美高梅國際酒店集團 (MGM) 2019 Q4 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International Fourth Quarter and Full Year 2019 Earnings Conference Call.

下午好，歡迎來到米高梅國際酒店集團 2019 年第四季度和全年收益電話會議。

Joining the call from the company today are Jim Murren, Chairman and Chief Executive Officer; Corey Sanders, Treasurer and Chief Financial Officer; Bill Hornbuckle, President and Chief Operating Officer; Grant Bowie, CEO and Executive Director of MGM China Holdings Limited.

今天加入公司電話會議的有董事長兼首席執行官 Jim Murren；財務主管兼首席財務官 Corey Sanders； Bill Hornbuckle，總裁兼首席運營官；美高梅中國控股有限公司首席執行官兼執行董事Grant Bowie。

(Operator Instructions).

（操作員說明）。

Please note, this conference is being recorded.

請注意，此會議正在錄製中。

Now I would like to turn the call over to Aaron Fischer.

現在我想把電話轉給 Aaron Fischer。

Please go ahead.

請繼續。

Good afternoon, and welcome to the MGM Resorts International Fourth Quarter and Full Year 2019 Earnings Call.

下午好，歡迎來到米高梅國際酒店集團 2019 年第四季度和全年收益電話會議。

This call is being broadcast live on the internet at investors.mgmresorts.com, and we've also finished our press release on Form 8-K to the SEC.

此電話會議正在互聯網上通過 investors.mgmresorts.com 進行現場直播，我們還完成了向 SEC 提交的 8-K 表格新聞稿。

On this call, we will make forward-looking statements under the safe harbor provisions of the federal securities laws.

在這次電話會議上，我們將根據聯邦證券法的安全港條款做出前瞻性陳述。

Actual results may differ materially from those contemplated in these statements.

實際結果可能與這些陳述中預期的結果存在重大差異。

Additional information concerning factors that could cause actual results to materially differ from these forward-looking statements is contained in today's press release and in our periodic filings with the SEC.

有關可能導致實際結果與這些前瞻性陳述存在重大差異的因素的更多信息包含在今天的新聞稿和我們定期向美國證券交易委員會提交的文件中。

Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise.

除非法律要求，否則我們不承擔因新信息或其他原因而更新這些聲明的義務。

During the call, we'll also discuss non-GAAP financial measures in talking about our performance.

在電話會議期間，我們還將在談論我們的業績時討論非 GAAP 財務指標。

You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website.

您可以在我們的網站上的新聞稿和投資者介紹中找到與 GAAP 財務措施的對賬。

Finally, this presentation is being recorded.

最後，正在錄製此演示文稿。

I'll now turn it over to Jim Murren.

我現在將其交給 Jim Murren。

Well, thank you, Aaron, and good afternoon, everyone.

好吧，謝謝你，Aaron，大家下午好。

Before we begin discussing our fourth quarter and full year 2019 results, I want to spend a moment talking about the announcement we made this afternoon.

在我們開始討論 2019 年第四季度和全年業績之前，我想花點時間談談我們今天下午發布的公告。

As you may have seen, I've informed the Board that I will step down from the company prior to the expiration of my contract.

您可能已經看到，我已通知董事會，我將在合同到期前從公司辭職。

The Board will promptly conduct a comprehensive search for the right leader who'll take MGM Resorts into the future.

董事會將立即全面尋找合適的領導者，帶領米高梅度假村走向未來。

And I will do whatever I can to support the Board during this time.

在此期間，我將竭盡所能支持董事會。

This was not a decision that I made lightly.

這不是我輕易做出的決定。

However, I know the company is well positioned, our balance sheet is strong, we have an efficient operating model and a powerful strategic plan.

然而，我知道公司定位良好，我們的資產負債表穩健，我們擁有高效的運營模式和強大的戰略計劃。

Our growth areas of sports betting, Japan and entertainment have never looked better.

我們在體育博彩、日本和娛樂方面的增長領域從未像現在這樣好過。

Our bench of management talent is deep.

我們的管理人才儲備豐富。

The company is strong and growing.

公司實力雄厚，發展壯大。

In my 22 years with MGM Resorts, I've accomplished a lot, and I'm proud of the company it has become.

在米高梅度假村工作的 22 年裡，我取得了很多成就，我為這家公司感到自豪。

Leading MGM resorts as CEO for the past 12 years has been the most rewarding and fulfilling experience in my professional career.

在過去的 12 年裡，作為首席執行官領導米高梅度假村是我職業生涯中最有價值和最充實的經歷。

And I want to thank our talented employees for all of their support and dedication.

我要感謝我們才華橫溢的員工的所有支持和奉獻。

Together, we transformed MGM Resorts into a global entertainment company with a worldwide footprint, while creating significant value for our shareholders.

我們共同將 MGM Resorts 轉變為一家業務遍及全球的全球娛樂公司，同時為我們的股東創造了巨大的價值。

Looking ahead until a successor is named, I will continue to lead the company.

展望未來，在任命繼任者之前，我將繼續領導公司。

As always, I will remain focused on executing our strategy, and I'm fully committed to supporting a seamless transition.

一如既往，我將繼續專注於執行我們的戰略，我將全力支持無縫過渡。

I'm confident that the Board will find the right person, who will continue to execute on our plan and drive value for MGM shareholders.

我相信董事會會找到合適的人選，他將繼續執行我們的計劃並為米高梅股東創造價值。

With that, I'd like to turn our discussion over to our results.

有了這個，我想把我們的討論轉向我們的結果。

MGM has a lot to be excited about this past year.

米高梅在過去的一年裡有很多令人興奮的事情。

We began 2019 with 2 major plans.

2019 年伊始，我們制定了 2 個主要計劃。

The first was to dedicate more focus on our asset-light strategy, which allows us to unlock the value of our real estate assets and recycle capital into higher growth, higher return opportunity.

首先是更加關注我們的輕資產戰略，這使我們能夠釋放房地產資產的價值，並將資本回收到更高增長、更高回報的機會中。

We made great progress as we monetized the underlying real estate of Bellagio Inn will soon monetize the real estate of MGM Grand Las Vegas at benchmark-setting multiple.

我們取得了很大進展，因為我們將 Bellagio Inn 的基礎房地產貨幣化，很快將以基准設定倍數將 MGM Grand Las Vegas 的房地產貨幣化。

We also sold Circus Circus Las Vegas, which was not core to our long-term strategy.

我們還出售了 Circus Circus Las Vegas，這不是我們長期戰略的核心。

We continue to work toward reducing our stake in MGP, which currently has a market value of around $7 billion.

我們繼續努力減少我們在 MGP 的股份，目前 MGP 的市值約為 70 億美元。

Our recently announced transactions as well as the anticipated cash redemption of $1.4 billion of our MGP operating partnership units are expected to yield $8.2 billion of net cash proceeds to MGM.

我們最近宣布的交易以及我們 MGP 運營合作夥伴單位的 14 億美元預期現金贖回預計將為 MGM 帶來 82 億美元的淨現金收益。

These proceeds in conjunction with our free cash flow will allow us to achieve domestic net financial leverage, excluding MGP of approximately 1x by year-end, while still returning significant capital to shareholders.

這些收益與我們的自由現金流相結合，將使我們能夠在年底前實現約 1 倍的國內淨財務槓桿（不包括 MGP），同時仍向股東返還大量資本。

As such, I'm pleased to report that we paid down $3.1 billion of our debt in the fourth quarter.

因此，我很高興地報告，我們在第四季度償還了 31 億美元的債務。

Further, as a testament to our continued confidence in our overall business and strategy as well as the value potential of MGM Resorts, we announced today a 15% increase in our quarterly dividend.

此外，為了證明我們對我們的整體業務和戰略以及米高梅度假村的價值潛力的持續信心，我們今天宣布將季度股息提高 15%。

We also announced the authorization of a new $3 billion share repurchase program, which we intend to put to use tomorrow with a $1.25 billion modified Dutch auction tender.

我們還宣布了一項新的 30 億美元股票回購計劃的授權，我們打算在明天通過 12.5 億美元的修改後的荷蘭式拍賣投標來使用該計劃。

We believe that this is an opportune time to repurchase shares despite the volatility in some segments of our business.

我們認為，儘管我們的某些業務部門存在波動，但現在是回購股票的合適時機。

While the coronavirus, which I will discuss shortly, will clearly have a near-term impact to MGM China, we remain confident that it will not have a long-term impact on our business.

雖然我稍後將討論的冠狀病毒顯然會對美高梅中國產生短期影響，但我們仍然相信它不會對我們的業務產生長期影響。

We are pleased with the outlook of our domestic businesses with strong underlying trends in Las Vegas, including continued growth in RevPAR, food and beverage and domestic gaming spend.

我們對拉斯維加斯具有強勁潛在趨勢的國內業務前景感到滿意，包括 RevPAR、食品和飲料以及國內博彩支出的持續增長。

MGM has the benefit of having a good, broad-based snapshot of our customer base here in Las Vegas.

米高梅的好處是對我們在拉斯維加斯的客戶群有一個良好的、廣泛的快照。

We have guests from all income groups coming from all over the world.

我們有來自世界各地所有收入群體的客人。

And we are especially happy with the performance of our mid-market properties, which produced strong margin improvement.

我們對我們的中端市場物業的表現特別滿意，它們帶來了強勁的利潤率提升。

This, to us, speaks to the strong underpinnings of the Las Vegas market as well as the success of our MGM 2020 plan.

對我們來說，這說明了拉斯維加斯市場的強大基礎以及我們米高梅 2020 計劃的成功。

We are investing in Japan and in our online and sports betting business, and while these businesses are contributing losses to our P&L today, we expect both to create meaningful value in the years to come.

我們正在日本以及我們的在線和體育博彩業務上進行投資，雖然這些業務今天對我們的損益造成損失，但我們預計這兩項業務將在未來幾年創造有意義的價值。

And we do not believe either of these initiatives are reflected in our current stock price.

而且我們認為這些舉措中的任何一項都沒有反映在我們當前的股價中。

Secondly, we implemented our MGM 2020 plan, which a year later is successfully realizing material savings in labor, sourcing and revenue enhancement opportunity.

其次，我們實施了 MGM 2020 計劃，該計劃在一年後成功實現了勞動力、採購和收入增加機會方面的材料節省。

We've refined our operating model to create greater efficiencies and faster decision-making throughout the organization.

我們改進了我們的運營模式，以在整個組織內創造更高的效率和更快的決策制定。

We've also completed implementing numerous labor and yielding initiatives, which will drive more upside this year.

我們還完成了多項勞動力和收益計劃的實施，這將在今年推動更多上漲。

We're proud of the progress we made during 2019, as we look forward to steps to evolve our organization.

我們為我們在 2019 年取得的進步感到自豪，因為我們期待採取步驟來發展我們的組織。

We have advanced our transition to a less asset-intensive business model.

我們已經推進了向資產密集度較低的業務模式的過渡。

We've made meaningful strides to optimize our portfolio, strengthen our balance sheet and enhance our free cash flow.

我們在優化投資組合、加強資產負債表和提高自由現金流方面取得了重大進展。

In 2019, we also returned over $1.3 billion to shareholders in the form of dividends and buybacks.

2019 年，我們還以股息和回購的形式向股東返還了超過 13 億美元。

Since the end of the year, we have continued to buy back shares.

自年底以來，我們一直在回購股票。

And as of earlier this afternoon, we had only $4 million left remaining on our current $2 billion authorization.

截至今天下午早些時候，我們目前的 20 億美元授權只剩下 400 萬美元。

As we look into calendar year 2020, we expect certain headwinds, which we believe are unpredictable within a reasonable range of accuracy.

在我們展望 2020 日曆年時，我們預計會出現某些逆風，我們認為這些逆風在合理的準確範圍內是不可預測的。

We're currently navigating an extremely fluid environment with the coronavirus, which we are taking very seriously.

我們目前正在與冠狀病毒一起應對極其不穩定的環境，我們對此非常重視。

The safety of our employees and guests is our top priority, and we continue to work closely with the local authorities to ensure that we're doing what's right for the well-being of everyone there.

我們的員工和客人的安全是我們的首要任務，我們將繼續與地方當局密切合作，以確保我們所做的事情對那裡每個人的福祉都是正確的。

As such, our Macau casinos and gaming areas are currently closed, so we are maintaining some non gaming facilities to support our hotel guests.

因此，我們的澳門賭場和博彩區目前已關閉，因此我們正在維護一些非博彩設施以支持我們的酒店客人。

During this time, with our casinos closed, we are actively managing our costs and are incurring approximately $1.5 million of operating expenses per day across both properties.

在此期間，隨著我們的賭場關閉，我們正在積極管理我們的成本，並且每天在這兩個物業中產生大約 150 萬美元的運營費用。

The majority of which is payroll.

其中大部分是工資單。

While the current situation creates volatility in our business near term, we are confident that it does not reflect the medium to long-term earnings potential of these assets or in the marketplace.

雖然目前的情況會在短期內造成我們業務的波動，但我們相信它不會反映這些資產或市場的中長期盈利潛力。

In fact, while short-lived, we have been seeing signs of an improving marketplace during the first couple of weeks in January, with our businesses averaging just under $2.5 million of property EBITDAR a day.

事實上，雖然短暫，但我們在 1 月份的前幾週看到了市場改善的跡象，我們的企業平均每天的房地產 EBITDAR 略低於 250 萬美元。

In addition, the Far East baccarat market here in Las Vegas had a difficult year in 2019.

此外，拉斯維加斯的遠東百家樂市場在 2019 年經歷了艱難的一年。

And as such, we are cautiously not expecting a material recovery in the near term.

因此，我們謹慎地預計短期內不會出現實質性複蘇。

And so given the current environment, we have decided to remove our 2020 financial target.

因此，鑑於當前環境，我們決定取消 2020 年的財務目標。

But with that being said, organic growth in our U.S. business, excluding Far East baccarat has been tracking in line with our expectations.

但話雖如此，我們美國業務（不包括遠東百家樂）的有機增長一直符合我們的預期。

And we see the strength in our underlying domestic business continuing from the fourth quarter into this year.

我們看到我們的基礎國內業務的實力從第四季度持續到今年。

We also remain deeply committed to substantial growth of free cash flow per share this year, driven by healthy EBITDAR growth, moderating CapEx as our properties are in excellent shape and a reduction in our share count.

我們還堅定地致力於今年每股自由現金流的大幅增長，這得益於健康的 EBITDAR 增長，由於我們的物業狀況良好而資本支出放緩以及我們的股份數量減少。

So moving on to our results.

所以繼續我們的結果。

Our full year 2019 consolidated net revenues increased 10% in consolidated adjusted EBITDAR was up 6%.

我們 2019 年全年的綜合淨收入增長了 10%，綜合調整後的 EBITDAR 增長了 6%。

Our fourth quarter consolidated net revenues grew 4%, and we generated consolidated adjusted EBITDAR of $682 million.

我們第四季度的綜合淨收入增長了 4%，我們產生了 6.82 億美元的綜合調整後 EBITDAR。

Our fourth quarter results were solid, but below our expectation, mostly due to the persistent weakness in Far East baccarat volumes and hold in Las Vegas as well as a couple of other onetime items.

我們的第四季度業績穩健，但低於我們的預期，這主要是由於遠東百家樂銷量持續疲軟，拉斯維加斯的持有量以及其他一些一次性項目。

We've also accelerated our investments in sports and in Japan.

我們還加快了對體育和日本的投資。

Our Las Vegas Strip hold adjusted property EBITDAR for the year was $1.67 billion and $392 million in the fourth quarter.

我們在拉斯維加斯大道持有調整後的財產 EBITDAR 在第四季度為 16.7 億美元和 3.92 億美元。

Excluding Circus Circus and the $24 million insurance proceeds we received in the prior year quarter, our hold adjusted Strip EBITDAR increased 4% year-over-year.

不包括 Circus Circus 和我們在去年同期收到的 2400 萬美元保險收益，我們持有調整後的剝離 EBITDAR 同比增長 4%。

Our fourth quarter results continue to be driven by strong demand across all of our segments with Far East baccarat being the only key offset.

我們第四季度的業績繼續受到我們所有部門強勁需求的推動，遠東百家樂是唯一的關鍵抵消因素。

Our Strip net revenues were up 4% in the quarter.

本季度我們的 Strip 淨收入增長了 4%。

Nongaming revenues in RevPAR, both up a robust 6%.

RevPAR 中的非遊戲收入均強勁增長 6%。

Our convention business was exceptionally strong, and we finished 2019 with an all-time record convention mix for the fourth quarter and the year at over 21%.

我們的會展業務異常強勁，2019 年第四季度和全年的會展組合均創下歷史新高，超過 21%。

Our casino revenues decreased 4%, with table games win down 18% driven by that Far East baccarat.

在遠東百家樂的推動下，我們的賭場收入下降了 4%，桌面遊戲的贏額下降了 18%。

Our non-baccarat table games and slot win were actually up in the quarter.

我們的非百家樂桌上游戲和老虎機贏額實際上在本季度有所上升。

Our first and fourth quarters have historically trended higher in Far East play.

從歷史上看，我們在遠東地區的第一季度和第四季度一直呈上漲趨勢。

And as we mentioned on our last call, we knew we were up against a tough comparison quarter as the prior year's quarter's casino volumes were very strong.

正如我們在上次電話會議中提到的那樣，我們知道我們將面臨一個艱難的比較季度，因為上一年季度的賭場數量非常強勁。

And while our Far East business in the fourth quarter was roughly in line with the second and third quarters, it was still lower than we had expected, driven by a handful of premium high-end customers.

儘管我們第四季度的遠東業務與第二季度和第三季度大致持平，但仍低於我們的預期，這是由於少數優質高端客戶的推動。

To provide some context, Far East baccarat has historically contributed anywhere from 5% to 7% of our Strip EBITDAR, and now it's down to 2%, which creates a low base for 2020.

為了提供一些背景信息，遠東百家樂在歷史上貢獻了我們 Strip EBITDAR 的 5% 到 7%，現在降至 2%，這為 2020 年創造了一個較低的基數。

In other words, Far East baccarat contributed a little over $35 million to our 2019 adjusted EBITDAR, and that was down over $100 million year-over-year.

換句話說，遠東百家樂為我們 2019 年調整後的 EBITDAR 貢獻了 3500 萬多美元，同比下降超過 1 億美元。

Our fourth quarter Strip EBITDA margins would have been up about 1.5 points year-over-year, if you were to adjust for Circus Circus and the insurance proceeds received in the prior year as well as the baccarat impact.

如果您要針對 Circus Circus 和上一年收到的保險收益以及百家樂的影響進行調整，我們第四季度的 Strip EBITDA 利潤率將同比增長約 1.5 個百分點。

Regionally, we operate some of the premier assets across the United States, with leading positions in most of our markets.

在區域方面，我們在美國經營著一些主要資產，在我們的大部分市場中處於領先地位。

Regional operations fourth quarter net revenues and adjusted EBITDAR grew 15% and 14% respectively, due to the inclusion of Northfield Park and Empire City.

由於包括 Northfield Park 和 Empire City，區域業務第四季度淨收入和調整後的 EBITDAR 分別增長了 15% 和 14%。

In 2019, MGM National Harbor and Borgata, each generated over $200 million in 2019 adjusted property EBITDAR.

2019 年，MGM National Harbor 和 Borgata 在 2019 年調整後的房地產 EBITDAR 中各自產生了超過 2 億美元的收入。

And our Mississippi operations grew EBITDAR by 13%.

我們在密西西比州的業務使 EBITDAR 增長了 13%。

MGM Springfield has admittedly performed below our expectations, and we've recently made some changes there to better position the property.

不可否認，米高梅斯普林菲爾德的表現低於我們的預期，我們最近在那裡做了一些改變，以更好地定位該物業。

MGM China's net revenues grew 6% in the quarter despite the 8% market-wide GGR decline.

儘管整個市場的博彩收入下降了 8%，但美高梅中國本季度的淨收入增長了 6%。

Adjusted property EBITDAR was up 10% to $185 million, driven by MGM Cotai, which grew EBITDAR by almost 40% year-over-year to $75 million.

在美獅美高梅的推動下，經調整的房地產 EBITDAR 增長 10% 至 1.85 億美元，EBITDAR 同比增長近 40% 至 7,500 萬美元。

VIP hold normalized EBITDAR was up 11% to $177 million.

VIP 持有標準化 EBITDAR 增長 11% 至 1.77 億美元。

Despite the short-term uncertainty in the marketplace, we remain well positioned there as MGM China's strong liquidity position and strong balance sheet bodes us well.

儘管市場存在短期不確定性，但我們仍處於有利地位，因為美高梅中國強勁的流動性狀況和強勁的資產負債表預示著我們的良好發展。

And of course, Grant will be on the line to answer your questions during the Q&A.

當然，Grant 會在問答環節在線回答您的問題。

Moving on to MGM 2020.

轉到 MGM 2020。

I'm proud to say we continue to make excellent progress on the plan, achieving all of our targeted savings and revenue enhancements, some of which continue to be on an accelerated basis.

我很自豪地說，我們繼續在該計劃上取得出色進展，實現了我們所有的目標節省和收入增加，其中一些繼續在加速的基礎上。

As of year-end 2019, many of our initially identified labor and sourcing initiatives have been implemented, and we will continue to drive further upside this year.

截至 2019 年底，我們已經實施了許多最初確定的勞動力和採購計劃，今年我們將繼續推動進一步上漲。

In the fourth quarter, we achieved approximately $55 million in incremental EBITDAR, bringing our total to north of $130 million for the year in 2019.

在第四季度，我們實現了約 5500 萬美元的 EBITDAR 增量，使我們在 2019 年全年的總額超過 1.3 億美元。

Clearly, we're ahead of plan.

顯然，我們提前完成了計劃。

We did experience slight delays in the fourth quarter in rolling out certain technology-related initiatives, which has now occurred by the end of the year.

我們在第四季度推出某些與技術相關的計劃時確實遇到了輕微的延遲，這些計劃現在已經在年底發生了。

And we remain confident that we will beat our $200 million adjusted EBITDAR uplift goal by year-end.

我們仍然有信心在年底前超過 2 億美元的調整後 EBITDAR 提升目標。

And Corey, of course, is here to provide more detail on that during Q&A.

當然，Corey 會在問答期間提供更多詳細信息。

Looking out further, we expect the healthy trends in Las Vegas outside of Far East baccarat to continue into 2020.

進一步展望，我們預計遠東百家樂以外的拉斯維加斯的健康趨勢將持續到 2020 年。

We expect strength in the first quarter, driven by our convention and entertainment calendar.

在我們的會議和娛樂日曆的推動下，我們預計第一季度將表現強勁。

Last year, visitation grew 1% to near historic high levels.

去年，訪問量增長了 1%，接近歷史最高水平。

And McCarran's passenger counts reached an all-time record of 51.5 million.

麥卡倫的乘客人數達到了 5150 萬人次的歷史記錄。

Consumer confidence remains high.

消費者信心依然高漲。

And while leisure booking windows are naturally short, we continue to see strength in that segment, especially bolstering our legacy property.

雖然休閒預訂窗口自然很短，但我們繼續看到該細分市場的優勢，尤其是加強我們的傳統資產。

And we have a lot to look forward to.

我們有很多期待。

The city is continuing its evolution as a sports town, with the NFL draft in the second quarter, and we are pleased to be hosting the NFL red carpet event on the Bellagio Fountain.

隨著第二季度的 NFL 選秀，這座城市正在繼續發展成為一個體育小鎮，我們很高興能夠在 Bellagio Fountain 舉辦 NFL 紅地毯活動。

Las Vegas will also debut the Raiders at the 65,000-seat Allegiant Stadium, which is in Mandalay Bay's backyard and will serve as a positive catalyst for our South Strip property.

拉斯維加斯還將在擁有 65,000 個座位的 Allegiant 體育場首次亮相突襲者隊，該體育場位於曼德勒海灣的後院，並將成為我們南大道物業的積極催化劑。

In boxing, we also have the heavyweight fight Fury versus Wilder rematch just next weekend.

在拳擊比賽中，我們還將在下週末進行重量級拳擊比賽 Fury 與 Wilder 的重賽。

Our convention business is shaping up well, especially with the return of CON/AGG in the first quarter.

我們的會議業務進展順利，尤其是在第一季度 CON/AGG 回歸之後。

Park MGM is also hitting its stride, with all of its elements up and running, anchored by the wonderfully unique food and beverage offerings and a strong entertainment roster at park theater.

Park MGM 也在大踏步前進，其所有元素都已啟動並運行，以獨特的食品和飲料產品以及公園劇院強大的娛樂陣容為基礎。

As I mentioned earlier, Far East baccarat remains soft market-wide, and we're not assuming a material recovery in the near term at our luxury properties in that segment, namely, at Bellagio, MGM Grand and Aria.

正如我之前提到的，遠東百家樂在整個市場範圍內仍然疲軟，我們不假設我們在該領域的豪華酒店，即 Bellagio、MGM Grand 和 Aria，在短期內會出現實質性複蘇。

And while the headwinds in 2019 set a very low base for 2Q and beyond, the first quarter remains a challenge in that Far East baccarat business.

儘管 2019 年的逆風為第二季度及以後設定了非常低的基數，但第一季度仍然是遠東百家樂業務的挑戰。

And finally, while we are currently closed in Macau, we continue to believe in the long-term success of MGM China.

最後，雖然我們目前在澳門關閉，但我們仍然相信美高梅中國的長期成功。

Before I turn it over to Q&A, I think it's important to quickly reiterate our strategic goals for MGM Resorts.

在進行問答環節之前，我認為快速重申我們對米高梅度假村的戰略目標非常重要。

MGM Resorts is advancing its strategy of becoming an asset-light operator of market-leading properties across the United States.

MGM Resorts 正在推進其成為美國市場領先物業的輕資產運營商的戰略。

As a result, we will be better positioned to recycle capital from the more mature markets to high-growth, high-returning opportunities such as sports and Japan.

因此，我們將能夠更好地將資本從更成熟的市場回收到高增長、高回報的機會，例如體育和日本。

By executing our strategy, we will: continue to leverage our brand and operating expertise as well as our investment in technology to enhance the guest experience; remain diligent about maintaining efficiencies in the streamlined business with reignited focus and discipline on cost; continue to grow MGM China's market share in Macau, as we remain confident in our long-term prospects there; continue to reduce our ownership stake in MGP in the most efficient manner; and ultimately, deconsolidate.

通過執行我們的戰略，我們將： 繼續利用我們的品牌和運營專長以及我們在技術方面的投資來提升賓客體驗；繼續努力保持精簡業務的效率，重新關注成本並遵守紀律；繼續擴大美高梅中國在澳門的市場份額，因為我們對澳門的長期前景充滿信心；繼續以最有效的方式減少我們在 MGP 的股權；最終，去整合。

We will remain committed in our free cash flow per share growth and very deliberate and thoughtful in our approach to capital allocation too, maintain a fortified balance sheet with our targeted domestic net financial leverage, excluding MGP of approximately 1x by year-end 2020, return capital to shareholders, especially as we continue to evaluate paths to maximize the value of our 50% stake in City Center, the real estate of MGM Springfield and our ownership stake in MGP.

我們將繼續致力於實現每股自由現金流的增長，並且在我們的資本配置方法中也非常審慎和周到，維持一個強化的資產負債表，我們的目標是國內淨財務槓桿，不包括到 2020 年底約為 1 倍的 MGP，回報資本，尤其是當我們繼續評估路徑以最大化我們在 City Center 的 50% 股權、MGM Springfield 的房地產和我們在 MGP 的所有權股權的價值時。

Finally, we are in the prime position to capitalize on our 2 key long-term growth opportunities, Japan and sports.

最後，我們處於優勢地位，可以利用我們的兩個關鍵長期增長機會，即日本和體育。

Which we believe will create meaningful long-term value for MGM Resorts.

我們相信這將為米高梅度假村創造有意義的長期價值。

We've made a substantial investment in time and effort in Japan, and we believe the MGM and ORIX-led consortium remains the front-runner to win the license in Osaka this summer.

我們在日本投入了大量時間和精力，我們相信米高梅和歐力士牽頭的財團仍然是今年夏天在大阪贏得牌照的領跑者。

We have made significant progress with our sports betting business, which will support long-term growth for our online and bricks-and-mortar business.

我們的體育博彩業務取得了重大進展，這將支持我們在線和實體業務的長期增長。

Looking ahead, our path is clear, and we remain focused on monetizing our remaining owned real estate assets, executing on our MGM 2020 plan, and transforming the way we operate to position MGM Resorts for future growth and long-term value creation.

展望未來，我們的道路很明確，我們將繼續專注於將剩餘的房地產資產貨幣化，執行我們的 MGM 2020 計劃，並轉變我們的運營方式，使 MGM Resorts 能夠實現未來增長和長期價值創造。

With that, I will now turn it over for Q&A.

有了這個，我現在將把它轉過來進行問答。

(Operator Instructions) And the first question will come from Joe Greff with JPMorgan.

（操作員說明）第一個問題將來自摩根大通的 Joe Greff。

I have two buckets of questions.

我有兩個問題。

One relates to your news, Jim.

一個與你的消息有關，吉姆。

And then the second question relates to your comments on Las Vegas.

然後第二個問題與您對拉斯維加斯的評論有關。

On the first bucket of related questions on you, Jim, will you be staying on the Board of MGM or MGP after a successor is anointed?

關於你的第一桶相關問題，吉姆，在任命繼任者後，你會留在米高梅或 MGP 的董事會嗎？

And my second question related to that is, my perception of view is that you're sort of the point person or the face person for MGM in Japan.

我的第二個問題是，我的看法是你是日本米高梅的核心人物或面孔人物。

I guess, who is carrying the torch in addition to you in Japan, for Osaka?

我想，在日本除了你之外還有誰在為大阪傳遞火炬？

And then my third related question is, do you anticipate any -- or should we anticipate any other executive or property personnel changes, either now or in the medium term as a result of today's news?

然後我的第三個相關問題是，由於今天的新聞，您是否預期任何 - 或者我們應該預期任何其他行政或財產人員變動，無論是現在還是中期？

Sure, Joe.

當然，喬。

I'll take those three.

這三個我要了

First, I think it's important to kind of reset why I'm doing this and why I'm doing it now.

首先，我認為重新設置我為什麼要這樣做以及為什麼我現在要這樣做很重要。

I really feel after 12 years, especially after the last couple of years, we've really changed the dynamic of this company.

我真的覺得 12 年後，尤其是在過去幾年之後，我們真的改變了這家公司的活力。

We've created an incredible team of leaders, portfolio property presidents, property presidents, heads of centers of excellence.

我們已經創建了一支令人難以置信的領導團隊，投資組合財產總裁，財產總裁，卓越中心負責人。

And I think companies, honestly, never been in a better position than it is right now.

老實說，我認為公司的處境從未像現在這樣好。

And when I thought through how I could best serve MGM going forward.

當我思考如何才能最好地為 MGM 服務時。

I thought it was pretty clear that a leader should help lead a company into the next decade or two.

我認為領導者應該幫助領導公司進入未來十年或兩年是非常明確的。

And so I wanted to make sure the Board had the time, which it will use promptly to do a robust search and find my successor.

因此，我想確保董事會有時間，他們會迅速利用這些時間進行有力的搜索並找到我的繼任者。

And I'll help in any way I can in that regard.

在這方面，我會盡我所能提供幫助。

I do that with the confidence that we have such a great team in place.

我有信心這樣做，因為我們擁有如此出色的團隊。

To my left, I look at Bill Hornbuckle and to my right Corey Sanders, Atif is on a plane flying back here.

在我的左邊，我看著 Bill Hornbuckle，在我的右邊，我看著 Corey Sanders，Atif 在飛回這裡的飛機上。

We have such great talent that I depend upon and trust to continue to run this company going forward.

我們擁有如此優秀的人才，我依賴並相信未來會繼續經營這家公司。

And I don't want to get ahead of the Board's process.

我不想搶在董事會的流程之前。

They've developed a committee, they'll hire a search firm.

他們成立了一個委員會，他們將聘請一家獵頭公司。

They're going to go out and find the best possible candidate internally, externally or otherwise.

他們將走出去，在內部、外部或其他方面尋找最佳候選人。

And until that time, I will remain in all my posts, Chairman of MGM Resorts, MGP, MGM China.

在那之前，我將繼續擔任美高梅度假村、美高梅、美高梅中國的主席。

But that's my immediate focus at this point in time.

但這是我目前的重點。

As it relates to Japan, it is very likely in May, I will be leading a group of people, including Bill Hornbuckle to my left, to speak to the people of Osaka as the Chairman and CEO of MGM Resorts about why MGM and ORIX is the preferred partner.

就日本而言，很可能在 5 月，我將帶領一群人，包括我左邊的 Bill Hornbuckle，作為米高梅度假村的董事長兼首席執行官，向大阪人民講述為什麼米高梅和歐力士是首選合作夥伴。

Why MGM and ORIX would be the operator that would put Osaka in safe hands.

為什麼米高梅和歐力士會成為將大阪置於安全手中的運營商。

Why MGM Resorts and ORIX are the most responsible, most compliant, most dynamic company.

為什麼米高梅度假村和歐力士是最負責任、最合規、最有活力的公司。

And I'm absolutely sure I'm going to be involved in the Japan project.

而且我絕對確定我會參與日本項目。

In fact, I'll probably be even more involved in the Japan project as time goes by.

事實上，隨著時間的推移，我可能會更多地參與日本項目。

And as it relates to the team here, we have a seasoned respected team that I intend to work with, I know the company values and will continue to be here as we seamlessly transition the company into its next generation.

就這裡的團隊而言，我們有一個經驗豐富、受人尊敬的團隊，我打算與之合作，我知道公司的價值觀，並將繼續留在這裡，因為我們將公司無縫過渡到下一代。

So I hope I answered all 3 of those.

所以我希望我回答了所有這三個問題。

That was great.

那很棒。

And then switching over to just performance in Las Vegas.

然後切換到拉斯維加斯的表演。

Looking back at the 4Q, obviously, Bellagio, The Grand in Mandalay Bay.

回顧第 4 季度，顯然是曼德勒海灣的 Bellagio，The Grand。

Those are the ones, I guess, in that order, with Far East baccarat exposure.

這些就是那些，我猜，按照這個順序，與遠東百家樂接觸。

Was there anything else that those 3 properties are at the higher price point segment that's causing their performance to be markedly different than everything else on the Las Vegas portfolio?

這 3 處房產是否處於較高價位，導致它們的表現與拉斯維加斯投資組合中的其他所有房產明顯不同？

Is there anything related to MGM 2020 transition or distraction that could have an impact on operating expenses that perhaps we didn't anticipate?

是否有任何與 MGM 2020 過渡或分心相關的事情可能會對我們可能沒有預料到的運營費用產生影響？

No, Joe, this is Corey.

不，喬，這是科里。

To the contrary, they had a really good strong fourth quarter last year from that Far East segment and all of the EBITDA shortfalls from those properties are mainly from Far East.

相反，他們在去年第四季度的遠東業務表現非常強勁，這些物業的所有 EBITDA 缺口主要來自遠東。

And in particular, MGM actually had a record fourth quarter ADR number.

特別是，米高梅第四季度的 ADR 數量實際上創下了歷史新高。

So we're tracking the 2020 results at all properties, those properties are probably getting a little bit more benefit.

因此，我們正在跟踪所有屬性的 2020 年結果，這些屬性可能會獲得更多收益。

The shortfall from that parties business was the main factor.

該方業務的短缺是主要因素。

Next question will be from Stephen Grambling with Goldman Sachs.

下一個問題將來自高盛的 Stephen Grambling。

Two quick follow-ups.

兩次快速跟進。

I just want to make sure I heard correctly to the last set of questions on your decision, Jim.

吉姆，我只是想確保我沒有聽錯最後一組關於你的決定的問題。

I guess, first, just to confirm, so you -- are you going to be staying on the Board of MGP?

我想，首先，我想確認一下，所以你——你會繼續留在 MGP 董事會嗎？

And then secondarily, you mentioned funding the right successor or the best successor?

其次，你提到資助合適的繼任者或最佳繼任者？

And clearly, the business has changed significantly over the past 2 years and really over the past 10 years, so how does that inform how the Board thinks about the right background of a successor versus maybe 10 years ago?

很明顯，業務在過去 2 年和過去 10 年發生了重大變化，那麼與 10 年前相比，這如何告知董事會對繼任者的正確背景的看法？

Sure.

當然。

Bill and I joined the same month, I think, Bill?

比爾和我是同一個月加入的，我想，比爾？

In 1998, Corey was already here.

1998 年，科里就已經在這裡了。

We had a whopping 1.5 properties.

我們有多達 1.5 個屬性。

We had the MGM Grand and half of New York-New York.

我們擁有米高梅大酒店和紐約-紐約的一半。

I think we had about 4,000, 5,000 employees in total.

我想我們總共有大約 4,000、5,000 名員工。

And obviously, a gaming-centric organization.

顯然，這是一個以遊戲為中心的組織。

And we have, through the collective energy of so many men and women that have been here or still here created this global entertainment company that is far more diverse than ever before.

我們已經通過這麼多曾經在這里或仍然在這裡的男人和女人的集體能量創造了這家比以往任何時候都更加多樣化的全球娛樂公司。

I think that, in answer to the first question, I cannot get ahead and will not get ahead of the Board's search committee and process.

我認為，在回答第一個問題時，我不能也不會領先於董事會的遴選委員會和流程。

I serve at the pleasure of the Board, I've said that I will stay on in whatever capacity.

我願意為董事會服務，我說過我會以任何身份繼續留任。

I am the Chairman of all those companies you mentioned as I am the CEO, but it's hard to say what will happen after that.

我是你提到的所有公司的董事長，因為我是首席執行官，但很難說之後會發生什麼。

What I do know is that the companies are better positioned now than they have ever been before, not only MGM resorts, but MGP.

我所知道的是，這些公司現在的定位比以往任何時候都更好，不僅是米高梅度假村，還有 MGP。

In terms of the characteristics of a new CEO.

就新CEO的特點而言。

Again, that will be a process that the board and the search committee, a lot of management here will have some involvement in.

同樣，這將是董事會和搜索委員會的一個過程，這裡的許多管理層都會參與其中。

But I think you're on the right track in the sense that we are a very diversified global entertainment company that expects to be able to evolve into a global experience, digital entertainment, sports company and be able to leverage what we've learned about running these large resorts and what we're learning about the digital experience, which we believe is vastly under, if not at all, valued in the current securities of MGM.

但我認為你走在正確的軌道上，因為我們是一家非常多元化的全球娛樂公司，希望能夠發展成為一家全球體驗、數字娛樂、體育公司，並能夠利用我們所學到的知識經營這些大型度假村以及我們對數字體驗的了解，我們認為在米高梅當前的證券中，即使沒有，也大大低於其價值。

And so we're devoting a tremendous amount of effort and time through our sports and entertainment initiatives, it's certainly dragging down our P&L right now, but we are planting seeds, which we believe will yield tremendous growth in the future.

因此，我們通過我們的體育和娛樂計劃投入了大量的精力和時間，這肯定會拖累我們現在的損益，但我們正在播種，我們相信這將在未來產生巨大的增長。

And I'm sure the board and the board members and the search committee will be looking at what MGM is going to look like 5 years from now, when they're evaluating the kind of leader that MGM Resorts should have.

我敢肯定，董事會、董事會成員和遴選委員會將著眼於 5 年後米高梅的面貌，屆時他們正在評估米高梅度假村應該擁有的領導者類型。

And that really is why this is so rewarding a time for me that we've taken the company to where we are today.

這就是為什麼這段時間對我來說如此有意義，以至於我們將公司帶到了今天的位置。

Our strategic plan is well-known to us internally.

我們的戰略計劃在我們內部是眾所周知的。

We have the right men and women in place.

我們有合適的人選。

Our real estate strategy is well defined, and obviously, has been more successful than anyone imagined.

我們的房地產戰略定義明確，顯然比任何人想像的都要成功。

We've set the blueprint on how to continue to go down that path.

我們已經制定瞭如何繼續沿著這條路走下去的藍圖。

And now it's time for the board to work with board members, a search committee and stakeholders to find the right person that will take the company to ever greater heights than even we are today.

現在是時候讓董事會與董事會成員、搜索委員會和利益相關者合作，尋找合適的人選，將公司帶到比今天更高的高度。

So that's a good segue to a follow-up question just on sports betting.

所以這是一個很好的後續問題，只是關於體育博彩。

And as we look at the initial results of not only sports betting, but iGaming in New Jersey.

當我們不僅看到體育博彩的初步結果，而且看到新澤西州的 iGaming 的初步結果時。

Can you talk about your initial learnings in terms of the JV?

你能談談你在合資企業方面的初步學習嗎？

How it frames the expectations for that longer term?

它如何構建對長期的期望？

And you mentioned some investments or spending ahead of growth now?

您現在提到在增長之前進行一些投資或支出嗎？

Are you at a point where that should start to moderate?

你正處於應該開始緩和的地步嗎？

Or are you still in investment mode?

還是你還在投資模式？

Stephen, this is Bill Hornbuckle.

斯蒂芬，這是比爾霍恩巴克。

Let me grab that one.

讓我抓住那個。

Obviously, you can tell, we're still very bullish.

顯然，你可以看出，我們仍然非常看漲。

We feel a little underappreciated given what's happened in the marketplace.

鑑於市場上發生的事情，我們感到有點被低估了。

And some of the statistics are compelling and growing.

一些統計數據令人信服且不斷增長。

We did over $100 million last year in net gaming revenue.

去年我們的博彩淨收入超過 1 億美元。

Our active player growth is up over 126% since June.

自 6 月以來，我們的活躍玩家增長超過 126%。

Interestingly, we've taken a unique position because of our asset-based here in Las Vegas and the experience we can offer.

有趣的是，由於我們在拉斯維加斯的資產基礎和我們可以提供的經驗，我們佔據了獨特的位置。

During Super Bowl, by way of example, 8 of the top 10 bets in America were with Roar or MGM resorts.

例如，在超級碗期間，美國前 10 名賭注中有 8 個與 Roar 或 MGM 度假村有關。

We're in 4 states, quickly to be in 8 by year-end.

我們在 4 個州，到年底很快會達到 8 個。

We have access into 16, and we have a view on 6 more that we hope to government affairs to open up, led by Massachusetts.

我們可以訪問 16 個，我們還有 6 個觀點，我們希望以馬薩諸塞州為首的政府事務開放。

Candidly, our GVC venture with Roar went off to a slow start in New Jersey.

坦率地說，我們與 Roar 的全球價值鏈項目在新澤西起步緩慢。

It's 2 mega companies trying to put themselves together.

這是兩家試圖將自己整合在一起的大型公司。

We've effectively done that.

我們已經有效地做到了這一點。

We now have 150 men and women working in New Jersey every day to push this forward.

現在，我們每天有 150 名男男女女在新澤西工作，以推動這一進程。

And I think we're in a much better place than we were a year ago.

而且我認為我們的處境比一年前要好得多。

I think you know this, Michigan has just passed, we hope to dominate.

我想你知道這一點，密歇根剛剛過去，我們希望佔據主導地位。

And frankly, we should there.

坦率地說，我們應該在那裡。

We've got a huge retail presence.

我們擁有龐大的零售業務。

It accepts online gaming and casino as well, which we think will be unique opportunity.

它也接受在線遊戲和賭場，我們認為這將是獨一無二的機會。

We have done and executed a deal with Buffalo Wild Wings.

我們已經完成並執行了與 Buffalo Wild Wings 的交易。

And if I think about Michigan alone, of the 1,685 stores, they have 27 of them are in Michigan.

如果我僅考慮密歇根州，在 1,685 家商店中，有 27 家在密歇根州。

We've got Yahoo Sports behind us.

我們有 Yahoo Sports 支持。

It's now just unwinding and launching.

它現在只是放鬆和啟動。

They got 60 million sports viewers and 7 million of them are in fantasy alone.

他們有 6000 萬體育觀眾，其中 700 萬隻是幻想。

And then in Las Vegas, literally next week, we launched Bet MGM.

然後在拉斯維加斯，實際上是下週，我們推出了 Bet MGM。

We haven't even launched a platform here yet.

我們甚至還沒有在這裡推出一個平台。

And so kiosks, a presence and an overview around Bet MGM and both on an app and as well as a branding exercise throughout all of our sportsbooks takes play over the next 3 months.

因此，在接下來的 3 個月內，信息亭、Bet MGM 的展示和概述以及應用程序和我們所有體育博彩的品牌推廣活動都將發揮作用。

And so we're extremely aggressive.

所以我們非常積極。

Look, order of magnitude, well, it's heavy -- it's not heavy capital.

看，數量級，好吧，它很重——這不是重資本。

If this whole thing cost both partners, $100 million, it will be a lot.

如果這整件事讓雙方都付出了 1 億美元的代價，那將是一筆不小的數目。

It's about $2 million of state.

這大約是州政府的 200 萬美元。

If we invest over the next couple of years, $30 million each, that's probably realistic.

如果我們在未來幾年投資 3000 萬美元，那可能是現實的。

But we had hoped by 2023, pushing into 2025 to go into profit.

但我們曾希望到 2023 年，推進到 2025 年實現盈利。

And you've all looked at the analyst -- your own projections, if it's a $10 billion market, which is short in some people's examples, and we own 15% of it, it's $1.5 billion, you can do the margins on that.

你們都看過分析師——你們自己的預測，如果它是一個 100 億美元的市場，這在某些人的例子中是短缺的，而我們擁有其中的 15%，它是 15 億美元，你可以從中獲利。

It's a real business, and it's a real business before we take advantage of what brings us here in Las Vegas.

這是一項真正的業務，在我們利用將我們帶到拉斯維加斯的優勢之前，這是一項真正的業務。

And what we've seen in Mississippi, and to some degree, now at Borgata.

我們在密西西比看到的，在某種程度上，現在在 Borgata 也看到了。

So extremely bullish on the whole thing.

對整個事情非常看好。

The next question is from Felicia Hendrix with Barclays.

下一個問題來自巴克萊銀行的 Felicia Hendrix。

I was wondering if we could just return to the comments, Jim, you had on the Strip EBITDA margin?

我想知道我們是否可以回到評論上，吉姆，你對地帶 EBITDA 利潤率有什麼看法？

You said it would have been up 1.5 percentage points year-over-year, if it wasn't for Circus Circus, the baccarat situation and the insurance proceeds, but I'm just wondering if you could help us understand how much baccarat affected the flow-through on margins in the quarter?

你說如果不是 Circus Circus、百家樂情況和保險收益，它會同比增長 1.5 個百分點，但我只是想知道你是否可以幫助我們了解百家樂對本季度的利潤率流轉？

Just the missed on the EBITDA margin side was considerably even hold adjusted.

只是 EBITDA 利潤率方面的失誤相當大，甚至保持調整。

So I'm trying to understand that better, especially given the expectation for baccarat to stay weak.

所以我試圖更好地理解這一點，特別是考慮到百家樂保持疲軟的預期。

And along those lines, I was just wondering if there was anything you guys are doing on the cost side to mitigate the lower baccarat demand that you're expecting?

沿著這些思路，我只是想知道你們是否在成本方面做了什麼來緩解您期望的較低百家樂需求？

I'll take part of it, maybe all 3 of us have a different view.

我會參與其中，也許我們三個人都有不同的看法。

One good indicator is take a look at the mid-market properties.

一個很好的指標是看看中端市場的房產。

And there, you'll see where the flow-through works.

在那裡，您將看到流通的工作地點。

Margin improvement.

邊際改善。

A couple of real strong quarters there.

那裡有幾個真正強大的地方。

And the margins on Far East baccarat in general are so high that it has an outsized impact on margin and that's what happened in the nutshell, at MGM, Aria and Bellagio, the underpinnings of those 3 properties outside of that segment, which is significant in the fourth quarter for them were all very positive.

總體而言，遠東百家樂的利潤率如此之高，以至於對利潤率產生了巨大的影響，簡而言之，這就是米高梅、Aria 和 Bellagio 發生的情況，這三家酒店是該細分市場之外的支柱，這對第四季度對他們來說都非常積極。

We typically do most of our business in that field in December, literally last couple of weeks of December.

我們通常在 12 月開展該領域的大部分業務，實際上是 12 月的最後幾週。

So we had projected.

所以我們進行了預測。

We knew we had a tough comp year-over-year, but we had a very poor December at those properties, which had the impact on the margin and so I mean, I think that's one answer to it.

我們知道我們的年度業績比較艱難，但我們在這些物業的 12 月表現非常糟糕，這對利潤率產生了影響，所以我的意思是，我認為這是一個答案。

Corey, do you have another?

科里，你有另一個嗎？

Yes.

是的。

What I would -- Felicia, about -- of that EBITDA miss, I would say, wholly owned, $13 million of it was a hold adjusted.

我會 - Felicia，關於 - EBITDA 未命中，我會說，全資擁有，其中 1300 萬美元是持有調整。

Aria also had a pretty big piece.

Aria 也有一塊相當大的一塊。

The rest is volume.

剩下的就是音量。

And we had a pretty strong quarter the year before from a volume perspective as we identified last quarter.

正如我們上個季度所確定的那樣，從數量的角度來看，我們前一年的季度表現非常強勁。

When you look at that business, as Jim has mentioned, it's really the premium Far East customer.

正如吉姆所提到的那樣，當您查看該業務時，它確實是遠東的優質客戶。

The margins on that is pretty significant.

這方面的利潤率非常可觀。

So now the base goes down to a pretty low base, as we mentioned earlier, about 2% of EBITDA so we shouldn't have that headwind of trying to offset that $100 million of profit at a high, fairly, let's say, 60%, 65% margin.

所以現在基數下降到一個非常低的基數，正如我們之前提到的，大約是 EBITDA 的 2%，所以我們不應該試圖抵消 1 億美元的高利潤，公平地說，60% , 65% 的保證金。

And so the comparison becomes much easier.

因此比較變得容易多了。

On the cost side, Bill, do you want to cover a few things we're doing there?

在成本方面，比爾，你想談談我們在那裡做的一些事情嗎？

Look, overall, I think, mostly through 2020, you've all heard of the labor savings.

看，總的來說，我認為，大部分時間到 2020 年，你們都聽說過勞動力節省。

We're up over $100 million.

我們的收入超過 1 億美元。

We remain there.

我們留在那裡。

The luxury properties have leaned into that heavily.

豪華物業已嚴重依賴於此。

We've got several initiatives ongoing with purchasing and many of the supplies that we've secured.

我們在採購和我們已經獲得的許多供應品方面有幾項舉措正在進行中。

And so we are -- all of that is clicking into play.

所以我們 - 所有這些都在發揮作用。

It just got buried in this Far East story.

它只是被埋沒在這個遠東故事中。

And we're looking at our international offices, our international staffing to make sure that, that matches the volumes.

我們正在研究我們的國際辦事處，我們的國際人員配置以確保與數量相匹配。

Yes, I guess, the bottom line on that is, we lost $100 million of profit last year, we only made $35 million.

是的，我想，底線是，我們去年損失了 1 億美元的利潤，我們只賺了 3500 萬美元。

That's where we're going up against this year, $35 million of profit last year.

這就是我們今年的目標，去年的利潤為 3500 萬美元。

And what we're trying to help you with is kind of if you adjust, getting back to your question, we're just out Circus Circus, obviously, and that one timer of the insurance proceeds we've gotten a year ago and the baccarat impact, which is what Bill and Corey are talking about that hold and drop, our margins would have been up 150 basis points.

我們試圖幫助你的是，如果你調整，回到你的問題，我們剛剛退出 Circus Circus，很明顯，我們一年前獲得的保險收益的一個計時器和百家樂的影響，這就是比爾和科里所說的保持和下降，我們的利潤率會上升 150 個基點。

And the final thing I would add on the nongaming -- we looked at our nongaming margin improvement across all properties in Las Vegas, we're up over 1.2%.

最後我要補充的是非博彩——我們查看了拉斯維加斯所有酒店的非博彩利潤率改善情況，我們上漲了 1.2% 以上。

So we're seeing the margin flow-through in all the other areas.

因此，我們在所有其他領域都看到了利潤流動。

So that's what gives us some confidence.

所以這給了我們一些信心。

Okay.

好的。

And it sounds like you've now like rebased.

聽起來您現在已經重新定位了。

So you're -- so the tough comps are kind of behind.

所以你 - 所以艱難的比賽有點落後了。

And so when we think about our modeling going forward, we have that lower base.

因此，當我們考慮未來的建模時，我們的基數較低。

Yes.

是的。

There's going to be a little bit in the first quarter, right?

第一季度會有一點，對吧？

We talked about that, but that's it.

我們談過這個，但僅此而已。

I mean that's...

我的意思是那是...

Not to the extent that we saw in the fourth quarter.

沒有達到我們在第四季度看到的程度。

Yes.

是的。

Not to the extent of fourth quarter, but then that's -- it is where it is now.

沒有達到第四季度的程度，但那就是 - 現在就是這樣。

It will come back.

它會回來的。

We've been in this business a while, but we're just not predicting any recovery in the Far East business this year, just -- we just can't guess what that's going to be.

我們從事這項業務已經有一段時間了，但我們只是沒有預測今年遠東業務會出現任何復蘇，只是 - 我們無法猜測那會是什麼。

Yes, that's fair.

是的，這很公平。

And Grant, wake-up Grant.

還有格蘭特，叫醒格蘭特。

I have a question.

我有個問題。

So Grant, I know it was -- Jim mentioned this a bit in his prepared remarks, but it was just kind of a quick sentence.

所以格蘭特，我知道這是——吉姆在他準備好的發言中提到了這一點，但這只是一個簡短的句子。

Can you just talk to us a bit about what you were seeing pre-corona?

你能和我們談談你在電暈前看到的情況嗎？

And I believe at the time, there's some market share gains and stuff like that.

我相信當時，市場份額有所增加，諸如此類。

So can you just tell us before everything kind of closed down what you were seeing?

那麼你能不能在一切都關閉你所看到的之前告訴我們？

Sure.

當然。

Thanks, Felicia.

謝謝，費利西亞。

And I was awake.

而我醒了。

Actually, this is probably one of the most greater tragedy.

實際上，這可能是最大的悲劇之一。

We were seeing some really positive -- as Jim said, we were running at 2.5 for the period immediately into Chinese New Year.

我們看到了一些非常積極的因素——正如吉姆所說，我們在農曆新年期間的運行速度為 2.5。

And with the Mansion online, we were way, way overbooked.

隨著 Mansion 的上線，我們被超額預訂了。

We were actually not confirming any Mansion rooms because we just had a big list.

我們實際上並沒有確認任何 Mansion 房間，因為我們有一個很大的清單。

So we were really in a very good place, all of the things we were looking at doing were really coming together.

所以我們真的處在一個非常好的地方，我們正在考慮做的所有事情真的都在一起了。

But I guess, that's what being in business is about, it's about how you handle the versatility.

但我想，這就是經商的意義，在於你如何處理多功能性。

And now we just reset ourselves, and we just want to move forward.

而現在我們只是重新調整自己，我們只想繼續前進。

But by and large, everything is moving in the right direction.

但總的來說，一切都在朝著正確的方向發展。

We were still tracking positively on share gains, particularly in the premium end of the market.

我們仍在積極追踪股票收益，尤其是在高端市場。

Next question comes from Harry Curtis with Instinet.

下一個問題來自 Instinet 的 Harry Curtis。

Hello, everyone.

大家好。

And first, Jim, I just have to say thank you for all of the service that you've given to your company and you'll still be there for all our questions, but it's been a great run.

首先，吉姆，我只想說謝謝你為你的公司提供的所有服務，你仍然會回答我們所有的問題，但這是一個很好的運行。

Thank you, Harry.

謝謝你，哈利。

Let's see.

讓我們來看看。

The first question I had is really related to the weaker Asia baccarat.

我的第一個問題確實與較弱的亞洲百家樂有關。

I'm just trying to understand why it was such a surprise?

我只是想了解為什麼會如此意外？

Is it -- was it due to competitive pressures?

是——是因為競爭壓力嗎？

There were some thinking going into the end of the fourth quarter that Xi's visit might have pushed business to Las Vegas.

進入第四季度末時，有人認為習近平的訪問可能將業務推向了拉斯維加斯。

What are your hosts telling you about the source of the volume weakness?

您的東道主告訴您有關成交量疲軟的原因是什麼？

And did some of it come back in the early part of January?

其中一些在一月初回來了嗎？

So Harry, this is Bill.

哈利，這是比爾。

Let me take a first crack at that.

讓我首先嘗試一下。

Look, as alluded to last year, we had an amazing event in the fourth quarter with Tiger Woods versus Mickelson that netted us substantive amount of EBITDA.

看，正如去年提到的那樣，我們在第四季度發生了一場驚人的比賽，老虎伍茲對陣米克爾森，這讓我們獲得了可觀的 EBITDA 數額。

So comparative was difficult, put that into the mix.

所以比較很困難，把它混進去。

The second thing is, as you know, all year, our ability to get liquidity in and out of Macau and China has been hampered.

第二件事是，如您所知，全年我們進出澳門和中國的流動性能力都受到阻礙。

We continue to look at ways to do that righteously, we have been disproportionately hurt.

我們繼續尋找正義的方法，我們受到了不成比例的傷害。

I would suggest to you that our marketing environment is such, we relied heavily on junkets and large-scale customers our market share was well in the mid-40s for a considerable number of years based on we probably have more than $3 million customers and up than most.

我建議你，我們的營銷環境是這樣的，我們嚴重依賴中介人和大型客戶，我們的市場份額在 40 年代中期一直保持在 40 年代中期，基於我們可能擁有超過 300 萬美元及以上的客戶比大多數。

And I know we had more million dollars in customers and up in most.

而且我知道我們擁有更多百萬美元的客戶，而且大部分都在增加。

And those are the individuals most impacted by some of these liquidity issues.

這些人是受其中一些流動性問題影響最大的人。

The interesting part of the year, going into Chinese New Year, while it wasn't last year and clearly, anything like 2018 and we still had a reasonable show up.

一年中最有趣的部分，進入中國新年，雖然不是去年，但很明顯，像 2018 年這樣的事情，我們仍然有一個合理的表現。

We had a great event.

我們舉辦了一場盛大的活動。

We had a decent concert at the weekend following with about 6,000 folks in it.

我們在周末舉行了一場體面的音樂會，大約有 6,000 人參加。

And it wasn't a horrific event by any stretch, given the circumstance and what had happened globally.

考慮到當時的情況和全球發生的事情，這無論如何都不是什麼可怕的事件。

So we remain optimistic that if we can get through, obviously, and we will get through what's happening now in China and in Macau.

因此，我們仍然樂觀地認為，如果我們能夠度過難關，很明顯，我們將度過中國和澳門目前正在發生的事情。

And we understand what the -- what can be accomplished with liquidity and getting those customers back to Las Vegas.

我們了解流動性和讓這些客戶回到拉斯維加斯可以實現什麼。

The appetites there, our desire to go after them and the network we've created is there and we'll continue to succeed.

那裡有胃口，我們追求它們的願望以及我們創建的網絡就在那裡，我們將繼續取得成功。

So as a follow-up, do you think that Beijing has put any roadblock in place that has impacted customer volumes?

因此，作為後續行動，您認為北京是否設置了任何影響客流量的障礙？

Well, I mean, as you know, in Macau, they've become very stringent on utilizing the casinos and junket operatives for accessing liquidity in and out of this market or any other market.

嗯，我的意思是，如你所知，在澳門，他們在利用賭場和中介人獲取進出該市場或任何其他市場的流動性方面變得非常嚴格。

I don't want to -- I won't predetermine where that directive came from.

我不想——我不會預先確定該指令的來源。

Or if it was our own directive, but that is fact.

或者如果這是我們自己的指令，但這是事實。

And so I'll leave it at that.

所以我就此打住。

Okay.

好的。

I just had one other quick one for Grant.

我剛給格蘭特准備了另一份速遞。

You've got a pretty good crystal ball, Grant.

你有一個很好的水晶球，格蘭特。

And just -- I wanted to see if you had an opinion on what do you think the markers will be that Beijing wants to see before they begin allowing customers back into Macau?

只是 - 我想看看您是否對北京在開始允許客戶返回澳門之前希望看到的標誌有什麼看法？

Harry, I think the critical point is, it's going to be the spread of the infection.

哈里，我認為關鍵點在於，這將是感染的傳播。

Their sole and complete focus is about containing and eliminating this outbreak.

他們唯一和全部的重點是遏制和消除這次疫情。

The Macau government has taken very effective and decisive action and indicators we're giving is that the single measure of whether the -- when the -- firstly, the casinos will be reopened.

澳門政府採取了非常有效和果斷的行動，我們給出的指標是衡量賭場是否會重新開放的唯一衡量標準。

And then hopefully, the ability for IVS to be put on board is going to be about the containment of the virus, I think it's as simple as that.

然後希望，將 IVS 搭載在船上的能力將與遏制病毒有關，我認為就這麼簡單。

So it's not a question of it's just peaking, it needs to be eradicated?

所以這不是它剛剛達到頂峰的問題，它需要被根除嗎？

Well, I'm not a virologist.

好吧，我不是病毒學家。

So I think it's just a question when the experts are comfortable that the cycle of the virus spread has been contained, and they have it under control.

所以我認為這只是一個問題，當專家們對病毒傳播的周期已經被遏制並且他們已經得到控制感到滿意時。

It may also mean that the IVS program has not opened up as a signal step, it may happen regionally.

這也可能意味著IVS計劃還沒有作為信號步驟開放，它可能會在區域範圍內發生。

We're just sitting, working with the government to make sure that we take care of ourselves and take care of everyone else and that we're ready.

我們只是坐著，與政府合作，以確保我們照顧好自己並照顧好其他所有人，並確保我們已準備就緒。

Macau's in a very fortuitous position because of that decisive action from the government.

由於政府的果斷行動，澳門處於非常幸運的位置。

We've had 2 infections, but we haven't had any since the action taken by Chief Executive, and we're now up to 8 to nearly 10 days without any further infection.

我們有 2 次感染，但自從行政長官採取行動以來我們還沒有感染，現在我們已經有 8 到近 10 天沒有任何進一步的感染。

So that's the critical point.

這就是關鍵點。

We need to make sure that Macau is safe.

我們需要確保澳門是安全的。

And then we obviously continue to work and support the initiatives in China to make sure we can contain this within China.

然後我們顯然會繼續努力並支持在中國的舉措，以確保我們能夠在中國境內遏制這種情況。

The next question will be from Shaun Kelley with Bank of America.

下一個問題將來自美國銀行的 Shaun Kelley。

Maybe just one big picture strategic one, and then maybe a follow-up on the whole baccarat piece.

也許只是一張戰略性的大圖，然後可能是整個百家樂棋子的後續行動。

But on the strategic question, Jim, in some of the prepared remarks, you did mention some of the as you laid out on the strategy, I think, you laid out some of the future road map here for the stake in MGP.

但在戰略問題上，吉姆，在一些準備好的發言中，你確實提到了一些你在戰略上的佈局，我認為，你在這里為 MGP 的股份制定了一些未來的路線圖。

Could you help us like -- or maybe elaborate a little bit of that.

你能幫我們嗎——或者詳細說明一下。

I believe you talked about both kind of a potential further reduction in stake and then ultimately changes in governance or your consolidation there.

我相信你談到了兩種潛在的進一步減少股權，然後最終改變治理或你在那裡的整合。

But could you give us a little bit more in either timing or the company's willingness to maybe change some of -- maybe unilaterally changed either the dual-class stock or some of the mechanisms that could trigger a deconsolidation?

但是你能否在時間安排或公司願意改變一些 - 可能單方面改變雙重股票或一些可能引發解除合併的機制方面給我們更多信息？

Because you get a lot of questions were sort of in-process through all the big sort of asset-light movement here, and I think this would be helpful for investors.

因為通過這裡所有的輕資產運動，你會得到很多問題，我認為這對投資者會有幫助。

Sure.

當然。

Well, first off, we are, as the largest stakeholder of MGP, its biggest supporters.

好吧，首先，作為 MGP 的最大利益相關者，我們是其最大的支持者。

And certainly, the stock has done well since we developed the UPREIT a few years ago.

當然，自從我們幾年前開發 UPREIT 以來，該股票表現良好。

Our economic ownership in MGP will be about 55% after the $1.4 billion OP unit redemption, and remember, that's down from our original 73% stake.

在 14 億美元的 OP 單位贖回後，我們在 MGP 的經濟所有權將約為 55%，請記住，這低於我們最初的 73% 股權。

And we are absolutely committed to ultimately owning far less of MGP on a going-forward basis.

我們絕對致力於在未來的基礎上最終擁有更少的 MGP。

And we are committed to deconsolidate MGP.

我們致力於拆分 MGP。

We've always said that MGP continues to have the right path forward with the right management team and it will acquire quality assets outside of MGM.

我們一直說，MGP 繼續在正確的管理團隊的幫助下走上正確的前進道路，並將收購 MGM 以外的優質資產。

And it will access the capital markets to do so, and that is a path to further reduce our stake in MGP.

它將進入資本市場這樣做，這是進一步減少我們在 MGP 股份的途徑。

The OP unit redemptions for cash provide another path for us to reduce our stake, and we'll continue to look to monetize a portion of our equity stake as long as it is done in a manner that maximizes the benefits to both companies.

OP 單位贖回現金為我們提供了另一種減少股份的途徑，我們將繼續尋求將我們的部分股權貨幣化，只要這樣做能使兩家公司的利益最大化。

Because I have to repeat, it's important to note that MGM is still an important stakeholder there.

因為我必須重複，重要的是要注意米高梅仍然是那裡的重要利益相關者。

You know that we have an agreement with MGP to redeem the $1.4 billion of cash at our election.

你知道我們與 MGP 達成協議，在我們的選舉中贖回 14 億美元的現金。

When that's exercised in full, it still leaves us with zone around $5 billion worth of units.

完全行使後，我們仍然擁有價值約 50 億美元的單位。

Those units have varying tax basis and -- but a sizable subset of the remaining units have a higher basis and can be sold in taxable transactions with manageable tax leakage.

這些單位有不同的稅基，而且——但其餘單位中有相當一部分有更高的稅基，可以在應稅交易中出售，漏稅可控。

We're not going to get into the details of it specifically, but I can say with great certainty that it is our goal to continue to help MGP thrive, help it grow a diverse quality portfolio of assets, make sure it does so with a strong balance sheet, help it find partners as it has recently had found with Blackstone that can show future growth opportunities for MGP and inject more capital into MGP and find a way forward that MGP very deliberately becomes that independent corporate governed #1 type of company that MGM Resorts is.

我們不打算具體討論它的細節，但我可以非常肯定地說，我們的目標是繼續幫助 MGP 蓬勃發展，幫助它發展多樣化的優質資產組合，確保它通過強大的資產負債表，幫助它找到合作夥伴，就像它最近在 Blackstone 找到的那樣，可以為 MGP 展示未來的增長機會，並為 MGP 注入更多資金，並找到一條前進的道路，讓 MGP 非常有意地成為獨立公司治理的第一類公司，米高梅度假村是。

We're proud of where we stand with ISS at MGM Resorts.

我們為在米高梅度假村與 ISS 的合作感到自豪。

We take corporate governance seriously.

我們認真對待公司治理。

Independence, we take our commitment to shareholders seriously.

獨立性，我們認真對待對股東的承諾。

And we have nothing but the clear direction for MGP to do so in this deliberate fashion.

我們只有 MGP 以這種深思熟慮的方式這樣做的明確方向。

And I think that we've proven that point of finding transactions that make sense for MGP, finding partners that could provide significant incremental value to MGP, making sure that MGP's stakeholders, all of the stakeholders are treated fairly ensuring that MGP has a strong balance sheet to provide a platform to grow in the future.

而且我認為我們已經證明了這一點，即尋找對 MGP 有意義的交易，尋找可以為 MGP 提供顯著增量價值的合作夥伴，確保 MGP 的利益相關者，所有利益相關者都得到公平對待，確保 MGP 具有強大的平衡表，為未來的發展提供平台。

And it is our goal to make sure that MGP, the company that we believe to be the premium, by far best-in-class, triple net in its space, will continue to be able to thrive because it does have the best assets in that industry and because it has the best tenant of any of the triple nets, a tenant in MGM Resorts that is only getting stronger every single day from its own balance sheet perspective.

我們的目標是確保 MGP，我們認為是溢價的公司，迄今為止在其領域中一流的三重網絡，將繼續能夠蓬勃發展，因為它確實擁有最好的資產那個行業，因為它擁有三重網絡中最好的租戶，米高梅度假村的租戶從其資產負債表的角度來看，每天都在變得越來越強大。

And so I think history, in this case, is a really good guide to the future.

所以我認為歷史，在這種情況下，是對未來的一個很好的指導。

And we've made progress.

我們取得了進展。

We're a bit ahead of our plan.

我們比我們的計劃提前了一點。

We're deliberate on this, and we're going to continue to move forward so that MGP can continue to grow, grow independently and be the best possible triple net it could be.

我們對此深思熟慮，我們將繼續前進，以便 MGP 能夠繼續發展，獨立發展並成為最好的三重網絡。

And then maybe as a follow-up, we talked plenty about the baccarat business.

然後也許作為後續行動，我們談論了很多關於百家樂業務的事情。

But I think throughout some of the commentary, you guys also called out some specific investments in sports and entertainment, but probably specifically on the sports side as some things are getting up and running.

但我認為在一些評論中，你們也提到了對體育和娛樂的一些具體投資，但可能特別是在體育方面，因為有些事情正在啟動和運行。

Could you perhaps either help us kind of call out or quantify either sort of what level of run rate were those numbers in the fourth quarter that we saw?

您能否幫助我們指出或量化我們在第四季度看到的這些數字的運行率水平？

And then probably much more importantly for folks, what kind of investment level are we looking at as we fast forward to kind of 2020 or maybe into 2021?

然後對於人們來說可能更重要的是，當我們快進到 2020 年或可能進入 2021 年時，我們正在關注什麼樣的投資水平？

And is that running through any of the divisional level P&L?

這是否貫穿於任何部門級損益表？

Or is this all just stuff that we're either seeing in corporate or somehow kind of elsewhere in the P&L?

或者這只是我們在公司或損益表中其他地方看到的東西？

Yes, Shaun, it's Corey.

是的，肖恩，我是科里。

It's probably a little bit north of $10 million for the quarter.

本季度可能略高於 1000 萬美元。

Most of it is running through management and other.

其中大部分是通過管理和其他運行的。

All of it's running through management and another.

所有這一切都在管理和其他方面運行。

It would either be through the unconsolidated joint venture with Roar or investments we're making with regards to our sponsorships and team efforts there.

要么通過與 Roar 的未合併合資企業，要么通過我們在讚助和團隊努力方面的投資。

Great.

偉大的。

Corey, any thoughts on sort of next year budget of that kind of similar $10 million type number?

科里，對類似 1000 萬美元類型的明年預算有什麼想法嗎？

Is that a good quarterly run rate?

這是一個很好的季度運行率嗎？

No.

不。

I think Bill gave a number on what we thought the investment -- the additional investment would be in sports next year, and I think that's a good number.

我認為比爾給出了我們認為投資的數字——明年將在體育領域進行額外投資，我認為這是一個很好的數字。

Next question will be from Thomas Allen of Morgan Stanley.

下一個問題將來自摩根士丹利的托馬斯艾倫。

Congrats, Jim, on what has been a long and successful career at MGM, and no you're not going anywhere soon, but I just want to say thank you for your help over the years.

祝賀 Jim，祝賀你在米高梅的漫長而成功的職業生涯，不，你不會很快離開，但我只想說謝謝你多年來的幫助。

Thank you.

謝謝你。

Thank you very much.

非常感謝你。

So look, there are a lot of moving parts in Vegas.

所以看，拉斯維加斯有很多活動部件。

So I just wanted to see if you could kind of level set expectations a little bit, at least for the first quarter, given you do have some visibility into the first 2 months or the first 1.5 months of the quarter.

所以我只是想看看你是否可以稍微調整一下預期，至少在第一季度是這樣，因為你確實對本季度的前 2 個月或前 1.5 個月有一些了解。

So first quarter consensus for Vegas EBITDA is about $440 million.

因此，拉斯維加斯 EBITDA 的第一季度共識約為 4.4 億美元。

Last year, you did $400 million.

去年，你做了 4 億美元。

Can you just kind of give us a sense of expectation?

你能給我們一種期待感嗎？

Well, I'll give you some macros around what we see, if that helps.

好吧，如果有幫助的話，我會給你一些我們所看到的宏。

And we've been doing quite a bit of analysis on this.

我們一直在對此進行大量分析。

What we see first is strong population growth, which is obviously significant for the local resorts out here, but also we see all-time highs in convention and meeting business, we see the prospect for strong McCarran business.

我們首先看到的是強勁的人口增長，這對當地的度假村來說顯然意義重大，但我們也看到了會議業務的歷史新高，我們看到了強大的 McCarran 業務的前景。

We see events this year.

我們看到了今年的事件。

We did not have last year.

我們去年沒有。

It's -- if anyone saw Nashville last year.

這是——如果有人去年看過納什維爾的話。

In terms of the NFL, imagine what Las Vegas can do.

就 NFL 而言，想像一下拉斯維加斯可以做什麼。

Of course, CON/AGG this quarter and the Raiders, everything leading up to the Raiders.

當然，本季度的 CON/AGG 和攻略，一切都導致了攻略。

Think about the Las Vegas Convention Center expansion.

想想拉斯維加斯會議中心的擴建。

We're really excited about the sphere.

我們對球體感到非常興奮。

I can't wait to go to that.

我等不及要去那了。

I think it's important to know that our slot win last year was actually up 4% for the year.

我認為重要的是要知道我們去年的老虎機贏額實際上全年增長了 4%。

Our non-bac table games were actually flattish, and we're going to have a lot more impact on 2020 in the first quarter, than we did in the fourth quarter.

我們的非 bac 桌面遊戲實際上是平淡的，我們將在第一季度對 2020 年產生比第四季度更大的影響。

And so as that's ramping up, you should model in the fact that we're hitting our stride there.

因此，隨著這種情況的增加，您應該模擬我們正在大踏步前進的事實。

Conventions are important to the whole city.

公約對整個城市都很重要。

They're important to us.

他們對我們很重要。

It will be important to Mandalay Bay, which is returning back to its -- really its full recovery.

這對曼德勒灣來說很重要，它正在恢復——真正的全面復甦。

This kind of business is usual with Mandalay.

這種生意在曼德勒很常見。

We had very low attrition levels there in 2019, the lowest we've had a few years, and that's starting to really build momentum and there will be a lot more groups in Las Vegas, starting in the first quarter than we had last year, not just because of the citywide, but with Wynn and Caesars expanding their spaces.

我們在 2019 年的人員流失率非常低，是幾年來的最低水平，而且這種情況開始真正形成勢頭，從第一季度開始，拉斯維加斯的團隊將比去年多得多，不僅僅是因為在全市範圍內，還因為 Wynn 和 Caesars 擴大了他們的空間。

That's good news for the town.

這對小鎮來說是個好消息。

It's bringing more people to town.

它把更多的人帶到城裡。

We're actually seeing some of that.

我們實際上看到了其中的一些。

And finally, that leisure demand that we talked about.

最後，我們談到的休閒需求。

I know those are short booking windows, but they are illustrative of real-time demand and they've been very positive.

我知道這些是較短的預訂窗口，但它們說明了實時需求，而且非常積極。

And of course, the entertainment calendar is terrific.

當然，娛樂日曆也很棒。

So without getting into cash flow numbers and guidance, and we've talked why that we think this is a better approach towards communicating with investors.

因此，在沒有進入現金流量數字和指導的情況下，我們已經討論了為什麼我們認為這是與投資者溝通的更好方法。

We have a pretty well, a very broad view of what's happening here in Las Vegas.

我們對拉斯維加斯這裡發生的事情有一個很好的、非常廣泛的看法。

And we like what we see in all of these metrics, save for that Far East baccarat business.

我們喜歡我們在所有這些指標中看到的，除了遠東百家樂業務。

But the domestic box business, the domestic table business, the slot business, the nongaming business, combined with some real good trends in the rooms here in town, which of course, creates nice flow through for everybody and will be amplified, at least for us this year because of really hitting our stride on our 2020 initiatives, which is ramping up fairly rapidly, gives you a sense why we feel that there's a significant pace of cash flows here in the first quarter that are superior to what we saw in the fourth quarter.

但是國內包廂業務、國內賭桌業務、老虎機業務、非博彩業務，再加上城裡房間的一些真正好的趨勢，當然會為每個人創造良好的流量，並且會被放大，至少對於我們今年是因為我們在 2020 年的計劃上取得了長足的進步，該計劃正在迅速增加，讓您了解為什麼我們認為第一季度的現金流速度顯著優於我們在第一季度看到的第四季度。

Yes.

是的。

And Thomas, just looking at the first quarter, the other thing that I think we didn't cover, Park is beginning to ramp, and we like the ramp that we're seeing there.

托馬斯，看看第一季度，我認為我們沒有涵蓋的另一件事是，公園開始爬坡，我們喜歡我們在那裡看到的坡道。

So between Park, last year, we hardly had any 2020 benefit and then you take the RevPAR benefit, we should expect to see from Q1 in a strong convention quarter, I think, even though we will not be giving guidance, we feel pretty good about the first quarter.

所以在 Park 之間，去年，我們幾乎沒有任何 2020 年的收益，然後你獲得了 RevPAR 的收益，我們應該期望在一個強勁的會議季度從第一季度看到，我認為，即使我們不會給出指導，我們感覺很好關於第一季度。

I think it's why -- you guys spent a long time trying to get people to shift that focus away from RevPAR growth, and you put up 6% RevPAR growth this quarter and had really strong RevPAR growth the past few quarters.

我認為這就是為什麼——你們花了很長時間試圖讓人們把注意力從 RevPAR 的增長上轉移開，而你們本季度的 RevPAR 增長了 6%，並且在過去幾個季度中實現了非常強勁的 RevPAR 增長。

I assume that should continue to be strong, that's not impacted by the Far East play and coronavirus isn't having an impact on kind of the core trends?

我認為它應該會繼續保持強勁，這不會受到遠東遊戲的影響，冠狀病毒不會對核心趨勢產生影響嗎？

Is that a fair comment?

這是一個公平的評論嗎？

And just talk about convention mix for 2022, would be helpful.

只談談 2022 年的會議組合，會很有幫助。

Yes.

是的。

I mean, we're going to stand by what we're talking about.

我的意思是，我們將堅持我們正在談論的內容。

We see these strong macro trends.

我們看到了這些強勁的宏觀趨勢。

It was a great RevPAR quarter, there's no doubt about it.

這是一個很棒的 RevPAR 季度，這是毫無疑問的。

And I think what we've laid out here is -- gives you the setup for nice growth.

而且我認為我們在這裡列出的是 - 為您提供良好增長的設置。

But beyond that, we're not going to get too into it.

但除此之外，我們不會深入其中。

Very minimal impact on corona.

對電暈的影響非常小。

We'll take the last question please.

請回答最後一個問題。

And that question will come from Carlo Santarelli with Deutsche Bank.

這個問題將來自德意志銀行的 Carlo Santarelli。

Jim, congratulations on your career.

吉姆，祝賀你的職業生涯。

Just, if I could, when you guys look at the Las Vegas landscape today and think about the position that the company is in from a balance sheet perspective, acknowledging that the buyback that you're doing in the near term here as well as the incremental $1.75 billion that will remain outstanding, all coupled with kind of your 1x domestic, I believe, that's an EBITDA number leverage, correct, after rent.

只是，如果可以的話，當你們今天看拉斯維加斯的景觀並從資產負債表的角度考慮公司所處的位置時，承認你們在短期內在這裡進行的回購以及增加的 17.5 億美元仍未償還，再加上你的 1 倍國內收入，我相信，這是扣除租金後的 EBITDA 數字槓桿，正確。

How does M&A kind of play into that, given the fact that there could potentially be some assets on the Strip that might fit nicely with the portfolio?

鑑於拉斯維加斯大道上可能存在一些可能非常適合投資組合的資產這一事實，併購將如何發揮作用？

Yes.

是的。

We're really not focused on M&A.

我們真的不專注於併購。

We like what we own.

我們喜歡我們擁有的。

We approach our portfolio in a way that -- particularly pruning it as we have over the last several years.

我們以一種方式處理我們的投資組合——特別是像過去幾年那樣對其進行修剪。

We like these assets.

我們喜歡這些資產。

I don't envision us being very focused on M&A going forward.

我不認為我們會非常關注未來的併購。

I do believe that what we are looking at where can we deploy capital in high ROI ways.

我確實相信我們正在研究的是我們可以在哪里以高投資回報率的方式部署資本。

We think that's Japan.

我們認為那是日本。

We think that's sports.

我們認為那是運動。

If we can help motivate some change in Yonkers and provide more of a gaming experience there.

如果我們可以幫助激發 Yonkers 的一些變化並在那裡提供更多的遊戲體驗。

That certainly was part of the strategic basis that we acquired that asset.

這當然是我們收購該資產的戰略基礎的一部分。

But that really is our focus right now is working toward reducing our assets, recycling that capital, getting that balance sheet absolutely what the best it's been since I've been at the company right now and getting better and getting ourselves so well positioned for whatever the world will bring in the future.

但這確實是我們現在的重點，正在努力減少我們的資產，回收資本，讓資產負債表絕對達到自從我現在加入公司以來最好的水平，並變得更好，讓我們自己在任何情況下都處於有利地位世界將帶來未來。

And recycling and returning that capital to the shareholders, 15% increase in the dividend today should send the message as well as the return on capital in the form of share repurchase.

並將該資本回收並返還給股東，今天增加 15% 的股息應該傳達信息以及以股票回購的形式回報資本。

And that really is our focus, delivering on the strategic plan of 2020, making sure that this operating model, which is a young model.

這確實是我們的重點，實現 2020 年的戰略計劃，確保這種運營模式，這是一種年輕的模式。

We have men and women that are only recently been put in these strong leadership positions, making sure that they have the ability to thrive, finishing the execution of this real estate strategy and really devoting.

我們有最近才被任命為這些強有力的領導職位的男性和女性，確保他們有能力茁壯成長，完成這一房地產戰略的執行並真正投入。

And I'm going to spend an awful lot of my time on sports and entertainment and on Japan, which I believe I could help the company best focus on those areas to create value for the future.

我將把大量時間花在體育和娛樂以及日本，我相信我可以幫助公司最好地專注於這些領域，為未來創造價值。

So with that, I want to thank everyone, first for calling in.

因此，首先，我要感謝大家的來電。

And just to highlight a couple of points before we end.

在我們結束之前強調幾點。

We are focused on the impacts of the coronavirus.

我們專注于冠狀病毒的影響。

And I think Grant said it well, we're absolutely prioritizing the safety of our customers and our employees.

我認為格蘭特說得很好，我們絕對將客戶和員工的安全放在首位。

But we feel that, that situation will be managed and the company is well positioned, given our diversification as a global company and our balance sheet strength.

但我們認為，考慮到我們作為一家全球性公司的多元化和我們的資產負債表實力，這種情況將得到控制，公司處於有利地位。

We've made a lot of meaningful progress with our real estate transactions resulting in the $8.2 billion of net cash proceeds.

我們在房地產交易方面取得了很多有意義的進展，產生了 82 億美元的淨現金收益。

And we're using that dramatically reduce leverage to invest in places I just mentioned, in Japan, and in sports.

我們正在利用這種顯著降低的槓桿作用來投資我剛才提到的地方，在日本和體育領域。

We're firmly on track to continue to announce additional real estate transactions this year.

我們堅定地走上了今年繼續宣布更多房地產交易的軌道。

Our domestic business is very solid.

我們的國內業務非常紮實。

And we are very focused on these cost reductions, which we know will further support growth in EBITDAR and free cash flow per share.

我們非常關注這些成本削減，我們知道這將進一步支持 EBITDAR 和每股自由現金流的增長。

I want to thank you all for your support.

我要感謝大家的支持。

And I want to make it very clear, I'm not leaving MGM anytime soon.

我想說得很清楚，我不會很快離開米高梅。

And so I know for sure that I'll be on the next call with you, and I look forward to talking with you all between now and then.

所以我很確定我會在下一次電話會議上與您通話，我期待著從現在到那時與您交談。

And with that, have a very nice day.

有了這個，祝你有美好的一天。

Thank you.

謝謝你。

Thank you, sir.

謝謝你，先生。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。