美高梅國際酒店集團 (MGM) 2022 Q3 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International Third 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 年第三季度收益電話會議。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.

現在我想把電話轉給 Andrew Chapman。

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

下午好，歡迎參加美高梅國際酒店集團 2022 年第三季度財報電話會議。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 8-K 表格的新聞稿。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. I'm pleased to report another phenomenal quarter of financial results driven by our domestic business, with the Las Vegas Strip setting a new record for revenues and adjusted property EBITDAR. These results come on the heels of a record-setting quarter in Las Vegas -- our second quarter in Las Vegas and our regions. Also, the Cosmopolitan Las Vegas had one of its best quarters in its first full quarter of operation under MGM Resorts leadership and continues to outperform our initial expectations. We continue to see further opportunity with the Cosmopolitan as we look to integrate our reward system and improve physical connection to our sister properties.

謝謝你，安德魯，謝謝大家今天下午加入我們。我很高興地報告由我們的國內業務推動的又一個非凡的季度財務業績，拉斯維加斯大道創下了收入和調整後的房地產 EBITDAR 的新紀錄。這些結果緊隨拉斯維加斯創紀錄的季度——我們在拉斯維加斯和我們地區的第二季度。此外，在米高梅度假村的領導下，拉斯維加斯大都會酒店在其第一個完整運營季度中表現最好，並繼續超出我們最初的預期。隨著我們尋求整合我們的獎勵系統並改善與我們姐妹酒店的物理聯繫，我們繼續看到 Cosmopolitan 的更多機會。

Net-net, 2022 is shaping up to be a record year for many of resorts, and we believe a fundamental change in people's perception of travel and the value that it brings to their lives in Las Vegas and MGM Resorts is benefiting this emerging theme. I want to thank our employees, again, for the tremendous efforts they put forward to achieve these outstanding results. We know that our guests are experiencing greater satisfaction in their stays as measured by our internal Net Promoter Scores, which continue to exceed our projections as well as our TripAdvisor rankings, which have improved significantly across our portfolio in the last year.

Net-net，2022 年對於許多度假村來說將是創紀錄的一年，我們相信人們對旅行的看法以及它為他們在拉斯維加斯和米高梅度假村的生活帶來的價值發生了根本性的變化，這正在使這一新興主題受益。我要再次感謝我們的員工，感謝他們為取得這些優異成績而付出的巨大努力。我們知道，根據我們的內部淨推薦值衡量，我們的客人對他們的住宿感到更加滿意，這繼續超過我們的預測以及我們的 TripAdvisor 排名，去年我們的產品組合有了顯著改善。

Put all together, MGM continues to make great progress towards our long-term vision which is to be the world's premier gaming and entertainment company. We've achieved this vision by remaining laser-focused on that strategic plan. Let me hit some of the highlights of the quarter, and then Jonathan will dig into the results in more detail. First off, I'm pleased to share that we have completed our acquisition of LeoVegas in September. This important acquisition represents the first step of an aggressive expansion in international and online gaming for MGM. I'd like to again welcome Gustaf Hagman and the team. And we also recently announced the addition of Gary Fritz as our President of Interactive. Gary will lead our broader digital strategy both here in the U.S. and internationally, which LeoVegas is a significant part.

綜上所述，米高梅繼續朝著我們的長期願景取得巨大進展，即成為全球首屈一指的遊戲和娛樂公司。我們通過始終專注於該戰略計劃來實現這一願景。讓我談談本季度的一些亮點，然後喬納森將更詳細地研究結果。首先，我很高興地分享我們已經在 9 月完成了對 LeoVegas 的收購。這項重要的收購代表了米高梅在國際和在線遊戲領域積極擴張的第一步。我想再次歡迎 Gustaf Hagman 和團隊。我們最近還宣布將 Gary Fritz 添加為我們的 Interactive 總裁。 Gary 將在美國和國際上領導我們更廣泛的數字戰略，LeoVegas 是其中的重要組成部分。

Staying with digital for a moment, we remain bullish on BetMGM, which continues to build on its success every quarter. In the third quarter, BetMGM launched in Kansas representing its 24th market to date and the eighth new market we have added since November of last year. Looking forward, we will add Massachusetts, Ohio and Maryland, to our online sports betting portfolio.

暫時停留在數字領域，我們仍然看好 BetMGM，它每個季度都在繼續取得成功。第三季度，BetMGM 在堪薩斯州推出，代表其迄今為止的第 24 個市場，也是我們自去年 11 月以來新增的第 8 個新市場。展望未來，我們會將馬薩諸塞州、俄亥俄州和馬里蘭州添加到我們的在線體育博彩組合中。

BetMGM remains the clear leader in iGaming with a 29% market share, and BetMGM commands 22% share in active markets when combining U.S. sports betting and iGaming. As we hit the halfway point of the NFL season, we're encouraged by the preliminary metrics, reinvestment has remained within our expectations and market appear to be acting more rationally. As BetMGM shared in May at its Investor Day, our strategy is to focus on profitability by allocating spend to geographies with the highest ROI and targeting bonusing. We believe this is being executed exceptionally well.

BetMGM 仍然是 iGaming 領域的明顯領導者，市場份額為 29%，而 BetMGM 將美國體育博彩和 iGaming 結合起來，在活躍市場中佔有 22% 的份額。當我們達到 NFL 賽季的中途時，初步指標令我們感到鼓舞，再投資一直在我們的預期之內，市場似乎表現得更加理性。正如 BetMGM 在 5 月的投資者日上分享的那樣，我們的策略是通過將支出分配到投資回報率最高的地區並瞄準獎金來關注盈利能力。我們相信這項工作執行得非常好。

Our investment in BetMGM and LeoVegas will allow us to continue to drive our omnichannel strategy, a key competitive advantage that over time allows us to generate incremental earnings between our brick-and-mortar and our online channels. Early results of this strategy have been positive with a strong acquisition story as well as the creation of brand stickiness. Of the players that play in both channels, we've seen a younger customer, in fact, almost 90% of the BetMGM omnichannel customers who visit Vegas are younger than 50 and over 50% are under the age of 35. Overall, customers who play online at our properties have increased engagement and our lower cost per acquisition which reflects the operating leverage we can and will drive into the future.

我們對 BetMGM 和 LeoVegas 的投資將使我們能夠繼續推動我們的全渠道戰略，這是一項關鍵的競爭優勢，隨著時間的推移，我們能夠在實體渠道和在線渠道之間產生增量收益。該策略的早期結果是積極的，具有強大的收購故事以及品牌粘性。在玩這兩個渠道的玩家中，我們看到了更年輕的客戶，事實上，訪問拉斯維加斯的 BetMGM 全渠道客戶中，幾乎 90% 的年齡在 50 歲以下，超過 50% 的客戶年齡在 35 歲以下。在我們的物業在線玩遊戲提高了參與度，我們降低了每次收購的成本，這反映了我們能夠並將推動未來的運營槓桿。

Now I'd like to talk about the integrated resource development opportunities we have. New York State pointed the majority of the Gaming Facility Location Board members in October and we anticipate the state to issue the casinos RFA by early January. We are developing a compelling proposal, and we look forward to submitting it in the coming months. Beyond the United States, MGM and our development partner, Orix, along with the city of Osaka, submitted our area development plan to the government of Japan in April, and we are optimistic that we received certification in the near future. I recently visited our development site and we and the Orix team couldn't be more excited by the opportunity to bring a fully integrated resort to Japan. Turning to Macau. We officially submitted our application for a new concession in September and we remain committed to supporting Macau's continued development as a world-class tourism and leisure destination. We aim to support the Macau government in achieving its diversification goals, and we'll continue to invest in the innovative projects and programs that help the region flourish. The Macau government is in the process of reviewing each of the concessioners proposals and we expect a decision to be made by year-end.

現在我想談談我們擁有的綜合資源開發機會。紐約州在 10 月份指出了大多數博彩設施選址委員會成員，我們預計該州將在 1 月初發布賭場 RFA。我們正在製定一個令人信服的提案，我們期待在未來幾個月內提交它。在美國之外，米高梅和我們的開發合作夥伴歐力士以及大阪市於 4 月向日本政府提交了我們的區域開發計劃，我們對在不久的將來獲得認證感到樂觀。我最近訪問了我們的開發站點，我們和歐力士團隊對有機會將一個完全集成的度假村帶到日本感到非常興奮。轉向澳門。我們於 9 月正式提交新特許經營權申請，我們將繼續致力於支持澳門繼續發展成為世界級旅遊休閒目的地。我們的目標是支持澳門政府實現其多元化目標，我們將繼續投資於有助於該地區繁榮的創新項目和計劃。澳門政府正在審查每一項特許經營者的提議，我們預計將在年底前做出決定。

Let me close by making some high-level comments on the current state of business and our future outlook. Business is exceptionally strong right now in Las Vegas at MGM Resorts and we see the market remaining exceptionally hot. In particular, we are seeing outsized strength in our luxury resorts where pricing remains robust. In fact, October was our highest month ever in terms of hotel revenue. As we look at the Convention segment, which has the longest lead time it gives us visibility into the future, our convention room mix is pacing at our goal of 19% with increased ADRs year-over-year. Our outlook continues to be positive and we're flexing our operations to take full advantage of the demand we're experiencing in the marketplace.

最後，讓我對當前的業務狀況和我們的未來前景發表一些高層評論。米高梅度假村目前在拉斯維加斯的業務異常強勁，我們看到市場仍然異常火爆。特別是，我們看到價格保持強勁的豪華度假村的巨大實力。事實上，就酒店收入而言，10 月份是我們有史以來最高的月份。當我們查看具有最長交貨時間的會議部門時，它使我們能夠了解未來，我們的會議室組合正朝著我們 19% 的目標前進，並且 ADR 同比有所增加。我們的前景繼續樂觀，我們正在調整我們的業務以充分利用我們在市場上遇到的需求。

Programming also remains an exceptional story which further solidifies Las Vegas as the nation's top sports destination. We will host the men's NCAA West Regional for Sweet 16 & Elite 8 rounds at T-Mobile in March and Formula One, as you know, has selected the weekend of November 16 next year. So it was the first ever Las Vegas race on the strip, that weekend happens to be one of the slowest historic weekends of the year for us ahead of Thanksgiving. We'll open our hotel calendar tomorrow for those states and expect an exceptional demand based on our studies of other host cities. We believe the prime positioning of our properties will allow us to fully capture the benefits of this exciting race.

編程也仍然是一個特殊的故事，它進一步鞏固了拉斯維加斯作為美國頂級體育目的地的地位。我們將於 3 月在 T-Mobile 舉辦男子 NCAA 西部地區的 Sweet 16 和 Elite 8 輪比賽，如您所知，一級方程式已選擇明年 11 月 16 日的周末。所以這是拉斯維加斯大道上的第一場比賽，那個週末恰好是感恩節前我們一年中歷史上最慢的周末之一。我們明天將為這些州開放我們的酒店日曆，並根據我們對其他主辦城市的研究預計會有特殊需求。我們相信，我們物業的主要定位將使我們能夠充分利用這場激動人心的比賽的好處。

So right now, we have reasons to be optimistic as we look ahead. That said, we're not blind to the overall macroeconomic conditions, and we remain keenly aware of the impact of inflation and the concerns of a potential recession. We continue to stay alert and are actively monitoring our business and indications of a slowdown. Our operations teams have become incredibly nimble over the last few years and are prepared to quickly adjust our business to the changing demand trends if they occur.

所以現在，我們有理由在展望未來時保持樂觀。儘管如此，我們並沒有對整體宏觀經濟狀況視而不見，我們仍然敏銳地意識到通貨膨脹的影響和對潛在衰退的擔憂。我們繼續保持警惕，並積極監控我們的業務和放緩的跡象。在過去的幾年裡，我們的運營團隊變得非常靈活，並準備在發生變化的需求趨勢時迅速調整我們的業務。

In the meantime, we'll continue to look for opportunities to drive organic growth in our core business to select key capital investments in our properties and through our MGM Rewards program. MGM Rewards continues to deliver on our promise to provide more compelling benefits to all of our members. In fact, since we launched the new program, we have seen a greater portion of our direct bookings from MGM Rewards members and an increased tier progression, particularly for our Gold Plus players.

與此同時，我們將繼續尋找機會推動核心業務的有機增長，以選擇對我們的物業進行關鍵資本投資，並通過我們的米高梅獎勵計劃。 MGM Rewards 繼續兌現我們的承諾，為我們的所有會員提供更具吸引力的福利。事實上，自從我們推出新計劃以來，我們看到更多來自 MGM Rewards 會員的直接預訂和增加的等級提升，特別是對於我們的 Gold Plus 玩家。

With that, I'll turn this over to Jonathan to discuss more details of the quarter. Jon?

有了這個，我將把它交給喬納森來討論本季度的更多細節。喬恩？

Thanks very much, Bill. Let me start my remarks by also welcoming Gustaf and the over 900 LeoVegas employees to MGM Resorts. No doubt the future of LeoVegas is bright, and I'm confident this enterprise will serve as a meaningful contributor of talent and earnings to our company. I'd also like to echo Bill's comments and thank all of our employees for the second straight quarter of record results. Our people are the best in the business, and they demonstrate that every day with the care they show for our guests.

非常感謝，比爾。讓我首先歡迎 Gustaf 和 900 多名 LeoVegas 員工來到米高梅度假村。毫無疑問，LeoVegas 的未來是光明的，我相信這家企業將為我們公司的人才和收益做出有意義的貢獻。我還想回應比爾的評論，並感謝我們所有員工連續第二個季度取得創紀錄的業績。我們的員工是業內最優秀的，他們每天都以對客人的關懷來證明這一點。

Now let's discuss our third quarter results in some detail. Our consolidated third quarter net revenues were $3.4 billion, an increase of 26% compared to 2021 despite the 70% revenue decline at MGM China due to closures and other COVID-related limitations. On the Las Vegas Strip, top line demand was strong, with same-store net revenues increasing 18% and same-store adjusted property EBITDAR up 8%. Occupancy was a major driver of the improvement year-over-year, reaching 93% for the quarter, the highest it's been since the start of the pandemic, an improvement -- and an improvement of over 1,000 basis points year-over-year. The key driver of the occupancy gain is midweek demand, which is returning to more normal levels as conventions and group's return. The value proposition of our group business supports our pricing power in Las Vegas. ADR hit a record $227 in the third quarter, an increase of 26% year-over-year.

現在讓我們詳細討論一下我們的第三季度業績。儘管由於關閉和其他與 COVID 相關的限制，米高梅中國的收入下降了 70%，但我們第三季度的合併淨收入為 34 億美元，與 2021 年相比增長了 26%。在拉斯維加斯大道，收入需求強勁，同店淨收入增長 18%，同店調整後物業 EBITDAR 增長 8%。入住率是同比改善的主要推動力，本季度達到 93%，這是自大流行開始以來的最高水平，這是一種改善——同比改善超過 1,000 個基點。入住率增長的關鍵驅動因素是周中需求，隨著會議和團體的回歸，需求正在恢復到更正常的水平。我們集團業務的價值主張支持我們在拉斯維加斯的定價能力。第三季度 ADR 達到創紀錄的 227 美元，同比增長 26%。

We continuously work to optimize the hotel mix in our business. Over the past 2 years, we've increased the effectiveness of our casino marketing and loyalty programs to drive the casino and direct high rate transient business mix up by several percentage points each. And this has helped offset the decrease in convention mix that we experienced in 2020 and 2021. Now as our convention mix returns, we're generally displacing less profitable but still important leisure business. This convention business comes at a higher average rate typically between $30 to $40 higher and brings with it higher margin catering spend.

我們不斷努力優化我們業務中的酒店組合。在過去的 2 年中，我們提高了賭場營銷和忠誠度計劃的有效性，以推動賭場和直接高利率瞬態業務的混合，每一個都提高了幾個百分點。這有助於抵消我們在 2020 年和 2021 年經歷的會議組合減少。現在，隨著我們的會議組合回歸，我們通常正在取代利潤較低但仍然很重要的休閒業務。這種會議業務的平均價格較高，通常在 30 到 40 美元之間，並帶來更高的利潤餐飲支出。

Our third quarter regional net revenues grew 5%, while adjusted property EBITDAR declined 8%. During the quarter, our highest daily was Casino segment remained our best performing with the greatest increase in both rated days and theoretical win. Our casino customers aged 65 and above grew again this quarter as compared to last year and 2019, but it still hasn't reached the visitation frequency pre-pandemic. Our local and cross-property efforts will continue to address these important segments to drive further growth.

我們第三季度的區域淨收入增長了 5%，而調整後的房地產 EBITDAR 下降了 8%。在本季度，我們最高的每日賭場部分仍然是我們表現最好的，在額定天數和理論贏額方面增幅最大。與去年和 2019 年相比，本季度我們 65 歲及以上的賭場客戶再次增長，但仍未達到大流行前的訪問頻率。我們在本地和跨物業的努力將繼續解決這些重要的細分市場，以推動進一步的增長。

Adjusted property EBITDAR margins were 33%, a decrease of approximately 450 basis points compared to the third quarter last year. This margin result is consistent with our prior commentary. And as the market stabilize, we expect to maintain 400 to 600 basis points of margin improvement versus 2019. We've increased our employee headcount by low double digits.

調整後的房地產 EBITDAR 利潤率為 33%，與去年第三季度相比下降了約 450 個基點。這一保證金結果與我們之前的評論一致。隨著市場的穩定，我們預計與 2019 年相比，利潤率將提高 400 至 600 個基點。我們將員工人數增加了兩位數。

During 2021, we faced a difficult hiring environment and had a number of outlet closures, but we're now fully staffed, fully open and have returned to the service levels for which we are known. In Macau, adjusted property EBITDAR was a loss of $70 million in the third quarter of 2022 due to property closures and COVID-19-related policies limiting visitation to the market.

在 2021 年，我們面臨著艱難的招聘環境，並關閉了許多門店，但我們現在人員配備齊全，全面開放，並已恢復到眾所周知的服務水平。在澳門，由於物業關閉和 COVID-19 相關政策限制進入市場，調整後的物業 EBITDAR 在 2022 年第三季度虧損 7,000 萬美元。

On BetMGM, the growth and continued improvement we are seeing in this business is overwhelmingly positive. Our 50% share of the losses in the third quarter narrowed to $24 million, which is reported as a part of the unconsolidated affiliates line of our adjusted EBITDA calculation. This brings our year-to-date loss to $186 million, and we remain comfortable with our guidance for a $225 million contribution for the year.

在 BetMGM 上，我們在這項業務中看到的增長和持續改進是非常積極的。我們在第三季度虧損的 50% 份額縮小至 2400 萬美元，這是我們調整後 EBITDA 計算中未合併關聯公司的一部分。這使我們年初至今的虧損達到 1.86 億美元，我們仍然對今年貢獻 2.25 億美元的指導感到滿意。

Net revenues associated with BetMGM operations were $400 million this quarter, exhibiting an approximately 90% year-over-year growth from the third quarter last year, led by the continued strength in iGaming and new markets as well as disciplined reinvestments within sports betting by the management team. Through the first 9 months of the year, BetMGM's revenue associated with operations have surpassed $1 billion, which puts them well on track to achieve their target of over $1.3 billion this year.

本季度與 BetMGM 運營相關的淨收入為 4 億美元，與去年第三季度相比同比增長約 90%，這主要得益於 iGaming 和新市場的持續強勁以及體育博彩領域的紀律性再投資。管理團隊。今年前 9 個月，BetMGM 與運營相關的收入已超過 10 億美元，這使他們有望實現今年超過 13 億美元的目標。

Looking forward, improved design and functionality of the BetMGM app, launch of a single wallet and omnichannel growth will be tailwinds behind future growth of their business and its impact to MGM as we look to reach profitability during 2023. Our third quarter corporate expense, including share-based compensation, was $117 million, which included $9 million of transaction costs related mostly to LeoVegas. We do expect corporate expense to remain elevated in the fourth quarter due mostly to transaction costs related to the Mirage sale. We're strategically investing our corporate resources in growth areas, including improvements to our IT infrastructure, enhanced digital offerings and our IR development efforts in Japan and New York.

展望未來，隨著我們希望在 2023 年實現盈利，BetMGM 應用程序的改進設計和功能、單一錢包的推出和全渠道增長將成為其業務未來增長及其對米高梅的影響的推動力。我們第三季度的公司支出，包括股權補償為 1.17 億美元，其中包括主要與 LeoVegas 相關的 900 萬美元交易成本。我們確實預計第四季度的企業費用將保持較高水平，主要是由於與 Mirage 出售相關的交易成本。我們正在戰略性地將我們的企業資源投資於增長領域，包括改進我們的 IT 基礎設施、增強的數字產品以及我們在日本和紐約的 IR 開發工作。

And finally, our capital allocation priorities are as follows. First, we'll maintain a strong balance sheet with adequate 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 our shareholders. These priorities will manifest in our major allocation decisions this year. We bolstered our liquidity through the closing of the VICI transaction and the announced sales of the Mirage and Gold Strike. We acquired The Cosmopolitan of Las Vegas, which strengthened our portfolio. We're making strategic capital deployments into improving our existing product with room remodels across 3 of our major properties and an announced refresh of the Mandalay Bay Convention Center to shore up our long-term group market share.

最後，我們的資本配置重點如下。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，我們將向股東返還現金。這些優先事項將體現在我們今年的重大分配決策中。我們通過完成 VICI 交易以及宣佈出售 Mirage 和 Gold Strike 來增強我們的流動性。我們收購了 The Cosmopolitan of Las Vegas，加強了我們的投資組合。我們正在進行戰略資本部署，以改進我們現有的產品，對我們的 3 個主要物業進行房間改造，並宣布更新曼德勒灣會議中心，以鞏固我們的長期集團市場份額。

We returned cash to our shareholders through share repurchases. During the third quarter, we repurchased 10 million shares for $307 million. From the beginning of 2021 through yesterday, we've repurchased 115 million shares for $4.4 billion or 32% of our market cap. This activity brings our share count down to 384 million shares. Last quarter, I made the case for the attractive valuation of our shares, and I feel even more strongly now with market-leading domestic operations driving record results, leases limited to 2% or 3% escalation for the next 10 years, embedded cash flow growth in BetMGM and MGM China and about $11 per share in cash I think our stock trades at pretty attractive levels. We plan to continue to buy back stock through our authorized program. And moving forward, we will also continue to invest our capital in growth projects such as New York and Japan as well as strategic M&A.

我們通過股票回購向股東返還現金。第三季度，我們以 3.07 億美元回購了 1000 萬股股票。從 2021 年初到昨天，我們以 44 億美元或 32% 的市值回購了 1.15 億股股票。這項活動使我們的股票數量減少到 3.84 億股。上個季度，我為我們股票的有吸引力的估值提出了理由，我現在感覺更加強烈，因為市場領先的國內業務推動了創紀錄的業績，未來 10 年的租賃漲幅限制在 2% 或 3%，嵌入現金流BetMGM 和 MGM China 的增長以及每股約 11 美元的現金 我認為我們的股票交易水平相當有吸引力。我們計劃繼續通過我們的授權計劃回購股票。展望未來，我們還將繼續投資於紐約和日本等增長項目以及戰略併購。

With that, Bill, back to you.

有了這個，比爾，回到你身邊。

Thanks, Jon. We believe we've accomplished a great deal year-to-date. I'm optimistic about our path forward. What we are doing is working. Our existing operations continue to grow as evidenced by another record quarter in Las Vegas with a positive outlook thinking about October and beyond. Our balance sheet is in a position of strength as we have more than $6 billion in domestic liquidity with almost no net debt. BetMGM is firing on all cylinders, demonstrating tremendous growth and remains on track to achieve profitability during 2023. We also expect further global digital growth with LeoVegas, MGM China and Macau market are showing some productive signals, and we believe we are well positioned with respect to licensing renewals. Also New York and Japan represent future development growth opportunities for our company. I would again like to thank our employees for their continued hard work and commitment to our company.

謝謝，喬恩。我們相信，今年迄今為止我們已經取得了很大的成就。我對我們前進的道路持樂觀態度。我們正在做的是工作。我們現有的業務繼續增長，拉斯維加斯的另一個創紀錄的季度證明了我們對 10 月及以後的積極展望。我們的資產負債表處於強勢地位，因為我們擁有超過 60 億美元的國內流動性，幾乎沒有淨債務。 BetMGM 正在全力以赴，顯示出巨大的增長，並有望在 2023 年實現盈利。我們還預計隨著 LeoVegas 的進一步全球數字增長，米高梅中國和澳門市場顯示出一些富有成效的信號，我們相信我們在尊重方面處於有利地位到許可續訂。紐約和日本也代表了我們公司未來的發展增長機會。我要再次感謝我們的員工持續的辛勤工作和對我們公司的承諾。

And with that, we'll open this up for questions, operator.

有了這個，我們將打開這個問題，操作員。

(Operator Instructions) Our first question will come from Joe Greff with 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, Jonathan, whoever wants to take this question. I was hoping you could just talk a little bit more about where you do have visibility into next year, the group and convention business in Las Vegas. What percentage of your anticipated room nights are on the books right now? And at what price is that relative to this year or if you want to look at it in relation to 2019?

比爾，喬納森，谁愿意回答這個問題。我希望你能多談談你明年在哪裡可以看到，拉斯維加斯的團體和會議業務。您現在在賬面上的預期房晚百分比是多少？相對於今年的價格是多少，或者你想看看它與 2019 年的關係是多少？

Sure. Let me kick it off and I'll probably turn it over to both of my colleagues here. So we're targeting, as I mentioned in my comments, 19% market mix. A couple of things. We've been as high as 2021. We've got about 100,000 room nights off-line. We're doing a Mandalay Bay complete remodel, which is undertaken and underway, and it's been highly well received. We were able to preview it recently through IMAX. We've taken 100,000 room nights off of weekends. Given the strength with weekends, we're very positive on our ability to drive higher-rated business, particularly through leisure and casino ultimately. ADRs in the mid-single digits. And then Corey, if you want to talk, I think, a little bit the percentage.

當然。讓我開始吧，我可能會把它交給我這裡的兩位同事。因此，正如我在評論中提到的，我們的目標是 19% 的市場組合。有幾件事。我們已經高達 2021 年。我們有大約 100,000 個離線房晚。我們正在對曼德勒灣進行全面改造，該改造正在進行中，並受到好評。我們最近能夠通過 IMAX 預覽它。我們已經取消了 100,000 個週末的房晚。鑑於週末的實力，我們非常看好我們推動更高評級業務的能力，特別是最終通過休閒和賭場。中間個位數的 ADR。然後科里，如果你想談談，我想，有點百分比。

Yes. Yes. We usually are about 80% on the books right now. I think we feel pretty good on where we are. In addition to that, we also are looking at where we place convention. In the past, we had a lot of convention room nights on weekends. So we strategically think we could do better cash flow by not placing some of that business on week night. So you'll probably see our mix come down a little because of that also.

是的。是的。我們現在通常在書上大約 80%。我認為我們對自己所處的位置感覺很好。除此之外，我們還在研究我們在哪裡放置約定。過去，我們在周末有很多會議室之夜。因此，我們從戰略上認為，我們可以通過不將部分業務放在工作日晚上來實現更好的現金流。所以你可能會看到我們的混音也因此而有所下降。

Great. And then with respect to New York, can you remind us, the scope of the all-in investment, the timing of the spend and anticipated time line to complete once you start, once you get approval?

偉大的。然後關於紐約，你能否提醒我們，一旦你開始，一旦你獲得批准，全押投資的範圍，花費的時間和預計完成的時間線？

Yes, you said New York, correct?

是的，你說的是紐約，對嗎？

New York, yes.

紐約，是的。

Yes, yes. So hopefully, we hear something -- obviously, we get this RFA request. They have a 90-day window to issue it, which means by January 1. There's some debate over if they can issue all 3 licenses at once or if they will issue all 3 at once or they'll go independent of that. But we're hoping for '23 in terms of being awarded a license. If you factor in the licensing fee and the initial expansion, we're looking at about a $2 billion to $2.2 billion investment, which given -- let's just say it takes till the end of '23, so probably the spend on that is going to be between '24 and '25.

是的是的。所以希望我們能聽到一些消息——顯然，我們收到了這個 RFA 請求。他們有一個 90 天的窗口來發布它，這意味著到 1 月 1 日。關於他們是否可以一次發布所有 3 個許可證，或者他們是否會一次發布所有 3 個許可證，或者他們將獨立於此，存在一些爭論。但我們希望在 23 年獲得許可證。如果考慮到許可費和最初的擴張，我們正在考慮大約 20 億到 22 億美元的投資，假設 - 假設它需要到 23 年底，所以可能會花在這上面介於 '24 和 '25 之間。

Our next question will come from Carlo Santarelli with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Carlo Santarelli。

Jonathan, you provided a lot of color on kind of the mix and you guys just hit on the group pace for next year. But what was -- how do you think about kind of the target of casino? What is casino running at this year as a percentage of room nights? And what is kind of the target next year within the 19% group and obviously trying to pull out of FIT and some of the OTA channels, things like that.

喬納森，你在混音方面提供了很多色彩，你們剛剛達到了明年的小組節奏。但是什麼是——你如何看待賭場的目標？今年賭場運營佔房晚的百分比是多少？在 19% 的群體中，明年的目標是什麼，顯然試圖退出 FIT 和一些 OTA 渠道，諸如此類。

I'll just -- I'll make a couple of comments and certainly invite Corey to comment as well. The casino room mix be in the high 20s to low 30%. It's pretty stable. A lot of our work recently has been around yielding the casino even more effectively, particularly during midweek. The casino business was very strong for us in terms of room nights a year ago, as I noted in my comments, but that has -- since that and some of the leisure business has been overtaken profitably by group business. The other thing I'd mention, which is important is our direct bookings through our proprietary channels are up about 11% this quarter versus a year ago. And that's at nearly 3x the rate of the growth of our overall web bookings. So this is one of the areas in which our MGM Rewards program and the improvements we've made to that as well as other marketing efforts have really helped drive the leisure business even through our proprietary channels.

我會-- 我會發表一些評論，當然也會邀請Corey 發表評論。賭場房間組合在 20% 到 30% 之間。它相當穩定。我們最近的許多工作都圍繞著更有效地讓賭場產生，尤其是在周中期間。正如我在評論中指出的那樣，就一年前的房晚而言，賭場業務對我們來說非常強勁，但那已經 - 從那以後，一些休閒業務已經被集團業務超越了盈利能力。我要提到的另一件事是，我們通過專有渠道的直接預訂本季度比一年前增長了約 11%。這幾乎是我們整體網絡預訂增長率的 3 倍。因此，這是我們的米高梅獎勵計劃和我們對此所做的改進以及其他營銷努力真正幫助推動休閒業務的領域之一，即使通過我們的專有渠道也是如此。

Jon, I agree. I mean, we've got our casino room nights about where we want them making sure that we have the most profitable customers on the weekend there. The goal would be as this group business comes back to shift it really at the package business, our lowest rate of business.

喬恩，我同意。我的意思是，我們有關於我們希望他們去哪裡的賭場房間之夜，以確保我們在周末在那裡擁有最有利可圖的客戶。目標是當這個集團業務回歸時，將其真正轉移到包裝業務上，這是我們最低的業務。

Great. And then if I could, just one follow-up. Jonathan, I know you mentioned the project for regional was kind of to remain 400 to 600 basis points north of 2019 for that segment. With respect to Vegas and acknowledging a lot of moving parts with Cosmopolitan coming in, city center being consolidated, sort of it is going out if we're going back to 2019. And then obviously, Mirage going out later this year. On an apples-to-apples basis, relative to '19, do you guys have a similar kind of target range in mind?

偉大的。然後，如果可以的話，只需進行一次後續行動。喬納森，我知道你提到區域項目在 2019 年以北的那個部分保持 400 到 600 個基點。關於拉斯維加斯，並承認隨著 Cosmopolitan 進入，市中心正在整合，如果我們回到 2019 年，它就會消失。顯然，幻影將在今年晚些時候消失。在蘋果對蘋果的基礎上，相對於 19 年，你們是否有類似的目標範圍？

I actually think we can do better than that in Las Vegas in part for a number of the reasons you mentioned, which is, of course, some of the changes we've made to the portfolio here or will have prospectively with the sale of the Mirage but also just increasing effectiveness in driving demand and yielding, I'd feel comfortable that the margins will stabilize at increments higher than that, that I described for the regional properties.

實際上，我認為我們可以比在拉斯維加斯做得更好，部分原因是你提到的一些原因，當然，這是我們對這裡的投資組合所做的一些改變，或者隨著出售海市蜃樓，但也只是提高了推動需求和收益的效率，我對利潤率將穩定在高於我為區域物業描述的增量感到滿意。

Okay. Is it safe to say it's kind of 400 to 600 operational plus the mix influence of those kind of 4 assets coming in and out?

好的。可以肯定地說它有 400 到 600 種可操作性加上這 4 種資產進出的混合影響嗎？

At a minimum, I would say, yes.

至少，我會說，是的。

Our next question will come from Shaun Kelley with Bank of America.

我們的下一個問題將來自美國銀行的 Shaun Kelley。

Just wanted to ask a little bit about mix and margins, specifically maybe sticking with Las Vegas for a moment. It looks like continued pretty strong sequential growth on the casino side. And Jonathan, I know this has been an area where you've probably been expecting things to be at some point, maybe settle back into more normal behaviors, but it just still seems like it's really robust. So could you just give us a little bit more color about the dynamic there, what you saw in the quarter and how you see that trending both sort of market-wise and then things you might be doing for market share because, again, that does look strong relative to the market.

只是想問一些關於混合和利潤的問題，特別是可能會暫時停留在拉斯維加斯。看起來賭場方面持續強勁的連續增長。喬納森，我知道這是一個你可能一直期待事情在某個時候出現的領域，也許會恢復到更正常的行為，但它看起來仍然很強大。那麼，您能否給我們更多關於那裡的動態，您在本季度看到的情況以及您如何看待市場趨勢以及您可能為市場份額所做的事情，因為再次，確實如此相對於市場而言，看起來很強勁。

Yes. I -- the margin performance is, of course, a number of dynamics going into it, but one of the most important has been our ability to yield on the room demand here. And we've seen it not only in our luxury properties, but also more recently in our other properties here in Las Vegas. So I would say the main contributor to it has been the has been the strength in the hotel yielding. We have grown our labor in both the regional markets and in Las Vegas in the past quarter. And we've done that intentionally. It's been reflected in our NPS scores and what our customers are telling us about their experience here.

是的。我 - 保證金表現當然是其中的一些動態因素，但最重要的因素之一是我們能夠滿足這裡的房間需求。我們不僅在我們的豪華物業中看到了這一點，而且最近在我們在拉斯維加斯的其他物業中也看到了這一點。所以我想說它的主要貢獻者一直是酒店收益的實力。在過去的一個季度，我們在區域市場和拉斯維加斯都增加了勞動力。我們是故意這樣做的。這反映在我們的 NPS 分數以及我們的客戶告訴我們他們在這裡的體驗中。

But it's also had some impact on margin, 1 that we intended. And hopefully, we've signaled pretty clearly in the past. And that's really important because it is all about growing long-term market share for -- profitable market share for our businesses here in Las Vegas. And we think that those customer service scores and the retention associated with those customers are going to help us get there.

但它也對利潤率產生了一些影響，1 我們打算這樣做。希望我們過去已經非常清楚地發出了信號。這真的很重要，因為這一切都是為了增加長期市場份額——為我們在拉斯維加斯的業務帶來可盈利的市場份額。我們認為這些客戶服務分數和與這些客戶相關的保留將幫助我們實現目標。

And Shaun, what I would add on the casino side, every weekend here is just a major weekend with events between Allegiant, the 3 major showrooms here, the arenas that demand, we don't really see slowing down. And probably the piece that's still missing, but we're starting to see some of this come back is the Far East play. We've seen some groups from Hong Kong. We've had intentions from groups from Singapore that wanted to come back. So I think we're pretty optimistic on what we see in the casino front in Las Vegas.

肖恩，我要在賭場方面補充一點，這裡的每個週末只是一個重要的周末，Allegiant 之間的活動，這裡的 3 個主要展廳，需要的競技場，我們並沒有真正看到放緩。可能仍然缺少的部分，但我們開始看到其中一些回歸是遠東戲劇。我們見過一些來自香港的團體。我們已經有來自新加坡的團體想要回來的意圖。所以我認為我們對我們在拉斯維加斯賭場前看到的情況非常樂觀。

And Shaun, maybe final, just some color. It was kind of interesting to me last night. Elton John was here on a Tuesday night, he put 50,000 plus in Allegiant Stadium, the south end of the strip is absolutely benefiting. We thought Allegiant could do like 40 events. I think it's going to do that and more. And if you think about the nature of people saying, that's like 100 days a year that people have visitation to Las Vegas driving a huge activity case, particularly at the south end of the strip which is obviously core to that neighborhood. And so we're pretty excited by it. We think it underlines a foundation that just puts us at a different place than we've ever been historically. So that's one of the reasons I think we've seen this ADR growth has been amazingly substantiated throughout the company. This particular month in October, Excalibur, Luxor had great months.

肖恩，也許是決賽，只是一些顏色。昨晚對我來說有點有趣。埃爾頓約翰在周二晚上來到這裡，他在 Allegiant 體育場投入了 50,000 多，絕對受益。我們認為 Allegiant 可以舉辦 40 場活動。我認為它會做到這一點，甚至更多。如果你考慮一下人們的性質，那就是一年有 100 天人們會開車到拉斯維加斯進行一次大型活動，特別是在拉斯維加斯大道的南端，這顯然是該社區的核心。所以我們對此感到非常興奮。我們認為它強調了一個基礎，它使我們處於與歷史上不同的地方。所以這就是我認為我們看到這種 ADR 增長在整個公司得到驚人證實的原因之一。十月的這個特殊月份，Excalibur，盧克索度過了美好的幾個月。

Our next question will come from David Katz with Jefferies.

我們的下一個問題將來自 Jefferies 的 David Katz。

In the past, I can recall, Jonathan, you're giving out some and land-based MGM and MGM Rewards players. Are you able to talk about any of those this time?

在過去，我記得，喬納森，你會派出一些陸基米高梅和米高梅獎勵球員。這次你能談談這些嗎？

It's actually Bill, David. I'll take part of that. Look, it continues. The idea of omnichannel is still very strong. First and foremost, MGM Rewards has just surpassed 40 million folks in our database. We get about 40 -- the key driver to that has been BetMGM. And so we are just supplying close to 40% of our new customer base. The inverse of that is we're supplying BetMGM with about 15% of its customers. And then we've seen -- and I know you've heard some other industry numbers on folks that have come in omnichannel spend, we've seen that number double in the last year between what happened in the third quarter of '21 versus the third quarter of '22 in terms of activity. So there's nothing to indicate we're not extremely positive by that opportunity and the channel that brings this and the overall nature of it. And interestingly, we're excited to continue to project that into LeoVegas and some of the things we want to do internationally over time. And so overall, it's working exceptionally well.

實際上是比爾，大衛。我會參與其中。看，還在繼續。全渠道的想法還是很強烈的。首先，MGM Rewards 在我們的數據庫中剛剛超過 4000 萬人。我們得到了大約 40 個——關鍵驅動因素是 BetMGM。因此，我們只為近 40% 的新客戶群提供服務。與此相反的是，我們為 BetMGM 提供了大約 15% 的客戶。然後我們看到了——我知道你聽說過一些其他行業的數字，這些數字是關於全渠道支出的，我們看到去年這個數字在 21 年第三季度與 21 年第三季度相比翻了一番'22 年第三季度的活動。因此，沒有任何跡象表明我們對這個機會和帶來這個機會的渠道以及它的整體性質不是非常積極。有趣的是，我們很高興繼續將其投射到 LeoVegas 以及我們希望隨著時間的推移在國際上做的一些事情。總的來說，它運行得非常好。

Understood. And my follow-up question was going to be about LeoVegas. And if you could just be a bit more specific about what capabilities it brings you that may be transferable or helpful within the United States or North.

明白了。我的後續問題將是關於 LeoVegas。如果您可以更具體地了解它為您帶來的哪些功能可以在美國或北方轉移或提供幫助。

Well, to be clear, within the United States and North America of note, Canada and Ontario province to be specific, that is the domain of BetMGM. And so that -- all of that activity case would remain with that JV and that partnership. LeoVegas was an opportunity to open up rest of the world. And so while relatively small, its scaled to some, it's probably going to be about $50 million in cash flow. We love the team. We love the operating environment it has, the system it has. It's got a full slate of iGaming opportunities. Sweden is the benchmark, about 35% of its business comes from there.

好吧，需要明確的是，在美國和北美，具體而言，加拿大和安大略省是 BetMGM 的領域。因此，所有這些活動案例都將保留在該合資企業和該夥伴關係中。 LeoVegas 是一個打開世界其他地方的機會。因此，雖然相對較小，但它的規模擴大到一些，它可能會產生大約 5000 萬美元的現金流。我們愛這個團隊。我們喜歡它擁有的操作環境和系統。它有大量的 iGaming 機會。瑞典是基準，其約 35% 的業務來自那裡。

But we've got a sports betting product. So it's got all of the tools. We look to add on to it with live dealer. We're looking at a studio increment that could be added on to this thing. And so we see it as a cornerstone to grow rest of world. If we think about places like Brazil, which has that activity and talking more and more about sports betting and hopefully and potentially, casino gaming. We just see that as a leading opportunity for us and a vehicle to do that.

但是我們有一個體育博彩產品。所以它擁有所有的工具。我們希望通過現場經銷商來增加它。我們正在尋找可以添加到這個東西上的工作室增量。因此，我們將其視為發展世界其他地區的基石。如果我們考慮像巴西這樣的地方，它有這樣的活動並且越來越多地談論體育博彩，並希望和潛在地談論賭場遊戲。我們只是將其視為我們的主要機會和實現這一目標的工具。

Our next question will come from Dan Politzer with Wells Fargo.

我們的下一個問題將來自富國銀行的 Dan Politzer。

Jon, you gave some detail on how you think about valuation for your stock. I think you called out the $11 per share of cash on the balance sheet. How do you think about the equation here given you have the $4.4 billion cash and 1/6 of liquidity. What do you think is the normalized cash balance that you feel comfortable with, given the macro and some of your rent and CapEx obligations.

喬恩，您詳細介紹了您對股票估值的看法。我想你在資產負債表上列出了每股 11 美元的現金。鑑於您擁有 44 億美元的現金和 1/6 的流動性，您如何看待這裡的等式。考慮到宏觀環境以及您的一些租金和資本支出義務，您認為您可以接受的標準化現金餘額是多少。

There's about $400 million or so that's required in so-called working capital and our cages, et cetera. And we have established a financial policy that we will have $1.5 billion available to us in addition to our revolving credit, which is approximately $1.5 billion. So that's the way we think about it. $1.5 million would be considered our minimum cash.

所謂的營運資金和我們的籠子等需要大約 4 億美元左右。我們制定了一項財務政策，除了大約 15 億美元的循環信貸外，我們還可以使用 15 億美元。所以我們就是這麼想的。 150 萬美元將被視為我們的最低現金。

Got it. And then just as my follow-up on Vegas. Some of your competitors have called out one-offs in the quarter such as utilities. Was there anything there that you'd call out or that you saw on your side?

知道了。然後就像我在維加斯的後續行動一樣。您的一些競爭對手在本季度已經取消了一次性服務，例如公用事業。那裡有什麼你會喊出來的或者你看到的嗎？

No. Not in the third quarter. We -- our utilities are largely bought through the -- our energy costs largely bought through the end of 2023. So we didn't suffer any meaningful increase there. In fact, the opposite is that we continue our energy efficiency programs have had a slight decline in usage. But no, there's really nothing unusual in Vegas. In the regions, there were a couple of unusual items. There was some minor hold impacts in the third quarter, about 60 basis points. And we also had some hurricane proceeds in the prior year quarter, about 80 basis points. Most of the rest of it was labor increases when we look quarter-over-quarter, but we did probably have 1.5 points of unusual margin items in the regions in the third quarter.

不，不是在第三季度。我們——我們的公用事業大部分是通過——我們的能源成本在 2023 年底之前購買的。所以我們在那裡沒有遭受任何有意義的增長。事實上，相反的是，我們繼續我們的能源效率計劃的使用量已經略有下降。但是不，拉斯維加斯真的沒有什麼不尋常的。在這些地區，有一些不尋常的物品。第三季度有一些輕微的持有影響，約為 60 個基點。我們在上一季度也有一些颶風收益，大約 80 個基點。當我們查看季度環比時，其餘大部分是勞動力增加，但我們在第三季度可能確實在這些地區有 1.5 個不尋常的利潤項目。

Our next question will come from Chad Beynon with Macquarie.

我們的下一個問題將來自麥格理的 Chad Beynon。

Bill, Jonathan, I know you mentioned that, I guess, firstly, BetMGM is coming in better than the $1.3 billion revenue projection. And you're still on track on the losses for the year. You did mention that you still expect to achieve profitability in '23 at some point. But given that everything is coming in better than expected. California, there's not going to be a big launch in '23. Just given the maturation of the markets where you currently offer your product, are there reasons why you might not be able to hit that goal potentially earlier if hold is as expected?

比爾、喬納森，我知道你提到過，我想，首先，BetMGM 的收入要好於 13 億美元的收入預測。而且你仍然在今年的虧損軌道上。您確實提到您仍然希望在 23 年的某個時候實現盈利。但鑑於一切都好於預期。加利福尼亞，23 年不會有大的發射。鑑於您目前提供產品的市場已經成熟，如果按預期持有，您是否有可能無法更早實現該目標？

Look, Chad, I wouldn't go so far as to change our projections and our prediction that by this time next year, we should be in a profitable scenario. So I want to stay on point on that. You know the new markets we've indicated we're opening up. We think we have real opportunity there. We're doing some very interesting one and the only kinds of things in the iGaming marketplace where we have integrated jackpots that are omnichannel that will stretch across our casinos as well as the digital channels. And so we've got 2 or 3 products coming out that are going to be exclusive, and we're excited by. And I think you all know iGaming is the lion's share of the NGR in this whole universe, actually. And so -- but no, I don't want to get ahead of ourselves. We continue to invest in the business. We want to see it grow. We like the positioning we have, both from iGaming in particular and ultimately in sports betting. And so it will take some investments. Point on California is well taken. But we're not going to get ahead of our sales right now.

聽著，乍得，我不會改變我們的預測和我們的預測，即到明年這個時候，我們應該處於有利可圖的狀態。所以我想堅持這一點。你知道我們已經表明我們正在開放的新市場。我們認為我們在那裡有真正的機會。我們正在做一些非常有趣的事情，並且是 iGaming 市場中唯一的一類事情，我們整合了全渠道的累積獎金，這些獎金將跨越我們的賭場和數字渠道。因此，我們推出了 2 或 3 種獨家產品，我們對此感到興奮。我想你們都知道 iGaming 實際上是整個宇宙中 NGR 的最大份額。所以——但不，我不想超越自己。我們繼續投資該業務。我們希望看到它成長。我們喜歡我們擁有的定位，尤其是來自 iGaming 以及最終在體育博彩方面的定位。所以這需要一些投資。加利福尼亞的觀點很好。但我們現在不會超越我們的銷售。

Okay. And then with respect to the 0 COVID policy in China and kind of where things stand right now. Has anything changed in terms of your expectation of when this ticket could or should turn back on? And then if not, how should we think about the current burn rate in that market.

好的。然後是關於中國的 0 COVID 政策以及目前的情況。您對這張票何時可以或應該重新啟用的期望有什麼變化嗎？如果沒有，我們應該如何考慮該市場當前的燒錢率。

I'll let Hubert chime in here in a moment. I would say this because obviously, we all got the message of 0 tolerance, and it was demonstrated this week in Shanghai and ultimately at our own Cotai property and Hubert can speak to that. Also, the other side of the coin is they've opened up every province. All 31 provinces now are accessible to do eVisas which is convenient and timely. And so we're encouraged by the signal and really what it means for Macau. Macau is obviously an SAR, but it is obviously considered part of broader China in every way shape performance. So the support, I think it's trying to give it. By doing that, I think, is meaningful to us. And hopefully, over time, can get us to a different place. I'm not going to project when that time is. It's just been, as we all know, so many curves in this road. But I don't know, Hubert, if you want to talk any more sentiment and particularly, maybe talk about where you are with the lockdown.

我一會兒讓休伯特插話。我之所以這麼說，是因為很明顯，我們都得到了零容忍的信息，本週在上海，最終在我們自己的路氹物業中得到了展示，Hubert 可以對此發表意見。此外，硬幣的另一面是他們已經開放了每個省份。現在全國31個省都可以辦電子簽證，方便及時。因此，我們對這個信號以及它對澳門的真正意義感到鼓舞。澳門顯然是一個特別行政區，但它顯然被認為是更廣泛的中國的一部分，在各個方面都影響著表現。所以支持，我認為它試圖給予它。我認為，這樣做對我們來說是有意義的。希望隨著時間的推移，可以把我們帶到一個不同的地方。我不會在那個時候進行投影。眾所周知，這條路上有很多彎道。但是我不知道，休伯特，如果你想談更多的情緒，特別是，也許談談你在封鎖期間的位置。

Yes. Thanks, Bill, and thanks, Chad, for your question. The policy that recently loosened up the eVisa application and also the group visa application for entire nation to Macau, I think that's definitely a long-term positive. Short term, we probably will still -- it's a gradual ramp-up process and maybe with fluctuation between due to the dynamic 0 COVID policy in place. So I think that just to give you an example, in Macau, recently, there have been some cases. So we have seen the measures to border crossing has been tightened. And there are cases -- there was one case, single case in MGM Cotai, and we had to shut down the operation for 3 days, and we just reopened, ended quarantine yesterday and will reopen today. So these types of things could happen from time to time, if the policy is still in place. But overall, I think over the long run, it's a positive. In terms of your question on the bond rate for us, I think that we're looking at OpEx of about USD 1.5 million a day in that range.

是的。謝謝，比爾，謝謝乍得，你的問題。最近放寬了電子簽證申請以及整個國家到澳門的團體簽證申請的政策，我認為這絕對是一個長期的積極因素。短期內，我們可能仍然會 - 這是一個逐漸增加的過程，並且可能由於動態的 0 COVID 政策而在兩者之間波動。所以我想給大家舉個例子，最近在澳門出現了一些案例。所以我們看到過境的措施已經收緊了。還有一些案例——美高梅路氹有一個案例，一個案例，我們不得不關閉運營3天，我們剛剛重新開放，昨天結束了隔離，今天將重新開放。因此，如果政策仍然有效，這些類型的事情可能會不時發生。但總的來說，我認為從長遠來看，這是積極的。就您對我們的債券利率提出的問題而言，我認為我們在該範圍內每天的運營支出約為 150 萬美元。

Our next question will come from Robin Farley with UBS.

我們的下一個問題將來自瑞銀的 Robin Farley。

I know you talked a little bit about some of the factors with the regional margin being down with labor costs and things. I'm just curious if you're seeing anything in terms of marketing your promotions in the regional markets, just given that you mentioned that gaming revenue was pretty much flat and the growth was coming from non-gaming if that is starting to lead to anything promotional.

我知道您談到了一些與勞動力成本和其他因素有關的區域利潤率下降的因素。我只是好奇你是否在區域市場營銷你的促銷活動方面看到了什麼，只是因為你提到遊戲收入幾乎持平，如果這開始導致增長來自非遊戲任何促銷活動。

Robin, it's Corey. I think in general, in most of our regions, we're seeing some reasonable reinvestments. Atlantic City, we saw a little bit of a ramp, that market is a tough market right now. But in general, our reinvestments have stayed pretty consistent. As we add some of these amenities, which our players have been asking for, that component of those comps will go against that gaming revenue, which would give it a reason why it'd be flat, but you would see profitability in other departments in the regional areas.

羅賓，是科里。我認為總的來說，在我們的大多數地區，我們都看到了一些合理的再投資。大西洋城，我們看到了一點坡道，這個市場現在是一個艱難的市場。但總的來說，我們的再投資一直保持一致。當我們添加一些我們的玩家一直要求的便利設施時，這些組合的那部分將與遊戲收入背道而馳，這將使它成為持平的原因，但你會看到其他部門的盈利能力地區。

Okay. And just for the follow-up, I'm curious if you're seeing anything different in terms of demand at your Vegas resorts in terms of the more premium properties versus the properties that are sort of more broad market. Are you seeing any difference in demand trends there?

好的。只是為了後續行動，我很好奇您是否在拉斯維加斯度假村的需求方面看到任何不同之處，即更優質的物業與更廣泛市場的物業相比。你看到那裡的需求趨勢有什麼不同嗎？

Look, I think we've said it in our general comments, Robin, although again, October for some of our legacy properties was a bit surprising in the context of affirmative, part of it was probably due to the programming I mentioned earlier. But generally speaking, our ability to yield up is tied to luxury. It's tied to average rates at places like Aria, Cosmopolitan and Bellagio. It's tied to fine dining, it's tied to the entertainment experiences that may be a Bruno Mars or something of that ilk. And so we just have not seen a slowdown in that fact to the contrary. And so it doesn't mean -- we're not -- eyes wide open on what may happen here. But to date and through October, the phenom of what's happened in Las Vegas, particularly for our higher-end properties continues, and we're pretty excited by all of that.

聽著，我想我們已經在我們的一般評論中說過了，Robin，儘管在 10 月份我們的一些遺留屬性在肯定的情況下有點令人驚訝，部分原因可能是由於我之前提到的編程。但一般來說，我們放棄的能力與奢侈息息相關。它與 Aria、Cosmopolitan 和 Bellagio 等地的平均房價相關。它與美食有關，與可能是布魯諾·馬爾斯或類似的娛樂體驗有關。所以我們只是沒有看到相反的事實放緩。所以這並不意味著——我們不是——睜大眼睛看這裡可能發生的事情。但到目前為止，直到 10 月，拉斯維加斯發生的現象，尤其是我們的高端物業，仍在繼續，我們對這一切感到非常興奮。

Our next question will come from John DeCree with CBRE.

我們的下一個問題將來自 CBRE 的 John DeCree。

Maybe one more in Las Vegas about your Convention group bookings, maybe a bigger picture question. As you look forward to 2023, and we've got the big ones in 1Q, maybe Corey, are you seeing attendance or bookings per the big events get back closer to 2019 levels or when you start to see pacing, is it more driven by more events? I guess, we have a lot of conversations. Are those big events going to see similar attendance as 2019? Or might they be smaller and then you guys can kind of grow overall attendance through various sales to other departments. So curious if you have any visibility on that yet?

也許還有一個關於您的會議團體預訂的拉斯維加斯，也許是一個更大的問題。當您期待 2023 年，並且我們在第一季度獲得了大事件，也許是科里，您是否看到大型活動的出席率或預訂量回到接近 2019 年的水平，或者當您開始看到節奏時，它更多是由更多活動？我想，我們有很多對話。這些大型活動的出席率會與 2019 年相似嗎？或者他們可能會更小，然後你們可以通過對其他部門的各種銷售來增加整體出勤率。很好奇你是否對此有任何了解？

Yes. I think the answer is yes to all of them actually. The bigger events that are still coming in, depending on the type of industry, you'll see attendance reach the levels that they were before, especially if they're more domestic they have an international component, maybe not. But we're also seeing a lot of smaller groups and medium-sized groups come in and book also. So the business is definitely dynamic right now from that perspective. We're seeing a lot of demand for that business, we're seeing a lot of demand for that business in the year for the year also.

是的。我認為實際上他們所有人的答案都是肯定的。更大的活動仍在進行中，具體取決於行業的類型，您會看到出席人數達到以前的水平，特別是如果他們更多地在國內舉辦，他們有國際組成部分，也許沒有。但我們也看到很多小型團體和中型團體也進來預訂。因此，從這個角度來看，業務現在絕對是動態的。我們看到對該業務的大量需求，我們在這一年也看到對該業務的大量需求。

Got it. And Jonathan, maybe a housekeeping one. In the press release, there was a little over $1 billion amortization charge, I think, related to subconcession in Macau. I think we've maybe talked about this last quarter, but we've got a couple of questions. Could you remind us on the accounting of that and what's that for?

知道了。還有喬納森，也許是一名家政服務員。在新聞稿中，我認為與澳門的轉特許經營有關的攤銷費用略高於 10 億美元。我想我們可能在上個季度討論過這個問題，但我們有幾個問題。你能提醒我們關於這個的會計處理以及它的用途嗎？

Yes. When MGM went to a majority position in MGM China in 2011, we recorded through the purchase accounting an intangible related to the concession. We've been amortizing that intangible to between 2031 and 2038. When the law was released back in June, we, together with our outside auditing firm, Deloitte, we came to the conclusion that it's a new concession that we'll be beginning post December. So the existing concession on which the intangible was based, we needed to amortize that towards the end of its life or by the end of its life, which is this year. So we took a relatively small amortization charge in the second quarter and then we're taking the remainder in the third and the fourth quarter. And so that's what that is.

是的。當米高梅在 2011 年取得米高梅中國的多數股權時，我們通過購買會計記錄了與特許權相關的無形資產。我們一直在將無形資產攤銷到 2031 年至 2038 年之間。當法律於 6 月發佈時，我們與外部審計公司德勤一起得出結論，這是我們將開始發布的一項新讓步十二月。因此，無形資產所基於的現有特許權，我們需要在其生命週期結束時或在其生命週期結束時，即今年進行攤銷。因此，我們在第二季度收取了相對較小的攤銷費用，然後我們將在第三和第四季度收取剩餘費用。所以就是這樣。

Our next question will come from Barry Jonas with Truist Securities.

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

Just a follow-up on the strip margin in the quarter. There was a call out in the 10-Q for higher advertising costs. Are we now at a more normal level there? Or could that line item fluctuate a little bit going forward?

只是對本季度剝離邊際的跟進。在 10-Q 中有人呼籲提高廣告成本。我們現在在那里處於更正常的水平嗎？或者該訂單項會在未來發生一些波動嗎？

Yes. It's higher than '21 because '21, we cut back a little, but it's lower than we were spending in 2019.

是的。它高於 21 年，因為 21 年我們削減了一點，但低於我們在 2019 年的支出。

Got it. Okay. And then just...

知道了。好的。然後就...

It's probably a new normal of where we feel pretty comfortable, plus or minus on going forward in the future also.

這可能是我們感覺很舒服的新常態，對未來的發展也有加或減。

Okay. That's great. Just as a follow-up, I wanted to ask about some of the partnerships and sponsorships that BetMGM has made. Wondering if you think some of the lower ROI deals could roll off over the next few years and maybe help drive profitability for BetMGM, if possible, maybe walk us through the setup there.

好的。那太棒了。作為後續，我想問一下 BetMGM 建立的一些合作夥伴關係和讚助。想知道您是否認為一些較低投資回報率的交易可能會在未來幾年內推出，並可能有助於提高 BetMGM 的盈利能力，如果可能的話，也許可以引導我們完成那裡的設置。

So Barry, this is Bill. The answer is yes. We go into different markets, we try different things. Some of them are access deals. You need a partner and a sponsor to help you get state, et cetera, and get ultimately licensed and in some cases, even get legislation through in terms of motivating the cause from the get-go. Some of them have been very profitable, some of them have been not as. The team knows exactly the CPA cost per market, and it allocates certain percentages to what those sponsorships may feel like. But there's clearly an opportunity going forward. Those deals range anywhere from a single year up to 5. It just depends on market and depends on who and what they are. But yes, I think as we get all smarter about this, we all build a customer base that begins to plateau at a reasonable level, you'll see everyone get including us, most notably more efficient at that.

巴里，這是比爾。答案是肯定的。我們進入不同的市場，我們嘗試不同的事情。其中一些是訪問交易。您需要一個合作夥伴和讚助商來幫助您獲得州等，並最終獲得許可，在某些情況下，甚至在從一開始就激勵事業方面通過立法。他們中的一些人非常有利可圖，其中一些人沒有那麼好。該團隊確切地知道每個市場的 CPA 成本，並為這些贊助的感覺分配一定的百分比。但顯然有一個前進的機會。這些交易的範圍從一年到五年不等。它只取決於市場，取決於他們是誰和他們是什麼。但是，是的，我認為隨著我們在這方面變得更加聰明，我們都建立了一個開始在合理水平上穩定的客戶群，你會看到每個人都包括我們在內，最明顯的是效率更高。

Our next question will come from Stephen Grambling with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Stephen Grambling。

In the deck, you did mention investing in advanced marketing and physical/digital experiences, I think, associated with the loyalty program. As you ramped up to around, I think you said 44 million members and continue to invest in engagement, how are you thinking about monetization opportunities or partnerships for fund reinvestment or even make the loyalty program a profit center?

在甲板上，你確實提到了投資與忠誠度計劃相關的高級營銷和物理/數字體驗。隨著您的發展，我認為您說有 4400 萬會員並繼續投資於參與度，您如何考慮貨幣化機會或合作夥伴關係以進行資金再投資，甚至使忠誠度計劃成為利潤中心？

Look, we have several different opportunities, whether it's around our existing partnership with Hyatt and expanding it. We just actually did something with BetMGM with Carnival that we'd like to bring into MGM Rewards over time as well. And so there are -- we obviously have a deal with Marriott at the Cosmopolitan of Las Vegas. And so we'll continue to push on that. And obviously, we have something now to trade at 44 million members that are active. There's a real opportunity to go back and forth on that. As we've opened up, remember the whole essence behind MGM Rewards versus MLive as we've opened up for rewarding all spend, not just gaming spend. And so it's introduced a different set of customers to us. It's introduced a higher-end retail customer. I think that gets expanded by things like F1 and some other things that are coming to town. And so we've got a whole team structured and focused on doing exactly that. And we'll begin -- we're going to hit our first full year here coming up. We'll begin to give you some metrics here going forward about where we've been and where we're at. But some of the initial indicators are pretty -- very affirmed actually. So the general thinking.

看，我們有幾個不同的機會，無論是圍繞我們與凱悅現有的合作夥伴關係還是擴大它。實際上，我們只是在嘉年華的 BetMGM 上做了一些事情，我們希望隨著時間的推移也將其帶入 MGM Rewards。因此，我們顯然與拉斯維加斯大都會萬豪酒店達成了交易。因此，我們將繼續推動這一點。顯然，我們現在可以在 4400 萬活躍會員中進行交易。有一個真正的機會來來回回。當我們開放時，請記住 MGM Rewards 與 MLive 背後的全部本質，因為我們開放獎勵所有支出，而不僅僅是遊戲支出。因此，它向我們介紹了一組不同的客戶。它引入了高端零售客戶。我認為這會被 F1 和其他一些即將到來的事物所擴展。所以我們有一個完整的團隊，並專注於做到這一點。我們將開始 - 我們將在這裡迎來我們的第一個全年。我們將在這裡開始為您提供一些關於我們去過的地方和目前所處的位置的指標。但一些初始指標非常好——實際上非常肯定。所以一般的想法。

Sounds good. That's helpful. One other unrelated follow-up. The market in Canada on the online side is a bit opaque at this point. I guess, what are you seeing in that market for BetMGM in terms of how it's ramping versus the U.S. and how it might evolve from here?

聽起來不錯。這很有幫助。另一項無關的後續行動。在這一點上，加拿大的在線市場有點不透明。我想，你在 BetMGM 的市場上看到了什麼，它與美國相比如何發展，以及它會如何從這裡演變？

Surprisingly well. And why I say that is obviously, that's been a market that's been a gray market, Ontario of note for a decade or so and maybe more. And our ability -- they don't actually publish per share. So we can't have exact things, but I know what we're doing. We've done exceptionally well. I think part of it is our Ontario/Detroit database, and we've had exposure to those customers for 20 years. And so we have taken real share. And if we're not leading, we're (expletive) close in the context of iGaming of note. And we have a real position in place with sports betting, we were fortunate enough to get Wayne Gretzky onboard early. And he's just iconic. And so we feel really good about what's happened there. And surprisingly so, which gives us a great deal of confidence in a highly competitive market before we entered.

出奇的好。為什麼我這麼說很明顯，這是一個灰色市場，安大略省已經有十年左右的時間了，甚至可能更久。還有我們的能力——他們實際上並沒有按每股發布。所以我們不能有確切的東西，但我知道我們在做什麼。我們做得非常好。我認為其中一部分是我們的安大略/底特律數據庫，我們接觸這些客戶已有 20 年了。所以我們得到了真正的份額。如果我們沒有領先，我們（咒罵）在 iGaming 的背景下接近。而且我們在體育博彩方面佔有一席之地，我們很幸運能夠儘早讓韋恩格雷茨基加入。他只是標誌性的。所以我們對那裡發生的事情感覺很好。令人驚訝的是，這讓我們在進入之前對競爭激烈的市場充滿了信心。

Our last question will come from Ben Chaiken with Credit Suisse.

我們的最後一個問題將來自瑞士信貸的 Ben Chaiken。

Sorry if I missed it. Just taking another swing at Vegas margins. Revenue and EBITDA improved kind of regardless of how you cut it. With this in mind, if we think about the sequential margin compression in Vegas, 2Q to 3Q, how much of this is a mix dynamic, so adding lower margin revenues as you called out? And how much of this is sequential margin compression on the existing business from headcount, for example, which you also called out. If that didn't make sense, I can try it differently.

對不起，如果我錯過了。只是在維加斯的利潤上再次揮桿。無論您如何削減收入和 EBITDA，收入和 EBITDA 都會有所改善。考慮到這一點，如果我們考慮拉斯維加斯 2Q 到 3Q 的連續利潤率壓縮，這其中有多少是混合動態，所以像您所說的那樣增加較低的利潤率收入？其中有多少是從員工人數中對現有業務的連續利潤壓縮，例如，您也提到了這一點。如果這沒有意義，我可以嘗試不同的方法。

No, that's all right. It's -- this is Jonathan. It is mostly having to do with mix and to a minor extent, some addition of labor. It's almost impossible to overstate how much. I know your question was around sequential, but year-over-year and sequential, just the volume of activity has increased here, and that's required some additional labor resources. We've also opened some final outlets that had been closed over the past year or 2. So it's really both of those dynamics, which have caused that.

不，沒關係。這是——這是喬納森。它主要與混合有關，在較小程度上與一些額外的勞動力有關。誇大多少幾乎是不可能的。我知道您的問題是關於連續的，但是逐年和連續，只是這裡的活動量有所增加，這需要一些額外的勞動力資源。我們還開設了一些在過去一兩年內關閉的最終門店。所以這兩種動力確實是造成這種情況的原因。

Got you. And then just to squeeze one more in. There seems to be -- I think you've highlighted a few times, but there seems to be a disconnect in your valuation. You've got the lease liability on the balance sheet and then you've got kind of the EBITDAR multiple discount. With this in mind, I guess, just kind of like high level, is the OpCo structure do you think still the most desirable strategy? Or would you ever consider a pivot from the asset structure, if that's an appropriate way to phrase it?

得到你。然後再擠一個。似乎——我認為你已經強調了幾次，但你的估值似乎存在脫節。您在資產負債表上獲得了租賃負債，然後您獲得了某種 EBITDAR 倍數折扣。考慮到這一點，我想，有點像高級別的，你認為 OpCo 結構仍然是最理想的策略嗎？或者，如果這是一種合適的表述方式，您是否會考慮從資產結構出發？

I think it is absolutely the right strategy. I -- the valuation considerations aside for a moment, I love this capital structure. It's a perpetual capital structure with escalations of 2% to 3% over the next 10 years. It is one that we do not have to refinance. And when I look at what we've been able to accomplish on our M&A agenda, it's probably not too difficult to tease out that the Cosmopolitan and Aria did nearly $300 million of EBITDA during the third quarter. And these are businesses that when you look at what we paid to acquire them are sub-6x EBITDA multiples. And at the same time, we've sold the Mirage and the Gold Strike at 17 and 11x multiples respectively. So there's clear valuation disconnect going on here. But when I look at the capital structure, the combination of it and its cost with what I think is our operating leverage in these other businesses with the demand dynamics we've described and the fact that really our regional cross-property efforts are just getting started. The Cosmopolitan integration is still very early in this whole event backdrop, I just think it's a fantastic opportunity for value creation. So I wouldn't change it.

我認為這絕對是正確的策略。我——暫時不考慮估值因素，我喜歡這種資本結構。這是一個永久資本結構，在未來 10 年內將增長 2% 至 3%。這是我們不必再融資的一種。當我查看我們在併購議程上能夠完成的工作時，可能不難看出 Cosmopolitan 和 Aria 在第三季度的 EBITDA 接近 3 億美元。當您查看我們為收購它們所支付的費用時，這些企業的 EBITDA 倍數低於 6 倍。同時，我們分別以 17 倍和 11 倍的倍數出售了 Mirage 和 Gold Strike。因此，這裡存在明顯的估值脫節。但是，當我查看資本結構時，它及其成本與我認為是我們在其他業務中的運營槓桿以及我們所描述的需求動態以及我們的區域跨物業努力才剛剛開始的事實開始了。 Cosmopolitan整合在整個活動背景下還很早，我只是認為這是創造價值的絕佳機會。所以我不會改變它。

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, and thank you all for your attendance and, obviously, your interest. Just some highlight comments again. We feel obviously very strong and excited by our business here in Las Vegas. You continue to see the strength and the growth. Again, we think there's been a couple of fundamental changes both in the context of the customer mix, the opportunity and the desire to want to come to a place like Las Vegas and our position with the asset changes of Mirage for Cosmopolitan and some of the other things we do. We just really like where we are in Las Vegas. Macau, despite all of its trials and tribulations, in the month of October, did $450 million of GGR. So annualize that and think about that marketplace and its potential long term. We have a great deal of safe in Macau long term. And I think we're really well positioned to get relicensed and are confident that we'll do so by year-end.

謝謝你，接線員，謝謝大家的出席，當然，也謝謝你們的興趣。再次強調一些評論。我們顯然對我們在拉斯維加斯的業務感到非常強大和興奮。你繼續看到力量和成長。同樣，我們認為在客戶組合、希望來到拉斯維加斯這樣的地方的機會和願望以及我們在 Mirage for Cosmopolitan 的資產變化和一些我們做的其他事情。我們真的很喜歡我們在拉斯維加斯的地方。儘管經歷了種種考驗和磨難，澳門在 10 月份還是創造了 4.5 億美元的 GGR。因此，將其年度化並考慮該市場及其潛在的長期。我們長期在澳門有很多保險箱。而且我認為我們已經做好了獲得再許可的準備，並且相信我們會在年底之前這樣做。

You heard obviously the success in BetMGM. It's absolutely tracking in the right direction. And we're equally, if not more excited, ultimately for MGM Resorts, for LeoVegas, and our push into rest of world with that vehicle leading the way. I think most relevant is Jonathan's point about our balance sheet. The liquidity is amazing. It gives us 2 things. If we should go into a more significant downturn, obviously, we've got the resources to sustain and ultimately enough resources to also be opportunistic. And so the opportunity that balance sheet presents for us, we think, is very compelling and very exciting as we think about the next couple of years.

您顯然聽說了 BetMGM 的成功。它絕對朝著正確的方向發展。我們同樣對米高梅度假村、LeoVegas 以及我們在這輛車的引領下進軍世界其他地區感到興奮，如果不是更興奮的話。我認為最相關的是喬納森關於我們資產負債表的觀點。流動性是驚人的。它給了我們兩件事。如果我們應該進入更嚴重的衰退，顯然，我們有足夠的資源來維持，最終也有足夠的資源來投機取巧。因此，當我們考慮未來幾年時，我們認為資產負債表為我們提供的機會非常引人注目且非常令人興奮。

We are keenly focused on margins. I can assure you. We are at a place -- we said they would come back to where they are. We want to do more work, and we will continue to do. They will not go backwards from this point. You have a commitment on that. And I think there's some room for enhancement in a couple of places, Las Vegas and potentially a couple of regional properties despite the one-off opportunities and things that hit us.

我們非常關注利潤。我可以向你保證。我們在一個地方——我們說他們會回到他們所在的地方。我們想做更多的工作，我們將繼續做。他們不會從這一點倒退。你對此有承諾。而且我認為在幾個地方還有一些改進的空間，拉斯維加斯和潛在的幾個區域性物業，儘管有一次性的機會和打擊我們的事情。

The rent is compelling. The 2% to 3% versus open -- the cost of what's going on right now in the marketplace. And ultimately, our growth pipeline with New York and Japan around the Horizon, we love that, both of those opportunities for obvious reasons. And so I think we're well positioned in both of those places to take advantage of that as well. And then ultimately, to the colleagues at the table and all of our team I couldn't be happier with the crew and how it's performing. So thank you all, and appreciate you joining us today. Have a great night.

租金很誘人。 2% 到 3% 與開放——市場上正在發生的事情的成本。最終，我們在地平線附近與紐約和日本的增長管道，我們喜歡這兩個機會，原因很明顯。所以我認為我們在這兩個地方都處於有利地位，可以利用這一點。最後，對於在座的同事和我們所有的團隊，我對工作人員及其表現感到非常滿意。所以謝謝大家，感謝你們今天加入我們。有一個美好的夜晚。

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。