美高梅國際酒店集團 (MGM) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International Fourth Quarter and Full Year 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，歡迎來到米高梅國際酒店集團第四季度和 2022 年全年收益電話會議。今天加入公司電話會議的還有首席執行官兼總裁 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Hubert Wang；投資者關係總監 Andrew Chapman。 （操作員說明）請注意，正在錄製此會議。

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

現在我想把電話轉給安德魯查普曼。請繼續。

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

下午好，歡迎來到米高梅國際酒店集團第四季度和 2022 年全年收益電話會議。此電話會議正在互聯網上直播，網址為 investors.mgmresorts.com。我們還向美國證券交易委員會提供了 8-K 表格的新聞稿。

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預期的結果存在重大差異。有關可能導致實際結果與這些前瞻性陳述不同的因素的更多信息包含在今天的新聞稿和我們定期向美國證券交易委員會提交的文件中。除非法律要求，否則我們不承擔因新信息或其他原因而更新這些聲明的義務。

During the call, we 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.

在電話會議期間，我們還將在談論我們的業績時討論非 GAAP 財務指標。您可以在我們的網站上的新聞稿和投資者介紹中找到與 GAAP 財務措施的對賬。

Finally, this presentation is being recorded. I will now turn it over to Bill Hornbuckle.

最後，正在錄製此演示文稿。我現在將把它交給 Bill Hornbuckle。

Thank you, Andrew, and thank you all for joining us today. I'm proud to announce that MGM Resorts International drove record fourth quarter adjusted property EBITDAR for Las Vegas and regional resorts. What's more, our full year Las Vegas Strip adjusted property EBITDAR increased by more than 80% year-over-year. These outstanding results are evidence of our focus on optimizing growth in our business and operations as well as our strategic vision of becoming the world's premier gaming entertainment company.

謝謝你，安德魯，感謝大家今天加入我們。我很自豪地宣布，米高梅國際酒店集團在第四季度為拉斯維加斯和地區度假村帶來了創紀錄的調整後房地產 EBITDAR。此外，我們全年拉斯維加斯大道調整後的房地產 EBITDAR 同比增長超過 80%。這些出色的業績證明了我們專注於優化業務和運營的增長，以及我們成為全球首屈一指的遊戲娛樂公司的戰略願景。

These outcomes are also a testament to our employees, who will go above and beyond every day to take care of our guests and create an amazing, great experiences, which drive loyalty among our customers. Our employees are true heroes of this story, and we -- need to be celebrated. I couldn't be proud of them for delivering these financial results alongside the steady improving guest and record employee satisfaction scores we are enjoying.

這些成果也證明了我們的員工，他們每天都會超越自我，照顧我們的客人，創造令人驚嘆的美好體驗，從而提高客戶的忠誠度。我們的員工是這個故事的真正英雄，我們——需要慶祝。我不能為他們提供這些財務結果以及穩步提高的客人和我們正在享受的創紀錄的員工滿意度評分而感到自豪。

As we look forward, we expect many of the drivers for our 2022 performance to continue into 2023. Importantly, we are well positioned on weathering a variety of environments, given the inherent long-term benefits of MGM's diverse portfolio. In fact, we have the most diverse offerings in the gaming space. And as such, we are a well-balanced organization that benefits from both scale and a host of premier brand offerings.

展望未來，我們預計我們 2022 年業績的許多驅動因素將持續到 2023 年。重要的是，鑑於米高梅多元化投資組合固有的長期利益，我們在應對各種環境方面處於有利地位。事實上，我們在遊戲領域擁有最多樣化的產品。因此，我們是一個均衡的組織，受益於規模和眾多一流品牌產品。

This distinction -- the distinct pieces of our business that creates this diversification are: number one, our number of 9 Las Vegas Strip and 8 regional domestic properties in the U.S. that catered to all market segments and produced consistently strong profitability; two, our 2 integrated resorts in Macau, the pre-pandemic generated EBITDAR of over $700 million and are just now beginning to see a very real return to profitability; three, our digital strategy with 50% ownership of BetMGM, one of the leading U.S. digital sports betting and gaming operators. BetMGM is the leader in what is financially the most important segment in the nation, iGaming, and is making overall progress towards its profitability; and our ownership of LeoVegas, which we're using to grow our digital business internationally and extend both MGM's brand and content reach; and ultimately, our balance sheet, allowing significant flexibility to invest in areas with the highest return on capital including New York, Japan, further expanding our digital footprint via LeoVegas and other substantive international opportunities we're pursuing in that space as well as funding and continued share repurchases. In fact, as you know, we have just announced that our Board approved another $2 billion repurchase program.

這種區別——我們業務的不同部分創造了這種多元化：第一，我們在美國擁有 9 個拉斯維加斯大道和 8 個區域性國內物業，它們迎合了所有細分市場並產生了持續強勁的盈利能力；第二，我們在澳門的 2 個綜合度假村，在大流行前產生了超過 7 億美元的 EBITDAR，現在才剛剛開始看到非常真實的盈利回歸；第三，我們擁有 BetMGM 50% 所有權的數字戰略，BetMGM 是美國領先的數字體育博彩和遊戲運營商之一。 BetMGM 是該國財務上最重要的部分 iGaming 的領導者，並且正在朝著盈利的方向取得全面進展；以及我們對 LeoVegas 的所有權，我們正在利用它在國際上發展我們的數字業務，並擴大米高梅的品牌和內容範圍；最終，我們的資產負債表允許極大的靈活性來投資於資本回報率最高的地區，包括日本紐約，通過 LeoVegas 和我們在該領域尋求的其他實質性國際機會以及資金和持續回購股份。事實上，如您所知，我們剛剛宣布董事會批准了另一個 20 億美元的回購計劃。

Looking ahead, we see multiple opportunities for growth and momentum in our business, coupling these opportunities with a relentless focus on free cash flow per share, our operating model, our margin control and disciplined expense management, which we believe gives us a great confidence that our best days are ahead of us.

展望未來，我們看到了我們業務增長和動力的多重機會，將這些機會與對每股自由現金流、我們的運營模式、我們的利潤率控制和嚴格的費用管理的不懈關注結合起來，我們相信這給了我們很大的信心我們最好的日子就在眼前。

Let me walk through the business case for '23, starting with our U.S. properties. First, we are encouraged by the early success of The Cosmopolitan of Las Vegas as we migrate the business into MGM Resorts infrastructure. On an annualized basis, we have double-digit growth in revenue and EBITDAR compared to the reported 12-month period prior to the acquisition. We are already beginning to produce cross-property play with hundreds of high-end players from The Cosmopolitan database attending MGM Resorts customer events and driving millions and win at our other sister properties. This is a trend that we saw continued for the Lunar New Year celebration at our properties in Las Vegas, and we expect to expand to the mass market as we integrate MGM Rewards into The Cosmopolitan system.

讓我來看看 23 年的商業案例，從我們在美國的資產開始。首先，我們對拉斯維加斯大都會的早期成功感到鼓舞，因為我們將業務遷移到米高梅度假村的基礎設施中。按年率計算，與收購前報告的 12 個月期間相比，我們的收入和 EBITDAR 實現了兩位數的增長。我們已經開始與 Cosmopolitan 數據庫中的數百名高端玩家一起製作跨酒店遊戲，他們參加了 MGM Resorts 的客戶活動，並在我們的其他姐妹酒店吸引了數百萬玩家並獲勝。這是我們在拉斯維加斯酒店的農曆新年慶祝活動中看到的持續趨勢，並且隨著我們將 MGM Rewards 整合到 The Cosmopolitan 系統中，我們希望擴展到大眾市場。

Next, we have a strong event calendar in Las Vegas. CES is 115,000 attendees last month, up from 45,000 in 2022. CONEXPO and ConAg next month is setting up to be the best ever. And March Madness, Sweet 16 and the Elite 8 games are coming to Las Vegas. Together, the calendar in March is positioned to have us have the best hotel revenue month, we believe, in our history.

接下來，我們在拉斯維加斯有一個強大的活動日曆。 CES 上個月有 115,000 名與會者，高於 2022 年的 45,000 名。下個月的 CONEXPO 和 ConAg 將成為有史以來最好的。 March Madness、Sweet 16 和 Elite 8 比賽也將來到拉斯維加斯。總之，三月份的日曆將使我們擁有我們歷史上最好的酒店收入月份。

Additionally, Formula 1 is expected to bring $1 billion in economic value to the city, which we believe we are the best positioned to take advantage of. Las Vegas also has Allegiant Stadium, which has brought 40 events and over 1.5 million visitors to Las Vegas in 2022 and is expected to bring even more visitors, even higher quality events in 2023, driving significant spend, particularly at our South end properties.

此外，一級方程式賽車預計將為該市帶來 10 億美元的經濟價值，我們相信我們最有能力利用這一點。拉斯維加斯還有 Allegiant 體育場，該體育場在 2022 年為拉斯維加斯帶來了 40 場活動和超過 150 萬遊客，預計將在 2023 年帶來更多遊客和更高質量的活動，從而推動大量支出，尤其是在我們的南端物業。

Another tailwind is the ongoing growth in visitation. The LVCVA expects domestic flight growth capacity to reach 120% of 2019 in the first quarter of 2023, and internationally recover further with 80% of 2019 available seats. Harry Reid Airport hosted a record $52.6 million passengers in 2022.

另一個有利因素是訪問量的持續增長。 LVCVA 預計，到 2023 年第一季度，國內航班運力增長將達到 2019 年的 120%，國際航班運力將進一步復甦，達到 2019 年可用座位的 80%。哈里里德機場在 2022 年接待了創紀錄的 5260 萬美元乘客。

Outside of our domestic business, we also see tremendous opportunities for growth, starting with China, fully stated Macau is back. As you well know, COVID restrictions impacted our Macau operations in 2022, causing an operational loss that negatively impacted our overall results. But we are experiencing a rebound in 2023 as our guests are returning in force just that they did in Las Vegas when restrictions were lifted here. In fact, quarter-to-date, we are excited to report that MGM China's combined properties are the highest earning businesses within our company.

在我們的國內業務之外，我們也看到了巨大的增長機會，從中國開始，充分說明澳門回來了。如您所知，COVID 限制影響了我們 2022 年在澳門的業務，造成運營損失，對我們的整體業績產生負面影響。但我們正在經歷 2023 年的反彈，因為我們的客人正像在拉斯維加斯取消限制時那樣大量返回。事實上，本季度至今，我們很高興地宣布，美高梅中國的綜合物業是我們公司內收入最高的業務。

As part of the concession renewal process, we committed to bring nongaming entertainment events to Macau. Those events were strong drivers to visitation to our property during the Lunar New Year and at the end of January. We see these early results as validation in our confidence in Macau markets recovery and the long-term viability upon which where retendering commitments were built. And unique to MGM China, we have secured 200 additional tables as part of our new gaming concession, which, combined with our premier mass positioning, should allow us to drive market share into low to mid-teens. In fact, during the month of January, our market share was 16%, which compares to high single-digit market shares pre-pandemic.

作為特許權更新過程的一部分，我們承諾將非博彩娛樂活動帶到澳門。這些事件是農曆新年期間和 1 月底訪問我們酒店的強大驅動力。我們認為這些早期結果證實了我們對澳門市場復甦的信心以及建立重新招標承諾的長期可行性。作為美高梅中國的獨特之處，我們已經獲得了 200 張額外的賭台，作為我們新博彩特許權的一部分，結合我們首要的中場定位，應該可以讓我們將市場份額推向中低端。事實上，在 1 月份，我們的市場份額為 16%，與大流行前的高個位數市場份額相比。

This outstanding performance was driven by the MGM Chinese team, strategic focus delivering full gaming floor renovation, a complete hotel product mix for our targeted customers various marketing efforts in producing strong nongaming events, shows and promotions plus our team's improvement in service levels and operational efficiencies. These collective efforts position us for a long-term growth story in Macau. We've also reason to be optimistic about the growth prospects of our business well into the remainder of this decade, especially in light of the 2 new gaming licenses that we hope to receive in the near future.

這一出色的業績是由美高梅中國團隊推動的，其戰略重點是提供全面的博彩樓層翻新，為我們的目標客戶提供完整的酒店產品組合各種營銷活動，以產生強大的非博彩活動、表演和促銷活動，以及我們團隊在服務水平和運營效率方面的提高.這些集體努力使我們能夠在澳門實現長期增長。我們也有理由對我們業務在本十年剩餘時間內的增長前景持樂觀態度，特別是考慮到我們希望在不久的將來獲得 2 個新的遊戲許可證。

We expect to submit our RFA in New York in the first half of this year, and we hope for response in the near future. One advantage we have over the competition in this market is our ability to add tables to our existing casino floor and, thus, incremental tax revenue for the state almost instantly once approved for license. We expect to spend about $2 billion in New York, inclusive of the license fee. We will fine-tune our program and planning. But right now, we're expecting extensive property improvements such as significant entertainment offering, new food and beverage opportunities, covered parking and an overall increase in the casino floor space.

我們預計今年上半年在紐約提交我們的 RFA，並希望在不久的將來得到回應。我們在這個市場的競爭中擁有的一個優勢是我們能夠在我們現有的賭場大廳增加賭台，因此，一旦獲得許可，幾乎立即為該州增加稅收。我們預計在紐約花費約 20 億美元，包括許可費。我們將微調我們的計劃和規劃。但現在，我們期待著廣泛的財產改善，例如重要的娛樂活動、新的餐飲機會、有蓋停車場和賭場建築面積的整體增加。

As you may recall, we also submitted our RFP in Japan for an integrated resort license to operate in Osaka approximately 10 months ago. Unfortunately, I'm still waiting for the response from the government, but we are being patient and believe we will hear so soon. MGM Resorts has presented a compelling offer with our partner, Orix, to develop an integrated resort, which will develop international tourism and growth to that region. We're extremely excited for the ROI opportunity in a market in which we may be the sole operator for some time in the future. Each of the projects I just mentioned are expected to generate returns well above our current free cash flow yield. These and all future capital investment decisions, we weighed upon that same standard.

您可能還記得，大約 10 個月前，我們還在日本提交了在大阪經營綜合度假村牌照的 RFP。不幸的是，我仍在等待政府的回應，但我們正在耐心等待，相信我們很快就會聽到消息。 MGM Resorts 與我們的合作夥伴 Orix 提出了一項極具吸引力的提議，以開發一個綜合度假村，該度假村將發展國際旅遊業並促進該地區的增長。我們對在未來一段時間內我們可能是唯一運營商的市場中的投資回報率機會感到非常興奮。我剛才提到的每個項目都有望產生遠高於我們當前自由現金流收益率的回報。這些以及所有未來的資本投資決策，我們都根據相同的標准進行權衡。

In closing, 2022 was a phenomenal year for MGM Resorts, and we're confident we will see progress into 2023 and beyond. With that, I'll turn this over to Jon for more color on the fourth quarter and the year.

最後，2022 年對米高梅度假村來說是非凡的一年，我們有信心在 2023 年及以後看到進展。有了這個，我將把這個交給喬恩，以獲得第四季度和今年的更多色彩。

Thanks very much, Bill. Before I dig into the financial results, let me also thank my colleagues here at MGM Resorts for an outstanding quarter and a truly amazing year. I'll now share with you some of the exceptional financial results that we achieved.

非常感謝，比爾。在我深入研究財務業績之前，讓我也感謝我在米高梅度假村的同事們出色的季度和真正令人驚嘆的一年。我現在將與您分享我們取得的一些非凡的財務成果。

Las Vegas Strip same-store revenues, and so that's excluding The Cosmopolitan and The Mirage, grew 11% and adjusted property EBITDAR grew 6% in the fourth quarter compared with last year. Fourth quarter occupancy of 91% was up 500 basis points year-over-year and ADR was $260 in the fourth quarter, which grew 30% over last year. Several volume metrics for us set records as well as our Las Vegas slot handle set its seventh consecutive quarterly record in the fourth quarter.

與去年相比，第四季度拉斯維加斯大道同店收入（不包括 The Cosmopolitan 和 The Mirage）增長 11%，調整後的房地產 EBITDAR 增長 6%。第四季度 91% 的入住率同比增長 500 個基點，第四季度 ADR 為 260 美元，比去年增長 30%。我們的幾個交易量指標創下了記錄，我們的拉斯維加斯老虎機手柄在第四季度創下了連續第七個季度記錄。

Demand in Las Vegas remains strong across all segments, driven by our exceptional entertainment offerings and other customer demand drivers. The strength continued into January, where occupancy was 90% and rooms booked during the month were on record pace with rates up double digits to last year.

在我們卓越的娛樂產品和其他客戶需求驅動因素的推動下，拉斯維加斯所有細分市場的需求依然強勁。這種勢頭一直持續到 1 月份，入住率為 90%，當月客房預訂速度創歷史新高，比去年同期增長兩位數。

In the regions, fourth quarter revenues grew 10% and adjusted property EBITDAR grew 3% year-over-year. While EBITDA was down 1% versus the third quarter, this sequential decline is in line with normal seasonality for the fourth quarter. Importantly, labor expense as a percentage of revenues was flat sequentially and our current headcount remains approximately 20% below 2019 levels, all while we achieved historic highs in NPS and other indicative customer satisfaction.

在這些地區，第四季度收入增長 10%，調整後的房地產 EBITDAR 同比增長 3%。雖然 EBITDA 與第三季度相比下降了 1%，但這一連續下降符合第四季度的正常季節性。重要的是，勞動力支出佔收入的百分比環比持平，我們目前的員工人數仍比 2019 年水平低約 20%，與此同時，我們的 NPS 和其他指示性客戶滿意度均創下歷史新高。

In the fourth quarter, corporate expense, excluding stock compensation, was $113 million, which includes $5 million related to MGM China; global development costs of $6 million; and transaction costs of $2 million. Going forward, we expect corporate expense for the full year 2023 to be approximately $380 million to $400 million, a decrease of approximately $30 million to $50 million from 2022. Included in MGM's corporate expense this year is $44 million for MGM China and approximately $37 million in anticipated development expense related to Japan and New York.

第四季度，不包括股票薪酬的公司費用為1.13億美元，其中包括與美高梅中國相關的500萬美元；全球開發成本 600 萬美元；以及 200 萬美元的交易成本。展望未來，我們預計 2023 年全年的企業支出約為 3.8 億美元至 4 億美元，比 2022 年減少約 3000 萬至 5000 萬美元。米高梅今年的企業支出包括美高梅中國的 4400 萬美元和約 3700 萬美元與日本和紐約相關的預期開發費用。

We intend to invest approximately $800 million in domestic CapEx in 2023, and this compares to the $727 million in CapEx invested in 2022. Maintenance capital will be approximately $600 million of this spend this year. And this year, it includes room remodels in the Bellagio Spa Tower, Borgata's Water Club and the completion of our New York-New York room renovation. Since 2019, we've reduced the average age of our room since renovation by roughly 3.5 years, and our room age will continue to decrease over the coming years as we refresh our room offerings.

我們打算在 2023 年向國內資本支出投資約 8 億美元，而 2022 年投資的資本支出為 7.27 億美元。今年的維護資本將約為這筆支出的 6 億美元。今年，它包括 Bellagio Spa Tower、Borgata's Water Club 的房間改造以及紐約-紐約房間改造的完成。自 2019 年以來，我們已將裝修後客房的平均使用年限減少了大約 3.5 年，並且隨著我們更新客房產品，我們的客房使用年限在未來幾年將繼續下降。

The remaining CapEx in 2023 is growth capital, projects that include the Mandalay Bay Convention Center remodel, a new pedestrian bridge connecting The Cosmopolitan to Vdara and investments in technology to drive better customer experience, ease and engagement.

2023 年剩餘的資本支出是增長資本，項目包括曼德勒灣會議中心改造、連接 Cosmopolitan 和 Vdara 的新人行天橋以及技術投資以推動更好的客戶體驗、輕鬆和參與。

Finally, on the development front, we expect to contribute $70 million -- $75 million to BetMGM in 2023 and the only material investment in New York this year will be the $500 million license fee, depending upon the timing of the license awards.

最後，在開發方面，我們預計將在 2023 年向 BetMGM 捐款 7000 萬至 7500 萬美元，今年在紐約的唯一重大投資將是 5 億美元的許可費，具體取決於許可授予的時間。

I'll conclude with just a few comments on our strategy for capital allocation. First and foremost, we'll maintain a strong balance sheet by sustaining adequate liquidity for our enterprise. And as you can see in the presentation that we posted today, we concluded 2022 with $5.3 billion of domestic cash against domestic debt of $4.5 billion. Our resources this year were bolstered by the disposition of The Mirage in December for $850 million in net cash proceeds after tax. Next week, we expect to close on the sale of the Gold Strike in Tunica, which will be in $350 million in net proceeds after tax.

最後，我將對我們的資本配置策略發表一些評論。首先，我們將通過為我們的企業維持充足的流動性來維持強大的資產負債表。正如您在我們今天發布的演示文稿中看到的那樣，到 2022 年，我們以 53 億美元的國內現金和 45 億美元的國內債務作為對比。今年 12 月，我們以 8.5 億美元的稅後淨現金收益處置 The Mirage，從而增強了我們今年的資源。下週，我們預計將完成出售 Tunica 的 Gold Strike，稅後淨收益將達到 3.5 億美元。

Next, we'll prioritize capital investment to deliver the highest return for our shareholders. Our acquisition of The Cosmopolitan of Las Vegas expanded our reach into the high end of the Las Vegas market. Our acquisition of LeoVegas, jump-started our international iGaming strategy. Our new President of Interactive, Gary Fritz and his team are evaluating a number of opportunities in this area, and our shareholders should expect that we'll be deploying more capital to grow the MGM brand internationally in iGaming and in digital content development.

接下來，我們將優先考慮資本投資，為我們的股東帶來最高回報。我們對拉斯維加斯大都會酒店的收購擴大了我們在拉斯維加斯高端市場的影響力。我們對 LeoVegas 的收購啟動了我們的國際網絡博彩戰略。我們的新任 Interactive 總裁 Gary Fritz 和他的團隊正在評估這一領域的許多機會，我們的股東應該期待我們將部署更多的資金，以在 iGaming 和數字內容開發方面在國際上發展 MGM 品牌。

And finally, we're going to return capital to shareholders. During 2022, we repurchased 76 million shares for $2.8 billion. Since the beginning of 2021 through yesterday, we've repurchased $124 million for a total of $4.7 billion and have reduced our share count to 375 million shares. And we're not done. As Bill mentioned, our Board of Directors yesterday approved an additional $2 billion share repurchase program.

最後，我們將向股東返還資本。 2022 年，我們以 28 億美元回購了 7600 萬股股票。從 2021 年初到昨天，我們回購了 1.24 億美元，總計 47 億美元，並將我們的股票數量減少到 3.75 億股。我們還沒有完成。正如比爾提到的，我們的董事會昨天批准了一項額外的 20 億美元股票回購計劃。

In evaluating our share repurchase strategy, I consider a number of factors, including the liquidity profile of the company as well as the development and M&A opportunities that are before us. But I also consider the free cash flow yield available in our own shares. So as I conclude, consider the following: adjusted property EBITDAR from Las Vegas last year was approximately $3.1 billion and from our regional operations was $1.3 billion. From that, we had adjusted domestic corporate expense of $400 million and cash rent of $1.7 billion on an annualized basis. Consolidated cash interest was $574 million, but that includes $205 million related to MGM China. And cash taxes and domestic CapEx totaled about $750 million.

在評估我們的股票回購策略時，我考慮了許多因素，包括公司的流動性狀況以及擺在我們面前的發展和併購機會。但我也考慮了我們自己股票的自由現金流收益率。因此，正如我總結的那樣，考慮以下因素：去年拉斯維加斯調整後的房地產 EBITDAR 約為 31 億美元，我們的區域業務為 13 億美元。據此，我們按年調整了 4 億美元的國內公司費用和 17 億美元的現金租金。綜合現金利息為 5.74 億美元，其中包括與美高梅中國相關的 2.05 億美元。現金稅和國內資本支出總額約為 7.5 億美元。

But our company also has significant reservoirs of value that did not contribute cash earnings in 2022. This includes excess cash of over $2.5 billion; our ownership position in MGM China, which yesterday had an approximate value of $2.6 billion; and of course, our stake in BetMGM. It's a lot of numbers, but when taking all of this into account, I see a double-digit yield opportunity in our shares, which is why I see share repurchases as a responsible and accretive use of our capital.

但我們公司也有重要的價值儲備，這些價值儲備在 2022 年沒有貢獻現金收益。這包括超過 25 億美元的超額現金；我們在美高梅中國的所有權地位，昨日價值約為 26 億美元；當然，還有我們在 BetMGM 的股份。數字很多，但考慮到所有這些因素後，我看到我們的股票有兩位數的收益率機會，這就是為什麼我認為股票回購是對我們資本的負責任和增值使用。

Bill, back to you.

比爾，回到你身邊。

Thanks, Jonathan. I hope the comments that -- we've conveyed the excitement that we all have towards our business this year and ultimately beyond. In all my time with the company, I've never been more excited about our present and future as I am right now. I think we're stronger, more agile, more focused and more determined than ever to win. And with that, we're happy to take your questions.

謝謝，喬納森。我希望這些評論——我們已經表達了我們所有人對今年乃至以後的業務的興奮。在我為公司工作的所有時間裡，我從未像現在這樣對我們的現在和未來感到如此興奮。我認為我們比以往任何時候都更強大、更敏捷、更專注並且更有決心取勝。因此，我們很樂意回答您的問題。

(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。

Our next question then will be from Shaun Kelley from Bank of America.

我們的下一個問題將來自美國銀行的 Shaun Kelley。

Thank you for all the detail and color. So a lot of different places we could start, but I want to start with a high-level, strategic one. Jonathan, you ended on walking through a really robust liquidity position, still a lot of cash on the balance sheet that's either collecting interest at a better yield than before, but not a huge yield. So the question we get all the time remains kind of that ownership interest in upping the stake in maybe one of those areas that you discussed, BetMGM being the big one.

感謝您提供所有細節和顏色。所以我們可以從很多不同的地方開始，但我想從一個高層次的、戰略性的地方開始。喬納森，你最終經歷了一個非常強勁的流動性頭寸，資產負債表上仍然有大量現金，它們要么以比以前更好的收益率收取利息，但收益率並不高。因此，我們一直遇到的問題仍然是所有者權益增加您討論的其中一個領域的股份，BetMGM 是其中的一個大領域。

And obviously, we know there's a partner there, but if you could give us your latest thoughts around the strategic value there and how you fold that in with your comments around maybe a more organic or stand-alone international online expansion.

顯然，我們知道那裡有一個合作夥伴，但如果你能給我們關於那裡的戰略價值的最新想法，以及你如何將其與你的評論結合起來，也許是一個更有機或獨立的國際在線擴張。

Thanks, Shaun, for the question. And I'll just step in and kind of give the first part of it because I think it's time to be definitive and give a little direction. The simple answer on Entain is no, we've moved on. While we remain highly focused on BetMGM's business through our partnership with Entain and making sure that, that business continues to grow, we see great potential in LeoVegas expansion capabilities. I've said before, we like their technology platform and their leadership team. We're also interested in the content studio business, we think there's a real play there. We've seen that proven effective with brand when we combine great product in our brands at BetMGM. And over time, we like the live dealer business and the expansion of other global markets and frankly and directly under our own purview.

謝謝肖恩提出的問題。我只是介入並給出它的第一部分，因為我認為是時候確定並給出一點方向了。對 Entain 的簡單回答是否定的，我們繼續前進。雖然我們通過與 Entain 的合作夥伴關係繼續高度關注 BetMGM 的業務，並確保該業務繼續增長，但我們看到了 LeoVegas 擴展能力的巨大潛力。我之前說過，我們喜歡他們的技術平台和領導團隊。我們也對內容工作室業務感興趣，我們認為那裡有真正的發展前景。當我們在 BetMGM 的品牌中結合優秀的產品時，我們已經看到這對品牌是有效的。隨著時間的推移，我們喜歡現場經銷商業務和其他全球市場的擴張，坦率和直接地在我們自己的權限範圍內。

So for now, the answer is no, not within Entain. We're going to go down our own direction, and we begin to allocate capital. We think Gary Fritz has got the right motive, the right drive and the right person to help us lead this forward. We value the relationship with Entain. We value BetMGM. But as it comes to rest of the world, we're going to move forward with a different proposition.

所以現在，答案是否定的，不在 Entain 之內。我們將沿著自己的方向前進，我們開始分配資金。我們認為 Gary Fritz 有正確的動機、正確的動力和正確的人來幫助我們引領這一進程。我們重視與 Entain 的關係。我們重視 BetMGM。但對於世界其他地區，我們將提出不同的建議。

And Shaun, just a couple of comments, the broad strokes around capital allocation as we look forward. We do have a maturity in March, $1.25 billion at 6%. So present plan is to, of course, redeem those bonds and that will capture about $75 million of free cash flow for the business. We were active share repurchasers just in the past 3 quarters, we spent almost $2 billion at a price of about $33 to $34. So we'll continue to be repurchasers of our shares, but we'll moderate that depending upon market conditions. And then, of course, funding what Bill described, which is our interactive ambitions, which will be predominantly through M&A but we're reserving a significant amount of capital for those activities as well.

肖恩，只是一些評論，我們期待著圍繞資本配置的大筆劃。我們確實在 3 月份到期，12.5 億美元，利率為 6%。因此，目前的計劃當然是贖回這些債券，這將為企業帶來約 7500 萬美元的自由現金流。就在過去 3 個季度，我們是積極的股票回購者，我們以大約 33 至 34 美元的價格花費了近 20 億美元。因此，我們將繼續回購我們的股票，但我們會根據市場情況適度回購。然後，當然，資助比爾所描述的，這是我們的互動雄心，這將主要通過併購進行，但我們也為這些活動預留了大量資金。

And I'll -- I don't want to be greedy with my time here, but just the follow-up to stay on the same theme then, Jonathan, you directly hit it kind of M&A. Or could you just give us some parameters around are we thinking more bolt-on options? Or are there still platform-level investments that could be made to drive up and expand that opportunity to be meaningful to the base business?

我會——我不想在這裡浪費時間，只是為了保持同一主題的後續行動，Jonathan，你直接擊中了它的併購。或者你能不能給我們一些參數，我們是否正在考慮更多的附加選項？或者是否仍然可以進行平台級投資來推動和擴大對基礎業務有意義的機會？

It's a combination thereof. When you talk studio business or even live dealer, the technology aspect of that is, on our scale, relatively de minimis. When you talk about stepping up to other marketplaces, whether it's South America over time or rest of Europe, we'll have to take a different view on that as these opportunities unfold. But for now, it's more bolt-on and relatively small.

它是它們的組合。當你談論工作室業務甚至現場經銷商時，技術方面在我們的規模上相對微不足道。當你談到進軍其他市場時，無論是隨著時間的推移是南美洲還是歐洲其他地區，隨著這些機會的出現，我們將不得不對此採取不同的看法。但就目前而言，它更固定且相對較小。

And for the next question, we'll move back to the line of Joe Greff from JPMorgan.

對於下一個問題，我們將回到摩根大通的 Joe Greff 的台詞。

Can you hear me okay now?

你現在能聽到我說話了嗎？

Hi, Joe.

嗨，喬。

All right. In Las Vegas, can you talk about how you're thinking about FTE count and payroll expenses and how they'll trend this year? Maybe you could break it up between both sort of on a same FTE basis as well as just wages. And what kind of revenue growth do you need to offset wage expense growth in Las Vegas, put another way?

好的。在拉斯維加斯，您能談談您如何看待 FTE 數量和工資支出以及它們今年的趨勢嗎？也許您可以在相同的 FTE 基礎上以及僅工資之間將其分解。換句話說，你需要什麼樣的收入增長來抵消拉斯維加斯的工資支出增長？

I'll open and I'll kick it to Corey. If you go back and you look at FTEs, particularly in Las Vegas against 2019, we're down anywhere from 12% to 15%, depending on the property. Obviously, wage inflation since '19 is correct. And just so we're all on the same page, looking forward, we have substantive labor negotiations later this year with about 28,000 of our colleagues, which we're going to have to contend with and work our way through. And so Corey, maybe the second part of it, just...

我會打開，我會把它踢給科里。如果你回頭看看 FTE，特別是在拉斯維加斯，與 2019 年相比，我們下降了 12% 到 15%，具體取決於房產。顯然，自 19 年以來的工資通脹是正確的。正因為如此，我們都在同一頁上，展望未來，我們將在今年晚些時候與大約 28,000 名同事進行實質性的勞資談判，我們將不得不應對並努力通過。所以科里，也許是它的第二部分，只是......

I think from the standpoint of levels of FTEs, from a fixed cost perspective, there will be no increases. It will all be on variable. So if there's additional catering and banquet business, it would match that revenue component of it. But I think we're pretty comfortable that we could service our properties, service our guests at the levels we're at today. And then I don't know, Jonathan, if you want to take the revenue.

我認為從 FTE 水平的角度來看，從固定成本的角度來看，不會有增加。這一切都將是可變的。因此，如果有額外的餐飲和宴會業務，它將與其收入部分相匹配。但我認為我們很高興能夠為我們的物業提供服務，以我們今天的水平為我們的客人提供服務。然後我不知道，喬納森，如果你想拿走收入。

Yes, I think on the revenue growth side, we're running now with occupancies that are basically full on the weekends. There's a bit of room during the weekdays. So really, it will need to come through pricing as opposed to occupancy gains largely in Las Vegas. And I think if that's in the low single digits, we should be able to cover any increases in payroll adequately.

是的，我認為在收入增長方面，我們現在在周末基本滿員的情況下運行。工作日有一點空間。因此，實際上，它需要通過定價來實現，而不是主要通過拉斯維加斯的入住率增長來實現。而且我認為，如果這是低個位數，我們應該能夠充分彌補工資的任何增長。

I mean overall, I think we think our margins are going to sustain is really the -- I think the answer to that.

我的意思是，總的來說，我認為我們認為我們的利潤率將持續下去——我認為這是答案。

And then Bill, we're dealing with another earnings call and release today as well, so I want to make sure I understood your comment. Your prepared comments you talked about Macau being back that in the month of January, it led the company in profitability or something along those lines. Can you just explain that? Or give a little bit more detail on that?

然後比爾，我們今天還要處理另一個收益電話會議和發布，所以我想確保我理解你的評論。你準備好的評論說澳門在 1 月份回歸，它在盈利方面領先於公司或類似的東西。你能解釋一下嗎？或者提供更多細節？

Yes, I can put a little color around it, and then we have Hubert on the line, these guys have worked hard at this for 3 years. So I'll let him talk a little bit about the business. But look, the rebound was, interestingly come January 8, fairly instant. I think we peaked during Chinese New Year, making a little over 5 million a day. I mentioned in my prepared comments, 16% share. And for us, for all the reasons I mentioned, our mass piece volumes were 100% over our '19 levels. Now we're talking about a whopping 30 days here. But for the company, particularly from where we have come from, we activated 150 to 200 new tables we have. We're very excited about what's happened in the first 30 days.

是的，我可以在它周圍塗上一點顏色，然後我們有 Hubert 在線，這些人為此努力了 3 年。所以我會讓他談談業務。但是，有趣的是，1 月 8 日的反彈相當迅速。我認為我們在春節期間達到頂峰，每天賺 500 萬多一點。我在準備好的評論中提到，16% 的份額。對我們來說，由於我提到的所有原因，我們的大件體積比我們 19 年的水平高出 100%。現在我們在這裡談論的是長達 30 天的時間。但是對於公司，特別是我們來自的公司，我們激活了 150 到 200 個新表。我們對前 30 天發生的事情感到非常興奮。

And so Hubert, maybe any other color would be helpful.

休伯特，也許其他顏色會有幫助。

Sure. Thanks, Bill. Thanks, Joe, for the question. For -- since the beginning of the year, I think the market has been growing back and has exceeded the expectations of many participants and observers. For us, in January, on the gaming side, we have seen very healthy, above the market average recovery in both mass and direct VIP segments. And for the month of January, as Bill has mentioned, our market share reached 16%, which is a record high for us.

當然。謝謝，比爾。謝謝，喬，提出這個問題。因為——自今年年初以來，我認為市場一直在回升，並且超出了許多參與者和觀察者的預期。對我們來說，在 1 月份，在博彩方面，我們看到中場和直接 VIP 細分市場的複蘇非常健康，高於市場平均水平。正如比爾提到的那樣，一月份，我們的市場份額達到了 16%，這是我們的歷史新高。

Our daily mass GGR was on par with the 2019 level for the month of January during Chinese New Year, far exceeded last year's Chinese New Year level, actually. And we are also encouraged to see that direct VIP segment in terms of rolling volume far exceeded 2019 level as well.

我們的每日大眾博彩收入與 2019 年農曆新年 1 月份的水平持平，實際上遠遠超過去年的農曆新年水平。我們也很高興地看到，就滾動量而言，直接 VIP 部分也遠遠超過了 2019 年的水平。

It is also very encouraging to see that January run rate extend into the first week of February so far. So all in all, we are very confident in a solid and sustainable recovery of Macau market this year and beyond.

到目前為止，看到 1 月的運行率一直延續到 2 月的第一周，這也非常令人鼓舞。因此，總而言之，我們對今年及以後澳門市場穩健可持續的複蘇充滿信心。

The next question will be from David Katz from Jefferies.

下一個問題將來自 Jefferies 的 David Katz。

This is Cassandra on David's behalf. I want to expand on Macau's margin longer term. As we think about the shift in VIP mix from junket to direct, I believe your competitors have also called out increased labor costs and some labor shortage and increased utility. So how should we think about the margins in Macau longer term?

這是代表大衛的卡桑德拉。我想長期擴大澳門的利潤率。當我們考慮 VIP 組合從中介到直接的轉變時，我相信你的競爭對手也呼籲增加勞動力成本和一些勞動力短缺以及增加效用。那麼，我們應該如何長期考慮澳門的利潤率呢？

Well, again, I'll kick this to Hubert. My only initial comment is I believe everyone knows this, the junket business, I mean, when it was all said and done, it was a 20% margin business. And so while there was a great deal of volume in that business and we all -- was accretive to us and obviously, a vehicle for capital into the market, it didn't help the margin, I can assure you.

好吧，再一次，我會把這個踢給休伯特。我唯一的初步評論是，我相信每個人都知道這一點，即中介業務，我的意思是，說到底，這是一個 20% 的保證金業務。因此，儘管該業務量很大，而且我們所有人 - 對我們來說都是增值的，而且顯然是資本進入市場的工具，但我可以向你保證，它並沒有幫助提高利潤率。

So Hubert, I don't know if you want to talk about more generally what you think will happen there. But I do like where we're positioned for VIP, mass VIP. Remembering our branch environment and system is broader than almost anybody else's in the market. We've been doing it for 30 years into Las Vegas, and we've now taken that network and put it to work directly to the benefit of Macau. Hubert?

所以休伯特，我不知道你是否想更籠統地談談你認為那裡會發生什麼。但我確實喜歡我們為 VIP、大眾 VIP 定位的位置。請記住我們的分支機構環境和系統比市場上幾乎任何其他人都廣泛。我們在拉斯維加斯已經這樣做了 30 年，現在我們已經利用該網絡並將其直接用於澳門的利益。休伯特？

Yes. I think that in terms of margins, I think that we expect in this year and beyond, probably we'll at the high end of -- in the 20s, but in the higher side of the 20s. And in terms of junket to direct, certainly, there are some conversion in that space, but it's really too early to give you any concrete numbers. But from the strength we have observed in January and Chinese New Year in our direct business, I think that we're still very confident in the growth of the direct business and particularly given the wide network of MGM Resorts in terms of global reach of high-end customers.

是的。我認為就利潤率而言，我認為我們預計在今年及以後，我們可能會在 20 年代的高端，但在 20 年代的高端。就直接中介而言，當然，在那個領域有一些轉換，但現在給你任何具體數字還為時過早。但從我們在 1 月份和農曆新年的直接業務中觀察到的實力來看，我認為我們對直接業務的增長仍然非常有信心，特別是考慮到米高梅度假村在全球範圍內的廣泛網絡-終端客戶。

Great. And for the follow-up, if I may shift here on Las Vegas. There were a lot of very bullish or favorable commentaries. The ADR has been substantially higher than pre-COVID levels. Do you think that is sustainable? And looking beyond '23 and especially if we're thinking about a recession, how resilient do you think that ADR should be?

偉大的。對於後續行動，請允許我轉移到拉斯維加斯。有很多非常樂觀或有利的評論。 ADR 已大大高於 COVID 之前的水平。你認為這是可持續的嗎？展望 23 年後，尤其是當我們考慮經濟衰退時，您認為 ADR 應該具有多大的彈性？

Yes, this is Corey. Yes, I think it's sustainable. As we look at the event calendars on weekends and our forward-looking pacing and what we're booking rates at now, we have pretty good visibility further out. On the midweek, we see our -- not only our convention business getting better, but the whole city's convention business getting better. So the pricing that we're seeing today, we should be able to sustain, given where the economy is today.

是的，這是科里。是的，我認為這是可持續的。當我們查看周末的活動日曆和我們的前瞻性節奏以及我們現在的預訂率時，我們對更遠的地方有很好的了解。在周中，我們看到我們的 - 不僅我們的會議業務變得更好，而且整個城市的會議業務都變得更好。因此，鑑於今天的經濟狀況，我們今天看到的定價應該能夠維持。

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。

Just looking at some of the disclosure in Las Vegas and trying to decipher what is kind of the delta between gaming revenue and your net casino revenue has widened in the last few quarters. I'm assuming that is kind of all mix related with Cosmo coming online? And is that kind of a range, that delta, that pretty much will hold firm moving forward?

只需看看拉斯維加斯的一些披露，並試圖破譯過去幾個季度博彩收入與賭場淨收入之間的差異是什麼。我假設這與 Cosmo 上線有關？那種範圍，那個三角洲，幾乎會堅定地向前發展嗎？

Yes, Carlos, hi. Bill, I think the answer to the question is yes. We got a -- we needed to, through COVID because obviously, the group segment of note went away. Very active with our casino market, our casino marketing database, personalization and other things we might do in that sector, and we've sustained it. And so it's helped that tremendously. Obviously, now convention business is going to come back and, Corey, what? 18%, 19% of our mix this year.

是的，卡洛斯，嗨。比爾，我認為這個問題的答案是肯定的。我們得到了一個——我們需要通過 COVID 來做到這一點，因為很明顯，注意的組部分消失了。非常活躍於我們的賭場市場、我們的賭場營銷數據庫、個性化和我們可能在該領域做的其他事情，我們已經維持了它。所以它極大地幫助了這一點。顯然，現在會議業務要回來了，科里，什麼？ 18%，今年占我們組合的 19%。

Yes.

是的。

But I think it is sustainable is the way to think about the business.

但我認為可持續發展是思考業務的方式。

Great. And then, Corey, just on that, on the topic of convention mix, you made a comment earlier, I believe that the bookings that were done, were done at double digits. If you look at kind of the entirety of the group business on the books or the targeted group business on the books from a pricing perspective, how does that look year-over-year or relative to 2019, however, you guys kind of want to think about it?

偉大的。然後，科里，關於會議組合的話題，你早些時候發表了評論，我相信已經完成的預訂是兩位數的。如果你從定價的角度來看賬面上的整個集團業務或賬面上的目標集團業務，那麼這與去年同期或相對於 2019 年相比如何，然而，你們有點想考慮一下？

Yes, I think, look, many of those contracts were in place over 2019, 2020. I think they have price escalators in there. It's probably an area of opportunity for us in the future as we look at future convention bookings. But just as a reminder, it's 18% of our business. The new business is getting booked based on where rates are today.

是的，我認為，看，其中許多合同是在 2019 年、2020 年簽訂的。我認為他們那裡有價格自動扶梯。當我們著眼於未來的會議預訂時，這可能是我們未來的一個機會領域。但提醒一下，它占我們業務的 18%。新業務正在根據今天的費率進行預訂。

Okay. And do you believe, like when you think about it overall, just that taking the pricing aside, thinking about the visibility that it provides you, do you believe as you look through 2023, all things equal economically and from a macro perspective that there should be pricing power year-over-year on a same-store basis?

好的。你是否相信，就像當你從整體上考慮它時，只是把定價放在一邊，考慮它為你提供的可見性，當你展望 2023 年時，你是否相信，從經濟和宏觀角度來看，所有的事情都應該是平等的在同店的基礎上同比定價能力？

Yes. I think there should be some pricing power based on the amounts we have on the book and the foundation we have in our bookings.

是的。我認為應該有一些定價權，基於我們在賬簿上的數量和我們在預訂中的基礎。

And remember, Carlo, one thing we have strategically decided to do is push more business out of weekends and back into midweek. And so that has an overall play in ADR. Obviously, it brings down the convention ADR, but it raises the overall company's ADR because it gives us more opportunity in the weekends where we see, frankly, and continue to see real upside, particularly in the luxury segment, across Cosmo, MGM, Mandalay, Aria, Bellagio.

請記住，Carlo，我們戰略性地決定要做的一件事是將更多的業務從周末推到周中。因此，這在 ADR 中具有整體作用。顯然，它降低了常規 ADR，但它提高了整個公司的 ADR，因為它在周末為我們提供了更多機會，坦率地說，我們看到並繼續看到真正的上行空間，特別是在 Cosmo、MGM、Mandalay 的奢侈品領域，詠嘆調，貝拉吉奧。

The next question is from Stephen Grambling from Morgan Stanley.

下一個問題來自摩根士丹利的 Stephen Grambling。

Maybe turning to Japan, that was another one that you referenced is still out there. You're waiting on some approval but still looking for a return that's above, it sounds like, your free cash flow yield. Wondering if you could just elaborate on any of your updated expectations for that market and anything that's either evolved from the terms of the transaction, even the timing of when construction could start and when the property will be coming out of the ground.

也許轉向日本，那是你提到的另一個仍然在那裡。您正在等待一些批准，但仍在尋找高於您的自由現金流收益率的回報。想知道您是否可以詳細說明您對該市場的任何最新預期以及從交易條款演變而來的任何內容，甚至是何時開始施工以及何時開工。

Yes, Steve, I'm going to be a little careful because some of this is NDA with the government, et cetera. But having said that, we had hoped to hear in October. Obviously, we sit here now in February not having heard. The process lies today with MLIT, the government agency that is going through and consistently asking us questions about the project, about the contract with the government of Osaka, et cetera. Time to tell whether we get through that efficiently over the next 30 days. We would like to think and believe we might, but we've been thinking that for a while now.

是的，史蒂夫，我會有點小心，因為其中一些是與政府等的保密協議。但話雖如此，我們曾希望在 10 月聽到。顯然，我們在 2 月坐在這裡沒有聽到。這個過程今天由 MLIT 負責，這個政府機構正在審查並不斷向我們詢問有關該項目、與大阪政府的合同等方面的問題。是時候判斷我們能否在接下來的 30 天內有效地度過難關了。我們願意思考並相信我們可以，但我們已經考慮了一段時間了。

As it relates to macro, look, I'm excited to think that we may be the only player. And so instead of a market of 19 million people, we're talking about a much larger market. Having taken the journey many times from Tokyo, it's only 2.5 hours away by high-speed train, et cetera, so we see upside. Inflation has not hit Japan like it's in other places, and particularly for us, at our end of the partnership, the value of the yen has gone tremendously in our favor, but we're still looking at a $10 billion project. We're looking at a return on that project, we think can bring 15% plus in cash flow and then maybe then some, but it has to mature. And overall timing, the goal was -- now we're going to be challenged with that if we don't hear soon to get this thing open before the decade close in 2029. But since -- there's a bridge to getting there.

因為它與宏觀有關，看，我很高興認為我們可能是唯一的參與者。因此，我們談論的不是一個擁有 1900 萬人口的市場，而是一個更大的市場。從東京出發多次，乘坐高鐵等僅需 2.5 小時，因此我們看到了上行空間。通貨膨脹並沒有像在其他地方那樣襲擊日本，特別是對我們來說，在我們的伙伴關係結束時，日元的價值對我們有利，但我們仍在尋找一個 100 億美元的項目。我們正在考慮該項目的回報，我們認為可以帶來 15% 以上的現金流，然後可能會更多，但它必須成熟。總體時間安排，目標是——現在我們將面臨挑戰，如果我們不盡快聽到在 2029 年十年結束之前打開這個東西的話。但是從那以後——有一座通往那裡的橋樑。

That's helpful. And maybe a follow-up on BetMGM, just to make sure I understand you correctly. I guess are you anticipating far out any additional capital being put into that JV beyond this year, given the targets, kind of profitability or stand-alone at this point?

這很有幫助。也許是 BetMGM 的後續行動，只是為了確保我理解正確。考慮到目前的目標、盈利能力或獨立性，我猜你是否預計今年以後會向該合資企業投入更多資金？

No, none substantively. If BetMGM gets into the M&A business for some particular product, maybe. But generally, no. It's the $50-odd million, I think we've -- well, collectively, but call it, our $35 million or $45 million we've identified. It gives us every reason to believe it should hit its target this year, starting to make profitability in the second half of the year. We all have to be rational players. There is growth left. There are 6 additional states yet to go that have been identified. But no, there's no large-scale capital. That business should begin to mend and take care of itself.

沒有，實質上沒有。如果 BetMGM 進入某些特定產品的併購業務，也許吧。但一般來說，沒有。這是 5000 多萬美元，我想我們已經——好吧，總的來說，我們已經確定了 3500 萬或 4500 萬美元。它讓我們有充分的理由相信它應該在今年實現目標，並在今年下半年開始盈利。我們都必須是理性的玩家。還有增長。還有 6 個州尚未確定。但是沒有，沒有大規模的資本。該業務應該開始修復並照顧好自己。

Next question is from Chad Beynon from Macquarie.

下一個問題來自 Macquarie 的 Chad Beynon。

Bill, Jonathan, another one on Vegas, just given your diverse portfolio with luxury and core. Can you just kind of help us think about broadly how these segments compared to against each other in '22? Bill, I think you said, obviously, a lot of the group events and the city-wides in '23, just those compression nights should help probably a little bit more in luxury, but just trying to see -- I know you're not breaking it out, but kind of where the -- which way the wave is moving luxury and core.

Bill、Jonathan 和維加斯的另一個人，剛剛給了你們多元化的豪華和核心投資組合。您能否幫助我們廣泛地思考一下這些細分市場在 22 世紀的比較情況？比爾，我想你說過，很明顯，23 年的很多團體活動和全市範圍內的活動，只是那些壓縮之夜應該有助於在奢華方面多一點，但只是想看看——我知道你不是打破它，而是一種——浪潮正在以何種方式移動奢侈品和核心。

I think Corey you're best to...

我認為科里你最好...

In 2022, the majority of the growth here in Las Vegas was driven by the Bellagio, Aria, Cosmopolitan and the MGM Grand. Mandalay Bay had a fantastic year as they, of course, capitalized on the return of the group business to Las Vegas. I mean in the fourth quarter, just as an example, our group room nights were up about 50% versus the fourth quarter of 2021. So it certainly has skewed to the luxury properties. But I will tell you, from a portfolio strategy perspective, all of these properties here in Las Vegas are really important role players.

2022 年，拉斯維加斯的大部分增長是由 Bellagio、Aria、Cosmopolitan 和 MGM Grand 推動的。 Mandalay Bay 度過了美妙的一年，因為他們當然利用了集團業務回歸拉斯維加斯的機會。我的意思是，舉個例子，在第四季度，我們的團隊間夜量比 2021 年第四季度增加了約 50%。因此，它肯定偏向於豪華酒店。但我會告訴你，從投資組合戰略的角度來看，拉斯維加斯的所有這些房產都是非常重要的角色。

We've invested some capital in the Luxor in the last year. We just -- we're doing the rooms in New York-New York right now. And those businesses, we expect, are going to be very solid cash flow generators over the next several years. But no question, the growth is coming from the luxury segment.

去年我們在盧克索投資了一些資金。我們只是 - 我們現在正在紐約 - 紐約做房間。我們預計，這些業務將在未來幾年成為非常穩健的現金流產生者。但毫無疑問，增長來自奢侈品領域。

And then can you just talk a little bit more about the omnichannel opportunities with driving your players from BetMGM back to Las Vegas, given it's probably one of the more important years of your players wanting to come out and see some of the events, kind of where that stands now and how that should progress in '23?

然後你能不能多談談將你的玩家從 BetMGM 帶回拉斯維加斯的全渠道機會，因為這可能是你的玩家想要出來觀看一些賽事的更重要的年份之一，有點像現在的情況以及 23 年應該如何進展？

So I think simple answer is more. And when I say that in the context, it's now becoming thousands of players that have obviously touched both brands. It's interesting. The combination of the 2, the players spend about 40% more. Now that's kind of intuitive but 40% more is interesting.

所以我認為簡單的答案更多。當我在上下文中這麼說時，現在已經有成千上萬的玩家明顯接觸過這兩個品牌。這真有趣。 2 的組合，玩家花費大約 40%。現在這有點直觀，但多出 40% 很有趣。

The other thing that plays to the events, whether it's sports or otherwise, sporting events, is that 85% of the players are under 49 years old. And so that network and that combination is bringing us a younger player, bringing us people who have, to date, have the propensity to spend more when combined with both brick-and-mortar and digital activity. And we're now reaching thousands of them coming in.

影響賽事的另一件事，無論是體育賽事還是其他賽事，都是 85% 的球員年齡在 49 歲以下。因此，這種網絡和這種結合為我們帶來了一個更年輕的玩家，讓我們這些人迄今為止在結合實體和數字活動時有消費更多的傾向。我們現在有成千上萬的人進來。

We've set up fairly elaborate CRM systems, both at BetMGM and, ultimately, a hosting program here that captures them. And so there's one-to-one dialogue about certain VIP players and what their needs, wants and desires are. And so we've treated that network like we would treat any of our branch offices, if you will. When the phone rings and they have somebody of substance, we're set up to take care of them. So excited by it. We need over time to automate it more, so that there's true connectivity between BetMGM and its loyalty system and ultimately MGM Rewards system. But for now, focused on the high end between the spend, the use and the numbers, all pretty exciting.

我們已經在 BetMGM 建立了相當複雜的 CRM 系統，並最終在此處捕獲了一個託管程序。因此，就某些 VIP 玩家以及他們的需求、願望和期望進行了一對一的對話。因此，如果您願意，我們會像對待我們的任何分支機構一樣對待該網絡。當電話響起並且他們有重要人物時，我們會準備好照顧他們。太興奮了。隨著時間的推移，我們需要更多地實現自動化，以便 BetMGM 與其忠誠度系統以及最終的 MGM 獎勵系統之間存在真正的連接。但就目前而言，專注於支出、使用和數字之間的高端，這一切都非常令人興奮。

The next question is from Robin Farley from UBS.

下一個問題來自瑞銀的 Robin Farley。

I wanted to ask a little bit about -- you showed the breakdown of same-store gaming revenue in Vegas being down about 10%. And I think it was down a little bit in Q3 as well. I wonder if you could give us some sort of color on what's happening with the gaming consumer in the last 2 quarters. Is that kind of fewer trips year-over-year because there are more options in the world? Or is it just lower spend per trip? Or kind of what do you think is driving that in the last few quarters?

我想問一點——你顯示維加斯同店博彩收入的細目下降了大約 10%。而且我認為它在第三季度也有所下降。我想知道你是否可以給我們一些關於過去兩個季度遊戲消費者發生的事情的顏色。旅行次數同比減少是因為世界上有更多選擇嗎？還是只是降低了每次旅行的花費？或者你認為是什麼在過去幾個季度推動了這一點？

No. We've seen same-store handle and drop and win growing modestly in Las Vegas. Although there's no question, the majority of the growth that we've seen in this quarter on a same-store basis, it's been on the hotel side. So the gaming customer is healthy here in Las Vegas, the -- it is driven mostly by our higher-value gaming customers, but it's very healthy on a same-store basis.

不，我們已經看到拉斯維加斯的同店處理和下降並贏得了適度增長。儘管毫無疑問，我們在本季度看到的同店增長的大部分是在酒店方面。因此，拉斯維加斯的遊戲客戶很健康，它主要是由我們的高價值遊戲客戶驅動的，但在同店的基礎上非常健康。

With -- are the declines -- just to sort -- Jon, you're saying it's coming from the higher-end gaming player? Or you meant they're holding up, it's the sort of broader market player where the -- with the same-store decline?

隨著 - 下降 - 只是排序 - 喬恩，你是說它來自高端遊戲玩家？或者你的意思是他們在堅持，這是更廣泛的市場參與者 - 同店下跌？

No, we're -- what I'm talking about, our slot handle and table game drop and slot win and table game win increasing.

不，我們是 - 我在說什麼，我們的老虎機手柄和桌面遊戲下降以及老虎機獲勝和桌面遊戲獲勝增加。

Okay. I was looking at your slide showing casino revenues down 10% on a same-store basis in Q4. Kind of know there were some properties in and properties out, but I was just using the number from your slide.

好的。我正在看你的幻燈片，顯示第四季度賭場收入在同店基礎上下降了 10%。有點知道有一些屬性輸入和輸出，但我只是使用幻燈片中的數字。

Yes, some of that will be on a net basis after accounting for the cost of hotel rooms that are comped against those players. And so that is having an impact on what we're describing is that gaming revenue. But in terms of the way I consider the health of the gaming customer is to look at the volume metrics and the gross gaming revenue, which are growing on a same-store basis. Does that make sense, Robin? That's kind of when I think about what the behavior of these customers actually is, it's on the gross basis.

是的，其中一些將在考慮到與這些玩家競爭的酒店房間成本後以淨額計算。因此，這對我們所描述的遊戲收入產生了影響。但就我考慮遊戲客戶健康狀況的方式而言，是查看數量指標和遊戲總收入，它們在同店基礎上增長。這有意義嗎，羅賓？這就是當我考慮這些客戶的實際行為時，它是在粗略的基礎上。

Okay. Okay. I was just trying to clarify that number. That's helpful. Also, I was just curious, given obviously the strength of your liquidity and cash position and what you have going, why suspend the dividend? And I realize it was a small dividend only remaining at this point. But I'm just curious why suspend that when you -- liquidity is certainly not the issue.

好的。好的。我只是想澄清這個數字。這很有幫助。另外，我只是很好奇，考慮到您的流動性和現金頭寸的實力以及您的進展，為什麼要暫停派息？我意識到此時只剩下一小筆紅利。但我只是很好奇，當你——流動性肯定不是問題時，為什麼要暫停它。

Yes, it's not. It was really an administrative issue. It was burdensome. It was complex. And that measured against the size of the dividend itself, which was de minimis and just how much capital we've returned, and we expect to continue to return through the form of share repurchases. We just felt that it was a practice that we did not need to continue. That doesn't mean that we wouldn't reconsider it or our Board wouldn't reconsider it at some point, and in so doing, would make it a more substantial dividend than a de minimis dividend, but it was mostly an administrative solve.

是的，不是。這確實是一個行政問題。這是沉重的負擔。這很複雜。這是根據股息本身的規模來衡量的，股息是微量的，我們已經返還了多少資本，我們希望通過股票回購的形式繼續回報。我們只是覺得這是一種我們不需要繼續的做法。這並不意味著我們不會重新考慮它，或者我們的董事會不會在某個時候重新考慮它，這樣做會使它成為比微量股息更可觀的股息，但這主要是一個行政解決方案。

The next question is from John DeCree from CBRE.

下一個問題來自 CBRE 的 John DeCree。

Maybe just, Jonathan, a quick follow-up on Robin's question regarding casino revenues. So just to clarify, with the higher ADR now essentially the dollar amount that you need to net against casino revenue is what's causing that kind of accounting decline?

喬納森，也許只是對羅賓關於賭場收入的問題的快速跟進。因此，澄清一下，隨著 ADR 的提高，現在本質上是您需要從賭場收入中扣除的美元金額是導致這種會計下降的原因嗎？

Yes. That is the major issue that -- that's the major dynamic which is causing this topic that we are talking about. And it's not just ADR, but also the size of the casino segment generally.

是的。這是主要問題——這是導致我們正在談論的這個話題的主要動力。不僅是 ADR，還包括賭場部分的總體規模。

Okay. Understood. Thank you for that additional clarity. Maybe just for a follow-up question. Bigger picture, I think it was pretty clear as to where you target growth investments, digital international, but the last 24 months or so, you've moved a lot of chairs and upgraded the asset base in Las Vegas and opportunistically, I think, divested Gold Strike. Curious if you could give us some comments on how you feel about the domestic portfolio today, both regionally and in Las Vegas, and if there's potential opportunities you'd consider, more on the M&A side? And we kind of know plans in New York and if other big markets were to open. But on the M&A front, either buy or sell, anything that you'd think about doing or might make sense.

好的。明白了。感謝您提供的額外清晰度。也許只是為了後續問題。更大的圖景，我認為很清楚你的目標是增長投資，數字國際，但在過去 24 個月左右，你已經移動了很多椅子併升級了拉斯維加斯的資產基礎，我認為，機會主義，剝離了 Gold Strike。想知道您是否可以給我們一些評論，告訴我們您對今天在區域和拉斯維加斯的國內投資組合的看法，以及您是否會考慮更多的併購方面的潛在機會？我們知道紐約的計劃以及其他大市場是否開放。但在併購方面，無論是買還是賣，任何你想做的或可能有意義的事情。

Well, let me kick it off. A, I think, particularly after the moves that we've made, we've truly enjoyed the portfolio we have. In terms of Las Vegas, obviously, we own 40-odd percent of this marketplace, and we love the properties that we have here. We love the positioning. And what's happened at the south end of the strip, particularly via Allegiant has been productive. When it comes to our regionals, obviously, we're in a different regional game in most of our markets, a, whether it's Detroit, Atlantic City or Mississippi, we lead in a big fashion. We're market leaders there. We tend to want to do that and try to tie out the product offering, integrated resort to integrated resort. We just think there's an opportunity to get the right kind of customers to transition to Las Vegas and otherwise.

好吧，讓我開始吧。 A，我認為，特別是在我們採取行動之後，我們真的很享受我們擁有的投資組合。就拉斯維加斯而言，顯然，我們擁有這個市場 40% 以上的份額，我們喜歡我們在這裡擁有的房產。我們喜歡這個定位。在地帶南端發生的事情，特別是通過 Allegiant 發生的事情是富有成效的。說到我們的地區，很明顯，我們在我們的大多數市場都處於不同的地區遊戲中，a，無論是底特律、大西洋城還是密西西比州，我們都處於領先地位。我們是那裡的市場領導者。我們傾向於這樣做，並嘗試將產品供應、綜合度假村與綜合度假村聯繫起來。我們只是認為有機會讓合適的客戶過渡到拉斯維加斯和其他地方。

I would never say never on any M&A acquisition. There's always, I suspect, an asset here or there that might be of interest, but I don't think we have any immediate designs or plans on anything substantive sitting here today. I think our growth will come through the development opportunities we've defined, through the digital opportunities that we have defined to date and are going to seek. And yes, we've always got an eye and an ear open, but there's nothing specific that -- nor would I actually tell you if there was.

對於任何併購收購，我永遠不會說永遠不會。我懷疑這里或那裡總有一項資產可能會引起人們的興趣，但我不認為我們對今天坐在這裡的任何實質性內容有任何直接的設計或計劃。我認為我們的增長將通過我們定義的發展機會，通過我們迄今為止定義和將要尋求的數字機會來實現。是的，我們總是睜開眼睛和耳朵，但沒有什麼特別的——如果有的話我也不會告訴你。

Fair enough. Fair enough. Just gauging the strategy. Appreciate it, Bill.

很公平。很公平。只是衡量策略。欣賞它，比爾。

And the next question is from Barry Jonas from Truist.

下一個問題來自 Truist 的 Barry Jonas。

Guys, given the strong strip outlook for '23, is the high end of that 400 to 600 basis point margin expansion the right place to think about how the year could shake out? Or could you still go higher? And then just with that, can you remind me what the starting point is here? Is it the reported pre-COVID 2019 number or based on sort of a pro forma portfolio?

伙計們，考慮到 23 年的強勁前景，400 到 600 個基點利潤率擴張的高端是否是思考今年如何擺脫困境的正確位置？或者你還能走得更高嗎？然後就這樣，你能提醒我這裡的起點是什麼嗎？它是報告的 2019 年 COVID 之前的數字還是基於某種備考組合？

Yes, when we use that 400 to 600 basis points sustainable margin improvement, we're referencing the 2019 year. So we're not trying to adjust it for acquisitions or dispositions just because we're getting pretty far back in the past at that point. We're very comfortable that -- for across all of our domestic properties that we can be within that range or possibly exceed it. And exceeding it will be driven mostly by our -- the pricing environment. But we're comfortable with that and that compares to 2019.

是的，當我們使用 400 到 600 個基點的可持續利潤率改善時，我們指的是 2019 年。因此，我們不會僅僅因為我們在過去的時間已經過去很久了，就試圖針對收購或處置對其進行調整。我們很高興——對於我們所有的國內物業，我們可以在這個範圍內或可能超過它。超過它主要是由我們的定價環境驅動的。但我們對此感到滿意，並且與 2019 年相比。

Great. Great. And then just a follow-up. I think iGaming, we're hearing that the industry is taking more of a push. I'm curious how you think about the impact that iGaming is having on land-based gaming. Not sure if you're able to quantify what you've seen more recently and say, Michigan, but you could -- can you help us understand some of the puts and takes with what would seem to be some cannibalization threat?

偉大的。偉大的。然後只是跟進。我認為 iGaming，我們聽說這個行業正在採取更多的推動措施。我很好奇您如何看待 iGaming 對實體遊戲的影響。不確定你是否能夠量化你最近看到的東西並說，密歇根，但你可以 - 你能幫助我們理解一些似乎是蠶食威脅的看跌期權嗎？

Yes, I'll take that. Obviously, in Michigan, to your point, is the best example where we have market-leading brick-and-mortar, and we have obviously a market-leading digital. The digital business now has out-surpassed the brick-and-mortar by about 25%-ish. They're both doing well over 300 million GGR. Digital is approaching almost $400 million in GGR. It's an interesting market when you look at it because it's gone through smoking and nonsmoking. COVID lasted longer there in terms of its policies than anywhere else. I will tell you, there was some concern early in the middle part of last year.

是的，我會接受的。顯然，就您的觀點而言，密歇根州是最好的例子，我們擁有市場領先的實體店，而且我們顯然擁有市場領先的數字產品。數字業務現在已經超過實體業務約 25%。他們的 GGR 都超過 3 億。 Digital 的 GGR 接近 4 億美元。當你看著它時，這是一個有趣的市場，因為它經歷了吸煙和不吸煙。就其政策而言，COVID 在那裡的持續時間比其他任何地方都長。我會告訴你，去年年中早些時候就有一些擔憂。

The last 3 months in Detroit, now that we've come off of most of those COVID restrictions, we've made allocations for smoking and some smoking opportunities for customers, who still want to do that. Our numbers have not only stabilized, but it continued to grow in Detroit.

過去 3 個月在底特律，現在我們已經擺脫了大部分 COVID 限制，我們已經為仍然想吸煙的顧客分配了吸煙和一些吸煙機會。我們的人數不僅穩定下來，而且在底特律繼續增長。

So while it's obvious that there's a subset amount of play going on in digital, the chance to connect that with brick-and-mortar and ultimately reward and recognize. And simple things like bonusing or jackpots that I leave -- that I'm playing at home, I can come pick up in the brick-and-mortar where I left off as a player and have a contiguous experience is things that we're highly focused on. And so we think it's been a great opportunity. We think it can continue to be one. And we are -- we've seen nothing -- Michigan, we have the best laboratory in that. Michigan gives us confidence that going forward, we can replicate some of that in any of these other states. I think we'll be in great shape.

因此，雖然很明顯數字遊戲中有一小部分遊戲在進行，但有機會將其與實體遊戲聯繫起來並最終獲得獎勵和認可。還有一些簡單的事情，比如我留下的獎金或累積獎金——我在家裡玩，我可以在我作為玩家離開的實體店裡撿起來，並且有連續的經驗，這是我們正在做的事情高度專注。所以我們認為這是一個很好的機會。我們認為它可以繼續是一個。我們是——我們什麼都沒看到——密歇根州，我們擁有最好的實驗室。密歇根讓我們相信，未來我們可以在其他任何州複製其中的一些。我認為我們的狀態會很好。

The next question is Steve Wieczynski from Stifel.

下一個問題是來自 Stifel 的 Steve Wieczynski。

So actually I want to ask about your regional assets. And obviously, there's a fear out there in the investment world that at some point, some of these consumers could start to slow down. And we've heard from a lot of your peers so far that there really hasn't been any softness as of yet. And I just want to understand, have you guys seen the same fundamentals there, meaning no real weakening?

所以實際上我想問一下你們的區域資產。顯然，投資界擔心在某個時候，其中一些消費者可能會開始放緩。到目前為止，我們已經從很多同行那裡聽說，目前還沒有任何軟化。我只是想了解，你們是否看到了相同的基本面，這意味著沒有真正的削弱？

And then also, margins were impacted by the inclusion of nongaming amenities in the quarter. I'm just wondering, how much more of that potential margin headwind could those present going forward?

此外，利潤率還受到本季度非博彩設施的影響。我只是想知道，那些在場的人未來還有多少潛在的利潤逆風？

So let me take the top end of that and Corey, you can speak to the margins. We have several different kinds of regional properties. And so Maryland this year had an all-time record and then some. It was fantastic. We always dream of that property making over $300 million, and it did. And I know I'm getting dirty looks from some of my folks, but -- and it did. Atlantic City, given all of the competitive set and the reawakening of Hard Rock and what happened with Oceans, it's a highly competitive market, and we're holding our own. And that property continues to do the same kind of EBITDA. It's done traditionally no matter where the marketplace has been. It's kind of interesting.

所以讓我來談談最重要的事情，科里，你可以談談利潤率。我們有幾種不同類型的區域屬性。因此，馬里蘭州今年創造了歷史記錄，而且還不止於此。太棒了。我們一直夢想著那處房產能賺到超過 3 億美元，它確實做到了。而且我知道我的一些人對我不屑一顧，但是——確實如此。大西洋城，考慮到所有的競爭環境和 Hard Rock 的重新覺醒以及 Oceans 發生的事情，這是一個競爭激烈的市場，我們正在堅持自己的市場。而且該物業繼續做同樣的 EBITDA 。無論市場在哪裡，傳統上都是這樣做的。這有點有趣。

Detroit, as I just mentioned, continues to do well. We saw a little softening with Empire as it came out of COVID. Springfield has enhanced and been improving. Look, obviously, it will be the place that I think any major recession activity shows. But I will say, to date, particularly up until and through January, we haven't seen it. So Corey?

正如我剛才提到的，底特律繼續表現良好。當 Empire 從 COVID 中脫穎而出時，我們看到它有點軟化。斯普林菲爾德已經增強並不斷改進。看，很明顯，這將是我認為任何重大衰退活動所顯示的地方。但我要說，到目前為止，特別是直到一月份，我們還沒有看到它。那麼科里？

Yes. On the other regional properties, mainly in the third quarter, we increased on many of our nongaming amenities. And I think we're to the level where we're comfortable with what we have for our guests. So from an additional margin impact on that, I don't think there's much there. And then just on the business. December had a little bit of softness, as Bill mentioned, but what we're seeing in January and February so far is all of our regional markets are performing extremely up.

是的。在其他區域性資產中，主要是在第三季度，我們增加了許多非博彩設施。而且我認為我們已經達到了對我們為客人提供的服務感到滿意的水平。因此，從對此的額外利潤影響來看，我認為那裡並不多。然後只是在做生意。正如 Bill 提到的那樣，12 月有點疲軟，但到目前為止，我們在 1 月和 2 月看到的是我們所有的區域市場都表現得非常好。

Got you. Good to hear. And then second question real quick, and it's more of a follow-up here. But going back to Macau, it sounds like, Bill, I think you said -- or Hubert said this, you were doing about $5 million a day during Chinese New Year. And again, I'm not sure if this was you, Bill or Hubert, but did I hear you say that even after Chinese New Year, which, look, I know it's only, let's call it, 7 days or so, but you're still somewhere in that ballpark?

明白了很高興聽到。然後第二個問題很快，這裡更像是一個後續問題。但是回到澳門，聽起來，比爾，我想你說過——或者休伯特說過，你在農曆新年期間每天做大約 500 萬美元。再一次，我不確定這是你，Bill 還是 Hubert，但我有沒有聽到你說即使在中國新年之後，看，我知道這只是，讓我們稱之為 7 天左右，但你還在那個球場的某個地方嗎？

Yes, it was me. I said $5 million during Chinese New Year, but no -- but we are at a great pace and a great place. And so no, but that's extreme. Having said that, it's still very profitable, and this last -- it's been 5 days or 6 days, whatever it's been, but it's been good. And so -- but no, I mean, Chinese New Year's is one -- it's a unique environment, it happens once a year.

是的，是我。我在農曆新年期間說過 500 萬美元，但沒有——但我們的步伐很快，位置也很好。所以不，但這是極端的。話雖如此，它仍然非常有利可圖，而這最後一次 - 已經 5 天或 6 天了，不管它是什麼，但它一直很好。所以——但不，我的意思是，中國新年是一個——它是一個獨特的環境，每年一次。

Okay. Yes, I was just making sure I was not going to...

好的。是的，我只是確定我不會...

Don't do $5 million a day times 365.

不要每天做 500 萬美元乘以 365。

It's already done.

已經完成了。

And our next question will be from Dan Politzer from Wells Fargo.

我們的下一個問題將來自富國銀行的 Dan Politzer。

Can you hear me?

你能聽到我嗎？

Yes, Dan.

是的，丹。

Great. So first question, just on Macau. It's a 2-part question. The 16% share you guys called out, to what extent do you think that's sustainable? And if you can maybe parse that out, how much of that step-up has been driven from growth in mass or premium mass or direct VIP versus pre-COVID. And then that quarter-to-date comment about the MGM China properties, the highest earning business in the company. I mean should I -- if I kind of go back and piece together some math, should I interpret that, that they're pacing well over $100 million of EBITDA for the first quarter?

偉大的。所以第一個問題，關於澳門。這是一個由兩部分組成的問題。你們呼籲的 16% 份額，您認為這在多大程度上是可持續的？如果你能分析出來，那麼與 COVID 之前相比，這種提升有多少是由大眾或高端大眾或直接 VIP 的增長推動的。然後是關於美高梅中國物業的季度最新評論，這是公司收入最高的業務。我的意思是我是否應該 - 如果我回去拼湊一些數學，我應該解釋一下，他們在第一季度的 EBITDA 超過 1 億美元嗎？

No, no. For the month. Not the quarter, for the month. So you could think about it -- if we put them together, it would be the highest EBITDA property we had for the month in our system. The way to think about it.

不，不。對於這個月。不是季度，是月份。所以你可以考慮一下——如果我們把它們放在一起，這將是我們系統中本月最高的 EBITDA 資產。想想辦法。

And so Hubert, you can kick in here. Obviously, you're living this every day on the continuity of going forward.

所以休伯特，你可以在這裡踢。顯然，你每天都在繼續前進。

Yes, Dan, in terms of the market share question you asked, it's too early, but to give you a definitive answer or whether it's sustainable or not, but they are the things that ahead of us. Because as you know, we have additional tables, almost 200 additional tables. And we haven't fully deployed all these tables yet. We're in the process of doing that, along with some casino floor reconfiguration. So we plan to deploy all these tables by the end of first quarter. And I think that, that's number one.

是的，丹，就你問的市場份額問題而言，現在還為時過早，但要給你一個明確的答案，或者它是否可持續，但它們是擺在我們面前的事情。因為如您所知，我們有額外的桌子，幾乎有 200 張額外的桌子。我們還沒有完全部署所有這些表。我們正在這樣做，同時進行一些賭場樓層的重新配置。所以我們計劃在第一季度末部署所有這些表。我認為那是第一位的。

Number 2 is that in the retendering commitment in terms of investment, we also have a lot of, I think, earning accretive projects. And I think that these offerings that will drive additional traffic. I mean just to give you some color on the nongaming side for Chinese New Year, I mean, our own occupancy approached 100% and our restaurant covers actually exceeded 2019 Chinese New Year level. And a lot of that was because of all the nongaming events and concerts that do a lot of incremental visitors to us. And we're also seeing a longer stay by our hotel customers. I think that as we invest more in these nongaming amenities, well, that will help with our market share growth down the road or sustain at that level.

第二，在投資方面的重新招標承諾中，我認為我們也有很多盈利增值項目。而且我認為這些產品將帶來額外的流量。我的意思是給你一些中國新年非博彩方面的色彩，我的意思是，我們自己的入住率接近 100%，我們的餐廳覆蓋率實際上超過了 2019 年中國新年的水平。這在很大程度上是因為所有非遊戲活動和音樂會為我們帶來了大量的增量訪問者。我們還看到酒店客戶的逗留時間更長了。我認為，隨著我們在這些非博彩設施上投入更多，這將有助於我們的市場份額在未來增長或維持在該水平。

Got it. And then just for my follow-up, this is for Jon. On the pace of buybacks, obviously, you have the new $2 billion authorization. I mean it sounds like trends are very stable, if not outright encouraging. I mean to what extent would you feel more comfortable giving kind of a quarterly pace of buybacks?

知道了。然後只是為了我的後續行動，這是給喬恩的。顯然，在回購的步伐上，你有新的 20 億美元授權。我的意思是聽起來趨勢非常穩定，如果不是完全令人鼓舞的話。我的意思是，你會在多大程度上更願意按季度進行回購？

And then also, I think it was last quarter or maybe a couple of quarters ago, you mentioned kind of a decelerating pace of buybacks. So given the outlook on Vegas, is there kind of a run rate we can think about here?

然後，我認為是上個季度或幾個季度前，你提到了回購步伐的放緩。因此，鑑於拉斯維加斯的前景，我們可以在這裡考慮某種運行率嗎？

I don't want to give a quarterly pace. I do think you can look at our pace over the preceding 4 quarters. I think we actually did a bit more in the fourth quarter than we did in the third quarter. And so all I would say is that we have a healthy authorization from our Board. I hope I was able to communicate during the prepared remarks, the value we see in the shares. And despite all of the opportunities we have before us, the liquidity position the company has is going to allow us to continue to be an active share repurchaser. Beyond that, Dan, I just don't want to give any more specific outlook.

我不想給出季度進度。我確實認為你可以看看我們在前 4 個季度的步伐。我認為我們實際上在第四季度比第三季度做得更多。所以我要說的是，我們獲得了董事會的健康授權。我希望我能夠在準備好的發言中傳達我們在股票中看到的價值。儘管我們面前有很多機會，但公司的流動性狀況將使我們能夠繼續成為積極的股票回購者。除此之外，丹，我不想給出任何更具體的展望。

And our final question will be from Jordan Bender from JMP Securities.

我們的最後一個問題將來自 JMP Securities 的 Jordan Bender。

Can you just talk about the contribution from Far East play during the quarter in Las Vegas? And then what do bookings look like from Far East play for this point -- or for this year at this point?

能不能簡單說說遠東在拉斯維加斯這個季度的貢獻？那麼在這一點上遠東的預訂情況如何——或者今年此時的情況如何？

You're referring to the fourth quarter or Chinese New Year?

你指的是四季度還是春節？

Fourth quarter and then, I guess, quarter-to-date as well.

第四季度，然後，我想，也是季度至今。

I can -- I know the Chinese New Year number fairly well. Corey, I'll lean on you for the fourth quarter. Last year, Chinese New Year, we had about $35 million in sale. This year, that number was just under $100 million. And so the opportunity and what that opportunity provided us this year was 3x what it was last year. And so while not back at the '19 levels or '18 levels, it was meaningful.

我可以——我非常了解農曆新年的數字。科里，我會在第四節依靠你。去年春節，我們的銷售額約為 3500 萬美元。今年，這個數字略低於 1 億美元。因此，今年的機會和機會為我們提供的是去年的 3 倍。因此，雖然沒有回到 19 年或 18 年的水平，但它是有意義的。

And the Far East play during the fourth quarter, it was up about at least 1/3 over the fourth quarter of 2021 and constituted pretty much all of the growth in our international play during the fourth quarter. So very encouraging.

第四季度的遠東業務比 2021 年第四季度增長了至少 1/3，幾乎構成了我們第四季度國際業務增長的全部。非常鼓舞人心。

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。我想將會議轉回 Bill Hornbuckle 的閉幕詞。

Thank you, operator. I just want to thank everyone for joining us today. I know it gets late back on the East Coast.

謝謝你，運營商。我只想感謝大家今天加入我們。我知道回到東海岸已經很晚了。

Just a couple of thoughts. Obviously, we continue to show organic growth here in Las Vegas, particularly in our premium product, our luxury brands. If you think about Aria and Bellagio last year that made over $1.2 billion in cash flow, and we see, hopefully, that sustaining. You think about now Macau and the returning and I think our 200 extra tables will make a difference throughout the course of this year. You think about our development pipeline. You think about both brick-and-mortar digital. I would say, without any disparaging comments to our competitors, that we think about the balance of regional location, domestic location, Las Vegas, international, digital, we are the most well balanced and prepared for growth. We have no net debt.

只是幾個想法。顯然，我們在拉斯維加斯繼續展示有機增長，特別是在我們的高端產品，我們的奢侈品牌方面。如果你想想 Aria 和 Bellagio 去年的現金流超過 12 億美元，我們希望看到這種情況能夠持續下去。你現在想想澳門和回歸，我認為我們的 200 張額外賭桌將在今年的整個過程中產生影響。你想想我們的開發管道。你考慮實體數字。我會說，在不對我們的競爭對手發表任何貶低的評論的情況下，我們考慮了區域位置、國內位置、拉斯維加斯、國際、數字的平衡，我們是最平衡的，為增長做好了準備。我們沒有淨債務。

We have -- we're sitting at about $5.3 billion of cash liquidity. And since Jonathan and I have joined the senior roles, the company has bought back over 25% of its shares. And all of it on the back of an amazing team that we've put together here that's got extensive experience over many decades in many different jurisdictions. And so to say I'm excited by our future would be an understatement.

我們有——我們的現金流動性約為 53 億美元。自從喬納森和我擔任高級職位以來，公司已經回購了超過 25% 的股份。所有這一切都歸功於我們在這裡組建的一支了不起的團隊，該團隊在許多不同的司法管轄區擁有數十年的豐富經驗。所以說我對我們的未來感到興奮是輕描淡寫的說法。

I thank you all for your attention and most importantly, your support. So thank you.

我感謝大家的關注，最重要的是，感謝你們的支持。所以謝謝。

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

謝謝你，先生。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。