美高梅國際酒店集團 (MGM) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International Second Quarter 2022 Earnings Conference Call. Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Corey Sanders, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer and Treasurer; Hubert Wang, President and Chief Operating Officer of MGM China; and Andrew Chapman, Director of Investor Relations. (Operator Instructions) Please note, this conference is being recorded.

下午好，歡迎參加美高梅國際酒店集團 2022 年第二季度收益電話會議。今天加入公司電話的是首席執行官兼總裁 Bill Hornbuckle；科里·桑德斯，首席運營官； Jonathan Halkyard，首席財務官兼財務主管；美高梅中國總裁兼首席運營官王偉；和投資者關係總監安德魯查普曼。 （操作員說明）請注意，本次會議正在錄製中。

Now I would like to turn the call over to Andrew Chapman. Please go ahead.

現在我想把電話轉給 Andrew Chapman。請繼續。

Good afternoon, and welcome to the MGM Resorts International Second Quarter 2022 Earnings Call. This call is being broadcast live on the Internet at investors.mgmresorts.com. We've also furnished our press release and Form 8-K to the SEC.

下午好，歡迎參加美高梅國際酒店集團 2022 年第二季度財報電話會議。此次電話會議正在互聯網上的investors.mgmresorts.com 上進行直播。我們還向 SEC 提供了我們的新聞稿和 8-K 表格。

On this call, we will make forward-looking statements under the safe harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements. Additional information concerning factors that could cause actual results to differ from these forward-looking statements is contained in today's press release and in our periodic filings with the SEC. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise.

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。實際結果可能與這些陳述中設想的結果大不相同。有關可能導致實際結果與這些前瞻性陳述不同的因素的其他信息包含在今天的新聞稿和我們向美國證券交易委員會提交的定期文件中。除法律要求外，我們不承擔因新信息或其他原因更新這些聲明的義務。

During the call, we will also discuss non-GAAP financial measures in talking about our performance. You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website. Finally, this presentation is being recorded.

在電話會議中，我們還將討論非公認會計準則財務指標，以談論我們的業績。您可以在我們的新聞稿和投資者演示文稿中找到與 GAAP 財務指標的對賬，這些內容可在我們的網站上找到。最後，正在錄製此演示文稿。

I will now turn it over to Bill Hornbuckle.

我現在將把它交給 Bill Hornbuckle。

Thank you, Andrew, and thank you all for joining us this afternoon.

謝謝你，安德魯，謝謝大家今天下午加入我們。

Our second quarter results represented our highest adjusted property EBITDAR quarter in the history of Las Vegas, both on an absolute and same-store basis, and the highest second quarter in our regionals ever with 7 of our U.S. properties setting all-time records. I again want to sincerely thank our employees for their continued hard work, commitment to excellence and dedication to creating world-class experiences for our guests. Thanks to them, our company's service scores have improved sequentially each quarter, both overall and across all the metrics we track. I could not be more proud of the progress we have seen in servicing our customers.

我們的第二季度業績代表了我們在拉斯維加斯歷史上最高的調整後房地產 EBITDAR 季度，無論是絕對值還是同店基礎上，以及我們地區有史以來最高的第二季度，我們有 7 家美國房地產創下歷史記錄。我再次衷心感謝我們的員工一直以來的辛勤工作、追求卓越的承諾以及為我們的客人創造世界級體驗的奉獻精神。多虧了他們，我們公司的服務得分在每個季度都有所提高，無論是總體上還是在我們跟踪的所有指標上。我為我們在為客戶提供服務方面所取得的進步感到無比自豪。

Before I dive into our results in more detail, let me reiterate that our long-term strategic planning remains unchanged. We're focused on continually improving our guest experience, delivering operational excellence, investing in our people and planet and allocating capital responsibly.

在我更詳細地探討我們的結果之前，讓我重申我們的長期戰略規劃保持不變。我們專注於不斷改善客戶體驗、提供卓越運營、投資於我們的員工和地球，以及負責任地分配資本。

So let's turn to those results. We took another meaningful step in April to simplify our corporate structure and complete the monetization of our real estate assets with the closing of our strategic transactions between MGM Growth Properties and VICI. This transaction brought us $4.4 billion in cash, which we intend to use to invest in our core businesses while continuing to pursue meaningful growth opportunities. One such opportunity was the acquisition of The Cosmopolitan of Las Vegas that officially closed in May. I've had the opportunity to spend some time at the property and have met a number of the CoStars. I cannot say enough about the strength of the team at the Cosmopolitan and the exceptional service culture that has been created there. Our focus now is on integrating the operations of the property into MGM Resort's portfolio and working together to maximize the future success of this world-class resort.

所以讓我們轉向這些結果。我們在 4 月份又邁出了有意義的一步，以簡化公司結構並完成房地產資產的貨幣化，完成了 MGM Growth Properties 和 VICI 之間的戰略交易。這筆交易為我們帶來了 44 億美元的現金，我們打算將其用於投資我們的核心業務，同時繼續尋求有意義的增長機會。其中一個機會是收購了 5 月正式結束的拉斯維加斯大都會酒店。我有機會在這家酒店呆了一段時間，並遇到了許多 CoStars。關於 Cosmopolitan 團隊的實力以及在那裡創造的卓越服務文化，我說得再多也不為過。我們現在的重點是將物業的運營整合到米高梅度假村的投資組合中，並共同努力以最大限度地提高這個世界級度假村的未來成功。

We also recently announced another strategic divestiture in our portfolio. In June, we reached an agreement to sell the operations of the Gold Strike Tunica to the Cherokee Nation for $450 million. As a company, we felt this was an opportunity to sharpen our focus in Mississippi on Beau Rivage and take advantage of an attractive valuation. Gold Strike is a very special property. I'd like to, again, to thank every employee in Tunica for consistently delivering amazing first-class gaming entertainment experiences to our guests. We look forward to seeing Gold Strike continued success with the Cherokee Nation, and we expect this transaction to close in the first part of 2023. The divestiture follows our prior announcement to sell the operation of the Mirage, would still also stay on track for close later this year.

我們最近還宣布了我們投資組合中的另一項戰略剝離。 6 月，我們達成了一項協議，以 4.5 億美元的價格將 Gold Strike Tunica 的業務出售給切羅基民族。作為一家公司，我們認為這是一個機會，可以加強我們在密西西比州對美岸的關注，並利用有吸引力的估值。 Gold Strike 是一個非常特殊的屬性。我想再次感謝 Tunica 的每一位員工，他們始終如一地為我們的客人提供令人驚嘆的一流遊戲娛樂體驗。我們期待看到 Gold Strike 在 Cherokee Nation 繼續取得成功，我們預計這項交易將在 2023 年上半年完成。剝離是在我們之前宣佈出售 Mirage 的業務之後進行的，也將繼續按計劃完成今年晚些時候。

Consistent with our strategy to grow our international online gaming footprint, we announced in May a tender offer for LeoVegas, a leading global online gaming company with licenses in 8 jurisdictions, primarily in the Nordics. LeoVegas has a talented management team, a cloud and mobile-based technology platform and an appreciable growth plan that we'll execute on as we develop our digital gaming presence in Europe. We also expect this transaction to close in the third quarter of this year.

根據我們擴大國際在線遊戲業務的戰略，我們於 5 月宣布了對 LeoVegas 的收購要約，LeoVegas 是一家在 8 個司法管轄區（主要是北歐）擁有執照的全球領先在線遊戲公司。 LeoVegas 擁有一支才華橫溢的管理團隊、一個基於雲和移動的技術平台以及一個可觀的增長計劃，我們將在我們在歐洲發展我們的數字遊戲業務時執行這些計劃。我們還預計這筆交易將在今年第三季度完成。

Shifting now back to focus on our brick-and-mortar development pipeline. We are hopeful that New York will solicit applications by the end of the year for 1 of 3 additional casino licenses. We are eager to respond and expand our existing property in Empire City, which is less than 15 miles from Manhattan with an attractive footprint for development and growth. If we do receive a license, we look forward to working with the state of New York, Yonkers in our surrounding jurisdictions to drive jobs and economic growth to that region.

現在轉回專注於我們的實體開發管道。我們希望紐約能在今年年底前申請 3 個額外賭場執照中的 1 個。我們渴望響應並擴大我們在帝國城的現有物業，該物業距離曼哈頓不到 15 英里，具有吸引力的發展和增長足跡。如果我們確實獲得了許可證，我們期待與紐約州和周邊轄區的揚克斯合作，推動該地區的就業和經濟增長。

In Japan, we submitted our area development plan to the Japanese government in April and are optimistic that we receive an approval decision in the fall of this year. Following that process, we will share further details about the project.

在日本，我們於 4 月向日本政府提交了區域開發計劃，並樂觀地認為我們將在今年秋季獲得批准決定。在該過程之後，我們將分享有關該項目的更多詳細信息。

And in the U.A.E, we continue to make progress on bringing the MGM brand family to Dubai, where we have a management agreement for a nongaming integrated resort that has been developed in partnership with Wasl. The project has broken ground and work continues on the development progress, and we will watch with great interest what does or doesn't happen around gaming in the region, hopefully, in the near future.

在阿聯酋，我們在將米高梅品牌家族帶到迪拜方面繼續取得進展，我們在那裡與 Wasl 合作開發了一個非博彩綜合度假村的管理協議。該項目已經破土動工，開發工作仍在繼續，我們將懷著極大的興趣觀察該地區的遊戲發生或未發生的事情，希望在不久的將來。

Turning to BetMGM. Adam Greenblatt and the team provided a comprehensive update at their Analyst Day reaffirming their long-term road map and path to profitability. The team at BetMGM is also working on a comprehensive refresh to improve the interface and customer experience later this year. Following a successful launch in Ontario in April, BetMGM announced a partnership with Carnival cruises -- Corporation to provide onboard ship betting and gaming under the BetMGM brand. BetMGM operates now in 23 markets in the United States and Canada, across retail, online sports and iGaming operations.

轉向 BetMGM。 Adam Greenblatt 和團隊在分析師日提供了全面的更新，重申了他們的長期路線圖和盈利之路。 BetMGM 的團隊也在今年晚些時候進行全面更新，以改善界面和客戶體驗。繼 4 月在安大略省成功推出之後，BetMGM 宣布與 Carnival Cruises - Corporation 合作，以 BetMGM 品牌提供船上博彩和遊戲。 BetMGM 目前在美國和加拿大的 23 個市場開展業務，涉及零售、在線體育和 iGaming 業務。

In May, BetMGM committed 21% [and] share in the active markets in both U.S. sports betting and iGaming, which puts us in the #2 position. BetMGM is the clear leader in iGaming and having reached 29% market share in May. And looking forward, with the addition of Ohio, most recently Massachusetts as well as the potential for California, we continue to see great opportunity for expansion with BetMGM. We're accessible to those 3 states over 45 million addressable audience.

5 月，BetMGM 承諾在美國體育博彩和 iGaming 的活躍市場中佔有 21% [和] 份額，這使我們處於第二位。 BetMGM 顯然是 iGaming 領域的領導者，並在 5 月份達到了 29% 的市場份額。展望未來，隨著俄亥俄州、最近的馬薩諸塞州以及加利福尼亞州的潛力的加入，我們繼續看到與 BetMGM 一起擴張的巨大機會。我們可以訪問這 3 個州超過 4500 萬可尋址的觀眾。

Our investment in BetMGM is an important enabler to our omnichannel strategy and a key competitive advantage that allows us to drive incremental earnings between our brick-and-mortar and online channels. Early results of this strategy have been positive with a strong acquisition story with over 43% of our MGM rewards sign-ups coming from BetMGM versus 33% in Q2 2021. Of these sign-ups, we have seen substantial growth in those who are visiting MGM property for the first time.

我們對 BetMGM 的投資是我們全渠道戰略的重要推動力，也是一項關鍵的競爭優勢，使我們能夠在實體渠道和在線渠道之間推動收入增長。這一戰略的早期結果是積極的，擁有強大的收購故事，超過 43% 的米高梅獎勵註冊來自 BetMGM，而 2021 年第二季度這一比例為 33%。在這些註冊中，我們看到來訪者的顯著增長米高梅首次置業。

Turning to Macau. Our operations were affected by limited visitation to the region, obviously due to the COVID restrictions. As you've likely seen, the Macau government closed all nonessential businesses in July in the face of rising case counts, which impacted our properties. Last week, we saw operations reopening on a limited basis, and we're working to minimize our operational costs in the short term and position our properties to capture more than our fair share of premium mass business as demand returns, hopefully, in the long term.

轉向澳門。我們的運營受到對該地區訪問量有限的影響，這顯然是由於 COVID 限制。正如您可能已經看到的那樣，澳門政府在 7 月份關閉了所有非必要業務，因為案件數量不斷增加，這影響了我們的財產。上週，我們看到業務在有限的基礎上重新開放，我們正在努力在短期內最大限度地降低我們的運營成本，並將我們的物業定位為在需求回報時獲得超過我們公平份額的優質大眾業務，希望在長期內學期。

We're also working on our concession renewal. We are pleased to have received the terms of this tender last week with no surprises with all the submissions due by September 14. The Macau government will then review the submissions and grant new concessions hopefully by year-end. We remain confident in the future of Macau and are proud to be partners in shaping the future of one of the world's premier tourist, entertainment and gaming destinations.

我們也在努力更新我們的特許權。我們很高興上週收到了本次招標的條款，所有的投標文件都將在 9 月 14 日到期。澳門政府隨後將審查提交的文件，並有望在年底前授予新的特許權。我們對澳門的未來充滿信心，並很自豪能成為合作夥伴，共同塑造世界首屈一指的旅遊、娛樂和博彩目的地之一的未來。

While our second quarter results were nothing short of spectacular, we are, of course, mindful of the marketplace concerns of a potential recession. We also recognize that starting in the back half of the year, we'll be lapping strong comparisons driven by pent-up demand around our reopenings. With all of this in mind, it is important to highlight that we've built an incredibly agile business over the last few years due to COVID and other factors, and we will adjust and pivot quickly if we see any signs of consumer demand slowing. That said, we sit here today, our business and forward-looking pace remains extremely strong. In fact, looking ahead, we continue to be quite bullish on our domestic business outlook based on a number of tailwinds coming in the new year, including a rebound in our convention business, the return of international travel and the lineup of exciting events to Las Vegas.

雖然我們第二季度的業績非常出色，但我們當然會注意到市場對潛在衰退的擔憂。我們還認識到，從今年下半年開始，我們將在重新開放期間被壓抑的需求推動下進行強有力的比較。考慮到所有這些，重要的是要強調，由於 COVID 和其他因素，我們在過去幾年中建立了非常敏捷的業務，如果我們看到任何消費者需求放緩的跡象，我們將迅速調整和調整。也就是說，我們今天坐在這裡，我們的業務和前瞻性步伐仍然非常強勁。事實上，展望未來，我們繼續看好我們的國內業務前景，基於新的一年即將到來的一系列順風，包括我們的會議業務反彈、國際旅行的回歸以及拉斯維加斯精彩活動的陣容維加斯。

Let me touch on a couple of these points a bit more. First, in '23, we expect to grow our convention mix and rate year-over-year. Also in the terms of citywides, we look forward to welcoming CES back in better form and once again the CONEXPO trade show to Las Vegas in March of 2023. This will be their first return post the COVID-shortened 2020 event. One in rotation, this is one of the most well-attended citywide events of the year with historical attendance well north of 130,000.

讓我再談幾點。首先，在 23 年，我們預計我們的會議組合和費率將同比增長。同樣在全市範圍內，我們期待以更好的形式歡迎 CES 回歸，並期待 2023 年 3 月再次在拉斯維加斯舉辦 CONEXPO 貿易展。這將是他們在 COVID 縮短的 2020 年活動之後的首次回歸。輪流舉行，這是一年中參加人數最多的全市活動之一，歷史上的出席人數遠遠超過 130,000 人。

Add to that, the return of international visitation to Las Vegas, which in 2021 represented only 3% of visitors, then 10% to 15% in pre-pandemic year, and our international customers have longer stay patterns than domestic guests, and we expect these guests to return (inaudible) as international flight capacity will reach over 80% of 2019 summer levels.

此外，國際遊客回訪拉斯維加斯，2021 年僅佔遊客的 3%，然後在大流行前一年達到 10% 到 15%，我們的國際客戶的停留時間比國內客戶更長，我們預計這些客人將返回（聽不清），因為國際航班運力將達到 2019 年夏季水平的 80% 以上。

And finally, the event calendar in Las Vegas is arguably the best the city has ever seen, and MGM will be primary beneficiary even at our scale and positioning. Las Vegas is now truly a powerhouse sports destination with the Golden Knights and Raiders calling Las Vegas home. Looking ahead in '23, the city will host the Sweet 16 and Elite 8 rounds of the [NC2A's] men's tournament and our first ever Formula One race. And then in early February of 2024, we'll play host to the Super Bowl.

最後，拉斯維加斯的活動日曆可以說是這座城市有史以來最好的，即使以我們的規模和定位，米高梅也將成為主要受益者。拉斯維加斯現在是真正的強大體育目的地，黃金騎士和攻略將拉斯維加斯稱為家。展望 23 年，這座城市將舉辦 [NC2A's] 男子錦標賽的 Sweet 16 和 Elite 8 輪比賽，以及我們的第一場一級方程式比賽。然後在 2024 年 2 月上旬，我們將主辦超級碗。

When you put it all together, the business case is incredibly compelling for continued growth and momentum in our business. And as Jonathan will describe, we see tremendous value potential in the shares of MGM Resorts.

當你把所有這些放在一起時，這個商業案例對於我們業務的持續增長和動力來說是非常有吸引力的。正如喬納森將描述的那樣，我們看到米高梅度假村股票的巨大價值潛力。

With that, I'll turn it over to Jonathan to discuss the details of the quarter.

有了這個，我會把它交給喬納森來討論這個季度的細節。

Thanks very much, Bill.

非常感謝，比爾。

I, too, would like to express my sincere thanks to all of our employees for the incredible results we achieved this quarter. We truly have the best team and the best talent in the business. I also want to acknowledge and thank the employees at the Gold Strike Tunica for their contributions to this great property and also extend my welcome to the CoStars of the Cosmopolitan of Las Vegas.

我也想對我們所有員工在本季度取得的令人難以置信的成果表示衷心的感謝。我們確實擁有業內最好的團隊和最優秀的人才。我還要感謝和感謝 Gold Strike Tunica 的員工為這個偉大的酒店所做的貢獻，並歡迎拉斯維加斯大都會的 CoStars。

So let's discuss our second quarter results in a bit more detail. Our consolidated second quarter net revenues were $3.3 billion, an increase of 44% compared to 2021, despite a $168 million negative impact from MGM China due to the COVID-related limitations to visitation Bill mentioned in his remarks. Our net income attributable to MGM Resorts was $1.8 billion, benefiting from a gain related to the sale of MGM Growth Properties.

因此，讓我們更詳細地討論我們的第二季度業績。我們第二季度的合併淨收入為 33 億美元，與 2021 年相比增長了 44%，儘管由於他在講話中提到的與 COVID 相關的探視法案限制，米高梅中國產生了 1.68 億美元的負面影響。我們歸屬於美高梅度假村的淨收入為 18 億美元，受益於與出售美高梅成長地產相關的收益。

Our second quarter Las Vegas Strip net revenues were $2.1 billion, and adjusted property EBITDAR for the strip was $825 million. Our same-store net revenues in Las Vegas, which excludes Aria, Vdara and the Cosmopolitan in 2022 increased 60% versus the second quarter of 2021. And same-store adjusted property EBITDAR in Las Vegas was up 51% versus the second quarter last year. Now unlike the visitation or the variation month-to-month that we experienced in the first quarter due to Omicron, our second quarter occupancy, ADR and profitability were consistent through the quarter. Second quarter occupancy was 92%, continuing the strength that we saw when we exited March. As Bill mentioned, pricing remains strong with ADR in the second quarter at a record $225. On a same-store basis, ADR of $201 was 34% above the second quarter of 2021.

我們第二季度拉斯維加斯大道的淨收入為 21 億美元，該大道的調整後房地產 EBITDAR 為 8.25 億美元。我們在拉斯維加斯的同店淨收入（不包括 Aria、Vdara 和 Cosmopolitan）在 2022 年與 2021 年第二季度相比增長了 60%。拉斯維加斯同店調整後的物業 EBITDAR 與去年第二季度相比增長了 51% .現在與我們在第一季度由於 Omicron 而經歷的訪問量或每月變化不同，我們第二季度的入住率、ADR 和盈利能力在整個季度都是一致的。第二季度的入住率為 92%，延續了我們在 3 月份退出時所看到的實力。正如比爾所說，第二季度 ADR 的定價仍然強勁，達到創紀錄的 225 美元。在同店基礎上，201 美元的 ADR 比 2021 年第二季度高出 34%。

Our pricing power is driven by a number of factors: The attractiveness and sophistication of our marketing efforts; the relative value versus other destination markets; midweek conventions returning; and the benefit of certain room renovations, including the Bellagio and the ARIA Sky Suites, which we completed in 2021.

我們的定價能力受多種因素驅動： 我們營銷工作的吸引力和成熟度；與其他目的地市場的相對價值；周中會議回歸；以及某些房間裝修的好處，包括我們於 2021 年完成的 Bellagio 和 ARIA Sky Suites。

Our preliminary results from July are also an encouraging sign for the third quarter with occupancy of 94% and ADR up 6% year-over-year, this being our toughest comp versus 2021 given the strong reopening trend we experienced last year. Our gross bookings continue to be robust, with occupancy growth in all future months this year and rate up double digits versus 2021 in each month. In fact, during June, we booked the most rooms per day so far this year. Yes, we really like the demand outlook for Las Vegas.

我們 7 月份的初步結果也是第三季度的一個令人鼓舞的跡象，入住率為 94%，ADR 同比增長 6%，鑑於我們去年經歷的強勁重新開放趨勢，這是我們與 2021 年相比最艱難的比較。我們的總預訂量繼續保持強勁，今年未來所有月份的入住率都在增長，並且與 2021 年相比，每個月都有兩位數的增長。事實上，在 6 月份，我們今年以來每天預訂的房間最多。是的，我們真的很喜歡拉斯維加斯的需求前景。

Our second quarter regional net revenues were $960 million, an increase of 12% versus the second quarter of 2021. We delivered regional adjusted property EBITDAR of $340 million, which was 7% above the second quarter of 2021. Margins were 35%, down approximately 200 basis points compared to last year as we brought back more of our non-gaming operations.

我們第二季度的區域淨收入為 9.6 億美元，比 2021 年第二季度增長 12%。我們實現了 3.4 億美元的區域調整後房地產 EBITDAR，比 2021 年第二季度增長 7%。利潤率為 35%，下降約與去年相比增加了 200 個基點，因為我們帶回了更多的非博彩業務。

Moving to Macau. Net revenues of $143 million in the second quarter represented a 54% decrease compared to the second quarter last year. Adjusted property EBITDAR was a loss of $52 million in the second quarter versus positive $9 million last year. Public health policies remain a headwind in the region as entrance into Macau has been severely limited.

移居澳門。第二季度的淨收入為 1.43 億美元，與去年第二季度相比下降了 54%。調整後的房地產 EBITDAR 在第二季度虧損 5200 萬美元，而去年為正 900 萬美元。由於進入澳門受到嚴格限制，公共衛生政策仍然是該地區的逆風。

Turning to BetMGM. Our 50% share of BetMGM's losses in the second quarter was $71 million, which is reported as a part of the unconsolidated affiliates line of our adjusted EBITDAR calculation, and we expect to contribute $225 million to BetMGM this year. Now in the first half of 2022, BetMGM generated net revenues associated with operations of $608 million which is an improvement of 70% compared to the first half of 2021 and well on track to meet our forecast of $1.3 billion.

轉向 BetMGM。我們在第二季度 BetMGM 虧損中的 50% 份額為 7100 萬美元，這是我們調整後 EBITDAR 計算中未合併關聯公司的一部分，我們預計今年將向 BetMGM 貢獻 2.25 億美元。現在在 2022 年上半年，BetMGM 產生了與運營相關的淨收入 6.08 億美元，與 2021 年上半年相比增長了 70%，並且有望實現我們對 13 億美元的預測。

Our second quarter corporate expense, including share-based compensation, was $120 million, which included $21 million of transaction costs. We're strategically investing our corporate expense in growth areas, including improvements to our IT infrastructure, enhanced digital offerings for our guests and, of course, our IR efforts in Japan.

我們第二季度的公司開支（包括股權薪酬）為 1.2 億美元，其中包括 2100 萬美元的交易成本。我們正在戰略性地將公司開支投資於增長領域，包括改進我們的 IT 基礎設施、為我們的客人提供增強的數字產品，當然還有我們在日本的 IR 工作。

So before we wrap up our prepared remarks, I'd like to restate our capital allocation strategy and touch briefly on how we view the valuation of our company. Our strategy is as follows. First, we'll maintain a strong balance sheet with ample liquidity. Second, we'll invest where we have clear advantages, exercising prudence and measuring prospective returns for our shareholders. And finally, we'll return cash to [those] shareholders. The transactions we've completed and announced this quarter yet again demonstrate our commitment to and execution of these priorities. We bolstered our liquidity through the closing of the VICI transaction. We improved our portfolio with the acquisition of the Cosmopolitan and the announced sale of the operations of the Mirage and Gold Strike Tunica. We invested in our international digital future with the announced LeoVegas transaction.

因此，在我們結束準備好的評論之前，我想重申我們的資本配置策略，並簡要談談我們如何看待我們公司的估值。我們的策略如下。首先，我們將保持穩健的資產負債表和充足的流動性。其次，我們將投資於我們有明顯優勢的地方，審慎地為我們的股東衡量預期回報。最後，我們將向[那些]股東返還現金。我們本季度完成並宣布的交易再次證明了我們對這些優先事項的承諾和執行。我們通過完成 VICI 交易來增強我們的流動性。通過收購 Cosmopolitan 並宣佈出售 Mirage 和 Gold Strike Tunica 的業務，我們改進了我們的投資組合。我們通過宣布的 LeoVegas 交易投資了我們的國際數字未來。

We returned cash to our shareholders through share repurchases. During the second quarter, we repurchased 32.4 million shares for $1.1 billion. Since the beginning of 2021 through last night, we've repurchased 104 million shares for $4 billion or 31% of our market cap. This activity brings our share count down to approximately 393 million shares. We've been aggressively repurchasing our shares over the past 18 months because of the value we see at current trading multiples.

我們通過股票回購向股東返還現金。在第二季度，我們以 11 億美元回購了 3240 萬股股票。自 2021 年初到昨晚，我們以 40 億美元或 31% 的市值回購了 1.04 億股股票。這項活動使我們的股票數量減少到大約 3.93 億股。由於我們看到當前交易倍數的價值，我們在過去 18 個月一直在積極回購我們的股票。

Here's how I think about it. As of yesterday, our share price was $33 and we had 393 million shares outstanding. So this implies a market cap of $13 billion. If we add our quarter end domestic net debt and subtract the value of our 56% stake in MGM China, then we have the enterprise value of our domestic operations. Divide this by the trailing 12-months EBITDA adjusted for corporate expense, Cosmopolitan, Mirage and Gold Strike transactions, and this implies a trailing multiple of 5.3x with our stake in BetMGM for free. These deals were announced a few months ago, but our sales of the Mirage and Gold Strike traded at trailing EBITDA multiples of 17x and 11x, respectively.

這就是我的想法。截至昨天，我們的股價為 33 美元，流通股為 3.93 億股。因此，這意味著市值為 130 億美元。如果我們加上我們季度末的國內淨債務並減去我們在米高梅中國 56% 股權的價值，那麼我們就有了我們國內業務的企業價值。除以過去 12 個月根據公司費用、Cosmopolitan、Mirage 和 Gold Strike 交易調整後的 EBITDA，這意味著我們免費持有 BetMGM 的股份的過去倍數為 5.3 倍。這些交易是幾個月前宣布的，但我們對 Mirage 和 Gold Strike 的銷售額分別以 17 倍和 11 倍的 EBITDA 倍數進行交易。

But wait, there's more. Our traditional debt is all fixed rate, and our lease agreements escalate by only 2% annually for the first 10 years, and thereafter, we have a CPI cap of 3%. So we enjoy free cash flow operating leverage by driving EBITDAR growth above 2% or 3%. In the second quarter, our domestic same-store adjusted EBITDAR grew by 33%.

但是等等，還有更多。我們的傳統債務都是固定利率，我們的租賃協議在前 10 年每年僅升級 2%，此後，我們的 CPI 上限為 3%。因此，我們通過推動 EBITDAR 增長超過 2% 或 3% 來享受自由現金流經營槓桿。第二季度，我們的國內同店調整後 EBITDAR 增長了 33%。

Bill, back to you.

比爾，回到你身邊。

Thanks, Jonathan.

謝謝，喬納森。

I know my new Chief Sales Officer is going to come [from]. As a company, we've been busy this year in our pursuit of our vision to be the world's premier gaming entertainment company. I could not be more proud of the progress we've made, but understand there is clearly more work to do.

我知道我的新首席銷售官將來自[來自]。作為一家公司，我們今年一直在忙於實現我們成為世界一流遊戲娛樂公司的願景。我為我們取得的進步感到無比自豪，但我明白顯然還有更多工作要做。

Again, I'd like to thank all of our employees for their contribution to everything we have accomplished. There is a lot of excitement in the rest of '22 and beyond. I can't wait for what's to come. I truly believe our best days are yet to come.

再次，我要感謝我們所有的員工對我們所取得的一切所做的貢獻。在 22 年及以後的剩餘時間裡，有很多令人興奮的事情。我等不及要發生什麼了。我真的相信我們最好的日子還沒有到來。

And with that, operator, I'd like to open it up for questions.

有了這個，接線員，我想打開它來提問。

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

（操作員說明）我們的第一個問題將來自摩根大通的 Joe Greff。

Bill, my first question to you is -- and to Jonathan as well. Can you talk about maybe any aspirations for large-scale M&A, particularly in Asia, given the news about your potential interest in Singapore. That to us is a little bit different than some of the other capital allocation activities that you've talked about, but I'll leave it open-ended and you can discuss it as you wish.

比爾，我的第一個問題是——還有喬納森。鑑於有關您對新加坡的潛在興趣的消息，您能否談談對大規模併購的任何願望，尤其是在亞洲。對我們來說，這與你談到的其他一些資本配置活動有點不同，但我將把它保持開放式，你可以隨意討論。

Joe, obviously, we love our position in Macau. We're excited about Japan. I'm not going to comment on anything else. We'll continue to be -- aggressively look at M&A and active to the extent it makes sense. But I really don't want to comment on the Singapore situation. I don't know, Jonathan, if you want to. So -- so we stand as we are, Joe.

喬，顯然，我們喜歡我們在澳門的職位。我們對日本感到興奮。我不會對其他任何事情發表評論。我們將繼續——積極地看待併購，並在有意義的範圍內積極行動。但我真的不想評論新加坡的情況。我不知道，喬納森，如果你願意的話。所以——所以我們保持原樣，喬。

Okay. Understood. And Bill, I think you had comments that, obviously, the forward pace in Las Vegas and of course, the portfolio is not reflecting any consumer retrenchment from any kind of downturn that we're in or maybe going into, which is great to see, and that's consistent with others in the industry and others in our coverage universe. Can you talk about what Plan B would be in terms of managing the business if we're going into a downturn and you see spend per visit and length of stay, god forbid, start to retrench? How do you manage that from an OpEx perspective, from a labor perspective? How does that maybe translate into sort of a flow-through, particularly in light of sort of the margin gains that you've achieved since the pandemic started? And that's all for me.

好的。明白了。比爾，我想你有評論說，很明顯，拉斯維加斯的前進步伐，當然，投資組合併沒有反映出我們正處於或可能進入的任何類型的低迷導致的任何消費者緊縮，這很高興看到，這與業內其他人以及我們報導範圍內的其他人一致。你能談談如果我們進入低迷期並且你看到每次訪問的花費和逗留時間，上帝保佑，開始緊縮，B計劃在管理業務方面會是什麼？從運營支出的角度，從勞動力的角度來看，您是如何管理的？這可能如何轉化為某種流通，特別是考慮到自大流行開始以來您所取得的利潤增長？這就是我的全部。

Yes. I'll kick it off and maybe turn part of this over to Jonathan and/or Corey. Look, inflation is an interesting thing to our business. Obviously, we price our hotel rooms every day. So we're in a great position there. Most of our food and beverage is also dynamic in some respect. I think we, as a company, have done a great job with energy. We've already bought energy through the end of '23. And most of our employees, about 60% of them are in some form of a union contract, and the biggest lift on that comes next year in '23 with a [culminary] -- we've got about 35,000 employees in some way, shape or form in some kind of a review cycle. So we feel good generally where we are.

是的。我會開始它，也許把這部分交給喬納森和/或科里。看，通貨膨脹對我們的業務來說是一件有趣的事情。顯然，我們每天都給酒店房間定價。所以我們在那里處於有利地位。我們的大部分食品和飲料在某些方面也是動態的。我認為，作為一家公司，我們在能源方面做得很好。到 23 年底，我們已經購買了能源。我們的大多數員工，大約 60% 的員工都簽訂了某種形式的工會合同，而最大的提升是在 23 年的 [巔峰]——我們以某種方式擁有大約 35,000 名員工，在某種審查週期中形成或形式。因此，我們總體感覺良好。

I would make this broad comment. We just came through hell and back with COVID. We've learned how to manage this company at scale at a premium, meaning we're premium operators with high-end product. And I think our margins are still stretching into high 30s into the 40s. Some of our significant properties even higher. Obviously, we're not naive to what may or may not happen. But I feel good about the operating model we've put in place. I feel good about the levers that we have and the handle we have on costs. And so Jonathan, I don't know if you want to talk about some specifics of what might happen. But that's my general view.

我會發表這個廣泛的評論。我們剛剛經歷了地獄，又帶著新冠病毒回來了。我們已經學會瞭如何以優質的方式大規模管理這家公司，這意味著我們是擁有高端產品的優質運營商。而且我認為我們的利潤率仍在 30 多歲到 40 多歲的高位。我們的一些重要屬性甚至更高。顯然，我們對可能發生或可能不會發生的事情並不天真。但我對我們實施的運營模式感覺良好。我對我們擁有的槓桿和成本控制感到滿意。所以喬納森，我不知道你是否想談談可能發生的一些細節。但這是我的一般看法。

Yes. Joe, we've done certainly forensics on prior recessions and the impact of changing customer behavior and pricing on our operating model and tried to adjust it for things like the very -- the dramatic -- the different supply environment that we have now better than what was experienced back in say, '07, '08. And it really depends upon where any reduction in demand would come, whether it be from visitation or pricing or both.

是的。喬，我們確實對之前的經濟衰退以及客戶行為和定價對我們運營模式的影響進行了取證，並試圖針對我們現在擁有的非常 - 戲劇性 - 不同的供應環境進行調整07 年、08 年的經歷。這實際上取決於需求減少的來源，無論是訪問量還是價格，還是兩者兼而有之。

I certainly believe having seen this now, just in my relatively brief time with the company, our company twice has dealt with pretty material reductions in demand last August, September and then, of course, back in January. The operating model really works here, and the company has playbooks. And I'm confident that we will be able to adjust as much as possible to that kind of reduction and maintain margins, perhaps not where they are now, but above where they've been in the past under such circumstances.

我當然相信現在看到了這一點，就在我與公司的相對短暫的時間裡，我們公司在去年 8 月、9 月和當然，在 1 月曾兩次處理過需求大幅減少的問題。運營模式在這裡真的很有效，公司也有劇本。而且我相信我們將能夠盡可能地適應這種減少並保持利潤率，也許不是現在的水平，但在這種情況下高於過去的水平。

And I think the other thing that I add is we still have a number of initiatives in flight that would help us greatly in such a situation. And those would include, of course, the cost work that we've done over the past couple of years and also the MGM Rewards program, which is designed, in part, to stimulate increased visitation from our regional properties in Las Vegas visitation that I don't think we get our fair share of now and also cross-property visitation while our customers are within Las Vegas. These are huge opportunities, and I think would be a bit of a buffer for us in that kind of environment.

我認為我要補充的另一件事是，在這種情況下，我們仍有許多正在實施的舉措將極大地幫助我們。當然，這些將包括我們在過去幾年中所做的成本工作以及米高梅獎勵計劃，該計劃的設計部分是為了刺激我們在拉斯維加斯的區域性酒店的訪問量增加，我當我們的客戶在拉斯維加斯時，不要認為我們現在得到了公平的份額，也沒有得到跨物業的訪問。這些都是巨大的機會，我認為在那種環境下對我們來說有點緩衝。

And I think maybe one last comment, Joe, to think about our regionals. In many cases, market-leading large-scale ultimately really resorts. They're not smaller properties that do $15 million or $20 million. They're large-scale places that hopefully do a couple of hundred million. And so our regional portfolio even sets up a little different. 2/3 of our database, the average household income was over $110,000. So it's -- we have an upmarket opportunity in the context of who our customer base are and therefore, who may or may not be impacted and how severely by a significant downturn.

我想也許是最後一點，Joe，想一想我們的地區。在很多情況下，市場領先的大規模最終真的是度假勝地。它們不是價值 1500 萬美元或 2000 萬美元的小型房產。他們是大型的地方，希望能做幾億。因此，我們的區域投資組合甚至有些不同。我們數據庫中 2/3 的家庭平均收入超過 110,000 美元。所以它是 - 在我們的客戶群是誰的背景下，我們有一個高端機會，因此，誰可能會或可能不會受到影響，以及嚴重衰退的嚴重程度。

And the next question is from Carlo Santarelli from Deutsche Bank.

下一個問題來自德意志銀行的 Carlo Santarelli。

I know getting in the property level stuff and you certainly gave some same-store metrics that were certainly helpful. But I wanted to ask around Cosmo. I believe I think you guys had in the release at the time of acquisition. It was LTM-run rating, a little over [4 or 15] or so. I was wondering, as you've kind of gotten in the asset and it's only been a couple of months, but had some time to integrate, is there anything along the lines of synergies that you think exist there that might be tangible enough to call out?

我知道進入物業級別的東西，您當然提供了一些肯定有幫助的同店指標。但是我想問問Cosmo。我相信我認為你們在收購時已經發布了。這是 LTM 運行評級，略高於 [4 或 15] 左右。我想知道，由於您已經獲得了資產，並且只有幾個月的時間，但有一些時間進行整合，您認為那裡存在任何與協同效應相類似的東西，可能是切實可行的出去？

Well, there are certainly synergies in this transaction. They relate to the things you might expect, the combination of some facilities that the Cosmopolitan needed to maintain and pay for associated with their relatively small footprint, things like warehouse space, corporate offices and the rest. I'm proud to say that on the day after we closed the transaction, we had their employees -- the CoStar is able to park in the Bellagio garage and therefore, not have to take a bus transportation from a remote spot. But the synergies, I think we'll realize over the next couple of years.

好吧，這筆交易肯定有協同效應。它們與您可能期望的東西有關，Cosmopolitan 需要維護和支付與其相對較小的佔地面積相關的一些設施的組合，如倉庫空間、公司辦公室等。我很自豪地說，在我們完成交易的第二天，我們就有了他們的員工——CoStar 可以停在 Bellagio 的車庫裡，因此不必從偏遠的地方乘坐公共汽車。但是協同作用，我認為我們將在未來幾年內實現。

I would note that the -- you can probably do this math yourself, but I'll save you a step on the same-store sales or same-store EBITDAR calculation. In the 6 weeks that we owned the Cosmopolitan of Las Vegas during the second quarter, it generated kind of just a little bit under $60 million of EBITDAR. So this business is rocking and rolling right now. Corey?

我會注意到——你可能自己做這個數學，但我會在同店銷售額或同店 EBITDAR 計算上為你節省一步。在第二季度我們擁有拉斯維加斯大都會酒店的 6 週內，它產生了略低於 6000 萬美元的 EBITDAR。因此，這項業務現在正在搖擺不定。科里？

Yes. And the other thing I would add, Carlo, that we've identified immediately as procurement savings that and they go both ways. They go on buys that they were getting through Blackstone and on buys that we get.

是的。我要補充的另一件事，卡羅，我們已經立即確定為採購節省，它們是雙向的。他們繼續購買他們通過 Blackstone 獲得的購買，以及我們獲得的購買。

Great. And then if I could, just 1 follow-up. I was wondering if you guys had any color you could add on the launch in Ontario and how that's gone maybe at an industry level or at a company level with the experience there has been [to-date] acknowledging it's a softer season on the sports side, but perhaps you could shed some color on the iGaming side.

偉大的。然後，如果可以的話，只需進行 1 次跟進。我想知道你們是否有任何顏色可以添加到安大略省的發布中，以及在行業層面或公司層面上是如何消失的方面，但也許您可以在 iGaming 方面增加一些色彩。

Carlo, it's Bill. Look, it is softer sports season, as you know. We're exactly where we thought we would be, particularly with our iGaming business. Obviously, as you know, it was a great market that's now been regulated. So there's a couple of dozen competitors. We're in the single digit, high single-digit market share and growing. And so it's a real -- it's clearly a real marketplace that is used to iGaming and sports betting. And so our entry into that has been productive, and we're pretty excited about where that ultimately all goes.

卡洛，是比爾。看，如你所知，這是一個較軟的賽季。我們正是我們所想的，尤其是我們的 iGaming 業務。顯然，如您所知，這是一個現在受到監管的大市場。所以有幾十個競爭對手。我們處於個位數、高個位數的市場份額並且還在增長。所以它是一個真實的——它顯然是一個用於網絡遊戲和體育博彩的真實市場。因此，我們的參與是富有成效的，我們對最終的發展方向感到非常興奮。

And the next question is from David Katz from Jefferies.

下一個問題來自 Jefferies 的 David Katz。

Could we just spend a moment on LeoVegas and just talk through the strategies for that and how it sort of fits into the, obviously, this very busy plate that you have? And what success looks like with it?

我們能不能花點時間在 LeoVegas 上討論一下它的策略，以及它是如何適應的，顯然，你擁有的這個非常繁忙的板塊？它的成功是什麼樣的？

Sure again, Bill. So David, pretty straightforward we believe, ultimately, the digitization of our business and therefore, our ability to take brands through omnichannel and otherwise and make something real of it is a real business. And obviously, BetMGM is heading to a $2 billion revenue line next year. Hopefully, profitability by year-end. And we are interested and [want] rest of world. And so a smaller acquisition, you know the numbers. We're probably going to be in at just under $600 million, hopefully throw off between $40 million and $50 million the first year.

當然，比爾。所以大衛，非常直截了當，我們相信，最終，我們業務的數字化，因此，我們通過全渠道和其他方式讓品牌成為現實的能力是一項真正的業務。顯然，BetMGM 明年的收入將達到 20 億美元。希望到年底盈利。我們感興趣並且[想要]世界其他地方。所以一個較小的收購，你知道數字。我們可能會在 6 億美元以下，希望第一年能在 4000 萬美元到 5000 萬美元之間。

But it's got an expandable platform. It's got a built-in team that we really like in terms of its management. And so we're looking at M&A, we're looking at gaming studios. They have dabbled in before live dealer, live gaming. And so we like the entry. We recognize it's not as large scale and therefore, needle moving as we might want over time. But we thought it was a great place to start. And most importantly, we like the platform and the players -- I mean the team. And so that's -- in essence, that's it.

但它有一個可擴展的平台。它有一個內置的團隊，我們非常喜歡它的管理。所以我們正在研究併購，我們正在研究遊戲工作室。他們在現場經銷商和現場遊戲之前涉足。所以我們喜歡這個條目。我們認識到它的規模並不大，因此隨著時間的推移，指針會像我們想要的那樣移動。但我們認為這是一個很好的起點。最重要的是，我們喜歡這個平台和球員——我是說球隊。這就是——本質上就是這樣。

And we think over time -- it's in Canada as well. So it's an open marketplace, obviously, for BetMGM, LeoVegas and our partners at Entain as well. And so we just like the exposure it gives us. It's a learning curve for us to understand rest of world, and we think we'll learn a lot from these guys.

我們認為隨著時間的推移 - 它也在加拿大。因此，顯然，對於 BetMGM、LeoVegas 和我們在 Entain 的合作夥伴來說，這是一個開放的市場。所以我們只是喜歡它給我們的曝光。這是我們了解世界其他地方的學習曲線，我們認為我們會從這些人身上學到很多東西。

Understood. And as my follow-up for Jonathan, I just wanted to talk about share repurchases. You've obviously done a fair amount of that of late. And just thinking through how share repurchases might be an ongoing or recurring aspect of the strategy and frankly, something that happens quarter in and quarter out and how we might think about that.

明白了。作為喬納森的後續行動，我只想談談股票回購。很明顯，你最近做了相當多的事情。並且只是考慮股票回購可能是該戰略的一個持續或經常性方面，坦率地說，這是一個季度和季度發生的事情，以及我們如何看待這一點。

Sure, David. Well, we -- as mentioned in our results today, we purchased $1.1 billion of shares in the second quarter. That's our highest investment since this program restarted a little over a year ago at the -- it should surprise nobody -- at the most attractive price, just $34 and change. I should note that we -- since the end of the quarter, we've repurchased another 5.3 million shares at a price just above $29. So we did continue the program into the third quarter.

當然，大衛。好吧，我們 - 正如我們今天的業績所提到的，我們在第二季度購買了 11 億美元的股票。這是我們自一年多前以最具吸引力的價格重新啟動該計劃以來的最高投資——它應該不會讓任何人感到驚訝，只需 34 美元和零錢。我應該指出，自本季度末以來，我們以略高於 29 美元的價格回購了另外 530 萬股股票。所以我們確實將這個計劃延續到了第三季度。

My soliloquy at the end around the attractiveness of the value of the shares is certainly one of the reasons we've been so aggressive here and why I believe we'll continue to repurchase shares. But it's also true that this was a part of the strategy -- our asset-light strategy, to return this capital to our shareholders and fine-tune the leverage of the business. And at $4 billion in the past 15 months, I think more of that strategy is behind us than is still in front of us. We do have just under $1 billion remaining on our share repurchase authorization, and we'll be opportunistic keeping in mind some of the other capital requirements we have coming up that we're excited about, things like LeoVegas, New York and so on.

我最後圍繞股票價值的吸引力的獨白無疑是我們在這裡如此積極的原因之一，也是我相信我們將繼續回購股票的原因之一。但這也是我們戰略的一部分——我們的輕資產戰略，將這筆資金返還給我們的股東並微調業務的槓桿率，這也是事實。在過去的 15 個月里達到了 40 億美元，我認為這種戰略已經落後於我們，而不是仍然擺在我們面前。我們的股票回購授權確實只剩下不到 10 億美元，我們將投機取巧，牢記我們即將提出的一些其他讓我們興奮的資本要求，比如 LeoVegas、紐約等。

And the next question is from Shaun Kelley from Bank of America.

下一個問題來自美國銀行的 Shaun Kelley。

I have 2 questions, both related to Las Vegas. So the first would be just wondering in the second quarter, we obviously all saw a bit of the return of both group convention and some event -- some really large-scale events business. Can you just give us a sense of maybe relative to your normal or stabilized mix, how much group made up in the second quarter, just to get a sense of maybe what inning we're at in the recovery there?

我有 2 個問題，都與拉斯維加斯有關。所以第一個只是想知道在第二季度，我們顯然都看到了團體會議和一些活動的回歸——一些真正的大型活動業務。您能否讓我們了解一下相對於您的正常或穩定組合，第二季度有多少小組組成，只是為了了解我們在那裡恢復的可能是什麼局？

And then the second part would just be, can you just talk a little bit about the health of the Las Vegas gaming customer, specifically, maybe some areas about rated versus unrated play, those types of metrics? Just to give us a sense of how that's trending as we get kind of further and further into the recovery.

然後第二部分就是，你能談談拉斯維加斯遊戲客戶的健康狀況嗎，具體來說，也許是關於評級與未評級遊戲的一些領域，這些類型的指標？只是為了讓我們了解隨著我們越來越深入地複蘇，這種趨勢是如何變化的。

Shaun, it's Corey. In Q2, we were about 93% of 2019 room nights in the convention segment. And we actually had our highest catering and banquet numbers since the fourth quarter of 2019. So pretty positive environment there. We did have 1 large group that canceled. That's been the only group that's not come back. We're happy to say we're seeing most of our big groups come back considerably.

肖恩，是科里。在第二季度，我們約佔 2019 年會展部分的 93% 的房晚。實際上，我們的餐飲和宴會數量是自 2019 年第四季度以來最高的。那裡的環境非常積極。我們確實有 1 個大型團體取消了。那是唯一沒有回來的團體。我們很高興地說，我們看到我們的大多數大型團體都大量回歸。

With regards to the gaming customer, the business is strong in all age groups across all segments of it. Especially in Las Vegas, even our lower end is strong there. And our unrated continues to be outpaced where we were in 2019. It's flattened out since 2021, but all indications are very strong trends.

至於遊戲客戶，該業務在各個年齡段的各個年齡段都表現強勁。尤其是在拉斯維加斯，即使是我們的低端市場也很強大。我們的未評級繼續超過 2019 年的水平。自 2021 年以來已趨於平穩，但所有跡像都是非常強勁的趨勢。

And Shaun, we had said in '22, we'd be at about 90% pace to '19. With the exception of this cancellation, we're right on that point. And so that's been the return of what we expected, and we've seen it. And I think next week, we have Cisco in town with 27,000 people. So tech is back. Large scale is back. And so that continues to look real positive into the next year, particularly given, as I mentioned earlier, the citywides are going to cycle through.

肖恩，我們在 22 年曾說過，到 19 年我們將以 90% 的速度前進。除了這次取消之外，我們在這一點上是正確的。這就是我們所期望的回報，我們已經看到了。我想下週，我們有 27,000 人的思科進城。所以科技回來了。大規模回來了。因此，明年的情況繼續看起來非常積極，特別是考慮到，正如我之前提到的，全市範圍內的人都將循環往復。

Next question is from Dan Politzer with Wells Fargo.

下一個問題來自富國銀行的 Dan Politzer。

So I want to hit on capital allocation and your general (inaudible) there. I think you guys have talked about becoming more global and the importance of diversifying your revenues and cash flows. I mean how do you prioritize that in terms of -- or what's at the pecking order for diversification? Is it -- is it Europe or international or Asia? Or is it just really in the [medium] such as digital versus brick-and-mortar?

所以我想談談資本分配和你的將軍（聽不清）。我認為你們已經談到了變得更加全球化以及使收入和現金流多樣化的重要性。我的意思是你如何優先考慮 - 或者多元化的優先順序是什麼？是——是歐洲還是國際還是亞洲？還是真的只是在[媒體]中，例如數字與實體店？

I think, Dan, it's actually both. I mean, obviously, we have a keen interest. We're going to invest several billion dollars in Japan if we're given the opportunity. And so that will be another cornerstone for us in Asia. Between that and Macau, we feel pretty comfortable with what's going on there. And obviously, we'll watch like everybody, what happens in Thailand or any place else for that matter. But we like where we are. And furthermore, we'd love to be in Japan at scale.

我認為，丹，實際上兩者兼而有之。我的意思是，顯然，我們有濃厚的興趣。如果有機會，我們將在日本投資數十億美元。這將是我們在亞洲的另一個基石。在那和澳門之間，我們對那裡發生的事情感到很自在。顯然，我們會像所有人一樣關注泰國或其他任何地方發生的事情。但我們喜歡我們所處的位置。此外，我們希望能夠大規模地進入日本。

And then for us, obviously, domestically, particularly if you think about Las Vegas and some other places, there's only so many places we can go and continue to grow. And so that's why digital, among many reasons, is so attractive to us. And so we're going to continue to lean into that. Obviously, continue to invest in BetMGM. While painful, it's going to be productive. We sincerely believe that now 2.5 years into this journey. It's hitting its marks, it's doing what it said it was going to do. Time to tell in that business how quickly it goes profitable. But at the end of the day, if I said we're going to invest $1 billion in a business and ultimately reap hundreds of millions -- and by the way, the build cycle is 3 years, you'd all say let's go. And so we're excited by that and we remain so.

然後對我們來說，顯然，在國內，特別是如果你想到拉斯維加斯和其他一些地方，我們可以去並繼續發展的地方只有這麼多。這就是為什麼數字化對我們如此有吸引力的原因之一。因此，我們將繼續關注這一點。顯然，繼續投資 BetMGM。雖然很痛苦，但它會很有成效。我們真誠地相信，現在已經進入了這個旅程 2.5 年。它達到了它的目標，它正在做它所說的它要做的事情。是時候告訴該企業盈利的速度有多快了。但歸根結底，如果我說我們要在一家企業投資 10 億美元並最終獲得數億美元——順便說一句，構建週期是 3 年，你們都會說走吧。所以我們對此感到興奮，我們仍然如此。

And we'll watch for other opportunities in digital, either through our LeoVegas vehicle or anything else that potentially comes up, that could be meaningful for either strategic or basically broader economic reasons.

我們將通過我們的 LeoVegas 車輛或任何其他可能出現的數字來關注其他數字機會，這可能對戰略或基本上更廣泛的經濟原因有意義。

Only other point...

只有其他點...

Go ahead.

前進。

Well, the only other point that I would add is that we have these, we think, 2 embedded growth vehicles within our business right now. One is ultimate recovery of Macau and the second is BetMGM, as Bill mentioned. And those do not require much more capital, at least as compared to the company's financial resources. At the same time, we've been applying capital to reduce our capital base for the benefit of our shareholders. And I think that will provide real leverage as we expect to see those 2 businesses provide earnings growth for the company.

好吧，我要補充的唯一一點是，我們認為，我們現在在我們的業務中擁有這兩個嵌入式增長工具。一個是澳門的最終復甦，第二個是BetMGM，正如比爾所說。而且這些不需要更多的資金，至少與公司的財務資源相比。同時，為了股東的利益，我們一直在使用資本來減少我們的資本基礎。我認為這將提供真正的影響力，因為我們預計這兩項業務將為公司帶來收益增長。

Got it. And then just on BetMGM, I think you guys said that you're still on pace for the $450 million total investment, which you're 50% of. As you're pacing through, I think you have $160 million or so through the first half of the year. How should we think about the back half of the year and the cadence...

知道了。然後就在 BetMGM 上，我想你們說你們仍然在 4.5 億美元的總投資上，你們佔 50%。隨著您的步伐，我認為您在今年上半年擁有大約 1.6 億美元。後半年和節奏應該怎麼想……

The third quarter cadence goes way down given the seasonality. And then we get back into football, which is productive. So the back half of the year, we're going to still have the target number of about [2 to 2.25] invested on MGM's behalf. We are pacing as we thought we would. iGaming has been a little better, which is accretive to us. Sports betting not as much.

考慮到季節性因素，第三季度的節奏明顯下降。然後我們回到足球，這是富有成效的。因此，今年下半年，我們仍將代表米高梅投資約 [2 至 2.25] 的目標數量。我們正在按照我們的想法踱步。 iGaming 稍微好一點，這對我們來說是增值的。體育博彩沒有那麼多。

And you've probably seen this or heard about this. We are continuing to pull down some of our marketing spend. While share continues to be important, particularly in new markets, we're getting smarter and smarter and smarter about how we do this. And so we feel comfortable as we think about '23 and beyond, our ability to make money in this business is within our grasp.

你可能已經看到或聽說過這個。我們將繼續減少一些營銷支出。雖然份額仍然很重要，尤其是在新市場中，但我們在如何做到這一點上變得越來越聰明。因此，當我們想到 23 年及以後，我們感到很自在，我們在這項業務中賺錢的能力在我們的掌握之中。

The next question is from Chad Beynon with Macquarie.

下一個問題來自麥格理的 Chad Beynon。

In terms of the Macau gaming draft bill that was released, how are you guys thinking about -- broadly thinking about what's expected from a rebidding process, whether it's time, commitments or capital when we see this at the back half of the year?

關於已發布的澳門博彩法案草案，你們是如何考慮的——當我們在下半年看到這種情況時，廣泛地考慮重新招標過程的預期，無論是時間、承諾還是資金？

I'll kick this off, and then we have Hubert on the phone. Maybe you can add some color. Obviously, we just got last week the final request for RFP, RFI. The process has started. We have until September 14 to make our submission. It's been obviously a tough couple of years. Time to tell who ultimately shows up for submissions, but I'm pretty confident the original 6 licensees will be there. 10-year window present some challenges when you think about we're still in the midst of COVID. And so the idea of a significant investment would have to be something we'd really understand and study.

我會開始這件事，然後我們會打電話給休伯特。也許你可以添加一些顏色。顯然，我們上周剛剛收到 RFP 的最終請求，RFI。該過程已經開始。我們必須在 9 月 14 日之前提交。這兩年顯然是艱難的。是時候告訴誰最終會參加提交了，但我非常有信心最初的 6 個被許可人會在那裡。當您想到我們仍處於 COVID 之中時，10 年窗口會帶來一些挑戰。因此，重大投資的想法必須是我們真正理解和研究的東西。

There's a lot of things that the government wants around social programming, employment, job opportunities and other things that we're going to dig heavily into. There are a lot of things around programming and existing square footage that we already own as we delever on junkets and into really more mass gaming around experiences, around culture, around event activity. And ultimately, there's a big push on which kind of plays to our daily work in sports. And so sports and entertainment is a big push. They'd love to see more of that activity case in that market. And so I think we're ideally positioned to be able to do that as well.

圍繞社會規劃、就業、工作機會和其他我們將深入研究的事情，政府想要做很多事情。我們已經擁有很多關於編程和現有平方英尺的東西，因為我們在中介方面進行了擴展，並圍繞體驗、文化和活動活動進行了更多的大規模遊戲。最終，對於我們日常的體育工作來說，有一個很大的推動力。所以體育和娛樂是一大推動力。他們希望在那個市場上看到更多這樣的活動案例。因此，我認為我們也處於能夠做到這一點的理想位置。

Hubert, I don't know if you want to add any more color?

休伯特，我不知道你要不要再加點顏色？

Thank you, Bill. Thank you, Chad, for the question. I think that in terms of timing, we're progressively working on the tender package. We'll submit, of course, before -- by the September 14 deadline. In terms of commitments, the government does focus on overseas market. So this is, I think, where MGM has a lot of strength with its global distribution network. So we'll be able to focus on that. There are a lot of requirements, as Bill mentioned, on the nongaming side as well. So we'll leverage our traditional strength in arts and culture. And together with the show that we are currently underway to produce, to leverage these strengths to -- for the nongaming diversification that government is asking for.

謝謝你，比爾。謝謝你，乍得，你的問題。我認為就時間安排而言，我們正在逐步製定招標方案。當然，我們會在 9 月 14 日截止日期之前提交。在承諾方面，政府確實關注海外市場。因此，我認為，這就是米高梅憑藉其全球分銷網絡擁有強大實力的地方。所以我們將能夠專注於這一點。正如比爾提到的，在非遊戲方面也有很多要求。因此，我們將利用我們在藝術和文化方面的傳統優勢。與我們目前正在製作的節目一起，利用這些優勢來實現政府所要求的非遊戲多元化。

And then a separate follow-up. Just in terms of CapEx, Slide 9, you noted the USD 750 million to USD 800 million for this year. Can you just kind of remind us, are there other, I guess, medium-sized maintenance projects, particularly in Vegas, that could be on the come in the next couple of years? Or how should we think about kind of a go-forward maintenance? Just trying to square what free cash flow could be going forward?

然後是單獨的後續行動。就資本支出而言，幻燈片 9，您注意到今年為 7.5 億美元至 8 億美元。你能提醒我們一下，我猜還有其他中型維護項目，尤其是在維加斯，可能會在未來幾年內出現嗎？或者我們應該如何考慮一種向前的維護？只是想弄清楚未來可能會產生什麼樣的自由現金流？

Now the largest components of our CapEx, Chad, are room renovations and our technology investments. Through the first 6 months of the year, we've invested about $250 million in CapEx. So we're behind pace, but I'm confident we'll be pretty close to the number that we've outlined for this year. And those will continue going into '23 and '24. And so probably a reasonable number for maintenance CapEx is going to be kind of in the 5% or 6% of net revenue. And we, of course, have a lot of flexibility on timing of those investments if we need to, but we've set forward a multiyear schedule of room renovations that we think are important in order to maintain and grow revenues.

現在，我們資本支出的最大組成部分乍得是房間裝修和我們的技術投資。今年前 6 個月，我們在資本支出上投資了約 2.5 億美元。所以我們落後於步伐，但我相信我們將非常接近我們為今年概述的數字。這些將繼續進入'23和'24。因此，維護資本支出的合理數字可能會占淨收入的 5% 或 6%。當然，如果需要，我們在這些投資的時間安排上有很大的靈活性，但我們已經制定了一個多年的房間翻新計劃，我們認為這對於維持和增加收入很重要。

And I'll just point out what we have going on right now is room renovations has just begun at New York. New York, one in a large segment of the MGM Grand and then down in [Biloxi], a room renovation at the Beau Rivage business, which under leadership of (inaudible) and his team is just having a phenomenal year so far.

我只想指出我們現在正在做的事情是紐約的房間裝修剛剛開始。紐約，在米高梅大酒店的一個很大的部分，然後在 [Biloxi]，Beau Rivage 業務的房間翻新，在 (聽不清) 和他的團隊的領導下，迄今為止剛剛度過了非凡的一年。

And the next question is from John DeCree from CBRE Securities.

下一個問題來自 CBRE Securities 的 John DeCree。

Maybe one, Bill or Jonathan, on the labor market and your hiring needs. How do you feel about staffing right now? Is it still difficult to get labor? Or are you kind of where you need to be? And then perhaps in the context of build some of the events that you've outlined as international comes back, convention ramps, the big citywides, will you need to kind of continue staffing to get ready for those busy peak periods?

也許其中一個，比爾或喬納森，關於勞動力市場和你的招聘需求。您現在對人員配備有什麼看法？還難找勞動力嗎？或者你是你需要去的地方嗎？然後也許在建立一些你所概述的國際活動的背景下，會議坡道，大城市範圍內，你是否需要繼續配備人員來為那些繁忙的高峰期做好準備？

Yes. Good question. Thank you, John. So look, I guess if there's such thing as good news when I tell you this number. We're under 4,000 open jobs. And remember, in any given usual time, and I'm making usual '18, '19, et cetera, we've always had between 1,200 and 1,500. It's just hard to keep the cycle going at the scale that we need. And so we're in a better shape. We still have some key areas like most people in hospitality, around housekeeping, security, cooks, that we struggle with in terms of getting people back to work. And so that continues and it's [seeable] here and even into our regions for sure, in some of the offshoot markets like Atlantic City and the Beau in Mississippi, obviously, Tunica has been a challenge, but it soon won't be our challenge.

是的。好問題。謝謝你，約翰。所以看，我猜當我告訴你這個數字時是否有好消息。我們有不到 4,000 個空缺職位。請記住，在任何給定的通常時間，我正在製作通常的 '18、'19 等等，我們總是有 1,200 到 1,500 之間。很難讓周期保持在我們需要的規模。所以我們的狀態更好。我們仍然有一些關鍵領域，就像大多數酒店業的人一樣，圍繞家政、安全、廚師，我們在讓人們重返工作崗位方面遇到了困難。所以這種情況繼續下去，而且它在這裡[可見]，甚至肯定會進入我們的地區，在大西洋城和密西西比州的博等一些分支市場，顯然，Tunica 一直是一個挑戰，但很快就不會成為我們的挑戰.

And so I still feel our ability to flex up. We flex up into -- think about our portfolio into the Bellagio and the Arias of the world with employees. And so I'm not overly concerned. Things like F1 will be a significant undertaking for (inaudible) the community, but the company -- we're trying to get our head. We've assembled teams around all of that in terms of the opportunity, which is amazing. I think what's going to be ultimately for retail business of note and potentially gaming business.

所以我仍然覺得我們有能力彎曲。我們屈從——想想我們與員工一起進入世界百樂宮和詠嘆調的投資組合。所以我並不過分擔心。對於（聽不清）社區來說，像 F1 這樣的事情將是一項重大的事業，但是公司——我們正在努力讓我們的頭腦清醒。我們已經圍繞所有這些機會組建了團隊，這真是太棒了。我認為最終將成為值得注意的零售業務和潛在的遊戲業務。

But generally speaking, we're in decent shape. We are not running around with our hair on fire, if you will, anymore. But there's still some -- it's kind of interesting state of the economy. There's 1.5 million jobs available in this industry of the 11 million jobs still open in America, and we represent that, I think, fairly squarely. But we are getting by and pretty excited by the folks that are coming back on board. And I think we're in decent shape.

但總的來說，我們的狀態還不錯。如果你願意的話，我們不再是頭髮著火了。但仍有一些——這是一種有趣的經濟狀況。在美國仍然開放的 1100 萬個工作崗位中，這個行業有 150 萬個工作崗位，我認為，我們相當公正地代表了這一點。但是我們已經過得很好，並且對重新加入的人們感到非常興奮。我認為我們的狀態還不錯。

That's great, Bill. And maybe the follow-up to that -- with that in context. Like you said, F1, obviously, a big opportunity, a lot of the big events, big revenue opportunity. In Vegas, how would you kind of think about -- or how should we think about the margin profile as some of those big revenue events come back, but probably some costs as well as you hire? Would you kind of expect margin stability, absent any kind of pullback in leisure consumer spending, which is hard to predict at this point. But how would you think about kind of the cadence of business still ramps in Vegas on the revenue side as well?

太好了，比爾。也許是後續行動 - 在上下文中。就像你說的，F1 顯然是一個巨大的機會，很多重大賽事，巨大的收入機會。在維加斯，你會如何考慮——或者我們應該如何考慮利潤率情況，因為一些大的收入事件回來了，但可能是一些成本以及你的僱傭？您是否會期望利潤率穩定，休閒消費支出沒有任何形式的回落，目前這很難預測。但是，您如何看待拉斯維加斯的商業節奏在收入方面仍然在增加？

Look, and Corey will have a view on this, but I will tell you, as it relates to something like F1, the retail potential and the upside of that are substantive, like we're talking room rates 3x what we are normally and potentially then some. There are packages that sell for that event at $100,000 retail. And so the scale and scope, we have access to -- our ticket buy alone will be about $20 million, $25 million. And we have access to those tickets and then the ability to charge as we want and package as we want. And so I don't think that one will be a margin [hurt]. Matter of fact, I think I'm pretty excited by that one. I got to tell you. Some of the other activity...

聽著，科里會對此有看法，但我會告訴你，因為它與 F1 之類的東西有關，零售潛力和好處是實質性的，就像我們談論的房價是我們通常和潛在的 3 倍然後一些。該活動的一些套餐零售價為 100,000 美元。因此，我們可以獲得的規模和範圍——僅我們的門票購買就將是大約 2000 萬美元，2500 萬美元。我們可以訪問這些門票，然後可以按我們的意願收費和按我們的意願打包。所以我認為這不會是一個邊緣[傷害]。事實上，我認為我對此感到非常興奮。我得告訴你。其他一些活動...

Yes. What I would add, John, is our margins probably already seen the impact because of the way we have to record T-Mobile in the Grand Garden. So now we're going to benefit these outside events, including what will happen at the spear if they bring (inaudible) in and others. It will just bring more people into the city. And I think we saw that especially with the Legion with the NFL games, which will be in the fourth quarter and the events that they've had. So I don't think these -- I think these upcoming events will allow us to bring premium customers in and actually maintain or increase our margins.

是的。約翰，我要補充的是，由於我們必須在大花園錄製 T-Mobile 的方式，我們的利潤可能已經看到了影響。所以現在我們要讓這些外部事件受益，包括如果他們帶入（聽不清）在長矛上會發生什麼以及其他事件。它只會讓更多的人進入這座城市。我認為我們看到了這一點，尤其是在軍團與 NFL 比賽中，這將是在第四節以及他們所擁有的事件。所以我不認為這些 - 我認為這些即將舉行的活動將使我們能夠吸引優質客戶並實際維持或增加我們的利潤。

Understood. That's really helpful, everyone. Congratulations on another good quarter.

明白了。這真的很有幫助，大家。祝賀另一個好季度。

Thank you.

謝謝你。

The next question is from Robin Farley from UBS.

下一個問題來自瑞銀的 Robin Farley。

Great. I was curious regarding as to your JV partner, Entain because you had made an offer now, I guess, over 12 months ago. And since then, obviously, Entain's stock price is down quite a bit, and they've lowered guidance. And now your offer -- the offer you made last year is a significant premium to where that stock is now. I'm just curious whether -- how much sense it would make to revisit because I would think all the benefits of owning 100% of BetMGM are still the same as they were a year ago. So I'm just curious how you're thinking about that.

偉大的。我對您的合資夥伴 Entain 感到好奇，因為您現在已經提出了要約，我猜是在 12 個月前。從那以後，顯然 Entain 的股價下跌了很多，而且他們已經降低了指導。現在你的報價——你去年提出的報價比現在的股票高出很多。我只是好奇是否 - 重新審視有多大意義，因為我認為擁有 100% 的 BetMGM 的所有好處仍然與一年前相同。所以我只是好奇你是怎麼想的。

Robin, we think about it all the time, of course. It'd be foolish to think otherwise. And you can't buy what's not for sale. We remain keenly focused on BetMGM. We'd like more of it. We have a great partnership with them. That business is working well because of what we ultimately all provide, our IP, our database, their technology. And so there are other ways to skin a cat, and potentially, we may have to seek those, and it is what it is. But obviously, we continue to follow the math, and we understand it intimately. But for now, we have no story there.

羅賓，當然，我們一直在考慮它。不這樣想是愚蠢的。你不能買非賣品。我們仍然非常關注 BetMGM。我們想要更多。我們與他們建立了良好的合作關係。由於我們最終都提供了我們的知識產權、我們的數據庫和他們的技術，這項業務運作良好。所以還有其他方法可以給貓剝皮，我們可能不得不尋找這些方法，它就是這樣。但顯然，我們繼續遵循數學，並且我們非常了解它。但就目前而言，我們在那裡沒有故事。

Okay. All right. And then just as a follow-up, kind of unrelated. I know you've talked about the strength in Vegas that you're seeing and the forward outlook. I'm curious on the regional front. Others have talked about regional kind of slowing and having tough comps. I'm curious of your view for the regional outlook.

好的。好的。然後只是作為後續，有點不相關。我知道您已經談到了您所看到的拉斯維加斯的實力和前景。我對區域方面很好奇。其他人則談到了區域性的放緩和艱難的比賽。我很好奇您對區域前景的看法。

Yes, Robin, this is Corey. I think we have 2 different sets of regional properties unlike our competitors. I think when we think about National Harbor, Beau Rivage, Borgata, you get a lot of tourists, a lot of FIT-type customers. And those properties, we're seeing the same strength we're seeing in Las Vegas. As we get into our more traditional drive-in markets, the higher-end customers are continuing to come and play at the levels they were, probably seeing a little softness at the bottom end of that range and a little bit in the unrated especially at properties like Empire.

是的，羅賓，這是科里。我認為與我們的競爭對手不同，我們有 2 組不同的區域屬性。我認為當我們想到國家港口、Beau Rivage、Borgata 時，你會得到很多遊客，很多 FIT 類型的客戶。而這些屬性，我們看到了與拉斯維加斯相同的實力。隨著我們進入更傳統的免下車市場，高端客戶繼續以他們的水平來玩，可能會在該範圍的底端看到一些疲軟，而在未評級的情況下則略有下降，尤其是在帝國之類的屬性。

And the next question will be from Barry Jonas from Truist Securities.

下一個問題將來自 Truist Securities 的 Barry Jonas。

Great. As we look through your different Strip properties in Q2 and now, are there any major differences in performance as you sort of move from the higher end to the lower end?

偉大的。當我們查看您在第二季度和現在的不同 Strip 屬性時，當您從高端轉向低端時，性能是否有任何重大差異？

Well, I think it ties to the broader market. Look, anything tied to luxury and high-end retail, and you can obviously put it into that case, Bellagio, Aria, now the Cosmopolitan parts of MGM and parts of Mandalay, are doing amazingly well. Room rate activity remains in the high teen. ADR percentages above all things ever. Our food and beverage and our costing -- and our pricing, excuse me, is extremely strong. And so it ties to just about everything else you've heard about the broader economy. We're able to leverage up on higher-end retail products, and it's done well for us. Corey?

嗯，我認為它與更廣泛的市場有關。看，任何與奢侈品和高端零售相關的東西，你顯然可以把它放在那個案例中，貝拉吉奧、阿里亞，現在是米高梅的大都會部分和曼德勒的部分，都做得非常好。房價活動仍處於高位。 ADR 百分比高於一切。我們的食品和飲料以及我們的成本 - 對不起，我們的定價非常強大。因此，它與您所聽到的有關更廣泛的經濟的所有其他事情聯繫在一起。我們能夠利用高端零售產品，這對我們來說做得很好。科里？

And the high-end gaming piece in those properties, we are seeing that incremental play. So you'll see those properties outperform the legacy properties.

而這些屬性中的高端遊戲，我們看到了增量遊戲。因此，您會看到這些屬性優於傳統屬性。

Got it. Got it. I just wanted to ask about iGaming. Just curious if you have any expectations around future state legalization. Do you think anything maybe is possible in the next year or 2?

知道了。知道了。我只是想問一下iGaming。只是好奇您是否對未來的州合法化有任何期望。你認為未來一兩年有什麼可能嗎？

Yes. I think there are a couple of states. I think the reality is there's not a dozen right now. I think there are a couple of states that we're clearly targeting. We think they have everything but iGaming in them, and they obviously make an interesting subject and an interesting discussion with regulatory, government officials and ultimately regulators.

是的。我認為有幾個州。我認為現實是現在沒有十幾個。我認為有幾個州是我們明確針對的。我們認為他們擁有除 iGaming 之外的一切，而且他們顯然是一個有趣的主題，並與監管機構、政府官員以及最終的監管機構進行了有趣的討論。

There's a couple though that we have benchmarked for next year, and we think we can break into and continue to grow that because it is the key to the bottom line of that business, as you know. And so we're excited to continue to do that. It's going to take some time, though. Depending on how deep this recession may or may not be, when states need money, sometimes they turn to this vehicle. So we'll see.

儘管我們已經為明年制定了一些基準，但我們認為我們可以進入並繼續增長，因為正如你所知，它是該業務底線的關鍵。所以我們很高興能繼續這樣做。不過，這需要一些時間。取決於這次衰退的深度可能會或可能不會，當各州需要錢時，有時他們會轉向這種工具。所以我們拭目以待。

Got it. All right. Congrats on a great quarter.

知道了。好的。祝賀一個偉大的季度。

Thank you, Barry.

謝謝你，巴里。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Bill Hornbuckle for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我想把會議轉回比爾霍恩巴克的任何閉幕詞。

Thank you, operator.

謝謝你，接線員。

Just a couple of key thoughts as you think about our call today. And again, congrats to our entire team. I couldn't be happier with where we are and what we've accomplished. Much has been done and, frankly, obviously, much more to go. There has been, I think, a shift. There is this insatiable appetite for travel experience, experience-based economy, and the millennials stepping into it. And I think we've seen it in all of our properties, particularly here in Las Vegas. When you think about the Cosmopolitan and others, I think we're in a great place. I think we're ideally suited to take advantage of it. If you think about travel experiences and how things are reported out, we feel ideally situated to do that. We think we've proven our working model, and our operating model has worked, I should say. Whether we lever up to the success we've had in the last 2 quarters or frankly, whether we need to weather the storm coming up, we think we're in great shape to do that. And we think we've learned a great deal as we think about the future, frankly, to go either way.

當您想到我們今天的電話會議時，只有幾個關鍵想法。再次祝賀我們整個團隊。我對我們所處的位置和所取得的成就感到非常滿意。已經做了很多工作，坦率地說，顯然還有很多工作要做。我認為，已經發生了轉變。人們對旅行體驗、體驗型經濟以及千禧一代的需求有著永不滿足的需求。我認為我們已經在我們所有的房產中看到了這一點，尤其是在拉斯維加斯。當你想到 Cosmopolitan 和其他人時，我認為我們處於一個很棒的地方。我認為我們非常適合利用它。如果您考慮旅行體驗以及事情的報告方式，我們會覺得這樣做非常適合。我們認為我們已經證明了我們的工作模式，我們的運營模式已經奏效了，我應該說。無論我們利用過去兩個季度取得的成功還是坦率地說，無論我們是否需要經受住即將到來的風暴，我們都認為我們處於很好的狀態。坦率地說，我們認為我們在思考未來時學到了很多東西，無論哪種方式。

We're not naive to what the economy may or may not do. And so we have constant pressure on ourselves around employment, around labor, around all things expense related. And we remain keenly focused on that. We've all lived through this before and don't want to see some of the mistakes we've made in the past replicated. And so we're on that. But generally speaking, if you think about where the company is today, our balance sheet of note, the opportunities in front of us to go more into Asia, potentially to go more into digital, potentially buy back and take back some more shares for our stakeholders, I think we're in an amazingly great place, and I couldn't be more excited for our future. So I appreciate everyone's time today and support generally. And we hope to continue to do the same kinds of things. So thank you.

我們對經濟可能會或可能不會做什麼並不天真。因此，我們在就業、勞動力以及所有與費用相關的事情上都對自己施加了持續的壓力。我們仍然非常關注這一點。我們以前都經歷過這種情況，不希望看到我們過去犯下的一些錯誤重演。所以我們就是這樣。但一般來說，如果你考慮一下公司今天的情況，我們的資產負債表，我們面前的機會更多地進入亞洲，可能更多地進入數字化領域，可能回購併為我們的公司收回更多股份利益相關者，我認為我們處於一個非常棒的地方，我對我們的未來感到無比興奮。所以我感謝大家今天的時間和普遍的支持。我們希望繼續做同樣的事情。所以謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。