拉斯維加斯金沙集團 (LVS) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands first quarter 2026 earnings call. (Operator Instructions).

各位女士、先生大家好，歡迎參加金沙集團 2026 年第一季財報電話會議。（接線員指示）。

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.

現在我很榮幸把會議交給金沙集團投資人關係資深副總裁 Daniel Briggs 先生。先生，請開始。

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

謝謝。今天與會者包括：我們的董事長兼執行長 Patrick Dumont；金沙中國執行副主席 Wilfred Wong 博士；以及金沙中國行政總裁兼總裁、同時擔任亞洲營運執行副總裁的 Grant Chum。

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

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」條款作出這些陳述。我們新聞稿中關於前瞻性陳述的措辭，同樣適用於我們今天在電話會議中的評論。

The company's actual results may differ materially from the results reflected in those forward looking statements. In addition, we will discuss non-GAAP measures. Reconciliations to the most comparable GAAP 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.

公司的實際結果可能與這些前瞻性陳述所反映的結果存在重大差異。此外，我們將討論非 GAAP 指標。與最可比 GAAP 財務衡量指標的調節表已包含於我們的新聞稿中。我們已在網站上發布財報簡報。我們將在會議中引用該簡報。

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

最後，在問答環節，我們請有興趣提問者每人提出一個問題並可追問一次，以便讓所有有興趣者都有機會參與。本次簡報將被錄音。

I'll now turn the call over to Patrick.

我現在把電話交給 Patrick。

Thanks, Dan. Good afternoon. Thank you for joining the call. As we look to the future, we couldn't be more enthusiastic about the opportunities for our company. Our strategic priorities remain clear and consistent with the goals of investing with discipline and creating meaningful shareholder returns.

謝謝，Dan。各位下午好。感謝各位參加本次電話會議。展望未來，我們對公司所面臨的機會感到無比振奮。我們的策略重點依然清晰且一以貫之，符合以紀律投資並為股東創造具意義回報的目標。

Turning to our current quarter results. we once again delivered outstanding financial results of Marina Bay Sands in Singapore with EBITDA increasing over 30% to reach $788 million. Singapore is an ideal market for high-value tourism spending and our focus on creating unique and memorable entertainment and hospitality experiences for our guests has been a tremendous success.

接著談本季業績。我們再次在新加坡的濱海灣金沙交出亮眼的財務成果，EBITDA 成長逾 30%，達到 7.88 億美元。新加坡是高價值旅遊消費的理想市場，而我們專注於為賓客打造獨特且難忘的娛樂與款待體驗，已取得巨大成功。

The company's fundamental operating strategy relies on three critical pillars our people, our product and our service. When we get these three pillars optimized, we can create outstanding financial and operating performance. We are seeing that at Marina Bay Sands today. And we couldn't be more enthusiastic about our additional opportunities for growth in Singapore as we continue to enhance the customer experience for our guests in the years ahead.

公司的核心營運策略仰賴三個關鍵支柱：我們的人才、我們的產品，以及我們的服務。當我們把這三個支柱最佳化時，就能創造卓越的財務與營運表現。我們今天在濱海灣金沙正看到這一點。隨著我們在未來幾年持續提升賓客體驗，我們對在新加坡的額外成長機會感到更加振奮。

Turning to Macao. We delivered $633 million in EBITDA for the quarter. an increase of over 18%. Mass market revenue share reached 25.7% for this quarter, our strongest performance since the first quarter of 2024. As in Singapore, the operating pillars of people, product and service underpin our strategy to deliver growth in Macao.

再來談澳門。本季我們實現 6.33 億美元 EBITDA，成長逾 18%。本季大眾市場收入市佔率達到 25.7%，為自 2024 年第一季以來的最佳表現。如同新加坡一樣，「人才、產品與服務」這三大營運支柱支撐我們在澳門推動成長的策略。

We believe we will deliver growth over time in Macao as we implement specific strategies to improve both our products and our service levels. We have a goal of reaching $700 million in quarterly EBITDA and beyond over time as we fully implement our investment and operating strategies and as the Macao market continues to grow.

我們相信，隨著我們推行具體策略以提升產品與服務水準，澳門將在時間推移中實現成長。我們的目標是，隨著投資與營運策略全面落地，以及澳門市場持續成長，逐步達成單季 EBITDA 7 億美元並在此基礎上更進一步。

Today, the growth in the Macao market is primarily driven by the premium segment. The competition in that segment remains intense, and luxury suite product, coupled with outstanding service levels are critical to success. We have the suite product to effectively compete in the premium segment at both Londoner and Grand Suites at the Four Seasons.

目前澳門市場的成長主要由高端（premium）客群帶動。該客群的競爭仍然激烈，而豪華套房產品搭配卓越的服務水準，是成功的關鍵。我們在倫敦人以及四季酒店的 Grand Suites 均具備可有效競爭高端客群的套房產品。

We are singularly focused today on matching that suite of room product with the service levels at the most discerning and valuable customers and Macao increasingly demand. We are making progress. We have meaningfully increased our gaming revenues, gaming volumes and premium customer patronage since implementing the recent changes to our reinvestment programs. implementing meaningful improvements in the service pillar of our strategy in Macao will be critical to realizing additional growth and securing our long-term success. We believe we have outstanding opportunities for growth in every segment as we implement our strategies.

我們目前專注於把這套客房產品與最挑剔、最具價值的客戶（以及澳門市場日益）所要求的服務水準相匹配。我們正在取得進展。自我們近期調整再投資計畫以來，我們的博彩收入、博彩量以及高端客戶到訪均顯著提升。落實在澳門策略中「服務」支柱的實質改善，將是實現進一步成長並確保長期成功的關鍵。我們相信，隨著策略推進，我們在各個細分市場都擁有卓越的成長機會。

Accordingly, we will be making targeted investments in training and hiring of additional customer-focused team members throughout the portfolio. Creating and delivering unique and memorable hospitality experiences is the centerpiece of our strategy and improving service levels in Macao is critical to the achievement of our long-term financial and operating objectives. In addition, we plan to introduce refreshed and luxurious room and suite products throughout the portfolio as we further execute the pillar of our -- the product pillar of our strategy.

因此，我們將在整個資產組合中，針對性地投資於培訓並增聘更多以客戶為中心的團隊成員。打造並提供獨特且難忘的款待體驗是我們策略的核心，而提升澳門的服務水準對於達成我們長期的財務與營運目標至關重要。此外，隨著我們進一步落實策略中的——產品支柱，我們計畫在整個資產組合推出更新且更奢華的客房與套房產品。

We are focused on the highest return projects to increase cash flow over the next few years. We will begin with the Venetian where work is already in progress with refreshed room products beginning to come into service in the third quarter of 2026. Additional luxurious suite product and the total product refresh is targeted to be completed by the end of 2027.

我們聚焦於在未來幾年能帶來最高回報、提升現金流的專案。我們將從威尼斯人開始，目前相關工程已在進行中，更新後的客房產品預計自 2026 年第三季起陸續投入使用。更多奢華套房產品以及整體產品更新，目標在 2027 年底前完成。

The meaningful patron growth we have seen in the London and Grand Suites in the Four Seasons provides support for these investments. It's important to note that the work we envision will not create significant disruption throughout the portfolio. The scale of our portfolio will allow us to serve customers in other properties and elsewhere in each resort while work is in progress.

我們在倫敦人以及四季酒店 Grand Suites 所見到的顯著客源成長，為這些投資提供了支持。需要強調的是，我們所規劃的工程不會對整個資產組合造成重大干擾。我們資產組合的規模，將使我們在工程進行期間仍能在其他物業及各度假村的其他區域服務客戶。

Nothing we are doing, as we invest in the portfolio over the next several years will hinder our ability to use our scale advantages to outperform the nonpremium segment should spending in that segment accelerate in the future. We are confident in our strategy in Macao, and we look forward to updating you on our progress as we execute our plans.

在未來數年我們對資產組合進行投資的同時，我們所做的任何事情都不會妨礙我們運用規模優勢；若未來非高端（nonpremium）客群的支出加速，我們仍能在該細分市場跑贏同業。我們對澳門策略充滿信心，並期待在執行計畫的過程中向各位更新進展。

Let's move forward to provide some additional detail on our current quarter financial performance. Macao EBITDA was $633 million. If we had held as expected in our rolling program, our EBITDA would have been lower by $15 million. When adjusted for a higher-than-expected hold in the rolling segment, our EBITDA margin for the Macao portfolio of properties would have been 29.6% or down 200 basis points compared to the first quarter of 2025.

接下來我們將進一步說明本季的財務表現細節。澳門 EBITDA 為 6.33 億美元。若我們在轉碼（rolling）計畫中的贏率（hold）如預期表現，我們的 EBITDA 將會少 1,500 萬美元。在就轉碼分部高於預期的贏率進行調整後，我們澳門物業組合的 EBITDA 利潤率將為 29.6%，較 2025 年第一季下降 200 個基點。

Our principal focus in 2026 is to deliver revenue and cash flow growth across the portfolio. Our investments in improving service offerings will naturally increase expenses, which will continue to negatively impact margins as we implement our strategy.

我們在 2026 年的主要重點，是推動整個資產組合的營收與現金流成長。我們在提升服務供給方面的投資將自然增加費用，隨著我們落實策略，這將持續對利潤率造成負面影響。

We do expect margins to improve over time as we grow revenue in the lower end of the premium segment and in the nonpremium segment, where the scale of our hotel inventory gives us natural advantages as we improve our service levels and further refine our reinvestment strategies.

我們確實預期，隨著我們在高端細分市場的較低端以及非高端市場擴大營收，利潤率將隨時間改善；在這些市場中，隨著我們提升服務水準並進一步完善再投資策略，我們酒店庫存的規模將帶來天然優勢。

Margin for the quarter at the Venetian was 33.5%, while margin at the Londoner was 29.6%. We expect growth in EBITDA as revenues grow. We will use our scale and product advantages together with service level improvements and targeted incentives to effectively compete in every market segment.

本季威尼斯人（Venetian）的利潤率為33.5%，而倫敦人（Londoner）的利潤率為29.6%。我們預期隨著營收成長，EBITDA也將成長。我們將運用規模與產品優勢，結合服務水準提升與精準激勵措施，以在各個市場細分中有效競爭。

In Singapore, Marina Bay Sands EBITDA for the quarter was $788 million at a margin of 53%. If we had held as expected in our program, our EBITDA would have been higher by $6 million. The outstanding financial and operating results in MBS reflect the impact of high-quality investment in market-leading product, world-class service and the growth in high-value tourism.

在新加坡，濱海灣金沙（Marina Bay Sands）本季EBITDA為7.88億美元，利潤率為53%。若我們在計畫中如預期般維持，我們的EBITDA將再高出600萬美元。MBS卓越的財務與營運成果，反映了對市場領先產品、世界級服務以及高價值旅遊成長所進行的高品質投資之影響。

Turning to our program to return capital to shareholders. We repurchased $740 million of LVS stock during the quarter. We also paid our recurring quarterly dividend of $0.30 per share. We have now purchased 14.3% of the company's outstanding shares over the last 10 quarters, and we believe additional repurchases of LVS equity through our share repurchase program will be meaningfully accretive to the company and its shareholders over the long time.

接著談談我們向股東返還資本的計畫。本季我們回購了7.40億美元的LVS股票。我們也支付了每股0.30美元的例行季度股利。在過去10個季度中，我們已回購公司已發行在外股份的14.3%；我們相信，透過股份回購計畫進一步回購LVS股權，長期而言將對公司及其股東帶來顯著的增益（accretive）。

While we did not purchase any shares of SCL during the quarter, we do continue to see value in both the LVS and SCL names. The company's ownership of SCL remained at 74.8% as of March 31, 2026. We look forward to continuing to utilize the company's share repurchase program to increase returns to shareholders.

雖然本季我們未回購任何SCL股份，但我們仍持續看好LVS與SCL兩個標的的價值。截至2026年3月31日，公司對SCL的持股比例仍為74.8%。我們期待持續運用公司的股份回購計畫，以提高股東報酬。

Thanks again for joining the call today and for your interest in the company.

再次感謝各位今天參與電話會議，並關注本公司。

Now let's take some questions.

現在我們來回答一些問題。

Thank you, ladies and gentlemen. (Operator Instructions)

謝謝各位女士、先生。（接線員指示）

Dan Politzer, JPMorgan.

摩根大通（JPMorgan）的Dan Politzer。

Hey, good afternoon, everyone, and thanks for taking my questions. Singapore has gone from strength to strength to strength. I think you had $18 billion of rolling ships in the quarter. I mean I guess, how do you think about what's driving this?

嗨，各位下午好，謝謝讓我提問。新加坡的表現是愈來愈強、愈來愈強、愈來愈強。我想你們本季的轉碼量（rolling）有180億美元。我的意思是，你們怎麼看是什麼在驅動這些表現？

I mean, it's just kind of the astronomical levels here? And to what extent are you seeing any benefit from some of the things kind of evolving the geopolitical landscape that may be hitting other regions and possibly benefiting Singapore?

我是說，這裡的水準簡直高得驚人？另外，在某些地緣政治局勢演變、可能衝擊其他地區並可能讓新加坡受益的情況下，你們在多大程度上看到任何好處？

So there's a couple of things about the Marina Bay Sands growth story, which is really a story about investment. The more we invest in high-quality assets, better service levels we have the more we're going to differentiate the product that we have and the more high-value visitation we're going to get.

所以，濱海灣金沙的成長故事有幾個面向，而這其實是一個關於投資的故事。我們對高品質資產投資越多、服務水準越好，就越能讓我們的產品差異化，也就能吸引更多高價值的到訪人次。

Look, I think the VIP segment is just a very competitive segment across Asia. The fact that we're able to see success here with these very high-value patrons is really just an example of the execution there at the property. I will tell you that our main driver of profitability at Marina Bay Sands is mass winning slots. VIP is a very volatile segment. And it could be concentrated at times.

你看，我認為VIP細分市場在全亞洲都是競爭非常激烈的市場。我們能在這裡、面對這些高價值客戶取得成功，基本上就是物業端執行力的體現。我可以告訴你，濱海灣金沙獲利的主要驅動因素是大眾市場的吃角子老虎機贏額（mass winning slots）。VIP是一個波動性很高的細分市場。而且有時可能會高度集中。

It's high-value customers, and they can vary from quarter-to-quarter. What I will tell you is that with the introduction of IR2, we will have more product to address this market and scale with it. But the one thing to note is that we had an outstanding quarter. Team did a phenomenal job, but these quarters can be highly concentrated and can vary.

這些都是高價值客戶，他們可能會在不同季度之間有所變化。我可以告訴你的是，隨著IR2的導入，我們將有更多產品來服務這個市場並隨之擴大規模。但需要注意的一點是，我們本季表現非常出色。團隊做得非常好，但這類季度可能高度集中，也可能出現波動。

Thanks. And then just turning to Macao. You mentioned the goal to get back to that $700 million in quarterly EBITDA level. Obviously, it's going to require a little bit more investment. But I mean in terms of the market growth that you have to get there, I mean, how -- at what level do you have to see the overall market or mass grow? Or is that something you can kind of get to or achieve independent of the market really accelerating here?

謝謝。接著談談澳門。你提到目標是回到單季EBITDA 7億美元的水準。顯然這需要多一些投資。但就你們要達到那個目標所需的市場成長而言，整體市場或大眾市場（mass）需要成長到什麼程度？或者說，即使市場沒有在這裡明顯加速，你們也能在某種程度上獨立於市場而達成或實現？

Look, I think we're heading in the right direction in Macao. I think you see the growth this quarter, and you see that our focus on service and improving our product. We have some work to do there across the portfolio, as we mentioned, is starting to show some progress.

你看，我認為我們在澳門正朝著正確方向前進。你可以看到本季的成長，也看到我們在服務與產品改善上的聚焦。如同我們提到的，我們在整個資產組合上仍有一些工作要做，但已開始顯現一些進展。

And so in our mind, that's a milestone that's achievable. Obviously, it's going to require some growth in the overall market. But more importantly, it's going to require us to continue on the execution of hospitality and service that we're showing. Brad, do you have anything else to add?

因此在我們看來，那是一個可達成的里程碑。當然，這需要整體市場有一定成長。但更重要的是，需要我們持續落實並執行我們正在展現的款待與服務。Brad，你還有什麼要補充的嗎？

First of all, the market continues to grow. We had 14% growth year-on-year this quarter. And it's notable that we achieved significant revenue outperformance against each segment. So we gained share in every single segment, both on a year-on-year basis as well as sequentially. So we achieved the EBITDA growth as well as sequential margin improvement at the same time as we optimize our reinvestment levels.

首先，市場仍在持續成長。本季我們年增14%。值得注意的是，我們在各個細分市場都達成了顯著的營收超越表現。因此我們在每一個細分市場都提升了市占率，無論是年對年或是季對季。所以，在我們優化再投資水準的同時，也同時達成了EBITDA成長以及季對季利潤率改善。

Thank you. Brandt Montour, Barclays.

謝謝。巴克萊（Barclays）的Brandt Montour。

Hi, everybody. Thanks for taking my questions. So over in Singapore, you have a slide that you show us the theoretical rolling hold.

大家好。謝謝讓我提問。關於新加坡，你們有一張投影片向我們展示理論轉碼持有率（theoretical rolling hold）。

And I know that, that's just sort of a pure statistical output from betting mix. But you kind of do show it kind of curling over and sort of reverting back lower. I just want to make sure, like do you -- are you guys seeing a change in betting behavior or any type of reversion away from side bets or the sort of long bets that you've talked about?

我知道那只是根據下注組合得出的純統計結果。但你們確實把它畫得像是往下彎、並回歸到較低水準。我只是想確認一下：你們是否看到下注行為出現變化，或是你們之前談到的側注（side bets）或較長期下注（long bets）有任何回歸、減少的情況？

Yeah. I appreciate the question. The VIP business is very volatile and there's an interesting occurrence in the way patrons play now, which is some customers who are high-end VIP customers on rolling programs play traditional bets, and they bet in a much more traditional conservative way.

是的。謝謝你的問題。VIP業務波動性很高，而現在客人玩法上有一個有趣的現象：有些參與轉碼計畫的高端VIP客戶會採用傳統下注方式，並以更傳統、更保守的方式下注。

And then we have other patrons who really enjoy the volatility and side bets that we present. And so when you have like on Page 12, if you look at the third quarter of '25, where we hit the peak of $4.2 billion with $9.1 billion in rolling volume, we had patrons in the building who really love those side bets.

接著我們還有其他賓客，確實很享受我們提供的波動性與各種側注。因此就像第12頁所示，如果你看25年第三季，我們在滾動量達到91億美元時，理論贏額峰值達到42億美元，當時場內就有一些賓客非常喜歡那些側注。

And so it drove the theoretical hire. In the case of this quarter with $18 billion of rolling volume, it was a barbell. We had people in the building who were getting the traditional bets in a very conservative manner and rolling a lot of volume. And then on the other side, we had some people who were really playing the side bets.

所以這推升了理論贏額。以本季為例，滾動量為180億美元，呈現「槓鈴型」分布。我們有一些賓客以非常保守的方式進行傳統投注，帶來了大量的投注量。而在另一端，也有一些人真的在玩側注。

And so the way we got to 3.6% was a more traditional VIP hold mixed with people who are taking advantage of the side bets and having a more, let's call it, modern approach to the game. And so what you ended up was this 3.6%. But it was not like an average of play. It really was a barbell.

因此我們之所以達到3.6%，是因為較傳統的VIP持有率，混合了利用側注、以更「現代」方式玩這個遊戲的人。所以最後呈現出3.6%。但這並不是一種平均型的玩法。它確實是「槓鈴型」。

Okay. That's really helpful, thanks for that. And then a second question would be on Macao. The base mass is not where most of the growth appears to be coming in the broader industry right now.

好的。這非常有幫助，謝謝你的說明。第二個問題是關於澳門。在目前整體產業中，基礎大眾市場似乎不是大部分成長的來源。

And I'm just curious if you guys are starting to see any green shoots in that customer just given we've seen a little bit of better stock market and maybe some other green shoots in the macro, but just anything that you guys check or watching from what you -- sort of KPIs and things that you watch on the macro level that gives you any sort of confidence or incremental confidence in that segment.

我只是好奇，考量到我們看到股市稍微好一些、宏觀面也可能出現一些回溫跡象，你們是否開始在這類客群上看到任何「綠芽」？另外，從你們在宏觀層面所檢視或追蹤的KPI等指標來看，有沒有任何讓你們對該分眾更有信心、或增加一些信心的訊號？

Thanks for the question. The market growth is driven by premium segments, both in rolling and non-rolling segments, but we can point to a couple of indicators to show that the base asset and the mass growth is actually solid. If you look at not so much the base mass tables, but the slot and ETG segment, we are seeing strong growth as a whole in the market and Sands China outperformed the market in that segment by a significant margin this quarter.

謝謝提問。市場成長主要由高端分眾帶動，包含滾動與非滾動分眾；但我們可以指出幾個指標，顯示基礎客群與大眾市場的成長其實相當穩健。如果你看的不是基礎大眾的賭桌，而是角子機與ETG分眾，我們看到整體市場在該分眾呈現強勁成長，而本季金沙中國在該分眾的表現也大幅優於市場。

So our slot in ETG segment grew by 31% year-on-year and 10% sequentially, especially driven by our more mass orientated properties in Parisian and Sands, where you can see the slightly ETG number has grown tremendously.

因此，我們的角子機與ETG分眾年增31%、季增10%，主要由更偏大眾導向的巴黎人與金沙等物業帶動；你可以看到ETG的數字成長非常顯著。

The second indicator is our retail business. We actually hit a quarterly all-time high in tenant sales in this first quarter, which is an exceptional performance. Our tenant sales grew by 37%. Yes, it was driven by the jewelry and watch sector but the spending was very broad across all of our malls. And we also saw significant growth in the fashion segment as well.

第二個指標是我們的零售業務。我們在第一季的租戶銷售額創下單季歷史新高，表現非常出色。我們的租戶銷售額成長了37%。是的，主要由珠寶與腕錶類別帶動，但消費其實廣泛分布在我們所有商場。我們也看到時尚品類同樣有顯著成長。

So from the slot segment, from the retail mall, you can see that consumption is solid. But clearly, for the GGR, the premium segment is still driving the majority of the growth.

因此，從角子機分眾、從零售商場來看，你可以看到消費力道是穩健的。但很明顯，就GGR而言，高端分眾仍在帶動大部分的成長。

Robin Farley, UBS.

Robin Farley，瑞銀。

Great, thanks. Just circling back, Patrick, you were making comments about Singapore, and you talked about both VIP and mass. And then you said something like IR2 will give us more product to address that.

很好，謝謝。我想回到剛才的話題，Patrick，你在談新加坡時提到VIP與大眾市場。然後你說類似「IR2會給我們更多產品來因應」之類的話。

Did you -- were you suggesting that IR2 will be focusing on one or the other of those markets? Or did you just mean that broadly product to address the Singapore market? Sorry, I just want a clarification on that. And then I do have a follow-up. Thanks.

你是在暗示IR2會更聚焦其中一個市場嗎？還是你只是指更廣義地提供產品來服務新加坡市場？抱歉，我只是想釐清一下。然後我還有一個追問。謝謝。

Yeah, no problem. Thanks for asking a follow-up on IR2. In our mind, this will be the most luxurious and most highly amenity hotel in the world. And our intention is to set a new standard for luxury hospitality, which will naturally attract very high-end patrons, some of whom are gaming patrons on rolling programs.

好的，沒問題。謝謝你追問IR2。在我們的構想中，這將會是全球最奢華、配套設施最頂級的飯店。我們的目標是為奢華款待樹立新標準，這將自然吸引非常高端的賓客，其中一部分也會是參與滾動計畫的博彩賓客。

And so my comments around the volatility and concentrated nature of the VIP play that we see in Marina Bay Sands, in our mind, can be smooth a little bit by having more inventory to bring in more of these very high-value patrons.

因此，我先前提到我們在濱海灣金沙看到的VIP玩法之波動性與集中度，在我們看來，透過增加更多庫存（容量）以引入更多這些高價值賓客，可以在一定程度上讓波動更平滑。

And so while IR2 will not be focused solely on VIP patrons, it's really going to be for all the high value tourists that we have coming into our building. But it's really going to set a new standard and those types of customers tend to gravitate to those types of hospitality and amenity environment.

因此，雖然IR2不會只聚焦VIP賓客，但它確實會面向所有進入我們物業的高價值旅客。不過它將樹立新的標準，而這類客戶往往會被這種款待與配套環境所吸引。

It will also have an unbelievable entertainment component, which we believe will also appeal to the highest value tourists that we have -- high-value patrons we have coming into the building. So we hope that, that gives us additional inventory and strength at the highest levels of patron rating.

它也將擁有令人難以置信的娛樂內容，我們相信這同樣會吸引進入我們物業的最高價值旅客——也就是高價值賓客。因此我們希望，這能在最高等級的賓客評級上，為我們帶來額外的庫存與更強的實力。

Great. Helpful. And just a follow-up on Singapore in general. I don't know if you have any thoughts about how we should think about the two properties and what combined EBITDA might look like or incremental EBITDA from IR2? Any sort of -- I know it's early big picture.

很好。很有幫助。再追問一個關於新加坡整體的問題。我不確定你是否有任何看法：我們應該如何看待兩個物業，以及合併後的EBITDA可能會是什麼樣子，或IR2帶來的增量EBITDA？任何方向性的想法——我知道現在還很早、只能從大方向來看。

Thanks.

謝謝。

I think for us, we're really looking to get our targeted return on invested capital across the total investment. So we've always said that we kind of target a 20% return. So that's kind of where we're trying to get to. And if you look at the productivity that we're seeing out of our highest end products within Marina Bay Sands, that we believe that this is achievable. And that's why we're investing in the project.

我想對我們而言，我們主要是希望在整體投資上達到目標的投入資本報酬率。所以我們一直說，我們大致以20%的報酬率為目標。這就是我們努力要達到的水準。如果你看我們在濱海灣金沙最高端產品所展現的生產力，我們相信這是可以達成的。這也是我們投資這個專案的原因。

The market is very unique. The tourists that are coming into the market, the structural tailwinds that are supporting growth in Singapore. The value of the single port has demonstrated a the tourism destination, the fact that we're going to have an arena now that we control that will have some of the best presentation technology in the world.

這個市場非常獨特。進入市場的旅客結構、以及支撐新加坡成長的結構性順風因素。單一口岸作為旅遊目的地的價值已被證明；再加上我們即將擁有並掌控的一座體育館，將配備全球最頂尖的呈現技術之一。

We're very excited about the opportunity there. So we think it will enhance not only the experience you would have at IR2 but the type of guests we have coming across the portfolio because what it will bring in terms of additional amenities. So for us, we're looking at a total project return in excess of the 20% we talked about.

我們對那裡的機會感到非常興奮。因此我們認為，它不僅會提升你在IR2的體驗，也會因為新增的配套設施，而提升整個產品組合的來客型態與品質。所以對我們而言，我們看的是整體專案報酬率要高於我們所談到的20%。

Stephen Grambling, Morgan Stanley.

Stephen Grambling，摩根士丹利。

Hi, thank you. And this is maybe digging into some of the questions on Marina Bay Sands. Can you maybe just talk about how the customer concentration may have evolved over time? Are you actually getting more customers?

嗨，謝謝。這可能是在深入探討一些關於濱海灣金沙的問題。你能否談談客戶集中度隨時間可能如何演變？你們實際上是否正在獲得更多客戶？

And is the comment about having being able to attract the highest end customer, meaning that you're hitting some kind of threshold where you just don't have enough space for some of these customers? Or is it just that you're getting more play out of individual and you haven't seen any kind of upper bound on that?

另外，關於能夠吸引最高端客戶的評論，是否意味著你們已經碰到某種門檻，也就是對某些客戶而言空間不夠？還是只是單一客戶的投注/遊戲量增加，而你們尚未看到任何上限？

Thank you.

謝謝。

We went from 132 suites to 770, and we need more capacity. And so we're -- we wish we're going to IR2 tomorrow. I think for us, the result -- there was a sea change in a way that we presented our products there. You hear us talk about the quality of the design, our design excellence initiatives and our design team had done outstanding work. The service levels there extraordinary.

我們從132間套房增加到770間，而且我們需要更多容量。所以我們——我們希望明天就能去做IR2。我認為對我們而言，成果——在我們呈現產品的方式上出現了某種巨大的轉變。你們聽到我們談到設計品質、我們的設計卓越計畫，而我們的設計團隊做了非常出色的工作。那裡的服務水準非常卓越。

Our hospitality team has really stepped up. Our culinary efforts have really improved over time. Our nightlife is really accelerating. And so with the strength in our retail business there, we really have so many amenities that just drive the highest value tourists from the region to Singapore and to our property. And we are able to use a lot more capacity when it becomes available.

我們的酒店款待團隊確實更上一層樓。我們的餐飲努力也隨時間大幅改善。我們的夜生活業務正在加速成長。再加上我們在當地零售業務的強勁表現，我們確實擁有許多設施配套，能把區域內最高價值的旅客帶到新加坡、帶到我們的物業。而當更多容量可用時，我們也能運用更多的承載量。

And so I think for us, we're looking at IR2 as a way to really increase the high-end suites that we have, add amenities across the portfolio that we don't have today in terms of entertainment, additional ballrooms, additional culinary, additional science to be seen. And so for us, this is something that we hope will have a multiplier effect on what we have on offer there, and we need more capacity.

因此我認為，對我們來說，我們把IR2視為一種方式：真正增加我們的高端套房數量，並在整個組合中新增我們目前沒有的設施配套，包括娛樂、更多宴會廳、更多餐飲，以及更多可看可體驗的內容。所以對我們而言，我們希望這能對我們在當地的供給產生乘數效應，而我們也確實需要更多容量。

And yes, where we made the change, we started bringing in much higher value tourists into Singapore and to our building, but there's more of them. And so for us, we're looking forward to the opportunity to grow to take advantage of what we see as the market opportunity.

是的，在我們做出改變之後，我們開始把價值更高的旅客帶進新加坡、帶到我們的大樓，但這些旅客的人數也更多。因此我們很期待有機會成長，把握我們所看到的市場機會。

That's helpful. And maybe one follow-up, but just on Macao. I think you mentioned some of the investments going on there. Can you just remind us of some of the timing of some of the renovations and work that you're doing and how you're thinking about where to invest based on what you're seeing in the market now?

這很有幫助。再追問一個問題，關於澳門。我想你提到了一些正在進行的投資。你能否提醒我們一些翻新與工程的時間安排，以及你們如何根據目前市場看到的情況來思考投資方向？

So a couple of things I'll highlight, and then I'll turn it over to Grant. I think for us, we have a very strong fundamental view for the long-term success of Macao. And our company has been built from Sheldon's original vision that investment and scale creates a competitive advantage.

我先強調幾點，然後把問題交給Grant。我認為對我們而言，我們對澳門長期成功的基本面有非常強的看法。而我們公司是建立在Sheldon最初的願景之上：投資與規模能創造競爭優勢。

And what you see in Macao today is even though the market is hypercompetitive in certain segments that we continue to perform in those segments with high-quality product and the right service levels and the right marketing. And so for us, we're going to look to invest in our portfolio. So we do have scale. We do have rooms. We do have amenities. We do have retail.

你在今天的澳門所看到的是，即使市場在某些細分領域競爭極為激烈，我們仍能憑藉高品質產品、適當的服務水準與正確的行銷，在那些領域持續表現。因此對我們而言，我們會尋求在我們的資產組合上投資。我們有規模。我們有客房。我們有設施配套。我們有零售。

We do have entertainment, to invest in a way that will give us the maximum opportunity to take advantage of what we see as growth in segments that we're getting the benefit of today. And so I think the next couple of years, you'll see us invest in certain areas that we think we've underinvested in over the last 5 years and an attempt to reposition some of our assets to better address the market today and make us more competitive.

我們也有娛樂，並將以能帶來最大機會的方式來投資，以把握我們所看到、且我們今天已在受益的那些成長細分領域。因此我認為在接下來幾年，你會看到我們在某些領域加大投資；我們認為過去5年在這些領域投資不足，並嘗試重新定位部分資產，以更好地因應當前市場、提升競爭力。

Grant, would you like to add anything?

Grant，你要補充嗎？

Sure. We can see exceptional results from our new product throughout the last three to four quarters. So part of our market share gain is a function not just of our reinvestment strategies but also the ramp-up of Londoner Grand. So you can see that very clearly in our results. And of course, for seasons with the Grand Suites product is also very competitive.

當然。在過去三到四個季度，我們的新產品帶來了非常出色的成果。因此，我們的市占率提升不僅來自再投資策略，也來自Londoner Grand的爬坡成長。你可以在我們的業績中非常清楚地看到這一點。當然，四季酒店的Grand Suites產品也非常具有競爭力。

Looking forward, we have said, I think, in Patrick's opening remarks, we're starting the renovation of the Venetian. This is our flagship property and we are very excited by the upcoming transformation of the Venetian.

展望未來，我想我們已在Patrick的開場致詞中提到，我們正開始對威尼斯人進行翻新。這是我們的旗艦物業，我們對即將到來的威尼斯人轉型感到非常興奮。

This will deliver new inventory progressively starting in the second half of this year, the standard suites will start coming back and then progressively work our way towards the high-end suites and the villas into 2027, and then the entire project should finish by the end of '27 or early 2028.

這將自今年下半年起逐步釋出新的房間庫存；標準套房會先開始回歸，之後再逐步推進到高端套房與別墅，延續到2027年；整個專案應在2027年底或2028年初完成。

Thank you. Lizzie Dove, Goldman Sachs.

謝謝。Lizzie Dove，高盛。

Hi, thanks for taking the question. So it looks like the buyback stepped up a little bit this quarter. I'm just curious, especially as you see this continued inflection of Singapore EBITDA going from strength to strength. Is this an appropriate kind of quarterly run rate? Or how do you think about capital returns more broadly longer term?

嗨，謝謝讓我提問。看起來這一季的回購力度稍微加大了一些。我只是好奇，特別是當你看到新加坡EBITDA持續出現由強轉更強的拐點。這是否是一個合適的季度運行水準？或者從更長期、更廣泛的角度，你們如何看待資本回饋？

So I think we said for a long time, we see significant value both LVS and SCL equity. And we're going to continue repurchasing shares. We thought this quarter represented a significant opportunity where levels were. So we were a little more aggressive than maybe you've seen in prior quarters. But our goal is to continue to repurchase shares in a meaningful way.

我想我們長期以來一直說，我們認為LVS與SCL的股權都具有顯著價值。我們會持續回購股份。我們認為本季在當時的價格水準下是一個很好的機會。因此我們比你在前幾季看到的可能更積極一些。但我們的目標是持續以有意義的方式回購股份。

We think it's an important part of our return of capital strategy, and it's something that really creates long-term value for our shareholders over time. So you see the share count reduction over the last couple of years. It's very meaningful, and we're going to continue to look at that direction as we think about return on capital.

我們認為這是資本回饋策略的重要一環，並且會隨時間為股東創造長期價值。因此你會看到過去幾年股數的下降。這非常有意義，而在思考資本回報時，我們也會持續朝這個方向評估。

Got it. Thanks. And then just as we think about Macao, for the rest of the year, we're only a couple of months away from comp starting to get a little bit tougher. Obviously, you're making progress on the margin side with that sequential uptick. But just how do you think about your ability to kind of keep improving on that, especially as the comps get a little tougher going forward?

了解。謝謝。接著回到澳門，展望今年剩餘時間，我們距離比較基期開始變得更具挑戰性只剩幾個月。顯然你們在利潤率方面隨著環比上升正在取得進展。但你們如何看待在未來比較基期更嚴峻的情況下，仍能持續改善的能力？

Thanks for the question. First of all, the revenue growth is an important factor. Over time, we expect higher revenues will drive margin improvement. Outside of that, we are investing heavily, as Patrick referenced, in improving our service offerings across our operating capacity, across our sales force, distribution and also, importantly, into our hospitality and gaming service levels.

感謝提問。首先，營收成長是一個重要因素。隨著時間推移，我們預期更高的營收將帶動利潤率改善。除此之外，如 Patrick 所提到的，我們正大力投資，以提升我們在營運產能、銷售團隊、通路，以及同樣重要的餐旅與博彩服務水準等方面的服務內容。

So those initiatives do -- are having an impact on the cost structure and will continue to impact the margin in the near term. At the same time, we are driving revenue growth. We're achieving revenue share gains and over time, we intend to grow margin as the revenue levels continue to increase.

因此，這些措施確實——正在對成本結構產生影響，並將在短期內持續影響利潤率。同時，我們也在推動營收成長。我們正在取得營收分成的市占提升，並且隨著營收水準持續提高，長期而言我們打算提升利潤率。

In terms of the reinvestment levels, we have been able to spend less on reinvestment relative to revenue on a sequential basis. We see at least in our strategy and our ability to optimize stabilization in the reinvestment levels.

就再投資水準而言，我們已能在連續季度的基礎上，將再投資支出相對於營收的比重降低。至少就我們的策略與優化能力來看，我們看到再投資水準有望趨於穩定。

The market continues to be very competitive. So we have to continue to monitor the dynamics very carefully. But for this quarter, we were able to achieve both revenue growth and sequential stabilization and improvement in our reinvestment strategy.

市場仍然非常競爭。因此我們必須持續非常謹慎地監控各項動態。但就本季而言，我們同時達成了營收成長，以及在再投資策略上的連續季度穩定與改善。

Thank you. Chad Beynon, Macquarie.

謝謝。Chad Beynon，麥格理。

Hi, good afternoon. Thanks for taking my question. Two questions on Macao. One, I just wanted to ask about how the entertainment calendar looks maybe through the rest of the year at Cotai Arena and then at some of the smaller venues?

嗨，下午好。謝謝讓我提問。有兩個關於澳門的問題。第一個，我想請教一下，金光綜藝館（Cotai Arena）以及一些較小場館在今年剩餘時間的娛樂演出檔期大概會是什麼樣子？

And then my second question is more around just the sentiment with the base mass customer, really good growth in the first quarter, as we've talked about a couple of times and particular growth in the Chinese stock market and just overall what we're able to see kind of consumer sentiment indicators. But are you getting any different sense from your customers since the tensions in the Middle East has started? Or do you think most of the base mass customer.

第二個問題比較是關於大眾客群的情緒：第一季成長非常好，我們也談過幾次，尤其是中國股市的上漲，以及我們能觀察到的整體消費者情緒指標。但自從中東緊張局勢開始以來，你們是否從客戶那邊感受到任何不同？或者你認為大眾客群大多……

Hey, Chad, you've got a lot going on there. Answer all these questions. You don't have to ask like 9 questions in one. Let's just regiment little segments and we'll get some of all, I promise.

嘿，Chad，你這裡面涵蓋的事情很多。要把這些問題都回答完。你不用一次問像 9 個問題。我們把它分成小段來問，我保證會盡量都回答到。

First on the entertainment calendar, and I'll stop there.

先談娛樂檔期，我先停在這裡。

I just want to say, first off, I appreciate all the questions. One thing about the entertainment calendar. We've been investing in entertainment assets for years in Macao, and we feel that entertainment is a great way to drive inbound tourism into Macao from both China and actually from the surrounding region.

我想先說，我很感謝所有的提問。關於娛樂檔期這件事。我們多年來一直在澳門投資娛樂資產，我們認為娛樂是推動中國、以及其實周邊地區旅客入境澳門旅遊的一個很好的方式。

And we're very happy to have some uptick in tourism from outside of Macao coming in. And we think over time, entertainment is an important component of that. We also feel like entertainment is a great way to show off the quality of our assets and the quality of the experiences that you can have at our portfolio of properties.

我們也很高興看到來自澳門以外地區的旅遊人次有所回升。我們認為長期來看，娛樂是其中一個重要組成。我們也覺得，娛樂是展示我們資產品質，以及在我們物業組合中可享有體驗品質的一個很好的方式。

And so we've been really focused on not only investing in our entertainment assets. So you saw our renovation of the arena that allowed us to have the NBA games. But also other things that we're doing around the portfolio to enhance the customer experience with our entertainment assets, including programming.

因此我們一直非常專注於不僅投資我們的娛樂資產。例如你們看到我們翻新了場館，使我們能夠舉辦 NBA 比賽。同時，我們也在整個物業組合周邊做其他事情，透過娛樂資產（包括節目編排）來提升客戶體驗。

So I did want to address that just in terms of the physical asset side. And now I'd ask Grant to comment on the calendar.

所以我確實想先就實體資產面向回應一下。接下來我請 Grant 來評論檔期安排。

The calendar was strong in first quarter for us, which at our performance. We did 11 to 12 shows during the quarter. If you look at the pacing of the calendar, like Patrick said, we will continue to use entertainment content as a driver for the resort visitation.

第一季對我們來說檔期很強，這也反映在我們的表現上。我們在本季做了 11 到 12 場演出。如果你看檔期的節奏，如 Patrick 所說，我們會持續把娛樂內容作為帶動度假村到訪的驅動因素。

And it helps us across every segment of the patron value chain. We do see that the big tour acts have slowed down in the Asian tour stops this year versus the prior immediate 2 years. However, we have the ability to bring content of different size, different spectatorship because we have access to both the Venetian Arena, which is the bigger arena as well as the midsized London Arena.

而且它能在顧客價值鏈的每一個環節都幫到我們。我們確實看到，今年大型巡演在亞洲各站的安排，相較於前兩年有所放緩。不過，我們能引進不同規模、不同觀眾量級的內容，因為我們同時可使用較大型的威尼斯人綜藝館（Venetian Arena），以及中型的倫敦人綜藝館（London Arena）。

So we're able to bring a more diverse range of ag and content because we do have the scale on the performance venues, which is an attraction for different artists and promoters because being able to access high-quality venues at different times of the year is not always easy.

因此，我們能帶來更多元的演出與內容，因為我們在表演場館上具備規模優勢；這對不同藝人與主辦方很有吸引力，因為要在一年不同時間取得高品質場館的檔期並不總是容易。

So we do have an advantage in a number of acts and artists in the region where we can offer them best-in-class and different range of performance venues all the way from the Venetian arena to London arena and then also to our performance theatres.

所以在區域內的許多演出與藝人方面，我們確實具備優勢：我們能提供同級最佳、且不同規格的表演場地，從威尼斯人綜藝館到倫敦人綜藝館，另外還有我們的表演劇院。

And in regards to the mass gaming, I think you've seen 30% growth year-over-year in the overall market. I think for us, that just speaks to the attractiveness of the assets on the market, liquidity, accessibility and just the overall growth in demand, which I think has been super helpful for us.

至於大眾博彩，我想你已經看到整體市場年增 30%。對我們而言，這反映了市場資產的吸引力、流動性、可達性，以及整體需求的成長，而我認為這對我們非常有幫助。

Grant, I don't know if there's anything else you want to bring up on or to mass.

Grant，我不知道你在大眾市場方面還有沒有什麼要補充的？

I think that is it.

我想就這些。

Okay. And then you were going to ask us about Middle East disruption? Was that your next one?

好的。然後你想問我們中東局勢干擾的問題？那是你下一個問題嗎？

Yeah. Just we think that the Chinese customer can power through in the same way that we're seeing a US customer, given where oil prices are and how that all factors into sentiment.

對。我們認為中國客戶是否也能像我們看到的美國客戶一樣撐得住，考量到油價水準以及這些因素如何影響情緒。

The way to think about this is the number of options available to the outbound Chinese visitor. If you look at the options available today versus 3 months ago, 6 months ago. The reality is destinations that are closer to home are going to gain share in general as a result of the current environment for all sorts of reasons that you're familiar with.

思考這件事的方式，是看中國出境旅客可選擇的目的地數量。如果你比較今天與 3 個月前、6 個月前的選項。現實是，基於你熟悉的各種原因，在目前環境下，離家更近的目的地通常會提升市占。

So the net effect from a demand standpoint, is, I think, a positive one for both Macao and Singapore because these destinations are going to be more desirable and not preferred during the current geopolitical and also the cost of air travel, all of those factors put together in this environment right now, the short-haul destinations, especially ones of this appeal in Macao and Singapore are going to be more popular with the Chinese market.

因此，從需求角度來看，淨效應我認為對澳門與新加坡都是正面的，因為在當前地緣政治情勢，以及航空旅行成本等因素共同作用下，這些目的地會更具吸引力、也更受偏好；在目前這個環境中，短程目的地——尤其是像澳門與新加坡這種具吸引力的——會在中國市場更受歡迎。

Thank you.

謝謝。

George Choi, Citigroup.

George Choi，花旗集團。

Thank you very much for taking that question. Just a quick one from me. Based on the numbers that you are seeing right now, how do you compare the popularity of best amongst your Macao players versus Singapore? And will you guys to use more new cyber options in Macao.

非常感謝您提出這個問題。我這邊只有一個簡短的問題。根據您目前看到的數據，您如何比較「最佳」在澳門玩家之間相較於新加坡的受歡迎程度？另外，你們是否會在澳門採用更多新的線上選項。

Thank you very much.

非常感謝。

You are normally -- the first one to notice on new sites. We have introduced some new Siege options in Macao over the past week. In terms of your question about popularity, it remains true that the take-up of side bet, especially as a percentage of total wages is much higher still in Marina Bay Sands than in Macao.

你通常是——第一個注意到新場地的人。我們在過去一週於澳門推出了一些新的 Siege 選項。就你關於受歡迎程度的問題而言，情況仍然是：側注的採用率，特別是以總投注額的百分比來看，在濱海灣金沙仍然遠高於澳門。

That said, the take-up of side wages in Macao is increasing the propensity to wager on these side wages we do see a progressive trend upwards. And I think the introduction of these side bet that we'll be implementing now and in the next few months, will further enhance that propensity.

話雖如此，澳門的側注投注採用率正在上升；我們確實看到在這些側注投注上的下注傾向呈現逐步上升的趨勢。我認為，我們現在以及未來幾個月將導入的這些側注，將進一步提升這種傾向。

Thank you. Joe Stauff, SFG.

謝謝。Joe Stauff，SFG。

For MBS, I wanted to follow up maybe on the rolling chip volume, just an absolutely huge number in the quarter. I'm wondering the volatility associated with this, is it visitations and what those visitations will do in terms of volume?

關於 MBS，我想追問一下滾動碼量，這一季的數字真的非常龐大。我想了解與此相關的波動性，是不是取決於來訪人次，以及這些來訪人次對碼量會造成什麼影響？

What is easier for you to program I guess, between the two? And was there a particular -- and the follow-up is, was there a particular reason maybe in the first quarter that drove higher visitation from this clientele versus, say, other quarters?

我想問，兩者之間哪一個比較容易讓你們做規劃？另外追問一下，第一季是否有某個特定原因，帶動這類客群的來訪高於例如其他季度？

So the VIP segment is volatile. It can be concentrated and it depends on who shows up when. And so it is about visitation and it's about bringing the highest value patrons we have who want to be on a rolling program into the building.

VIP 區隔本來就具有波動性。它可能會高度集中，取決於誰在什麼時候出現。所以這確實與來訪有關，也與把我們最高價值、希望參與滾動計畫的貴賓帶進場館有關。

And so the great news is we have long-standing relationships with historical customers. We have new customers coming into the building, and they love our service, they love the hotel suites they get, they love the food, entertainment, they love going to the retail.

好消息是，我們與歷史客戶有長期的關係。也有新客戶走進場館，他們喜歡我們的服務、喜歡他們入住的酒店套房、喜歡餐飲與娛樂，也喜歡逛零售。

So it's really a total experience proposition and then they show up and they play. And so for us, it's about having the right amenities to satisfy these very discerning customers and just getting them into the building.

所以這其實是一個「整體體驗」的價值主張，然後他們就會來、也會玩。對我們而言，重點在於具備合適的設施配套來滿足這些非常挑剔的客戶，並且把他們帶進場館。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行。

Hey, guys. Thanks for the question. I guess just one on CapEx. The maintenance CapEx and the SCL level CapEx in the slide deck moved up for the next couple of years. Is that maybe just one, you guys are doing so well.

各位好。謝謝讓我提問。我想問一個關於資本支出（CapEx）的问题。簡報中的維護性 CapEx 以及 SCL 層級的 CapEx，在未來幾年都有上調。這是否只是因為第一，你們表現很好。

So why not kind of reinvest a little more aggressively? And then two, is it a pull-forward concession. Just curious on those two numbers. Or is it also some of the things you guys referenced around like Venetian rehab?

所以不如更積極地再投資一些？第二，這是否是把原本之後要做的支出提前？想請教這兩個數字背後的原因。或者也包含你們提到的像是威尼斯人翻新（rehab）之類的項目？

So one of the industry grades a long time ago said that depreciation is real in our business. And we have to spend money to maintain our positioning and to grow. And so we are doing a full portfolio review to make sure that we're deploying capital in the most efficient way and the highest return projects to generate cash flow growth. And so this increase in CapEx is based on -- our expectation is that if we invest more, we will grow more.

很久以前有位業界人士說過，在我們這個行業，折舊是真實存在的。我們必須花錢來維持我們的定位並推動成長。因此我們正在進行全面的資產組合檢視，以確保我們以最有效率的方式配置資本，投向回報最高、能帶來現金流成長的專案。所以這次 CapEx 的增加是基於——我們的預期是：如果我們投資更多，我們就會成長更多。

Perfect. And one other question. The promotional activity in Macao looks like it ticked down a little bit sequentially. Could we kind of assume that -- you guys really ramped in Q4. It's higher year-over-year again in Q1, but it's getting better.

了解。另外一個問題。澳門的促銷活動看起來按季略有下降。我們是否可以這樣理解——你們在第四季大幅拉升。第一季年增仍然較高，但情況正在改善。

As we look forward is just kind of the stickiness you guys are seeing from early promotional activity, demanding less of it as we go forward. And should that be one of the factors that's helping out this drive towards that 700 number?

展望未來，是否可以說你們從早期促銷活動中看到的黏著度提升，因此往後對促銷的需求會降低一些？而這是否會是推動你們朝「700」這個數字前進的因素之一？

We've been able to optimize some of our programs, having started to change our reinvestment programming and approach since the middle of 2025. So this is a natural progression as we change our programs, we assess what worked was less effective and great credit to the team who were able to achieve good optimization in this quarter, whilst continue to gain market share and grow revenue. We are also able to optimize the reinvestment level because we'd be more successful in leveraging our product advantage.

自 2025 年年中以來，我們已能優化部分方案，並開始調整我們的再投資規劃與做法。因此，隨著我們調整方案、評估哪些有效、哪些效果較弱，這是一個自然的演進；也要高度肯定團隊，他們在本季能夠做到良好的優化，同時持續提升市占並成長營收。我們也能夠優化再投資水準，因為我們更成功地運用我們的產品優勢。

So we've been able to ramp up Londoner Grand, especially and that has helped us tremendously in -- especially in the core premium mass, mid-tier segments growing the customer base there, and that speaks to the CapEx and the upgrading of product referenced by Patrick that as we review the portfolio, there are going to be other significant opportunities for us to invest for growth. And at the same time, growing, it also allows us to be more targeted and disciplined in reinvestment as these products come online.

因此我們得以加速推進 Londoner Grand，這對我們幫助非常大——尤其是在核心高端大眾與中階客群，擴大了那裡的客戶基礎；這也呼應了 CapEx 以及 Patrick 所提到的產品升級：當我們檢視整體資產組合時，未來還會有其他重要的投資成長機會。同時，隨著這些產品上線並帶動成長，也讓我們在再投資上能更聚焦、更有紀律。

Thank you. Steve Wieczynski, Stifel.

謝謝。Steve Wieczynski，Stifel。

So Patrick, sorry, I'm going to ask another question about the -- getting to $700 million a quarter in Macao. So obviously, there's a lot of promotional activity taking place right now in the market. So I guess the question is, to get to $700 million eventually in EBITDA, does that assume your competitors pull back so-called aggressively on promotions? Or saying that differently, does that assume more of a normalized promotional environment from, I guess, not only yourselves but also your competitors as well?

Patrick，不好意思，我要再問一個關於——澳門季度 EBITDA 達到 7 億美元的問題。顯然，目前市場上有很多促銷活動正在進行。所以我的問題是，要最終達到 7 億美元的 EBITDA，是否假設競爭對手會大幅收斂所謂的促銷？或者換句話說，是否假設促銷環境會回到較正常的水準——不僅是你們自己，也包括競爭對手？

No, actually, we're sort of thinking about that in the context of current conditions. It's more about -- if you look at the growth that we experienced in Q1, it's a very competitive market. But I think the market is growing. And I think we're also helping to grow the market with the high-quality assets that we have.

不，其實我們是以目前的條件來思考這件事。更重要的是——如果你看我們第一季的成長，在一個競爭非常激烈的市場中發生。但我認為市場正在成長。而且我也認為，憑藉我們擁有的高品質資產，我們也在幫助市場成長。

So for us, when we think about $700 million, it's about continuing to invest, having the right marketing programs, utilizing our assets more efficiently. It'd be helpful if the market grows a little bit, the additional growth in the market and expansion of GGR market-wide is helpful. But we think that it's in the context of the current conditions.

所以對我們而言，當我們思考 7 億美元時，重點在於持續投資、具備合適的行銷方案，並更有效率地運用我們的資產。如果市場能再成長一些會更有利；市場的額外成長以及全市場 GGR 的擴張都會帶來幫助。但我們認為，這是在目前條件的脈絡下可以達成的。

Okay. Got you. And then kind of sticking with that, Patrick. Look, I know you guys don't give guidance, but is it -- based on what you just said there, is it kind of a -- is it fair to think that this sort of run rate of, let's call it, $600 million a quarter in Macao is probably the right way to think about the market for the foreseeable future until that base mass business really does return?

好的。了解。那麼延續這個話題，Patrick。我知道你們不提供財測指引，但根據你剛才所說的，是否可以合理地認為，澳門每季大約6億美元這樣的運行水準（run rate），在可預見的未來、直到基礎的大眾客群業務真正回歸之前，可能就是看待市場的正確方式？

Yeah. I think the one thing I just want to be careful about is there is seasonality in our business. I know you know that. And second quarter is typically our softest and just sequential comparisons between Q1 and Q2, given that we have Chinese New Year and Q1 are always tough and sometimes not that helpful.

是的。我想我唯一想要小心的一點是，我們的業務存在季節性。我知道你也清楚。而且第二季通常是我們最淡的一季；另外，鑑於第一季有農曆新年，Q1與Q2之間的序列比較一向都很困難，有時也不太有幫助。

Well, just directionally, we'd like to believe that we're in a really solid place as we continue to grow our business and make the right moves in terms of marketing, in terms of utilizing our assets. But that's kind of how we think about it.

不過就方向性而言，我們希望相信，隨著我們持續擴張業務，並在行銷與資產運用方面做出正確的決策，我們正處於非常穩健的位置。大致上我們就是這樣看待的。

Thank you. David Katz, Jefferies.

謝謝。Jefferies 的 David Katz。

Hi, afternoon. Thanks for taking my question. I appreciate it. Can we just talk about the Venetian a little bit and the degree to which again, I know you don't give guidance, but the degree to which we should be factoring in some disruption as you go through that room renovation? And any qualitative perspective would be helpful.

嗨，下午好。謝謝讓我提問。我很感謝。我們能否稍微談一下威尼斯人（Venetian），以及在你們進行客房翻新期間，我知道你們不提供指引，但我們在多大程度上應該把一些干擾因素納入考量？任何定性的觀點都會很有幫助。

Thank you.

謝謝。

Thank you for the question. No, we don't expect meaningful disruption impact, we'll be balancing the out of inventory with the businesses, and we are able to redistribute the demand throughout the rest of the portfolio. And at the same time, new rooms will continuously be coming back to the active inventory starting from the third quarter.

謝謝你的問題。不，我們不預期會有顯著的干擾影響；我們會在可用房量減少與各項業務之間取得平衡，並且能把需求重新分配到投資組合中的其他物業。同時，從第三季開始，新客房也會持續回到可售房量（active inventory）中。

So even as total number of keys will be reduced modestly during this period, we are going to be benefiting from brand new suites coming online over the coming quarters, especially when the multi-based suites come back online towards the back end of 2027.

因此，即使在這段期間總房間數（keys）會小幅下降，我們仍將受惠於未來幾季陸續推出的全新套房，尤其是當多基座（multi-based）套房在2027年後段重新啟用時。

Understood. And as my follow-up, I know we've touched on this just a bit, but maintenance CapEx, we usually think about in the context of nondiscretionary versus projects that can be decided upon and moved around, understand every company's perspective on it is different, but just noticing in the deck that should we think about that $500 million number as something that is nondiscretionary, and how did that come about?

了解。作為追問，我知道我們稍微提到過，但維護性資本支出（maintenance CapEx）我們通常會從「非選擇性」與「可自行決定、可調整時點的專案」來看；我理解每家公司看法不同，但我注意到簡報裡提到的5億美元數字，我們是否應該把它視為非選擇性的支出？這個數字是怎麼得出的？

First off, we believe that it is necessary to maintain our business. So it's split between Marina Bay Sands and Sands China. But we just want to be realistic about what we believe we need to spend going forward to ensure our buildings are kept in the best possible condition to maximize our cash flow. And so we don't view this as optional. We view this as something that's a responsible move to take care of our buildings into the future.

首先，我們認為這是維持我們業務所必需的。這筆支出分配在濱海灣金沙（Marina Bay Sands）與金沙中國（Sands China）之間。但我們只是希望務實地評估，為了確保我們的建築維持在最佳狀態、以最大化現金流，未來我們相信需要投入多少支出。因此我們不把它視為可選項。我們把它視為一項負責任的作法，用以在未來照顧好我們的建築。

Thank you. John DeCree, CBRE.

謝謝。CBRE 的 John DeCree。

Hi, everyone. Thanks for taking the question. I know we've covered the topic of OpEx in Macao a little bit, but maybe just to round it out, if you could provide a little cover maybe coming out of from a modeling angle. So are we expecting kind of the investment in service you've talked about to kind of grow in line with revenue.

大家好。謝謝讓我提問。我知道我們稍微談過澳門的營運費用（OpEx），但也許為了把這個議題補完整，如果你能從建模角度提供一些說明會很有幫助。所以，我們是否預期你們提到的服務投入會大致隨著營收同步成長？

Are these going to be kind of fixed cost people coming online more staff and will happen regardless of which way revenue goes? Or is it kind of something that you'll kind of time throughout the year as revenue increases at different paces, you'll have service levels. Just trying to get a sense of how much fixed costs are maybe coming in this year versus variable depending on revenue?

這些會是偏固定成本的人力——新增更多員工，且不論營收走勢如何都會發生？還是你們會在一年中依照營收以不同速度增加時，去安排服務水準的投入時點？我想了解的是，今年新增的固定成本大概有多少，與隨營收變動的變動成本相比如何？

These are hires that are designed to increase and enhance the service levels of our buildings. So ideally, as we grow revenue because we're bringing in higher value patrons, we get some scale or some operating leverage across these fixed costs, but they're primarily payroll. We're adding people in certain areas to service certain patron tiers to enhance their experience and make sure that we're at the highest standards for service.

這些招募是為了提升並強化我們物業的服務水準。因此理想情況下，當我們因吸引更高價值的客群而帶動營收成長時，我們能在這些固定成本上取得一些規模效益或營運槓桿，但它們主要是薪資成本。我們會在特定領域增聘人員，以服務特定客層等級，提升他們的體驗，並確保我們的服務維持在最高標準。

And so this hiring in our mind is actually beneficial because while we have to hire and train these people and add them to our team so that we can accomplish our goals and providing leading hospitality in the market.

因此在我們看來，這些招募其實是有益的，因為雖然我們必須招募並訓練這些人、把他們加入團隊，才能達成我們的目標，並在市場上提供領先的款待服務（hospitality）。

Combined with the investments and the renovations that we're doing, this will put us in a better position to grow because you need the people and you need the physical product in order to provide the patrons experience that allows you to differentiate and draw the highest value customers and to our buildings. And so this is an investment in the future.

再加上我們正在進行的投資與翻新，這會讓我們處於更有利的位置去成長，因為你需要人員，也需要實體產品，才能提供讓客人感受到差異化的體驗，進而吸引最高價值的客戶到我們的物業。因此，這是一項面向未來的投資。

Got it. Thanks, Patrick. Maybe just a quick follow-up on that. So the new hires, and apologies a little granular, but kind of on a rolling basis going forward? Or have they already been hired I guess when should we think about the lion's share of the additional staff coming online?

了解。謝謝你，Patrick。我再快速追問一下。所以這些新聘人員——抱歉問題有點細——是未來會以滾動方式持續進行嗎？還是其實已經聘用了？我們應該把大部分新增人力到位的時間點看在何時？

A significant number of actually -- are actually in the OpEx now. So we have people joining our staff and -- so actually, there's -- some of that's actually in the margin today, some of the additional payroll associated with the service enhancement. And it will continue to be added over the next couple of quarters.

其中相當一部分其實——已經反映在目前的營運費用（OpEx）裡了。所以我們有人員正在加入我們的團隊——因此，部分內容其實已經反映在今天的利潤率中，也就是與服務提升相關的部分新增薪資成本。而且在接下來幾季還會持續增加。

Thank you. That concludes today's Q&A session, and it also concludes today's conference call. You may disconnect your 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，也同時結束今天的電話會議。您現在可以掛斷電話線，祝您有美好的一天。感謝各位的參與。