拉斯維加斯金沙集團 (LVS) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Sands second quarter 2026 earnings call. (Operator Instructions) We will open the floor for your questions and comments following the presentation.

各位女士、先生，大家好，歡迎參加金沙2026年第二季財報電話會議。（接線員指示）在簡報結束後，我們將開放提問與意見交流。

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.

現在我很榮幸將會議交給金沙投資人關係資深副總裁Daniel Briggs先生。先生，請開始。

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

謝謝你，Paul。今天與會者包括：我們的董事長兼執行長Patrick Dumont；金沙中國副董事長Wolford Wong博士；以及金沙中國行政總裁兼總裁、同時也是亞洲營運執行副總裁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. 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。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。

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.

此外，我們將討論非GAAP衡量指標。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資料。我們將在電話會議中引用該簡報。

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

最後，關於問答環節。我們請有興趣提問者每人提出一個問題及一個追問，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。

Good afternoon, everyone, and thank you for joining the call. I just want to start off by saying our strategic priorities remain clear and consistent. We will continue to invest with discipline with the fundamental objective of creating meaningful shareholder returns over the long term.

各位下午好，感謝大家參加本次電話會議。我想先說，我們的策略重點依然清晰且一致。我們將持續以嚴謹紀律進行投資，根本目標是在長期為股東創造具意義的回報。

Turning to our current quarter. We again delivered strong financial results of Marina Bay Sands in Singapore, generating EBITDA of $689 million for the quarter. If we had as expected in a rolling play, our EBITDA would have been $37 million lower or $652 million. That performance was achieved despite the seasonally softer tourism demand that exists in both Singapore and Macau in the second quarter of each calendar year. There's another factor to note -- there was a decrease in the visitation to both Marina Bay Sands and our Macau properties by our high-value patrons during the World Cup football tournament.

接著談本季表現。我們在新加坡的濱海灣金沙再次交出強勁的財務成果，本季EBITDA為6.89億美元。若我們的轉碼業務（rolling play）持有率如預期，本季EBITDA將少3,700萬美元，即6.52億美元。即便每個曆年第二季新加坡與澳門都存在季節性較疲弱的旅遊需求，我們仍達成此一表現。另外還有一點值得注意——在世界盃足球賽期間，高價值客戶對濱海灣金沙及我們澳門物業的到訪量有所下降。

It was very noticeable in June given the trajectory of the businesses in both markets earlier in the quarter. Despite these headwinds, mass gaming revenues of Marina Bay Sands grew 5% for the quarter compared to the second quarter of 2025, which highlights the resilience and the underlying strength of the business.

鑑於本季前段兩個市場業務的走勢，這一點在6月特別明顯。儘管面臨這些逆風，濱海灣金沙本季大眾博彩收入較2025年第二季成長5%，凸顯業務的韌性與基本面實力。

Singapore remains an ideal market for high-value tourism spending and our focus on creating unique and memorable entertainment and hospitality experiences for our guests continues to generate outstanding financial performance.

新加坡仍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，持續帶來卓越的財務表現。

Our results this quarter reinforce our view that Maria Bay Sands structural earnings power has been elevated following our significant product investments, suite renovations, service enhancements, and the successful execution of our premium customer strategy.

本季業績再次印證我們的看法：在我們進行重大產品投資、套房翻新、服務提升，以及成功執行高端客戶策略之後，濱海灣金沙的結構性獲利能力已提升。

We remain confident that our market-leading product, service, and focus on driving high-value tourism will enable us to create unrivaled hospitality experiences for the world's most ascertain customers and deliver additional growth at Marina Bay Sands in the years ahead.

我們仍有信心，憑藉我們市場領先的產品與服務，以及對推動高價值旅遊的專注，我們將能為全球最具鑑賞力的客戶創造無與倫比的款待體驗，並在未來數年為濱海灣金沙帶來進一步成長。

As I shared last quarter, 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 as we have Marina Bay Sands, we are positioned to drive high-value tourism to the market and to create outstanding financial and operating performance.

如我上季所分享，公司的核心營運策略仰賴三大關鍵支柱：我們的人才、我們的產品，以及我們的服務。當我們如同在濱海灣金沙那樣把這三大支柱最佳化時，我們就能推動高價值旅遊進入市場，並創造卓越的財務與營運表現。

We remain excited about the growth opportunity presented by the Marina Bay Sands expansion. The expansion will meaningfully increase our premium suite capacity, service and entertainment offerings, including the debut of a state-of-the-art arena and vision to be the finest in Asia. We remain on track with the development process and look forward to opening the expansion early in 2031, subject to the required government approvals.

我們對濱海灣金沙擴建所帶來的成長機會仍感到振奮。擴建將大幅提升我們的高端套房供給、服務與娛樂內容，包括推出一座最先進的場館（arena），並以成為亞洲最頂尖為願景。我們的開發流程仍按計畫推進，並期待在取得必要政府核准的前提下，於2031年初啟用擴建項目。

Now let's turn to Macau. Our $430 million in EBITDA for the quarter was negatively impacted by the exceptionally low VIP rolling hold of 1.35% for the quarter. If we had held as expected in our rolling play, our EBITDA would have been $87 million higher or $517 million for the quarter. The actions that we have taken to improve our service levels and the customer experience are clearly achieving some early success.

現在轉向澳門。本季EBITDA為4.30億美元，受到本季VIP轉碼持有率異常偏低（1.35%）的負面影響。若我們的轉碼業務持有率如預期，本季EBITDA將高出8,700萬美元，即5.17億美元。我們為提升服務水準與客戶體驗所採取的措施，顯然已取得一些初步成效。

We are encouraged by our progress during the second quarter. Sands China's growth in gaming volumes meaningfully exceeded the growth in gaming volumes in the Macau market overall. When compared to the second quarter of 2025, we delivered strong growth in gaming volumes in all segments. Our rolling volume was up 73% year over year. Our non-rolling drop was up 15% year over year and our slot in EPG handle was up 30% year over year.

我們對第二季的進展感到鼓舞。金沙中國的博彩量成長顯著超越澳門整體市場的博彩量成長。與2025年第二季相比，我們在所有分部的博彩量均實現強勁成長。我們的轉碼量（rolling volume）年增73%。我們的非轉碼投注額（non-rolling drop）年增15%，而我們的角子機與電子博彩（EPG）投注額（handle）年增30%。

Sands China's mass gross gaming revenue grew 8% for the quarter year over year, twice as fast as the overall market is 4% mass growth for the quarter. Sands China total GGR grew by 4% for the quarter compared to second quarter of 2025, while the Macau market's total gross gaming revenue was flat for the quarter. If we had held as expected in our rolling play, Sands China's total GGR growth would have been 14% year over year. Sands China's VIP rolling chip volume share reached a market-leading 26% in the quarter.

金沙中國本季大眾市場博彩毛收入年增8%，增速為整體市場本季大眾市場成長4%的兩倍。與2025年第二季相比，金沙中國本季總博彩毛收入（GGR）成長4%，而澳門市場本季總博彩毛收入則持平。若我們的轉碼業務持有率如預期，金沙中國總GGR年增將達14%。金沙中國本季VIP轉碼籌碼量市佔率達到市場領先的26%。

Turning to our reinvestment strategy. We have been optimizing reinvestment levels since the beginning of the year. I wanted to highlight our approach to reinvestment has remained consistent over the last several quarters. Our approach has not changed.

接著談我們的再投資策略。自年初以來，我們一直在最佳化再投資水準。我想強調，我們對再投資的做法在過去幾個季度一直保持一致。我們的做法沒有改變。

If you look at the metrics, reinvestment as a percentage of revenue did increase during this quarter. The increase as a percentage of revenue was driven by changes in business mix and lower hold percentage on our non-rolling play. Our goal is to continue to remain consistent with our reinvestment strategy going forward and to achieve greater profitability as revenues grow in the future.

若看相關指標，本季再投資占營收比重確實有所上升。占營收比重的上升，主要由業務組合變化以及我們非轉碼業務較低的持有率所驅動。我們的目標是未來持續維持再投資策略的一致性，並在未來營收成長時實現更高的獲利能力。

With respect to operating expenses, we have elected over the last year to invest in additional table operating hours, increased sales, marketing and customer service personnel, and enhanced levels of customer service.

就營運費用而言，過去一年我們選擇投資於增加賭桌營運時數、擴充銷售、行銷與客戶服務人員，以及提升客戶服務水準。

The increased investment in operating expenses related to our efforts should begin to level off in the second half of 2026. These investments are critical to the achievement of our long-term objectives of being able to service our customers to the highest standards and to create unique and memorable hospitality experiences for our guests. We remain steadfast in our belief that the successful execution of our initiatives will support growth in both revenue and profitability over time.

與我們上述努力相關的營運費用增加，預計將在2026年下半年開始趨於平穩。這些投資對於實現我們長期目標至關重要：以最高標準服務客戶，並為賓客創造獨特且難忘的款待體驗。我們仍堅信，成功落實各項措施將在時間推移下同時支持營收與獲利的成長。

The growth in the Macau market remains primarily driven by the premium segment. The competition in that segment remains intense, and luxurious suite product, coupled with outstanding service levels, are critical to success.

澳門市場的成長仍主要由高端（premium）客群所驅動。該細分市場的競爭依然激烈，而豪華套房產品搭配卓越的服務水準，對成功至關重要。

We remain singularly focused today on matching that suite and room product with the service levels that the most discerning and valuable customers in Macau increasingly demand. We retain our goal of reaching $700 million in quarterly EBITDA and beyond over time as we fully implement our investment and operating strategies and as the Macau market grows in the future.

我們目前仍專注於讓套房與客房產品的配置，能與澳門最挑剔且最具價值的客戶日益要求的服務水準相匹配。隨著我們全面落實投資與營運策略，並且澳門市場未來持續成長，我們仍以長期達成單季EBITDA達7億美元並進一步提升為目標。

I want to turn to the product pillar in Macau. As I highlighted last quarter, we are focused on investing in the highest return projects over the next three years, in order to create the best opportunities to increase cash flow. Renovation of the Venetian rooms and suites commenced in March and work is progressing. While we have some product coming back into inventory across the work period, our target is to have all 2,900 rooms and suites completely refurbished and reintroduced by Chinese New Year 2028.

我想談談我們在澳門的「產品」支柱。如我在上季強調的，我們專注於在未來三年投資於回報最高的專案，以創造提升現金流的最佳機會。威尼斯人客房與套房的翻新工程已於3月啟動，且進度持續推進。雖然在施工期間會有部分產品陸續回到可售庫存中，但我們的目標是在2028年農曆新年前，完成全部2,900間客房與套房的全面翻新並重新投入營運。

We will also introduce new premium focused gaming salons and related to amenities as a component of the Venetian investment program. The meaningful patron volume growth we have seen in the [longer] and grand suites at fuses provide support for these investments.

作為威尼斯人投資計畫的一部分，我們也將推出新的、以高端客群為主的博彩沙龍及相關配套設施。我們在[longer]與豪華套房（grand suites）所看到的顯著客量成長，為這些投資提供了支持。

It's important to note that the work we division will not create significant disruption throughout the portfolio. The scale of our portfolio will allow us to serve customers in 100 properties and elsewhere in each resort, all workers in progress.

需要強調的是，我們division的工程不會在整個資產組合中造成重大干擾。我們的資產組合規模，將使我們能在各度假村施工進行期間，仍可於100個物業及各度假村的其他區域持續服務客戶。

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 in the nonpremium segment should spending in that segment accelerate in the future. We will use our scale advantage and product advantage together with service level improvements and targeted incentives to effectively compete in every market. We expect growth in EBITDA and EBITDA margins as revenues grow over time.

未來幾年我們對資產組合所進行的投資，不會妨礙我們運用規模優勢；若未來非高端（nonpremium）細分市場的支出加速，我們仍有能力在該市場表現優於同業。我們將結合規模優勢與產品優勢，並透過服務水準提升與精準激勵措施，在各個市場有效競爭。隨著營收隨時間成長，我們預期EBITDA及EBITDA利潤率將同步提升。

Turning to our program to return capital to shareholders. We repurchased $787 million of LVS stock during the quarter. We also paid our recurring quarterly dividend of $0.30 per share. We have now repurchased 16.3% of the company's outstanding shares over the last 11 quarters. Our Board of Directors recently increased our repurchase authorization to $6 billion.

接著談談我們回饋股東的資本回饋計畫。本季我們回購了7.87億美元的LVS股票。我們也支付了每股0.30美元的例行季度股息。過去11個季度，我們已回購公司流通在外股份的16.3%。董事會近期將我們的回購授權提高至60億美元。

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 term. While we did not purchase any additional shares of SCL during this 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 June 30, 2026. We look forward to continuing to utilize the company's share repurchase program to increase returns to shareholders.

我們相信，透過股票回購計畫進一步回購LVS股權，長期而言將對公司及股東帶來顯著的增益（accretive）。雖然本季我們未額外買入任何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6月30日，公司對SCL的持股比例維持在74.8%。我們期待持續運用公司的股票回購計畫，以提升股東報酬。

Thanks again for joining the call today and for your interest in the company. Now let's take some questions.

再次感謝各位今天參與電話會議並關注本公司。現在我們來回答一些問題。

(Operator Instructions)

(接線員指示)

Lizzie Dove, Goldman Sachs.

Lizzie Dove，高盛。

Just wanted to ask as it relates to performance, whether it be in Macao or Singapore, kind of, I guess, hard to kind of parse it out, but how much of it you think is kind of macro or consumer driven to the extent there was also maybe some World Cup impact versus just execution or kind of missteps or investment needed in the property. There's probably a lot to unpack there. But kind of details on that would be helpful.

我想就表現方面提問，無論是在澳門或新加坡，某種程度上我想這很難拆解，但你們認為其中有多少是宏觀或消費者因素所驅動？另外在某種程度上是否也受到世界盃影響？相較之下，又有多少是執行面、一些失誤，或是物業需要投資所致。這裡面可能有很多層面需要拆解。如果能提供一些細節會很有幫助。

Yes, sure. First off, I just want to start out by saying this quarter doesn't represent the true earnings power of our properties hold had an impact, World Cup had an impact. You mentioned investment for growth in the future. If you look at some of the things we've invested in recently, [Longer brand, Longer Court] when we've done the Grand Suites at Four Seasons, the customers are there and the productivity is there, if the product is right and the service is right. So we feel like our investment programs position us well for future growth.

好的，當然。首先我想先說，本季並不代表我們物業真正的獲利能力；hold（贏率/抽水率）有影響，世界盃也有影響。你提到為未來成長所做的投資。如果你看我們近期投資的一些項目，[Longer品牌、Longer Court]，以及我們在四季酒店打造的豪華套房（Grand Suites），只要產品到位、服務到位，客戶就會在，生產力也會在。因此我們認為，我們的投資計畫讓我們在未來成長方面具備良好定位。

This quarter was not what we wanted to see. But when you think about the 517 given the whole normalization, we feel pretty good about where we're headed, given the growth in volumes across all segments.

本季的表現並非我們希望看到的。但當你考量到517以及整體正常化的過程，我們對未來走向感到相當樂觀，因為各個細分市場的量能都在成長。

To me, that's just a signal of the effect that the new service model is taking -- that we're now able to service the highest level of patrons at a higher level. And so while we didn't get the whole that we wanted this quarter, the volumes were there, the visitation was there. And even though World Cup had an impact, we felt like we're heading in the right direction.

對我而言，這正是新服務模式正在發揮效果的訊號——我們現在能以更高水準服務最高層級的貴賓。因此，雖然本季我們沒有達到想要的hold，但量能在、來訪人次在。即便世界盃帶來影響，我們仍覺得方向是正確的。

The market was tracking very well in Macau in April and May, and SCL, gaming volumes were very strong. In fact, May was an all-time high for us in SCL in terms of monthly mass GGR. June was clearly softer, and there was some impact from World Cup. But as we look overall for the quarter, we see very strong underlying trends across all of our different gaming segments. VIP rolling segment, we were gaining share significantly during the quarter, while up 73% year over year whilst the market was flattish.

澳門市場在4月與5月的走勢非常好，而SCL的博彩量也非常強勁。事實上，就SCL的單月大眾市場GGR而言，5月創下我們的歷史新高。6月明顯較疲弱，且世界盃確實帶來一些影響。但從整個季度來看，我們在各個不同博彩細分市場都看到非常強勁的基本面趨勢。在VIP轉碼（rolling）細分市場方面，我們在本季顯著提升市佔；在市場大致持平的情況下，我們年增達73%。

In terms of our table games in non-rolling, we were impacted somewhat by the lower hold percentage, especially in June. And then in we have clearly outperformed the market with 21% revenue growth for the quarter.

至於我們在非轉碼（non-rolling）的桌上遊戲業務，受到較低hold百分比的影響，尤其是在6月。另外，我們本季營收成長21%，明顯優於市場表現。

So overall, if you take account of the lower hold percentage and on rolling and the business mix, we're able to achieve gains in every segment in the market share year over year and remain consistent in terms of market share sequentially with a very similar reinvestment levels once you adjust for those whole percentage factors and business mix sequentially.

因此整體而言，若將較低hold百分比、轉碼業務以及業務組合納入考量，我們在市場各細分領域的市佔率皆能年對年提升；而若就季對季而言，在調整hold百分比因素與業務組合後，我們的市佔率也維持一致，且再投資水準非常相近。

And I do want to come back to MBS as well. I just want to highlight that this was an incredibly powerful quarter in several of our segments. But the key is we were impacted by our World Cup there as well, given the high-value nature of our patrons.

我也想回到MBS（濱海灣金沙）補充一下。我想強調的是，本季在我們若干細分市場其實非常強勁。但關鍵在於，我們那邊同樣受到世界盃影響，因為我們的客群具有高價值特性。

And I think as we look to that asset in the future, we see a very strong market, very strong visitation -- and for us, we're going to continue to invest there because we see the long-term potential of growth in Singapore given what we see today.

而我認為，當我們展望該資產的未來，我們看到非常強勁的市場、非常強勁的來訪人次——對我們而言，我們將持續在那裡投資，因為基於我們今天所看到的情況，我們看好新加坡長期的成長潛力。

Got it. And just a follow-up on that and maybe just to stick with Macau for a second. Appreciate you said this is not what you want to be or could be. And I know in the past, you talked about $700 million in quarterly EBITDA last quarter, then $600 million came into the mix. And now, I guess, this is maybe a bit of a onetime quarter but close to that $500 million on a hold-adjusted basis.

了解。再追問一下，也許先聚焦澳門。感謝你提到這不是你們希望達到、或有能力達到的水準。我也知道過去你們談到單季EBITDA 7億美元的目標，上季又提到6億美元也納入討論。而現在我想，這可能是一個一次性的季度，但在調整hold後的基礎上，大約接近5億美元。

And so I know you don't give guidance, but is there anything you're seeing in the market or on a company-specific basis, changing how you think about what that run rate is for Macau, at least over the next kind of year or two?

所以我知道你們不提供指引，但就你們在市場上或公司特定層面所觀察到的情況而言，有沒有任何因素正在改變你們對澳門至少未來一到兩年那個營運速率（run rate）的看法？

No. I think our target is still the $700 million. I think historically, what we've always seen is that 2Q has always been our softest quarter. And so we talked about that in our last earnings call that this quarter had some seasonality built into it. And so we saw that here. But I also think that if we held better, we'd be having a little bit of a different discussion in certain things.

沒有。我認為我們的目標仍然是7億美元。我想從歷史上看，我們一直看到第二季一向是我們最疲弱的季度。所以我們在上一次財報電話會議中也談到，本季本來就包含一些季節性因素。因此我們在這裡也看到了。但我也認為，如果我們的 hold 表現更好，我們在某些事情上的討論可能會有點不同。

So I think for us, we look to the progress we're making in the market. If you sort of look at the growth that we've had year over year, if you look at the fact that we did this through the World Cup cycle, I think there are some positive things there that we look to -- and I think our goal is still to $700 million. And I think we have some work to get there, but we feel like the process in place for us to keep working to head in that direction. We know what we need to do.

所以我認為對我們而言，我們會看我們在市場上取得的進展。如果你看看我們的年對年成長，再看看我們是在世界盃週期期間做到的，我認為其中有一些正面的因素值得我們關注——而且我認為我們的目標仍然是7億美元。我想我們還有一些工作要做才能達到，但我們覺得現有的流程能讓我們持續努力朝那個方向前進。我們知道我們需要做什麼。

Dan Politzer, JPMorgan.

Dan Politzer，摩根大通。

First, I wanted to touch on Singapore. Obviously, you talked a bit about World Cup and seasonality there. Given where the property is, and I think we're kind of anniversarying that first big quarter there, do you feel like you're at a place where the property maybe reverts back to historical seasonality -- and broadly, just in terms of the seasonality discussion, can you just remind us of how you think about it from Cal as well while around the topic.

首先我想談一下新加坡。顯然你們提到了一些關於世界盃與季節性的因素。考量到該物業目前的狀況，而且我想我們也差不多是在對比那邊第一個大季度的周年基期，你們是否覺得該物業可能會回到歷史性的季節性表現——另外更廣泛地說，就季節性的討論而言，也請你們順便提醒我們，你們從 Cal 的角度是如何看待季節性的。

Yes, sure. I think what we said before is the big step function in growth in Singapore was the switch from service levels on the casino floor as well as some of the novel games as well as just the overall presentation. All those things came to bear that allowed us to have the growth that you saw. Now the growth is going to be based on yielding and more incremental growth as we continue to invest in the property that's there.

好的，當然。我想我們之前說過，新加坡成長出現大幅躍升的關鍵，是把賭場樓面的服務水準做了切換提升，再加上一些新穎的遊戲，以及整體呈現方式。這些因素同時發揮作用，讓我們達成你所看到的成長。接下來的成長將會更多來自於收益管理（yielding）以及我們持續投資該物業所帶來的更漸進式增長。

So there are still things that we're doing that we think will create growth over time, particularly in patron types that are higher value. But I think for us, looking forward in Singapore, it's going to be about continuing to serve with these customers. We have a very strong base there.

所以我們仍在做一些事情，我們認為隨時間推進會帶來成長，特別是在價值更高的客群類型上。但我認為對我們而言，展望新加坡，重點會是持續把這些客戶服務好。我們在那裡有非常強的基礎。

And visitation matters for the highest end customers, particularly the highest energies concentrate. We've talked about that before. And whether it's World Cup or other things, some of those people weren't in the building this quarter. And when they show up, we do incredibly well. And when we play favorably, we -- our margins look like extraordinary.

而且對最高端客戶而言，到訪人次（visitation）很重要，尤其是那些最「高能量」的客群更為集中。我們之前談過。不論是世界盃或其他因素，本季有些人沒有到場。而當他們出現時，我們的表現會非常好。而當我們的 hold 有利時，我們——我們的利潤率看起來就會非常出色。

And when some of those people don't show up and scale and they don't play in high volume, and we don't hold very well, our margins can look less. So -- but we're heading in the right direction. I don't know that there's a gaming business that grows forward in a straight line. And I'd like to believe that this business is heading in the right direction. And to be fair, we're also seeing the benefit of a lot of wealth creation in Southeast Asia.

而當其中一些人沒有出現、規模上不來、他們沒有進行大額投注，而且我們的 hold 表現也不佳時，我們的利潤率看起來就會比較低。所以——但我們正朝正確方向前進。我不知道有哪個博彩業務能一路直線向上成長。我願意相信這項業務正朝正確方向前進。而且公平地說，我們也看到東南亞大量財富創造所帶來的好處。

So we feel very good about the long-term prospects of both our investment and the trajectory of the business there.

所以我們對我們投資的長期前景以及當地業務的發展軌跡都感到非常樂觀。

Got it. And then I suppose on Macau, just talking a little bit more about that $700 million quarterly EBITDA run rate and kind of the path to getting there. Can you maybe give a sense of the capital or the time frame, the capital that you have to still commit or the time frame that you think is reasonable to kind of -- to get to that level? Obviously, this quarter wasn't an ideal, but how should we think about kind of the path forward towards that $700 million?

了解。那接著談澳門，關於每季EBITDA 7億美元的 run rate，以及達到那個水準的路徑。你能否大概說明一下，還需要投入的資本規模或你認為合理的時間框架——也就是達到那個水準所需的資本承諾或時間？顯然本季不是理想狀況，但我們應該如何看待通往7億美元的後續路徑？

So I think, first off, this quarter was impacted with seasonality. We talked about that; we see it. There was the World Cup impact that we just mentioned. But I also think, for us, as we continue to invest and get higher value patron fulfilling inventory, we'll be able to grow our market share and grow our revenues.

所以我想，首先，本季受到季節性影響。我們談過了；我們也看到了。也有我們剛提到的世界盃影響。但我也認為，對我們而言，隨著我們持續投資並取得能滿足更高價值客群的供給（inventory），我們將能提升市占並增加營收。

And so for us, this is what we talked about. We talked about a multiyear investment strategy as we updated our portfolio there and invested for the highest value premium mass segments that we do really well in. That's a very deep part of our database. And so nothing's changed from our strategy from our approach and for the time lines that we talked about before.

所以對我們而言，這就是我們所談的。我們談到一個多年期的投資策略，透過更新我們在那裡的產品組合，並針對我們非常擅長的最高價值高端大眾（premium mass）客群進行投資。那是我們資料庫中非常深厚的一部分。因此，我們的策略、做法以及先前談到的時間線都沒有改變。

Grant, I don't know if there's anything else you want to add.

Grant，我不知道你是否還想補充什麼。

I think in terms of capital projects, we have still a long way to go in terms of ramping up Londoner. It's done very well so far. As you can see, both Londoner and Four Seasons we are -- even for this quarter, we are above where we were in 2019 on a normalized basis. So that's a very positive evidence of how these product upgrades can drive the revenue growth and market share gains.

我想就資本專案而言，我們在倫敦人（Londoner）的爬坡（ramping up）方面仍有很長一段路要走。到目前為止表現非常好。如你所見，倫敦人和四季酒店（Four Seasons）——即使在本季——以常態化基礎來看，我們都高於2019年的水準。所以這是非常正面的證據，顯示這些產品升級如何推動營收成長與市占提升。

Secondly, we are very focused on the upcoming completion of the Venetian renovation, which would take us all the way, as Patrick referenced, to early 2028 but we should start to see the benefits of those new suites as we progressively get more critical mass of these suites through throughout 2027.

第二，我們非常專注於即將完成的威尼斯人（Venetian）翻新工程；正如Patrick所提到的，這將一路延續到2028年初，但隨著我們在2027年期間逐步累積這些新套房、達到更關鍵的規模（critical mass），我們應該會開始看到新套房帶來的效益。

And certainly, by the end of that, we're going to have a completely new hotel in, I think, what is still an amazing property for people to visit, but with an entirely upgraded refreshed product, both in hotel and also in parts of the premium gaming sections.

而且當然，到那個階段結束時，我們將擁有一間完全嶄新的酒店；我認為這仍是一個非常棒、值得造訪的物業，但其酒店產品以及部分高端博彩區域都將全面升級、煥然一新。

Shaun Kelley, Bank of America.

Shaun Kelley，美國銀行。

Patrick or Grant, maybe just a comment on sort of the nature of the growth in the premium segment you're seeing in Macau. This is pretty significant hole volatility we're seeing at some of the properties. And just kind of curious if this is going to be the nature of the market a little bit moving forward, just given concentration in a smaller and smaller set of customers? Or if there's a little bit of an outlier and really chalk it up a little bit more to that, just in terms of activity and maybe the concentration of what you saw driving this kind of volatility because we tend to think for LVS in particular, sort of averages out across a much bigger base of business. Clearly, we didn't see that this quarter.

Patrick或Grant，或許請你們評論一下你們在澳門看到的高端（premium）客群成長的性質。我們在一些物業看到相當顯著的 hold 波動。我有點好奇，考量到客戶集中在越來越小的一群人身上，這是否會成為未來市場的常態？或者這只是比較偏離常態的情況，更多只是歸因於活動狀況以及你們所看到、驅動這種波動的集中度？因為我們通常認為，特別是對LVS而言，應該會在更大的業務基礎上把波動平均掉。但顯然本季我們沒有看到這點。

So I think what's really important is we have product at ServiceNow that allows us to attract the most important patrons in both markets. That's a big step. The good news is sometimes we get that play in Singapore. Sometimes we get that play in Macau. Sometimes we get it in both. Sometimes we have a lot of it. Sometimes, we have less of it.

所以我認為真正重要的是，我們在 ServiceNow 擁有能讓我們在兩個市場都吸引最重要貴賓的產品。這是一大步。好消息是，有時我們在新加坡能拿到這樣的客源。有時我們在澳門能拿到。有時兩邊都有。有時量很大。有時量比較少。

Sometimes when we have less of it, the volatility works against us given the number of decisions and the bet size of the volatility during the quarter of measurement. The good news is we take this business, and over time, it really works in our favor.

有時當量比較少時，基於在衡量季度內的決策次數以及波動性的下注規模，波動性會對我們不利。好消息是，我們做這門生意，長期來看其實會對我們有利。

This is the largest hold adjustment we've ever had in the history of Macau. And the good news is it happened after the pandemic at a time when a lot of people thought, high-level VIP play wouldn't show up in Macau. And now we're earning it.

這是我們在澳門歷史上出現過最大的一次「持有率（hold）」調整。而好消息是，它發生在疫情之後、在很多人認為高端 VIP 玩法不會回到澳門的時候。而現在我們正在把它做回來、也正在賺到這部分。

So over time, we believe that things will -- there's an old expression, right? The gate of luck swings both ways. And we like to believe that over time by taking this play and for providing right service and keeping these patrons playing with us over time that we'll be more successful.

所以長期來看，我們相信事情會——有句老話，對吧？「運氣之門兩邊都會擺動。」我們也願意相信，隨著時間推移，透過承接這些玩法、提供正確的服務，並讓這些貴賓長期在我們這裡玩，我們會更成功。

And so the play is very concentrated. The other thing is for some of these patrons, we tend to think about it across both of our properties, right? Do we have the right amount of offsetting play across our entire portfolio of properties.

因此這些玩法非常集中。另外一點是，對其中一些貴賓，我們傾向於把它放在我們兩個物業之間一起看，對吧？也就是說，在我們整體物業組合中，是否有足夠的對沖性玩法配置。

So for us, I think the important thing is the most asserting patrons want to stay with us and play high volumes with us. That thing is we got to be really bad this quarter and we actually got beat on the mass side, too.

所以對我們而言，我認為重要的是，最具主導性的貴賓希望留在我們這裡，並在我們這裡進行高量投注。另外就是，本季我們的運氣真的很差，而且在大眾市場（mass）端我們也被打敗了。

There's a belief in gaming that goes back a long time that when customers play lucky, they continue to strengthen their bonds and relationship with you because over time, they'll eventually lose. And so I think for us, customers winning is an investment in future marketing and gives us the ability to retain high-value customers over time. This quarter didn't work in our favor, hopefully in the future as well.

博彩業長久以來有一種看法：當客戶手氣好、贏錢時，他們會持續強化與你的連結與關係，因為長期下來他們終究會輸回去。因此我認為，客戶贏錢其實是對未來行銷的投資，也讓我們有能力長期留住高價值客戶。本季沒有對我們有利，希望未來會對我們有利。

Just add to that I think the fact is shown, if you look at both VIP rolling and the premium mass segment, we have gained a significant amount of market share at that very top end given all of the strategies we've deployed since May of last year.

補充一下，我認為事實也顯示，如果你看 VIP 轉碼（rolling）以及高端大眾（premium mass）客群，我們在最頂端那一塊的市占率已經顯著提升，這得益於我們自去年 5 月以來部署的所有策略。

So yes, there's no secret. We have done huge gains in VIP segment against a flat market this quarter. We've come from a position where we were number four in the rolling segment a year ago, and now we're number one with 26% volume share. And part of that share gain is coming from the Super VIP segment where we've also been very successful in the Marina Bay Sands property.

所以是的，這不是秘密。在本季市場持平的情況下，我們在 VIP 區隔取得了巨大的成長。我們從一年前在轉碼市場排名第四的位置，現在成為第一名，量的市占達 26%。而這部分市占提升，有一部分來自超級 VIP（Super VIP）區隔；在新加坡的濱海灣金沙（Marina Bay Sands）物業，我們在這方面也非常成功。

So that's the VIP segment. And then in terms of the premium mass, We all keep saying that the Macau growth is driven by the premium segment in the current environment. And within that, yes, there is some very high-end premium mass play, which is available to capture.

以上是 VIP 區隔。至於高端大眾（premium mass），我們一直在說，在目前環境下澳門的成長是由高端客群所驅動。而在其中，確實存在一些非常高端的 premium mass 玩法，是可以去爭取的。

And we've been capturing more than a fair share of that in the last six months. And unfortunately, this quarter, the lab just didn't play our way, but we are gaining the customers, we're gaining the volume, and they will be back, and we'll lock even now in the end.

而在過去六個月，我們拿到的份額超過了合理水準。不幸的是，本季「運氣」沒有站在我們這邊，但我們正在獲得客戶、正在獲得量，他們會回來的，而我們最終也會把它鎖定下來。

Perfect. And then as my follow-up, maybe just a quick high-level one on sort of -- Patrick, I think you mentioned the run rate and the investments being made on the operating expense side in Macau. Just a quick thought on Singapore. Is this a general good run rate as we're expecting to see a little bit more of incremental gains on the top line? Will that be matched relatively closely with sort of investments on the bottom line? Or just how is the operating run rate operating expense looking there?

很好。那作為追問，可能再來一個高層次的問題——Patrick，我想你提到澳門在營運費用端的運行水準（run rate）以及正在進行的投資。想快速問一下新加坡。在我們預期營收端會有一些增量成長的情況下，這算是一個整體不錯的 run rate 嗎？這些增量成長是否會相對接近地被底線端的投資所匹配？或者說，那邊的營運 run rate／營運費用看起來如何？

So first off, we're really happy with the 50% EBITDA margin Marina Bay Sands. And we have a fixed cost base there that's really focused on providing the highest levels of service. We can do really, really well with more visitation from high-value patrons and their play. We can also see higher margins when we have higher volumes from those patrons and things happen to go our way on the gaming tables.

首先，我們對濱海灣金沙 50% 的 EBITDA 利潤率非常滿意。我們那邊有一個固定成本基礎，重點是提供最高水準的服務。如果高價值貴賓來訪更多、並在我們這裡投注，我們可以做得非常、非常好。當這些貴賓的量更高、且賭桌結果剛好對我們有利時，我們也能看到更高的利潤率。

So in quarters past, we've seen higher margins because we had a lot of great play, and that play was favorable. Look, in the long run, we're really happy to make these investments to attract and keep our highest levels of patrons. We're going to continue to invest in things necessary to support great experience for our patrons really at the highest levels.

所以在過去的某些季度，我們看過更高的利潤率，因為我們有很多很好的玩法，而且結果也有利。你看，長期而言，我們很樂意做這些投資來吸引並留住我們最高層級的貴賓。我們會持續投資於必要事項，以支撐貴賓在最高層級所期待的卓越體驗。

And look, sometimes from time to time, some of these customers require provisions. Sometimes they require some promo. But as a practical matter, we're -- this is a great business, and we believe in the margin structure over time.

而且你看，有時候，這些客戶會需要一些配套（provisions）。有時候他們需要一些促銷（promo）。但從務實角度來看——這是一門很棒的生意，我們也相信長期的利潤率結構。

And just broadly, we believe that we have a significant opportunity to continue to invest and optimize and grow as we have given the strong customer interest that we have and just the growing amount of patrons that we see coming out of Southeast Asia that are high-value tourists that want to go to Singapore.

而更廣泛地說，基於我們看到的強勁客戶興趣，以及我們看到來自東南亞、想去新加坡的高價值旅客人數持續增加，我們相信我們仍有很大的機會持續投資、優化並成長。

So we're going to continue investing behind the cases for the long term.

所以我們會持續為長期投入、加碼投資這些個案。

Stephen Grambling, Morgan Stanley.

摩根士丹利（Morgan Stanley）的 Stephen Grambling。

I just want to go back to that to make sure I understood it correctly. So I think that your promo was down sequentially, still up year over year. Is it down sequentially predominantly because of the World Cup and maybe those customers not showing up they tend to require higher reinvestments. So we haven't quite seen a change in the promotional environment yet? Or has it even potentially ratchet up?

我只是想回到剛才那點，確認我理解正確。所以我認為你們的促銷（promo）環比下降，但同比仍上升。環比下降主要是因為世界盃，可能那些客戶沒有出現，而他們通常需要更高的再投資（reinvestment）。所以我們還沒有真正看到促銷環境的變化？還是說它甚至可能已經進一步升級？

Just curious if there's any kind of way to dig into that and what you're seeing in the competitive environment?

想請教是否有任何方式可以更深入拆解一下，以及你們在競爭環境中看到什麼？

Stephen, just to clarify, in Macau, our reinvestment level sequentially remained flat to second quarter versus first quarter. When we adjust for the whole percentage and the difference in business mix. Year over year, we see obviously a higher level of reinvestment because we only started to adopt a more aggressive reinvestment strategy to adjust to the market in the second half of last year.

Stephen，先澄清一下，在澳門，我們的再投資水準在第二季相較第一季，環比維持持平。這是在我們調整持有率百分比（hold percentage）以及業務組合差異之後的結果。同比來看，我們顯然看到更高的再投資水準，因為我們是在去年下半年才開始採取更積極的再投資策略，以因應市場。

Right. But you had the World Cup in there, which I imagine if you're not having some people that require higher reinvestment, maybe that would suggest that perhaps it's even picking up sequentially, just as we think about the underlying. So are you seeing any change in the competitive dynamic that you kind of pull back the onion a bit?

對。但你們那段期間有世界盃，我想像如果少了一些需要更高再投資的客人，可能反而意味著，從底層來看它其實是環比在上升。所以你們是否看到競爭動態有任何變化？能不能再把它拆開一點、深入說說？

There's no change in either our approach or the reinvestment levels when you look at it sequentially -- and as we have been doing since the start of the year, we're looking to optimize the level of reinvestment into all of these customer ADT segments.

就我們的做法或再投資水準而言，按期比較並沒有任何變化——而且如同我們自年初以來一直在做的，我們正致力於優化對所有這些客戶 ADT 分群的再投資水準。

And what we're finding is we were successful in first quarter, is that we're able to adjust some of those reinvestment levels and still achieve the market share gain. So as we look into the second half, we'll continue that process of optimization and we aim to achieve a higher level of gross margin from this high level of revenues.

我們發現——而且我們在第一季已經成功做到——我們能夠調整其中部分再投資水準，同時仍然達成市占率提升。因此，展望下半年，我們將持續進行這項優化流程，並且目標是在這個高營收水準下取得更高的毛利率。

Robin Farley, UBS.

Robin Farley，瑞銀（UBS）。

I wanted to go back to a comment that you made during the call where you said that reinvestment would level off in the second half. And just wanted to make sure that I'm understanding that correctly, leveling off, meaning it will be flat year over year or that the rate of increase in the second half would be about the same rate of increase year over year we saw in the first half and not a higher rate of increase?

我想回到你在電話會議中提到的一點，你說下半年再投資會趨於持平。我只是想確認我理解正確：所謂「趨於持平」是指年對年持平，還是指下半年的增幅年對年大致會與上半年看到的增幅相同，而不是更高的增幅？

Just to clarify, Robin. There are two different public. One is the reinvestment and the other is the operating expenses. So for reinvestment, what we're looking to do is to continue to optimize the reinvestment percentage as a proportion of actual revenue, and that process has started since the beginning of the year. We've had some success in this, and we'll continue that into the second half.

我澄清一下，Robin。這裡有兩個不同的項目。一個是再投資，另一個是營運費用。就再投資而言，我們希望持續優化再投資占實際營收的比例，而這個流程自年初就已開始。我們在這方面已取得一些成果，並會在下半年持續推進。

In terms of Patrick's comments on operating expenses, we have had some OpEx growth during the first half of 2026, but we do expect the rate of OpEx growth to moderate into the second half -- we've been investing in the table operating hours in the sales, network distribution, and also in the service elevation. But the big step change in those investments have largely happened and what we expect into the second half into 2027, it's a more moderate rate of OpEx growth, and we should, therefore, be able to achieve some operating leverage on the EBITDA margin as revenues grow.

至於 Patrick 對營運費用的評論，我們在 2026 年上半年確實有一些 OpEx 成長，但我們預期 OpEx 的成長率在下半年會放緩——我們一直在投資於賭檯營運時數、銷售、網路分銷，以及服務提升。但這些投資的大幅度躍升多數已經發生；我們預期下半年延伸到 2027 年，OpEx 成長率會較為溫和，因此隨著營收成長，我們應能在 EBITDA 利潤率上取得一些營運槓桿。

And is that saying that the second half rate of increase in OpEx will be similar to the first half?

所以你的意思是，下半年 OpEx 的增幅會與上半年相近嗎？

Slower. (inaudible) can be slower.

更慢。（聽不清）可以更慢。

I just wanted to clarify what leveling off, just to make sure I understood. And then can you talk a little bit about -- I mean, I don't want to get too focused on like the very immediate term, but obviously, the World Cup you've talked about that impacting visitation. Are you seeing bounce back pent-up demand? Or is it just back to normal levels? In other words, are you seeing a clear sign that, that was just during the World Cup and how things look now versus that period.

我只是想釐清「趨於持平」的意思，確保我理解正確。另外你能否談談——我不想過度聚焦在非常短期的情況，但顯然你們提到世界盃對到訪人次有影響。你們是否看到反彈的補償性需求（pent-up demand）？還是只是回到正常水準？換句話說，你們是否看到明確跡象顯示那只是世界盃期間的影響，以及現在相較於當時的情況如何？

I do want to point out the final was on Sunday. And so I'm not really sure yet how we think about it. I will tell you that this was quite an unbelievable sporting event -- the level of success the World Cup in the US is really, really remarkable. I think the earnings that they generated were a record, and the attendance might have been record.

我想指出決賽是在星期日。所以我現在其實還不太確定我們要如何看待它的後續影響。但我可以告訴你，這是一場相當不可思議的體育盛事——世界盃在美國的成功程度真的非常、非常驚人。我認為他們創造的收益是紀錄新高，入場人數也可能是新高。

I think the involvement with the broader field really captured a global phenomenon. And it was something that I think a lot of people went to. And unfortunately, a lot of our high-value patrons our followers or a lot of the players and a lot of the teams who have representation in the World Cup or had -- are from countries that participated and it just drove a lot of tourism away from our two core markets to markets.

我認為它在更廣泛層面的參與度確實捕捉到一種全球現象。這是一件我想很多人都去參與的活動。而不幸的是，我們許多高價值客戶、我們的追隨者，或是很多球員以及許多在世界盃有代表的球隊——或是來自參賽國家——這就把大量旅遊人潮從我們兩個核心市場分流到其他市場。

And so we're obviously very optimistic about the long term, but also we think our patrons want to come back to doing what they're doing. So we look forward to seeing them back in our properties. Looking forward to seeing them back in our markets, and we'll go from there. But it's a little early to tell you about any step back given that everything ended only a few days ago.

因此我們對長期當然非常樂觀，同時我們也認為我們的客戶會想回來繼續他們原本在做的事情。所以我們期待看到他們回到我們的物業。也期待看到他們回到我們的市場，然後我們再視情況推進。但由於一切在幾天前才剛結束，現在要談任何明顯的回補還有點太早。

Brandt Montour, Barclays.

Brandt Montour，巴克萊（Barclays）。

Great. The mass drop staff that you guys gave at 15% in the quarter, would you be willing to break that out by month in the quarter?

好的。你們提到本季大眾市場（mass）的台面投注額（table drop）成長 15%，你們願意按季度內各月份拆分一下嗎？

I'm sorry, I couldn't hear the question. Could you say that again, please?

抱歉，我聽不清楚問題。可以請你再說一次嗎？

Sorry about that. So mass table drop in the quarter was up 15%. You highlighted that, Patrick, in your prepared remarks. Would you be able to break that out by month, just so we can get a sense of how your performance was trending Sands, sorry, ex hold before World Cup start?

抱歉。所以本季大眾市場的 table drop 年增 15%。Patrick，你在事先準備的講稿裡有特別提到。你能否按月拆分一下，讓我們了解在世界盃開始前、扣除運氣因素（ex hold）後，你們的表現趨勢如何？Sands，抱歉。

Yes. I would just say we typically don't do that, but just directionally, we were impacted in June.

可以。我只能說我們通常不會這樣拆分，但就方向性而言，我們在 6 月受到影響。

Okay. And then in your slides, you have a slide about the Macau Airport passenger volume. It took a big step back in the second quarter more in line with last second quarter, right? This is -- we know that it's a seasonally weak quarter.

了解。另外在你們的簡報裡，有一頁談到澳門機場旅客量。第二季出現明顯回落，更接近去年第二季的水準，對吧？我們知道第二季是季節性偏弱的季度。

But the first quarter this year had a big step up, unlike last prior years. And so it almost would seem like that capacity has taken a structurally higher step-up since covid. Just curious if -- when you talk to your partners or your contacts, in the Transportation division. Is that temporary? Is that seasonal? Do you expect it to sort of rebound? Is there something that you think drove that?

但今年第一季相較過去年份有明顯跳升，不像以往。所以看起來好像自疫情（covid）以來，運能結構性地上了一個台階。想請教當你們與交通運輸部門的合作夥伴或聯繫窗口交流時，這是暫時性的嗎？是季節性因素嗎？你們預期會回升嗎？或你們認為是什麼因素造成的？

So I just wanted to clarify, you're referring to slide 39 where we talk about Macau airport monthly passenger volume.

我想先確認一下，你指的是第 39 頁，我們談到澳門機場每月旅客量的那一頁嗎？

That's right.

沒錯。

Yes. Look, I think if you look at it and you look at it, it's not too much different from the second quarter of '25. Just sort of highlight the fact that there is seasonality in visitation to Macau. That's kind of what my takeaway from that would be. Grant, I don't know if you have anything else you'd like to add?

是的。你看這個數據——如果你看它、再看它——其實跟 25 年第二季差異不大。主要是想凸顯澳門到訪量存在季節性。這大概就是我從那張圖得到的結論。Grant，我不知道你是否還有其他想補充的？

Yes, I think you can see clearly, second quarter is seasonally softer. And in the second half, we had much higher levels of passenger volume. But it's fair to say international visitation during the quarter, but especially June, did slow down for a number of reasons but also affected by the World Cup in June. So I think it wouldn't -- it's not a surprise to see that the airport passenger volume is not as strong as the second half of last year.

是的，我認為你可以很清楚看到第二季在季節性上較疲弱。而在下半年，我們的旅客量水準要高得多。但可以說，本季的國際到訪確實放緩，尤其是 6 月，原因有好幾個，同時也受到 6 月世界盃的影響。所以我認為，機場旅客量不如去年下半年強勁，並不令人意外。

And this is just one airport, too. Obviously, there's the Hong Kong airport, which isn't reflected here. There's the [Juha Airport], which isn't reflected here. These [carriers] are trying to make money, obviously. And there's a lot more money to be made when people are traveling then when you have this very soft period, April and June. So part of this is just supply and demand with respect to what those people are doing.

而這也只是其中一個機場而已。很明顯地，香港機場並未反映在這裡。還有[Juha 機場]也沒有反映在這裡。這些[航空公司]顯然是想賺錢。當人們在旅行時，能賺到的錢遠比在四月到六月這種非常疲弱的期間要多。所以其中一部分其實就是供需關係，取決於那些人正在做什麼。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

First, on capital allocation, your buybacks were again at an elevated pace for the second quarter in a row. Can you talk about availability or appetite to stay at this pace versus reverting to maybe where you were in '25?

首先，關於資本配置，你們的回購在連續第二個季度都維持在較高的速度。能否談談維持這個速度的可行性或意願，與回到可能像你們在「25 年」時的水準相比如何？

So first off, we see meaningful value in both LVS and SCL equity. And we're going to continue to act with this belief. And so you see that on display this quarter. I think for us, share repurchases are a great way to return capital. They shrink the share count. They are accretive for EPS, and we have a very strong view about repurchases, given where the equity is today.

首先，我們認為 LVS 與 SCL 的股權都具有顯著價值。我們會持續依循這個信念採取行動。因此你會在本季看到這點。對我們而言，股票回購是回饋資本的絕佳方式。它會降低流通股數。它對每股盈餘（EPS）具有增益效果，而且考量到目前的股價水準，我們對回購有非常強烈的看法。

And if you look at the Board, and the Board has been very supportive, we're very appreciative. They just approved the $6 billion authorization, and our goal is to use it.

如果你看看董事會，董事會一直非常支持，我們非常感激。他們剛剛核准了 60 億美元的授權額度，而我們的目標就是把它用掉。

So I think for us, we see a lot of long-term value in the investments we're making. We feel very strongly about the markets that we're in. And so we're going to continue to be aggressive in the way that we think about the value of our equity and how we repurchase stock.

所以我認為，對我們來說，我們看見我們正在進行的投資具有很大的長期價值。我們對所處的市場非常有信心。因此，我們會持續以更積極的方式來看待我們股權的價值，以及我們如何回購股票。

George Choi, Citigroup.

George Choi，Citigroup。

George -- if I mean correctly, you guys started optimizing your player investments in June of last year. Are you comfortable with the way it's going now versus your competitors? And I guess more importantly, do you believe you can get back to the EBITDA market share that you used to attain without changing your current plan with investment strategies?

George——如果我理解正確，你們從去年六月開始優化你們對玩家的投資。你們對目前的進展相較於競爭對手感到滿意嗎？我想更重要的是，你們是否相信在不改變目前投資策略計畫的情況下，能夠回到你們過去所達到的 EBITDA 市占率？

Thanks, George, for the question. On reinvestment, yes, we started to make a step change in our reinvestment levels from the second half of last year. And as we have gone through the last four quarters, we've been able to be more efficient in the way we reinvest, especially at some of those higher end customer segments.

謝謝你，George，提出這個問題。關於再投資，是的，我們從去年下半年開始在再投資水準上做了階段性的調整。而在過去四個季度中，我們已能以更有效率的方式進行再投資，特別是在一些高端客群。

And I think the first half of this year, you've seen that we've been able to continue to gain share, but whilst staying at a lower level of reinvestment versus fourth quarter of last year. So we're happy at how it's working out but we will stay alert to how the market environment adjusts, and we'll stay close to the market.

我認為在今年上半年，你已經看到我們在維持較去年第四季更低的再投資水準之下，仍能持續提升市占。所以我們對目前的成效感到滿意，但我們會持續留意市場環境如何調整，並保持貼近市場。

But the goal is most definitely to continue to optimize into the second half and to earn a higher gross margin from this higher level of revenue.

但目標非常明確，就是在下半年持續優化，並從更高的營收水準中取得更高的毛利率。

And I appreciate the question. Our goal is to get back to our EBITDA market share. And that's why we're investing. But in order for us to do it, we need to see some market growth. We need to continue with our reinvestment program and the approach that we're taking today.

也謝謝你的提問。我們的目標是回到我們的 EBITDA 市占率。這也是我們投資的原因。但要做到這一點，我們需要看到市場成長。我們需要持續推進我們的再投資計畫，以及我們目前採取的做法。

And we need to see the high-value product come online and the way that we've seen with the Londoner brand, the Londoner court and the Grand Suites on the Four Seasons.

我們也需要看到高價值產品如期上線，就像我們在 Londoner 品牌、Londoner Court，以及四季酒店的 Grand Suites 所看到的那樣。

So as we continue to minister renovation, as we work through the rest of the property that we've -- the rest of the property that we're planning on investing in as we get that higher value product, and as Grant mentioned earlier, as we continue to have the highest level of service, we will have the opportunity to grow back to that level of EBITDA. That's what our goal is.

因此，隨著我們持續推進翻新工程，並完成我們計畫投資的其餘物業部分，當我們取得更高價值的產品，同時如 Grant 先前提到的，持續提供最高水準的服務，我們就有機會把 EBITDA 拉回到那個水準。這就是我們的目標。

And as a follow-up, we noticed that you have a very strong lineup of events and concerts in Macao for the next several months, which is very encouraging. Just wondering how would you describe the current level of competition on getting top-tier [acts] to perform at our Venetian and London arenas for other than us in Macau?

作為追問，我們注意到你們在未來幾個月於澳門有非常強的活動與演唱會陣容，這非常令人鼓舞。想請問你會如何形容目前在爭取頂級[表演者]到我們的威尼斯人與倫敦人場館演出方面的競爭程度？在澳門除了我們之外的其他方也是如此嗎？

Thanks, George, for that question. The competition in entertainment content is fairly intense across the region. So it will be acts that are stopping in Asia where Macau as the destination is competing for against the other cities in the region. That hasn't really changed versus the last two years. Within Macau, there is obviously more entertainment acts going on, and therefore, there is competition for similar acts.

謝謝你，George，這個問題。在整個區域內，娛樂內容的競爭相當激烈。因此，對於在亞洲巡演的表演者而言，澳門作為目的地是在與區域內其他城市競爭。這點相較於過去兩年並沒有太大改變。在澳門內部，顯然有更多娛樂演出在進行，因此也會對相似的表演者產生競爭。

However, as you just highlighted, we have a very up into the second half and we feel very good about our event calendar able to drive more segments of the business.

不過，正如你剛才指出的，我們在下半年有非常強勁的安排，我們對我們的活動行事曆能夠帶動更多業務分部感到非常有信心。

And we've seen some positive impact from these events in the first six months of the year, but the second half looks very strong for us, especially as we build into August, September and then obviously culminated in the NBA games in October.

我們在今年前六個月已經看到這些活動帶來一些正面影響，但下半年對我們來說看起來非常強勁，特別是隨著我們進入八月、九月，然後很明顯在十月以 NBA 比賽作為高潮。

Trey Powers, Wells Fargo.

Trey Powers，Wells Fargo。

It's Zach Silverberg filling in for Trey. The first one on MBS. -- theoretical VIP hold on Slight 11 ticked up quarter-over-quarter despite a change in mix on visitation, as you called out in June. Can you kind of unpack that a little bit? What drove the theoretical hold to tick up quarter over quarter despite these changes?

我是 Zach Silverberg，代替 Trey。第一個問題關於 MBS——如你們在六月提到的，儘管來訪客群組合有所變化，Slight 11 上的理論 VIP hold 仍較上季小幅上升。你能否稍微拆解一下？在這些變化之下，究竟是什麼推動理論 hold 季對季上升？

Well, first off, Zach, welcome to the LVS earnings call. So in terms of the 4.2%, as we talked about last quarter, who shows up in the building and how they play really matters for our theoretical hold percentage. And we talked about last quarter with our $18 billion worth of rolling volume, which is, as you mentioned, is on page 11 of our earnings slides. You can see that we held $3.6 million -- that was actually a barbell where we had many of our patrons who play to a higher level of hold theoretically. And then a few patrons were very concentrated who play to a high volume at a lower theoretical hold.

首先，Zach，歡迎參加 LVS 的財報電話會議。就 4.2% 而言，正如我們上季所談到的，進到場館的客人是誰、以及他們如何下注，對我們的理論 hold 百分比非常重要。我們上季也談到我們 180 億美元的 rolling volume——如你提到的，在我們財報簡報第 11 頁。你可以看到我們 hold 了 360 萬美元——實際上那是一種「兩端分布」的情況：我們有許多客人理論上會以較高的 hold 水準來玩。同時也有少數客人非常集中，他們以較低的理論 hold 進行高額量的投注。

In this case, you can look at our volumes of $9.3 billion, which were exceptional in any consideration for 2Q, but note that the players who are in the building play more of the side bets, played more of the higher-value bets with more volatility, and that's what generated the 4.2% theoretical hold for the quarter.

在這一季，你可以看到我們的投注量為 93 億美元，對於第二季而言在任何角度看都非常出色；但請注意，場內的玩家更多在玩 side bets，更多下注於更高價值、波動性更高的投注，這就是本季產生 4.2% 理論 hold 的原因。

And for my follow-up, just following up on Robin's question earlier on Macau OpEx. Have you guys know how to strike the right balance between OpEx and kind of the rolling volume share gains you've seen? I guess in other words, is there an opportunity to lean in more on the service levels if you're still taking this high-end share?

那我接著追問一下，延續先前 Robin 關於澳門營運費用（OpEx）問題的提問。你們是否已經掌握如何在 OpEx 與你們所看到的轉碼量市占提升之間取得適當平衡？換句話說，如果你們仍在高端市場持續拿下市占，是否有機會在服務水準上再加大投入？

You have to divide between the different components of the additional headcount that we've invested in. First of all, the biggest headcount increases come from our investment in additional operating hours in table games, and that actually feeds all segments of the market. And that obviously leverages our scale advantage with our 1,680 tables -- so first off, that's a multi-segment investment.

你必須把我們所投入的新增人力，拆分成不同的構成來看。首先，最大的人力增加來自我們在賭桌遊戲延長營運時數上的投資，而這其實會帶動市場的所有客群。而這也顯然能發揮我們 1,680 張賭桌的規模優勢——所以首先，這是一項跨多個客群的投資。

In terms of the sales distribution and the service elevation -- those are more targeted at the premium segments, but not only to rolling segment also into the premium mass table games. And all three components have started to benefit our revenue capture, but certainly position us much, much better for the future as we bring on some of these product upgrades in the portfolio as they progressively complete over the next two years. So we are very happy that we've made the step changes in the investments in table hours, sales, and service renovation. The bulk of those additional investments have already been made but we'll continue to tweak and add as needed in accordance with the market growth opportunities.

至於銷售通路與服務升級——這些更偏向鎖定高端客群，但不僅是轉碼客群，也涵蓋高端大眾賭桌（premium mass table games）。這三個面向都已開始提升我們的營收捕捉能力（revenue capture），同時也讓我們在未來兩年內，隨著投資組合中部分產品升級陸續完成時，具備更、更好的競爭位置。因此，我們非常樂見在賭桌時數、銷售與服務翻新方面所做的投資出現了階躍式提升。其中大部分的新增投資已經完成，但我們仍會依市場成長機會持續微調並在需要時追加投入。

Joe Star, SIG. Joe.

Joe Star，SIG。Joe。

Patrick, I was wondering if you could -- sorry, one follow-up on World Cup. I was wondering if you could possibly size the World Cup impact in July relative to what you saw in June?

Patrick，我想追問一下——抱歉，關於世界盃再追問一題。你是否可以大致量化一下，7 月世界盃的影響相較於你們在 6 月看到的情況？

Sorry, I can't. We just had a lot of people who weren't there. Like it's really captivated the whole world. And as you sort of follow Southeast Asia and the Asian region, European football is the most popular sport, that and basketball are the two most popular sports. And so I think just see anecdotally, we had a lot of people not around.

抱歉，我沒辦法。我們就是有很多人不在現場。這真的吸引了全世界的注意力。而且如果你觀察東南亞與亞洲地區，歐洲足球是最受歡迎的運動，另外一個最受歡迎的是籃球。所以我想就一些軼事觀察來看，我們確實有很多人不在。

Ended on Sunday. So we -- let's talk again in [90 days], and we'll let you know what happens.

週日就結束了。所以我們——90 天後再聊一次，我們再告訴你結果如何。

Fair enough. And then on at MBS, like Dan was asking earlier, we're a year into the launch of the new renovations. Is there any way or measure you can give us in terms of like the new customer development, where you are in that in terms of, again, kind of like the the highest end number of population set that you have? Where are you in that development? Are you early? Are you if there's any sense you can give us in terms of that. It's been a year. So you probably see some patterns, but just wondering how much is left?

可以理解。另外關於 MBS（濱海灣金沙），就像 Dan 先前問的，我們已經是新一輪翻新啟用後的一年了。你能否提供任何方式或指標，讓我們了解新客開發的情況，例如在你們所鎖定的最高端客群（人口池）方面，你們目前進展到哪裡？你們在這個開發上處於什麼階段？還算早期嗎？如果可以的話，能否給我們一些感覺？畢竟已經一年了。你們應該看到一些模式了，但我想了解還剩多少空間？

So I think it's early days yet in the market for high-value tourism in Southeast Asia. If you look at the population size, if you look at the economies in the countries in our catchment area, where our tariffs come from and where is the tourist icon to Singapore come from. There is a huge amount of for direct investment. There's a huge amount of wealth creation, and there are a lot of young people who are becoming very successful as entrepreneurs. And many of those people want to come to Singapore.

我認為東南亞的高價值旅遊市場仍然處於早期階段。如果你看人口規模、看我們集客圈內各國的經濟體，看看我們房價（tariffs）的來源，以及前往新加坡的旅遊地標客群來自哪裡。那裡有大量的直接投資。也有大量的財富創造，而且有很多年輕人正以創業者身分取得很大的成功。而其中許多人都想來新加坡。

And so we are the beneficiary of Singapore status in Southeast Asia and Asia in general as an incredibly desirable tourism destination for high-value tourists. The most successful people in Asia are coming to Singapore, and they keep growing. And their wealth keeps compounding. So you have the benefit of our patrons creating more wealth over time for themselves and growing within the MBS ecosystem. And then you have a lot of new patrons who we've never seen before.

因此，我們受惠於新加坡在東南亞乃至整個亞洲作為極具吸引力的高價值旅遊目的地的地位。亞洲最成功的人正在來新加坡，而且這個趨勢仍在成長。他們的財富也在持續複利累積。所以你一方面受惠於我們的貴賓（patrons）隨時間為自己創造更多財富，並在 MBS 生態系中持續成長。另一方面，我們也有很多以前從未見過的新客。

We're very successful in our catchment area, showing up because they want to experience the great things that MBS has on offer. Entertainment, hospitality, food and beverage, very importantly, retail. It's a huge component of our customer activity and, of course, gaming. And all of these things come together and create a very unique high-level experience.

我們在集客圈內非常成功，客人會出現是因為他們想體驗 MBS 所提供的精彩內容。娛樂、飯店住宿、餐飲（F&B），以及非常重要的零售。零售是我們客戶活動中非常大的組成，當然還有博彩。而這些元素結合在一起，創造出非常獨特的高端體驗。

We also have a lot of customers who are very successful. We're also with MICE customers. Where we're located and Singapore's focus on MICE tourism and facilitating trade and business creates a lot of opportunities for very high net worth people to have nice interactions on our property and then return again and be leisure patrons or do both. So we think we're in very, very early innings of the Marina Bay Sands story.

我們也有很多非常成功的客戶。我們也有 MICE 客戶。我們的地理位置，以及新加坡對 MICE 旅遊、促進貿易與商務的重點布局，為高淨值人士在我們物業內建立良好互動、之後再回訪成為休閒客或兩者兼具，創造了很多機會。因此，我們認為濱海灣金沙（Marina Bay Sands）的故事仍然處於非常、非常早期的階段。

And to be fair, the story of Singapore success as a center of trade and business. So we're very excited about the long-term opportunity there as the investments we're making and about the profile that we have and how so many of them are young and how they're creating wealth and how the economies are developing in and around Singapore all throughout Southeast state.

公平地說，新加坡作為貿易與商務中心的成功故事也是如此。因此，隨著我們正在進行的投資、我們所具備的客群輪廓，以及其中許多人很年輕、正在創造財富，並且新加坡周邊各經濟體在整個東南亞持續發展，我們對那裡的長期機會感到非常振奮。

David Katz, Jefferies.

David Katz，Jefferies。

Appreciate it. I wanted to just get a long-term perspective on capital spending in Macau. I'm looking at your slide 21, and I see you have $600 million next year and the year after. What should we think about being included in there? And as we look out longer term, is that a rate that you expect you can continue to maintain and work your way across the portfolio in Cotai as you've been doing.

謝謝。我想從長期角度了解一下澳門的資本支出。我在看你們的第 21 頁投影片，看到你們明年與後年各有 6 億美元。我們應該如何理解其中包含哪些項目？再往更長期看，這是否是你們預期可以持續維持的支出水準，並像你們一直以來那樣在路氹（Cotai）的資產組合中逐步推進？

The reason why we show that CapEx on top of the maintenance is to invest for growth. So as we talked about before, and I said in the prepared remarks, we have looked for the highest return and highest cash flow generating projects that we can undertake in the near term to begin to grow the business and head towards, as George described as our previous levels of EBITDA and our previous EBITDA share, we're very focused on growing this business. And the way we have to grow this business is through investment in the three pillars we talked about.

我們之所以在維護性資本支出（maintenance）之上另外揭露這部分 CapEx，是因為這是用來投資成長。所以如同我們之前談到的、以及我在事先準備的發言中提到的，我們在近期挑選了能夠執行、且具最高報酬與最高現金流創造能力的專案，來開始推動業務成長，並朝 George 所描述的、回到我們過去的 EBITDA 水準與過去的 EBITDA 市占邁進；我們非常專注於把這個業務做大。而我們成長這個業務的方式，就是透過我們提到的三大支柱的投資。

And one of those pillars is a great product. And we've shown success and we've shown meaningful returns on the capital we've deployed in end product to address our high-value premium mass and super premium mass segments and on the rolling segment at the higher VIP level, which you see in our volumes in Macau. And so we intend to invest to create the opportunity to grow the business. And that's why you see that number there. So we'll continue for a bit.

其中一個支柱就是卓越的產品。我們已經展現成功，也在我們投入到最終產品（end product）的資本上取得了顯著回報，這些投入用來滿足我們的高價值高端大眾（premium mass）與超高端大眾（super premium mass）客群，以及更高 VIP 等級的轉碼客群——你可以從我們在澳門的量能表現中看到。因此，我們打算持續投資，以創造業務成長的機會。這就是你在那裡看到那個數字的原因。所以我們還會持續一段時間。

We'll keep going. But we're going to see returns from this CapEx or we wouldn't be doing it.

我們會繼續推進。但我們會從這筆資本支出（CapEx）中看到回報，否則我們不會這麼做。

Okay. Fair enough. And just one detail. Apologies if you've already mentioned it, I can go back and look it up. Did you tell us how many rooms are out of the Venetian and we should expect out per quarter just so we can get our models set up the right way.

好的。有道理。另外一個細節。如果你已經提過了先跟你說聲抱歉，我可以回去再查一下。你有沒有告訴我們威尼斯人（Venetian）有多少間客房會暫時退出供應，以及我們每季大概會看到多少間退出，好讓我們把模型設定正確？

Yes, David, it's approximately 400 keys out of inventory on average for the second quarter. And you can assume that figure will fluctuate between 400 to 500 every quarter between now and into 2027.

有的，David，第二季平均大約有 400 間客房（keys）會退出可售庫存。而且你可以假設從現在到 2027 年期間，每一季這個數字會在 400 到 500 之間波動。

Steve Watchinski, Stifel.

Steve Watchinski，Stifel。

Just one question for me. So Patrick, you talked a lot about so far about the reinvestment rate in the Macau market for yourselves. But wondering if you could comment on your peer group as well in terms of maybe what you're seeing out there across the entire market? And how you guys are thinking about the reinvestment for the whole market? Or maybe a better way to ask that is, when could the entire market maybe start to slow that reinvestment rate down?

我這邊只有一個問題。Patrick，你到目前為止談了很多你們在澳門市場的再投資率。但想請你也評論一下同業（peer group），就整個市場而言你看到的情況是什麼？以及你們如何看待整體市場的再投資？或者換個方式問：整個市場大概什麼時候可能開始放緩再投資率？

So I think, first off, I think our approach isn't changing. As we -- as I mentioned before in the prepared remarks, as Grant said earlier, we're going to continue to approach this the same way. And I think we're -- what we're seeing in the market now is some stability, some movement. But I think in the long run, as the market grows, there will be less pressure and people will have the opportunity to make more money.

我想，首先，我們的做法不會改變。正如我先前在準備好的發言中提到的，也如 Grant 先前所說，我們會繼續以同樣的方式來做。我認為我們現在在市場上看到的是一些穩定性、一些變動。但長期來看，隨著市場成長，壓力會變小，大家也會有機會賺更多錢。

But Grant, I don't know if there's anything else you want to add.

不過 Grant，我不知道你是否還想補充什麼。

I think that's exactly right. As revenues grow in the market, there will be some kind of decompression on the need to continuously elevate the reinvestment levels. The competition environment hasn't really changed for the past several quarters. And as we've continuously said on this call, our approach has been very consistent, especially since the start of the year, and we'll continue to look to optimize that reinvestment but we are cognizant of any changes in the market as well. So we will be adjusting in accordance with that.

我覺得完全正確。隨著市場營收成長，對於必須持續拉高再投資水準的需求會出現某種程度的緩解。競爭環境在過去幾個季度其實沒有太大改變。而且如同我們在這通電話中一再提到的，我們的做法一直非常一致，尤其是從年初以來；我們會持續尋求最佳化再投資，但也會留意市場的任何變化。因此我們也會依此進行調整。

But at this stage, we don't see any significant change in the competitive landscape as far as reinvestment is concerned.

但就目前而言，就再投資來看，我們沒有看到競爭格局有任何重大變化。

Steve Pizzella, Deutsche Bank.

Steve Pizzella，德意志銀行（Deutsche Bank）。

Just one from us following up on the World Cup one more time. As you look back at historical World Cups versus this one, is there any reason that this year would have had a higher impact versus pass loops. Could it be what's driving the market this year or the location in the US? Or any thoughts on that?

我們這邊再追問一次關於世界盃。回頭看歷屆世界盃與這一屆相比，有沒有任何原因使得今年的影響會比過去更大？會不會是今年市場的驅動因素，或是地點在美國？你們有什麼想法嗎？

Yes. Thank you. Really appreciate the question. A couple of thoughts. So first off, this World Cup had a larger number of teams participating.

有的。謝謝。非常感謝這個問題。我有幾點想法。首先，這屆世界盃參賽隊伍數量更多。

So that was maybe one, factor being in the US given the infrastructure and tourism infrastructure here, including airports, hotel rooms, and the ability to attract tourists from all over the world was another benefit. For the World Cup, maybe not for visitation to Macau and Singapore, but definitely for the World Cup.

所以這可能是一個因素；另外，舉辦地在美國，憑藉這裡的基礎建設與觀光基礎設施，包括機場、飯店房間，以及吸引全球旅客的能力，也是另一個優勢。這對世界盃本身可能是利多，未必對澳門和新加坡的到訪有利，但對世界盃肯定有幫助。

I think just the increase in viewership of European football globally over the years probably hasn't hurt in the star power of some of the players that we're participating. There are some players there that are really of note and generational talents. And this might be maybe their last World Cup or their first World Cup. So there was a lot of interest.

我想，多年來歐洲足球在全球的收視成長，對於參賽球員的明星效應應該也有所助益。其中有些球員確實非常受矚目，屬於世代級的天才。而這可能是他們最後一屆世界盃，或是第一屆世界盃。因此引發了很高的關注。

And I think most importantly, the last World Cup was really during the pandemic. It was '22, visitation to both Macau and Singapore was very different, transit around Asia was very different. And so it's very hard for us to have a comp to look at and understand what the impact could be on a run rate basis.

而我認為最重要的是，上一次世界盃其實是在疫情期間。那是 2022 年，澳門和新加坡的到訪情況非常不同，亞洲區內的轉機與移動也非常不同。因此我們很難拿它作為可比基準，去理解在常態化情況下對於趨勢水準（run rate）的影響可能會是什麼。

So I think you had two things here. You've had an extraordinary sporting event that captivated the world. And that was one part of it. And then the other part is we didn't really know what would happen because we haven't seen a World Cup in more than eight years in a normal run rate environment.

所以我認為這裡有兩件事。一方面，你有一場吸引全球目光的非凡體育盛事。這是其中一部分。另一方面，我們其實也不太確定會發生什麼，因為在正常的趨勢環境下，我們已經超過八年沒有看到世界盃了。

And there's prediction markets that weren't there four years ago, too.

而且預測市場（prediction markets）在四年前也還沒有那麼普及。

Thank you. And that does conclude our Q&A session for today. Thank you, ladies and gentlemen. It does also conclude today's conference call. You may disconnect your lines at this time, and have a wonderful day.

謝謝。以上就是我們今天的問答環節。謝謝各位女士、先生。今天的電話會議也到此結束。您現在可以掛線，祝您有美好的一天。

We thank you for your participation.

感謝各位的參與。