知道你現在是如何考慮房價的，以及你現在是否還能接受這個價格，還有，當你的額外客房投入使用後，你又是如何考慮房價的？

I think it's kind of irrelevant if you ask me. Our goal is to not sell rooms, just give away people who gamble because to be honest, that's the business we're in. You can't spend the kind of money we spend in Singapore and charge -- if you charge $1,000 or $2,000 or -- last time I checked, you're not building $8 billion hotels anywhere. This is a gaming casino with a hotel attached to it.

我覺得這有點無關緊要。我們的目標不是賣房間，而是把房間送給賭博的人，因為說實話，這就是我們從事的行業。你不能像我們在新加坡那樣花錢，然後只收——如果你收1000美元或2000美元——據我所知，你不可能在任何地方建造價值80億美元的酒店。這是一個附帶酒店的賭場。

So our goal in Singapore every night we can is to give these rooms where people -- high-value gaming customers to drive $3 billion, $4 billion, $5 billion of top-line revenue. That's the business we're in over there. I don't think -- we can squeeze the rates higher. I think we want to and the cash but it's such a small offering, we're mostly a comp house today. But the real goal is to not sell any rooms in IR 1 or 2, given where high-value gaming customers drive that site.

因此，我們在新加坡的目標是每晚盡可能為這些房間提供高價值的遊戲客戶，從而創造 30 億美元、40 億美元、50 億美元的營收。這就是我們在那邊從事的業務。我認為──我們不可能再把利率壓得更高了。我認為我們想要這樣做，也有足夠的現金，但提供的服務太少了，我們今天主要是一家同類公司。但真正的目標是不要在 IR 1 或 2 中出售任何房間，因為高價值的遊戲客戶會光顧該網站。

You don't make $3 billion annualized with hotels. It's just that simple. So it's a very interesting dynamic. We shrunk the hotel. It's working very well. We attract the high-value casino customers. That is the focus, not the ADR to be blunt with you.

靠旅館業不可能每年賺30億美元。就這麼簡單。所以這是一種非常有趣的動態。我們縮小了酒店的規模。效果非常好。我們吸引的是高價值的賭場顧客。坦白說，重點在於此，而不是 ADR。

I think if we fail -- we sold them for $2,000, it's a failure. We're not in the rooms business, we're in the casino hotel business, and those rooms simply are there to attract those patrons to drive these ridiculously high EBITDAs.

我認為如果我們失敗了——我們只賣了2000美元，那就是失敗。我們不做客房生意，我們做的是賭場酒店生意，那些客房只是用來吸引顧客，從而帶來高得離譜的 EBITDA 的。

Come visit, we'll give you a free room.

歡迎來玩，我們免費提供房間。

No free room.

沒有空房了。

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

謝謝。女士們、先生們，今天的電話會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。感謝您的參與。