美高梅國際酒店集團 (MGM) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International First Quarter 2023 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 2023 年第一季度收益電話會議。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 First Quarter 2023 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 2023 年第一季度收益電話會議。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 a 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。您可以在我們的新聞稿和投資者介紹中找到與 GAAP 財務措施的對賬，這些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 good afternoon, and thank all of you for joining us today. I'd like to start by highlighting the recent news with the Japanese central government officially certified our area development plan in Osaka, which is a recognition of our perseverance and the great partnership that we have forged after more than a dozen years. This is one of the final steps that paves the way for us to begin our development process in Osaka to create what will likely be the first integrated resort in Japan. I'd like to thank the government of Japan, the City of Osaka, our local partner, Orix, and Ed Bowers and the development team and the many MGM employees who helped make this reality. It's truly an higher, and we look forward to getting started on this major development to increase our global reach and fulfill our strategy to increase our geographic diversification.

謝謝安德魯，下午好，感謝大家今天加入我們。首先，我想強調最近的消息，日本中央政府正式批准了我們在大阪的區域開發計劃，這是對我們堅持不懈的努力以及我們十多年來建立的良好夥伴關係的認可。這是為我們在大阪開始我們的開發過程鋪平道路的最後步驟之一，以創建可能成為日本第一個綜合度假村。我要感謝日本政府、大阪市、我們當地的合作夥伴 Orix、Ed Bowers 以及幫助實現這一目標的開發團隊和眾多米高梅員工。這確實是一個更高的層次，我們期待著開始這一重大發展，以擴大我們的全球影響力並實現我們增加地域多元化的戰略。

Turning to results. MGM Resorts has posted just an outstanding quarter of financial performance to start 2023 driven by another record Las Vegas quarter and significant recovery at our MGM China. MGM China is experiencing a rapid recovery following the lift of public health policy restrictions. Our first quarter outperformance in Macau is a direct result of the meticulous preparation and well-executed plan put together by our team in MGM China who ensured that we are ready to capture market share and drive results upon reopening.

轉向結果。美高梅度假村公佈了 2023 年伊始的出色季度財務業績，這得益於拉斯維加斯季度創紀錄的業績以及美高梅中國的顯著復甦。美高梅中國在公共衛生政策限制解除後正經歷快速復蘇。我們在澳門第一季度的出色表現是我們在美高梅中國的團隊精心準備和執行良好計劃的直接結果，他們確保我們準備好在重新開業時奪取市場份額並取得成果。

I'll point to a few KPIs to reflect our impressive start to the year in Macau. In the first quarter, our MGM China properties generated adjusted property EBITDAR of $169 million or 88% of our first quarter 2019 adjusted property EBITDAR. Our market share was 15% during the quarter, and we are confident in our ability to sustain share as we put in place key structural advantages, including: one, we gained an additional 200 tables as part of the concession renewal process. This represents a 33% increase in the tables for MGM in a market with fixed table allocations. Currently, our half of our incremental tables are fully in use and the remaining will be added as demand returns and we complete further refurbishments on the casino floors.

我將指出幾個關鍵績效指標，以反映我們在澳門今年開局令人印象深刻。第一季度，我們的美高梅中國物業產生了 1.69 億美元的調整後物業 EBITDAR，占我們 2019 年第一季度調整後物業 EBITDAR 的 88%。本季度我們的市場份額為 15%，我們有信心保持市場份額，因為我們具備關鍵的結構優勢，包括：第一，作為特許權更新過程的一部分，我們獲得了額外的 200 張賭桌。這表示在具有固定賭台分配的市場中，米高梅的賭台增加了 33%。目前，我們一半的增量賭桌已完全投入使用，其餘的將作為需求回報添加，我們將完成賭場樓層的進一步整修。

We also enhanced our property and remodels on the casino floors at both MGM Macau and MGM Cotai to focus on mass and premium mass along with adding 57 high-end villa suites at our Cotai property. In addition, we also have the advantage of our global sales international branch marketing network. We are actively leveraging our customer database to bring global customers to our properties.

我們還對澳門美高梅和美獅美高梅的賭場樓層進行了升級和改造，以專注於大眾和高端大眾，同時在我們的路氹物業增加了 57 間高端別墅套房。此外，我們還擁有全球銷售國際分支營銷網絡的優勢。我們正在積極利用我們的客戶數據庫將全球客戶帶到我們的酒店。

While we recognize that additional hotel supply will enter the market, these drivers, along with a deep customer understanding from our property leadership, I believe, will allow MGM China to maintain its share in the teens. I'd also like to thank the Macau SAR government for their partnership, and we look forward to working alongside them as we support Macau's positioning as a world center for tourism and leisure.

雖然我們認識到更多的酒店供應將進入市場，但我相信，這些驅動因素以及我們的物業領導層對客戶的深入了解將使美高梅中國保持其十幾歲的份額。我還要感謝澳門特區政府的合作，我們期待與他們一起努力，支持澳門作為世界旅遊休閒中心的定位。

Moving stateside, we have once again achieved exceptional results in Las Vegas with a record-breaking first quarter. This marks our seventh consecutive quarter of record EBITDAR, and we owe it all to the hard work and dedication of our thousands of employees. This quarter's Strip performance was fueled by fantastic calendar sports events, including, for the first time, hosting Sweet 16 and March Madness and other entertainment and convention events at our properties and throughout the city.

在美國本土，我們在拉斯維加斯再次取得了破紀錄的第一季度成績。這標誌著我們連續第七個季度創紀錄的 EBITDAR，這一切都歸功於我們數千名員工的辛勤工作和奉獻精神。本季度的 Strip 表現得益於精彩的日曆體育賽事，包括首次在我們的酒店和整個城市舉辦 Sweet 16 和 March Madness 以及其他娛樂和會議活動。

The quality and consistency of entertainment and sports programming at MGM Resorts and throughout Las Vegas has been a catalyst for the permanent transformation and strength and demand of our offerings. This is no better example than Formula 1, which, as you know, will come to Las Vegas for the first time this November.

米高梅度假村和整個拉斯維加斯娛樂和體育節目的質量和一致性一直是我們產品的永久轉型和實力和需求的催化劑。這就是 Formula 1 最好的例子，如您所知，Formula 1 將於今年 11 月首次來到拉斯維加斯。

Additionally, we are laser-focused on continuing to invest in our properties with a handful of the capital and projects on the Strip. At Bellagio, we are completing a 3-year remodel of all rooms and suites with our Spa Tower. This is in addition to enhancing our high-end gaming offering with a newly remodeled Club Privé for high-end table games customers and our Baccarat Lounge just reopened after a full renovation. We have begun construction of a pedestrian bridge to connect The Cosmopolitan of Las Vegas with Bellagio and Vdara. We are undergoing a full upgrade of our Mandalay Bay Convention Center along with numerous restaurants, bars, entertainment outlets and significant roomy models at New York-New York, MGM and The Water Club at Borgata. By the way, it will soon carry the MGM flag alongside Borgata's brand. These initiatives will be drivers of our customer loyalty and spend and ultimately, future free cash flow.

此外，我們非常專注於繼續利用拉斯維加斯大道上的少量資金和項目投資我們的物業。在 Bellagio，我們將用 Spa Tower 完成對所有客房和套房的 3 年改造。此外，我們還通過為高端桌上游戲客戶重新改造的 Club Privé 以及剛剛在全面翻新後重新開放的百家樂酒廊來增強我們的高端博彩服務。我們已經開始建造一座人行天橋，將拉斯維加斯大都會與貝拉吉奧和維達拉連接起來。我們正在對曼德勒海灣會議中心以及紐約-紐約、米高梅和 Borgata 的 The Water Club 的眾多餐廳、酒吧、娛樂場所和重要的寬敞模型進行全面升級。順便說一下，它很快就會與 Borgata 的品牌一起掛上米高梅的旗幟。這些舉措將推動我們的客戶忠誠度和支出，並最終推動未來的自由現金流。

Under our regional portfolio, it showed consistent year-over-year top line growth with stable profitability. I'd like to specifically recognize the Beau Rivage team and congratulate them for executing well on a beautiful room remodel, which was completed in 2022 and is seeing a very strong customer response.

在我們的區域投資組合下，它顯示出持續的同比收入增長和穩定的盈利能力。我想特別表彰 Beau Rivage 團隊，並祝賀他們在漂亮的房間改造中表現出色，該改造於 2022 年完成，並得到了非常強烈的客戶反響。

Turning now to BetMGM. In the first quarter, we expanded our footprint by launching in Ohio and Massachusetts, bringing our total active markets to 26. Based on results thus far, BetMGM remains on track to hit fiscal '23 revenue guidance of $1.8 billion to $2 billion. BetMGM is also continuing to make progress towards profitability later this year, all while continuing to expand and improve its product offering with our joint venture partner, Entain.

現在轉向 BetMGM。第一季度，我們通過在俄亥俄州和馬薩諸塞州開展業務擴大了我們的足跡，使我們的活躍市場總數達到 26 個。根據迄今為止的結果，BetMGM 仍有望實現 23 財年 18 億美元至 20 億美元的收入目標。 BetMGM 也在今年晚些時候繼續在盈利方面取得進展，同時繼續與我們的合資夥伴 Entain 一起擴大和改進其產品供應。

As we look at this business, we are encouraged by the improving economics that will translate into long-term profitability. As a reminder, as states mature and we focus on growing our NGR, optimizing retention bonus-ing and focusing on most profitable players, overall CPAs will decrease and the conversion from GGR to NGR will increase ultimately driving profitability.

當我們審視這項業務時，我們對經濟改善將轉化為長期盈利能力感到鼓舞。提醒一下，隨著各州的成熟，我們專注於發展我們的 NGR，優化保留獎金並關注最賺錢的玩家，整體 CPA 將下降，從 GGR 到 NGR 的轉換將增加最終推動盈利能力。

Internationally, we announced today that the first major investment by our subsidiary, LeoVegas, with LeoVegas entering in an agreement to acquire the majority of the game developer Push Gaming. Push is a proprietary content provider that will allow LeoVegas to grow its library of games as they extend their digital gaming presence to new markets. Push offers several industry-leading games to over 200 operators globally.

在國際上，我們今天宣布我們的子公司 LeoVegas 的第一筆重大投資與 LeoVegas 達成協議，收購遊戲開發商 Push Gaming 的大部分股權。 Push 是一家專有內容提供商，它將允許 LeoVegas 在將其數字遊戲業務擴展到新市場時擴大其遊戲庫。 Push 為全球 200 多家運營商提供多款行業領先的遊戲。

On the development front, we are working through the RFA process in New York. We plan to submit our official application in the summer and hope to receive a response by the first half of next year. We continue to expect total spend in New York to be approximately $2 billion, inclusive of the licensing fee. And should we win a license in New York, our plan is for extensive property improvements such as a new 5,000-seat theater, new food and beverage outlets, covered parking and an increase overall to the casino floor space. We will share more specifics as part of our submission process continues.

在開發方面，我們正在紐約完成 RFA 流程。我們計劃在夏季提交正式申請，並希望在明年上半年收到回复。我們繼續預計在紐約的總支出約為 20 億美元，包括許可費。如果我們在紐約獲得牌照，我們的計劃是進行廣泛的財產改善，例如新的 5,000 座劇院、新的食品和飲料店、有蓋停車場以及增加賭場的整體建築面積。隨著提交過程的繼續，我們將分享更多細節。

Now back to Japan. As we progress, we see great opportunity. Osaka has approximately 30 million people within a 3-hour transit time of our site in Yumeshima. Our site in Osaka is also expected to drive international tourism in Japan given its proximity to other major Asian countries. And I will remind all that Osaka is closer to many Northern Chinese cities than any other gaming market. Considering that, we will likely be our integrated resource offering for -- the first integrated resort offering for some time in Japan. We believe this project will generate a minimum to high-teens free cash flow yield.

現在回日本了。隨著我們的進步，我們看到了巨大的機會。在我們夢島站點的 3 小時運輸時間內，大阪擁有大約 3000 萬人口。我們在大阪的網站也有望推動日本的國際旅遊業，因為它靠近其他主要亞洲國家。我要提醒大家，大阪比任何其他博彩市場都更靠近中國北方的許多城市。考慮到這一點，我們很可能會成為我們的綜合資源產品——日本一段時間以來第一個綜合度假村產品。我們相信該項目將產生最低至十幾歲的自由現金流收益率。

Putting it all together, MGM Resorts offers steady earnings power through our existing operations and world-class brands, plus significant growth opportunity through our digital business, the recovery in Macau and our development opportunities. Our balance sheet boasts impressive strengths with $4.5 billion of cash, excluding MGM China, as shown in the presentation.

綜上所述，美高梅度假村通過我們現有的業務和世界級品牌提供穩定的盈利能力，並通過我們的數字業務、澳門的複蘇和我們的發展機會提供重要的增長機會。如演示文稿所示，我們的資產負債表擁有 45 億美元現金（不包括美高梅中國），實力雄厚。

Now to Jonathan for more detail on the quarter.

現在請 Jonathan 了解有關本季度的更多詳細信息。

Thanks, Bill. And I too want to at our employees for delivering another record quarter of financial results. I'd also like to recognize and thank our teams in both Japan and Macau for their outstanding wins this quarter.

謝謝，比爾。我也想對我們的員工表示感謝，因為他們創造了又一個創紀錄的季度財務業績。我還要表彰並感謝我們在日本和澳門的團隊在本季度取得的出色成績。

Digging into the numbers, our consolidated businesses generated revenues of $3.9 billion this quarter, up 36% from last year, and adjusted EBITDAR of $1.1 billion.

深入研究這些數字，本季度我們的合併業務產生了 39 億美元的收入，比去年增長 36%，調整後的 EBITDAR 為 11 億美元。

An even more impressive story was our free cash flow. During the quarter, net cash from operating activities was $704 million. Less capital expenditures, free cash flow was $564 million. It's important to note that $184 million in cash flow from operating activities and $6 million of CapEx related to MGM China in the quarter. This was a particularly strong quarter in free cash flow due not only to our operating results but also timing of taxes, interest payments and ramping of CapEx.

一個更令人印象深刻的故事是我們的自由現金流。本季度，經營活動產生的現金淨額為 7.04 億美元。減去資本支出，自由現金流為 5.64 億美元。值得注意的是，本季度與美高梅中國相關的經營活動現金流量為 1.84 億美元，資本支出為 600 萬美元。這是自由現金流特別強勁的一個季度，這不僅是因為我們的經營業績，還因為稅收、利息支付和資本支出的增加。

Our operating results certainly benefited from a recovery of MGM China as Macau reopened and our team executed on their reopening plan. Gross gaming revenue or win at MGM China ramped to 78% of 2019 in the first quarter or $663 million compared to less than 50% market-wide GGR recovery. This increase was driven by our main floor GGR, which exceeded 2019 levels in the first quarter. Adjusted property EBITDAR was $169 million, 88% of 2019 first quarter levels, and margin was 27% compared to 26% in 2019.

隨著澳門重新開放以及我們的團隊執行重新開放計劃，我們的經營業績無疑受益於美高梅中國的複蘇。美高梅中國的博彩總收入或贏額在第一季度攀升至 2019 年的 78% 或 6.63 億美元，而整個市場的 GGR 恢復率不到 50%。這一增長是由我們的主場 GGR 推動的，它在第一季度超過了 2019 年的水平。調整後的房地產 EBITDAR 為 1.69 億美元，為 2019 年第一季度水平的 88%，利潤率為 27%，而 2019 年為 26%。

Here in Las Vegas, margins of 38% remained in line with our performance for the last several quarters. On a year-over-year basis, our revenues grew $513 million and our adjusted property EBITDAR grew $242 million, representing a flow-through of 47%. These results are a testament to the market leadership of our properties, our pricing strategy and expense controls.

在拉斯維加斯，38% 的利潤率與我們過去幾個季度的表現保持一致。與去年同期相比，我們的收入增長了 5.13 億美元，調整後的房地產 EBITDAR 增長了 2.42 億美元，流轉率為 47%。這些結果證明了我們物業的市場領導地位、我們的定價策略和費用控制。

First quarter occupancy was 92% and ADR was $258, an increase of 31% year-over-year. Looking forward, our pace, which reflects on the books rooms, is up year-over-year for every month from now until November.

第一季度入住率為 92%，ADR 為 258 美元，同比增長 31%。展望未來，從現在到 11 月，我們的速度反映在圖書室上，每個月都在同比增長。

Food and beverage is also worth highlighting this quarter as it benefited from the 14 percentage point increase in occupancy and a 38% increase in restaurant covers. Food and beverage revenues were up 52% and banquet spend, which is one of our highest margin businesses, grew 84% due to the recovery in our group segment versus a year ago. In the regionals, first quarter same-store revenues, that excludes Gold Strike, grew 10% with adjusted property EBITDAR up 6% year-over-year.

本季度食品和飲料也值得強調，因為它受益於入住率增加 14 個百分點和餐廳覆蓋率增加 38%。餐飲收入增長了 52%，而我們利潤率最高的業務之一宴會支出增長了 84%，這是由於我們的集團業務與一年前相比有所復甦。在地區，第一季度同店收入（不包括 Gold Strike）增長 10%，調整後的房地產 EBITDAR 同比增長 6%。

BetMGM generated net gaming revenues from operations of $476 million in the first quarter representing a 76% increase over 2022. BetMGM's market share was 28% in iGaming and, when blended with online sports betting, had 17% market share in the U.S. across states in which it operates. Our 50% share of BetMGM operating losses was $82 million, which represents our highest expected loss of the year, as the first quarter is a heavy acquisition period with Super Bowl and March Madness plus launches in 2 states.

BetMGM 第一季度的運營博彩淨收入為 4.76 億美元，比 2022 年增長 76%。BetMGM 在 iGaming 中的市場份額為 28%，與在線體育博彩相結合時，在美國各州的市場份額為 17%它運作的。我們佔 BetMGM 運營虧損 50% 的份額為 8200 萬美元，這是我們今年的最高預期虧損，因為第一季度是超級碗和 March Madness 加上在兩個州推出的重要收購期。

At the cohort level, the data is showing robust player economics and a successful bonus optimization strategy. Same-store NGR from online sports increased 100% in the first quarter and BetMGM remains on course to profitability later in 2023.

在群組層面，數據顯示出強勁的玩家經濟和成功的獎金優化策略。第一季度在線體育的同店 NGR 增長了 100%，BetMGM 仍有望在 2023 年晚些時候實現盈利。

Before turning it back to Bill, I'll conclude, as usual, with a few observations on our free cash flow and our financial algorithm more generally. We're in an enviable position financially. Our collection of superior properties in Las Vegas, together with the stable operating performance of our regional portfolio, generates ample free cash flow from our domestic operations. BetMGM is fully capitalized now, growing rapidly and turning toward profitability later this year. Our Macau Enterprise is already operating at near pre-pandemic levels. Our balance sheet is strong and highly liquid. At the end of the quarter, excluding China, we had approximately $4.5 billion of cash, as shown in the presentation, and more cash than debt, creating a net cash position of $1.3 billion. All of this allows us to invest for growth, delever and repurchase shares, steadily reducing our share count.

在將其轉回 Bill 之前，我將像往常一樣，對我們的自由現金流和更普遍的財務算法進行一些觀察。我們在經濟上處於令人羨慕的地位。我們在拉斯維加斯的一系列優質物業，加上我們區域投資組合的穩定經營業績，從我們的國內業務中產生了充足的自由現金流。 BetMGM 現在資本充足，增長迅速，並在今年晚些時候轉為盈利。我們的澳門企業已經接近大流行前的水平。我們的資產負債表強勁且流動性強。如演示文稿所示，本季度末，不包括中國在內，我們擁有約 45 億美元的現金，現金多於債務，淨現金頭寸為 13 億美元。所有這些使我們能夠投資於增長、去槓桿和回購股票，穩步減少我們的股票數量。

In the first quarter, we completed the sale of the Gold Strike Tunica for $450 million in gross proceeds. We received $170 million in the early prepayment of the note receivable that was secured by excess land from our Circus Circus transaction. We repaid $1.25 billion for our 6% notes. In April, we paid $138 million to a minority investor in National Harbor as a result of the sale of their economic interest, and we agreed to purchase real estate between the Bellagio and the Cosmopolitan of Las Vegas to enable connectivity among these properties going forward. And this morning, we announced the acquisition of Push Gaming, augmenting our international digital strategy. The Japan and New York development opportunities lie before us, and we expect them to offer attractive free cash flow yields for our shareholders.

第一季度，我們以 4.5 億美元的總收益完成了 Gold Strike Tunica 的銷售。我們收到了 1.7 億美元的應收票據提前預付款，這些票據由我們的 Circus Circus 交易中的多餘土地擔保。我們為 6% 的票據償還了 12.5 億美元。 4 月，我們向 National Harbor 的少數投資者支付了 1.38 億美元，因為他們出售了他們的經濟利益，並且我們同意購買 Bellagio 和拉斯維加斯 Cosmopolitan 之間的房地產，以實現這些物業之間的連接。今天早上，我們宣布收購 Push Gaming，增強我們的國際數字戰略。日本和紐約的發展機會擺在我們面前，我們希望它們能為我們的股東提供有吸引力的自由現金流收益率。

This year, through today, we've repurchased 16 million shares for $654 million, excluding excise tax, and that represents 4% of our share count. And we'll continue to repurchase shares, capturing the free cash flow yield on our shares, reducing our share count and growing free cash flow per share.

今年到今天，我們以 6.54 億美元（不包括消費稅）回購了 1600 萬股股票，占我們股票總數的 4%。我們將繼續回購股票，獲取我們股票的自由現金流收益率，減少我們的股票數量並增加每股自由現金流。

Bill, back to you.

比爾，回到你身邊。

Thanks, Jonathan. A couple of comments, and then we'll open it up for questions. I got to say, I'm extremely proud of the entire team. It's arguably one of our best quarters ever. If you think about the overall performance, Las Vegas, Macau, the major development news we had in Japan, our pursuit of New York, things are going exceptionally well there. Jonathan just mentioned, and obviously, it's our intent that MGM is an inflection point. And then we continue to push through LeoVegas in growing our digital business on an international scale.

謝謝，喬納森。一些評論，然後我們將打開它以供提問。我得說，我為整個團隊感到非常自豪。它可以說是我們有史以來最好的宿舍之一。如果你考慮整體表現，拉斯維加斯、澳門、我們在日本的主要發展新聞、我們對紐約的追求，那裡的事情進展得非常順利。喬納森剛剛提到，很明顯，米高梅是一個轉折點，這是我們的意圖。然後我們繼續推動 LeoVegas 在國際範圍內發展我們的數字業務。

We are obviously now almost a year into our acquisition of Cosmopolitan. And so we couldn't be happier with the position in the leading resorts we have here in Las Vegas. We have 4 of the country's top 8 regional casinos in terms of performance, which fortifies the effort that we have here not only those markets but sending people back to Las Vegas. And we have a fortified balance sheet that still continues to allow us to buy back the shares when we think appropriate and invest in our company's future.

顯然，我們收購 Cosmopolitan 已經將近一年了。因此，我們對在拉斯維加斯擁有的領先度假村的地位感到非常高興。就業績而言，我們擁有該國前 8 名區域賭場中的 4 家，這不僅加強了我們在這些市場的努力，而且將人們送回拉斯維加斯。而且我們擁有穩固的資產負債表，仍然允許我們在我們認為合適的時候回購股票並投資於公司的未來。

With that, operator, we'll open it up to any questions.

有了這個，接線員，我們將開放它來回答任何問題。

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

（操作員說明）第一個問題來自摩根大通的 Joe Greff。

Hope you're well. Jonathan, your comments in Las Vegas in terms of looking ahead and talking about your bookings pace and how it's up year-over-year every month now through November, a very interesting comment. Can you talk about how even that is or how even performance in Las Vegas between the higher end and the lower end between midweek and weekend? Then I have a follow-up.

希望你一切都好。喬納森，你在拉斯維加斯的評論是關於展望未來和談論你的預訂速度以及從現在到 11 月每個月的同比增長，這是一個非常有趣的評論。你能談談在周中和周末之間拉斯維加斯高端和低端之間的表現如何嗎？然後我有一個後續行動。

Sure. I'll make a couple of comments, Joe, and then I'll certainly invite Corey to add his perspective as well. The strength in Las Vegas really has been driven mostly, not entirely, but mostly by weekend rates. That's where the real pricing power has been. It's been certainly supported by the event schedule Bill referenced in his remarks. But we're still seeing -- during the quarter, we saw growth in the midweek room rates as well. But just the real strength has been from the weekends.

當然。 Joe，我會發表一些評論，然後我當然會邀請 Corey 補充他的觀點。拉斯維加斯的強勢確實主要（不完全）但主要是由周末利率推動的。這才是真正的定價權所在。比爾在他的評論中提到的活動日程肯定支持了這一點。但我們仍然看到 - 在本季度，我們也看到了周中房價的增長。但真正的力量來自周末。

And then going forward, any differences in terms of the pacing on the books is typically driven by the group customers that are on the books. The groups are a bit lighter during the summer months than they are, say, deeper into the fall. But I would say on balance that it's a pretty even outlook we have in terms of the way the pace is building.

然後向前看，在賬簿上的節奏方面的任何差異通常是由賬簿上的集團客戶驅動的。這些團體在夏季的幾個月裡比他們更輕一些，比如說，在秋天更深的時候。但我要說的是，總的來說，就步伐的建立方式而言，我們的前景相當平坦。

I would agree.

我同意。

Great. And then obviously, a significant recovery in Macau and [best case] been a long time coming. Obviously, we got good market-wide news this morning on market-wide performance in April. Can you talk about what you've seen thus far in April? And maybe, to us, what we see from an industry-wide market performance is, I guess, more grind or base mass recovery. Can you talk about what you're seeing in terms of the recovery thus far in the second quarter?

偉大的。然後很明顯，澳門的顯著復甦和 [best case] 已經等了很長時間了。顯然，今天早上我們收到了有關 4 月份市場表現的好消息。你能談談你在 4 月份到目前為止所看到的情況嗎？也許，對我們來說，我們從整個行業的市場表現中看到的是，我猜，更多的研磨或基礎物質回收。你能談談你在第二季度到目前為止看到的複蘇情況嗎？

Joe, we've got Hubert on the phone. I'm going to turn it over to him. Before I do though, I just want to recognize that team, thank Hubert, Kenny and Panzy of note. Their leadership has gotten us to a great place. April has been amazing. Maybe Hubert, you can speak a moment on Golden Week, how it's kicked off. But over to you, Hubert.

喬，我們接到了休伯特的電話。我要把它交給他。不過，在我這樣做之前，我只想承認那個團隊，感謝 Hubert、Kenny 和 Panzy。他們的領導使我們取得了成功。四月真是太棒了。也許 Hubert，你可以談談黃金周的時間，它是如何開始的。但是交給你了，休伯特。

All right. Thanks. I think that we look at the daily visitation to Macau, it has been steady on the rise month-after-month since January after travel restriction was lifted. In March, daily visitor counts averaged about 50% in the first quarter and April is already at 75% of 2019 level. So if you walk around the streets, you can already see the pre-COVID hustle and bustle in the atmosphere, has reemerged in Macau into the resort and the streets.

好的。謝謝。我認為我們看看澳門的每日訪問量，自 1 月取消旅行限制後，它一直在逐月穩定增長。 3 月份，第一季度的日均訪客量約為 50%，而 4 月份已經達到 2019 年水平的 75%。因此，如果你走在街上，你已經可以看到 COVID 前的喧囂氣氛，已經在澳門重新出現在度假村和街道上。

So we have seen similar pattern in terms of recovery, in terms of the daily GGR recovery, particularly in March and April and leading towards the Golden Week. We think that the market will continue to recover as more and more gaming customers and leisure travelers make their first post-pandemic trip to Macau.

因此，我們在每天的 GGR 恢復方面看到了類似的恢復模式，特別是在 3 月和 4 月以及黃金周之前。我們認為，隨著越來越多的博彩客戶和休閒旅客在疫情后首次到訪澳門，市場將繼續復甦。

Another source of recovery is the concerted efforts by concessionaires to attract overseas players. Now obviously, I think that MGM has led the market in a recovery pace. For example, our daily mass GGR has already exceeded 2019 level, as Bill noted. The trend continues to be into April at the elevated level. We're already -- in terms of mass, we're already 115% of 2019 mass level.

復甦的另一個來源是特許經營商齊心協力吸引海外玩家。很明顯，我認為米高梅在復蘇步伐上引領了市場。例如，正如 Bill 指出的那樣，我們的每日大眾 GGR 已經超過 2019 年的水平。該趨勢將繼續保持到 4 月份的高位。我們已經——就質量而言，我們已經達到 2019 年質量水平的 115%。

Do you think you maintained the market share gains from the 1Q thus far in April? And one final one on that...

您是否認為您在 4 月份保持了第一季度以來的市場份額增長？最後一個關於那個......

Yes. I think the market number was released yesterday, and we have seen the share being stable.

是的。我認為昨天發布了市場數據，我們已經看到該份額穩定。

Joe, reflecting on my comments earlier, look, it's not lost on us. This is probably 10,000 rooms, give or take, left to open in Macau. And so arguably, that will have an impact. But I think the team's ability to drive high-end mass and into some VIP has been demonstrated. We're well over 90%, both in GGR and EBITDA in April. And the first couple of days of Golden Week, you've seen just under 0.25 million people hit the market. And we're getting more than our fair share of that. But we do recognize there's 10,000 rooms to go.

喬，回顧一下我之前的評論，看，我們並沒有迷失方向。這大概是 10,000 間客房，或多或少，留給澳門開業。因此可以說，這將產生影響。但我認為團隊推動高端大眾和進入一些VIP的能力已經得到證明。我們 4 月份的 GGR 和 EBITDA 都超過 90%。在黃金周的前幾天，你看到只有不到 25 萬人湧入市場。我們得到的不僅僅是我們應得的份額。但我們確實認識到還有 10,000 個房間需要去。

Great. And then just one quick one here. I know I'm sort of going above my follow-up allotment of one question. If we adjust for normal VIP hold in Macau, what was that property level EBITDA performance?

偉大的。然後這裡只是一個快速的。我知道我有點超出了我對一個問題的後續分配。如果我們針對澳門正常的 VIP 持有進行調整，該物業水平的 EBITDA 表現如何？

Hubert?

休伯特？

I think it was $169 million EBITDA.

我認為這是 1.69 億美元的 EBITDA。

It's $169 million with VIP hold, if we adjust that for normal VIP table hold property then?

VIP 持有資產為 1.69 億美元，如果我們針對普通 VIP 持有資產進行調整，那麼呢？

Yes.

是的。

It's $14 million, Joe, is the answer.

答案是 1400 萬美元，喬。

And the next question will be from Shaun Kelley from Bank of America.

下一個問題將來自美國銀行的 Shaun Kelley。

Congrats on the results and specifically the news out of Japan. So if I may, I just wanted to start with the Japan project. Bill, like, obviously, you've been working on this milestone for a long time. Can you help us think about key remaining milestones? And very specifically, when should investors start to prepare for capital commitments needing to go into the ground and maybe a little discussion about broad level plans around project financing for it?

祝賀結果，特別是來自日本的消息。所以如果可以的話，我只想從日本項目開始。比爾，顯然，你已經為這個里程碑努力了很長時間。你能幫我們想想剩下的關鍵里程碑嗎？非常具體地說，投資者什麼時候應該開始為需要進入地下的資本承諾做準備，或許可以就項目融資的廣泛計劃進行一些討論？

Sure. I'll leave the last part to Jonathan, but let me kick it off. So obviously, the area development plan and the certification by the national government was the big outstanding item to get across the finish line, and that's just been accomplished. We have a land lease and we have various agreements with the municipality that we have to get done, presuming this next quarter those will get done.

當然。我將把最後一部分留給喬納森，但讓我開始吧。很明顯，區域發展計劃和國家政府的認證是完成終點線的重要項目，而且剛剛完成。我們有土地租約，我們與市政當局有各種協議，我們必須完成這些協議，假設下個季度這些協議將完成。

That being said, we're looking to break ground either late this year or first part of next year. And it's between $4.5 million and $5 million -- not $5 million. I wish it was $5 million -- a 5-year build. It is probably going to open first quarter-ish, second quarter of 2030, so we've got some time to go. There's obviously a lot of work to be done. It's a manmade island in terms of borings. And so that's the general timing around it. On financing, Jonathan?

話雖這麼說，我們希望在今年晚些時候或明年上半年破土動工。它在 450 萬到 500 萬美元之間，而不是 500 萬美元。我希望它是 500 萬美元——一個 5 年的建設。它可能會在 2030 年第二季度的第一季度左右開放，所以我們還有一些時間。顯然還有很多工作要做。就無聊而言，這是一個人造島。這就是它的一般時間安排。關於融資，喬納森？

Yes. We and our partners, Orix, will be putting together a bank financing for the project. That financing, that work has already been underway actually for some period of time. Our equity investments will begin in earnest in late 2024 and into 2025, really through 2027, at which point that we'll be tapping into this financing for the completion of the project.

是的。我們和我們的合作夥伴 Orix 將為該項目提供銀行融資。該融資，該工作實際上已經進行了一段時間。我們的股權投資將從 2024 年底開始，到 2025 年，實際上是到 2027 年，屆時我們將利用這筆融資來完成項目。

Great. And then my follow-up, just to switch gears, would be in online. You gave some great color about some of the KPIs and how the GGR/NGR side is going. Could you just talk a little bit about the operating loss cadence as we move throughout the year? And can you reiterate the sort of joint contribution of around $150 million commitment for the full year? Is that still in play? Or does that need to be tweaked a little bit as we sit here today?

偉大的。然後我的後續行動，只是為了換檔，將在網上進行。您對一些 KPI 以及 GGR/NGR 方面的進展情況給出了一些很好的說明。您能否談談我們全年移動時的運營虧損節奏？您能否重申全年約 1.5 億美元的聯合捐款承諾？那還在玩嗎？或者在我們今天坐在這裡時是否需要稍微調整一下？

No, Shaun, I'm hoping not. Look, if you think about last year, I think about this year, obviously, football and investment into it with Super Bowl, March Madness, we opened 2 states. Actually, we came in a little under our own plan. And so we don't think we're going to have to put any more cash in of substance. We have one more [caps] call recently, and I think we're hopefully done. And so we look forward to the back half of this year, beginning to show some EBITDA. So nothing has changed, I think, to answer your question.

不，肖恩，我希望不會。看，如果你想想去年，我想想今年，很明顯，足球和投資超級碗，瘋狂三月，我們打開了 2 個州。實際上，我們是按照自己的計劃進來的。因此，我們認為我們不必投入更多實質性現金。我們最近又接到了一個 [caps] 電話，我想我們很有希望完成。因此，我們期待今年下半年開始顯示一些 EBITDA。所以我認為沒有任何改變來回答你的問題。

And I would just add under our plan, you mean under the investment that we anticipated, putting into the venture. And in terms of the pace, we do expect as we go through the year that we're going to be turning towards EBITDA profitability, and that we'll reach that during the second half of the year.

我只想根據我們的計劃補充，你的意思是根據我們預期的投資，投入到風險投資中。就步伐而言，我們確實預計在今年我們將轉向 EBITDA 盈利能力，並且我們將在今年下半年達到這一目標。

The next question is from David Katz from Jefferies.

下一個問題來自 Jefferies 的 David Katz。

I wanted to just drill a little deeper on BetMGM, which obviously is going better than as planned, going very well. When we look at the partnership and think about the MGM database and its benefits to the BetMGM JV, in conjunction with those customers that are coming in through BetMGM right, both of which have added to the productivity here. I suppose the question we ponder with a lot of investors is, the bigger that gets, how does that arrangement work and sort itself out, et cetera? And I'm not asking when are you going to go back and make another offer. I'm really just trying to get a layer down.

我只想更深入地了解 BetMGM，這顯然比計劃的要好，進展順利。當我們審視合作夥伴關係並考慮 MGM 數據庫及其對 BetMGM JV 的好處時，以及通過 BetMGM 進入的那些客戶，這兩者都增加了這裡的生產力。我想我們與很多投資者一起思考的問題是，規模越大，這種安排如何運作並自行解決等等問題？而且我不是在問你什麼時候回去再提出一個報價。我真的只是想降低一層。

Look, David, we're very excited about what's been created, obviously, to think after this amount of time, we could have a $2 billion top line business this year, which is showing all signs of profitability, is exciting for us. We have tens of thousands of customers that are driving, on an omnichannel basis, over $100 million a year back and forth. And so that part of the business is starting to click in and starting to work.

聽著，大衛，我們對所創造的東西感到非常興奮，顯然，在這段時間之後，我們今年可以擁有 20 億美元的頂線業務，這顯示出所有盈利跡象，這對我們來說是令人興奮的。我們有數以萬計的客戶在全渠道基礎上每年來回推動超過 1 億美元的收入。因此，這部分業務開始點擊並開始工作。

We have work to do on product. We need single wallet, single account to be really effective in places like Maryland, places like New Jersey, Pennsylvania and New York. So we've got some work to do on the sports product. Obviously, we're market-leading in gaming at 28% share. And so no one even comes close to that, but we're mindful that people are trying. So we're very focused on it. So I'm not going to have a precursor where we go with all of this. I think we're in great shape. We've got another couple of years to mature this business and see where it ends up. And then we'll take it from there.

我們在產品方面有工作要做。我們需要單一錢包、單一賬戶才能在馬里蘭州、新澤西州、賓夕法尼亞州和紐約等地真正發揮作用。所以我們在運動產品上有一些工作要做。顯然，我們以 28% 的份額在遊戲領域處於市場領先地位。因此，甚至沒有人接近這一點，但我們注意到人們正在嘗試。所以我們非常關注它。所以我不會有一個先行者，我們將如何處理所有這些。我認為我們的狀態很好。我們還有幾年的時間來成熟這項業務，看看它最終會走向何方。然後我們將從那裡開始。

Fair enough. If I can just follow on with a question about Macau and how we that or we might theorize how that revenue mix turns out, with one of the questions being how much direct VIP returns and, ultimately, what that mix and what that margin settles in at as we progress through this year? Any help there would be appreciated.

很公平。如果我能繼續問一個關於澳門的問題，我們是如何做到的，或者我們可能會從理論上推論收入組合的結果，其中一個問題是直接 VIP 回報有多少，最終是什麼組合以及利潤率是多少隨著我們今年的進步？任何幫助將不勝感激。

Yes. Hubert, why don't you handle the first part of that, and I'll try to do cleanup.

是的。休伯特，你為什麼不處理它的第一部分，我會嘗試做清理工作。

All right. So David, I think that the VIP component of total GI is probably around 15% of the total number. And in terms of margin, I think that we'll see a little bit higher margin on the direct premium business, probably around 13% to 15%, in that neighborhood. So Bill, anything to add?

好的。所以大衛，我認為 GI 總數中的 VIP 部分可能佔總數的 15% 左右。就利潤率而言，我認為我們會在該社區看到直接保費業務的利潤率略高一些，可能在 13% 至 15% 左右。比爾，有什麼要補充的嗎？

Now David, look, obviously, we're leaning into mass. I think the way to look at the totality of the business, obviously, the junket operators were not cheap to do business with. I mean, they took a lot of the margin out of the business. The fact that now we're on our own doing this, there's a formula that suggests somewhere under 100% of former GGR levels, we could drive over 100% EBITDA. It's arguable when that's going to land 85% or 90% of total top line, but we do believe that. We think the business will settle in, in the mid-20s in terms of the margin business overall.

現在大衛，看，很明顯，我們正在向大眾傾斜。我認為從整體業務來看，很明顯，與中介人做生意並不便宜。我的意思是，他們從業務中拿走了很多利潤。事實上，現在我們自己做這件事，有一個公式表明，如果低於以前 GGR 水平的 100%，我們就可以推動超過 100% 的 EBITDA。當這將佔總收入的 85% 或 90% 時，這是有爭議的，但我們確實相信這一點。我們認為，就整體保證金業務而言，該業務將在 20 年代中期穩定下來。

We do have a -- not unique, but we do have a special opportunity only because we've been at it 30 to 40 years in terms of driving and knowing customers and where they live in Malaysia and the rest of Asia. We just had a very significant group coming from Thailand that was driven by our branch office there. And so we think it's a net advantage. And we think ultimately, our margins would be better once they were given the nature of the junket business.

我們確實有一個 - 不是獨一無二的，但我們確實有一個特殊的機會，只是因為我們在推動和了解客戶以及他們在馬來西亞和亞洲其他地區的居住地方面已經從事了 30 到 40 年。我們剛剛有一個非常重要的團隊來自泰國，他們是由我們在那裡的分支機構推動的。所以我們認為這是一個淨優勢。我們最終認為，一旦考慮到中介業務的性質，我們的利潤率會更高。

Okay. Fair enough. Nice quarter.

好的。很公平。不錯的季度。

And our next question is from Stephen Grambling from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Stephen Grambling。

Sticking with the digital side, you referenced some of the aspirations to continue to expand worldwide. What are the criteria priorities that you're focused on or what deal breakers are there any potential partnership or transaction as we think global? And do you generally expect them to be more bolt-on deals? Or could you even contemplate something more transformational?

堅持數字方面，你提到了繼續在全球擴張的一些願望。您關注的標準優先級是什麼，或者我們認為全球有哪些潛在的合作夥伴關係或交易的交易破壞者？你通常認為它們會是更多的補強交易嗎？或者你甚至可以考慮一些更具變革性的東西？

Well, for now, we've been looking to try to build a fundamentally strong business. So with LeoVegas, we saw a team we liked a lot. And frankly, the good news is 9 months later, we still do. We saw technology that lived in the cloud versus dot-net or something else of that nature, so a business that could grow and ultimately scale easily. We had 3 other pillars. We wanted to get into the content business, and it's interesting, with Push, they have several of the leading games in the world, in the context of things that they've created. So we're excited by that and ultimately, potentially transforming that and those games from digital to brick-and-mortar and vice versa. We think there's a long-term play there.

好吧，就目前而言，我們一直在尋求建立一個基本面強大的業務。所以對於 LeoVegas，我們看到了一支我們非常喜歡的球隊。坦率地說，好消息是 9 個月後，我們仍然這樣做。我們看到了存在於雲中的技術與 dot-net 或其他類似性質的技術，因此業務可以輕鬆增長並最終擴展。我們還有其他 3 個支柱。我們想進入內容業務，有趣的是，有了 Push，他們在他們創造的事物的背景下擁有世界上幾款領先的遊戲。因此，我們對此感到興奮，並最終有可能將其和那些遊戲從數字遊戲轉變為實體遊戲，反之亦然。我們認為那裡有一個長期的遊戲。

We're interested in live dealer. There's nothing that suggests, given the nature of our business, that we should not be in that business. And so I think through LeoVegas, there's an opportunity to do that. LeoVegas, currently does live dealing now to a third-party, but I think it's a place we'd like to get to and ultimately, have our own sports betting technology as well for rest of world, take BetMGM aside from that discussion.

我們對真人荷官感興趣。鑑於我們業務的性質，沒有任何跡象表明我們不應該從事該業務。所以我認為通過 LeoVegas，有機會做到這一點。 LeoVegas 目前正在向第三方進行現場交易，但我認為這是我們想要到達的地方，並最終擁有我們自己的體育博彩技術以及世界其他地區，將 BetMGM 放在討論之外。

Look, we've looked at everything. I will continue to do so. There are some things that would be substantive out there. But it's too early to tell. I'm trying to build the business with the team there. Gary Fritz has been a big part of this. Obviously, he's the front, and with Gustaf and the team at LeoVegas, -- and so we're excited about where we are. We've got a ways to go. And it's one of these things, hopefully, 2 or 3 years from upon reflection, when we look back, we've built something meaningfully.

看，我們已經看過了一切。我會繼續這樣做。有些東西是實質性的。但現在下結論還為時過早。我正在嘗試與那裡的團隊建立業務。加里·弗里茨 (Gary Fritz) 在其中發揮了重要作用。顯然，他是前鋒，還有 Gustaf 和 LeoVegas 的團隊，所以我們對我們所處的位置感到興奮。我們還有一段路要走。這就是其中之一，希望 2 或 3 年後，當我們回顧過去時，我們已經建立了一些有意義的東西。

Makes sense. And maybe as a follow-up on the digital side in the U.S. In thinking through the march to positive EBITDA and beyond, we saw [Sandro], I think had profitability about a year ago and then ramped it a bit lumpy thereafter given the seasonality and mix of sports. Given your skew towards iGaming, how might the magnitude of that flip deposit EBITDA and then consistency, compare and contrast to maybe some of the peers?

說得通。也許作為美國數字方面的後續行動。在考慮向正 EBITDA 及其他方面邁進的過程中，我們看到了 [Sandro]，我認為大約一年前就實現了盈利，然後考慮到季節性因素，此後盈利能力略有波動和混合運動。考慮到您對 iGaming 的偏愛，翻轉存款 EBITDA 的幅度和一致性如何與某些同行進行比較和對比？

I think you make a good point. Look, the second quarter last year for us showed a little bit of profit. If you may recall, the third quarter like everyone, we bounced into or bumped up to football, which is always a big promotional push at the beginning of football. I don't suspect that will change much. Obviously, there are a few players. We've all become a lot more disciplined. But I think it will be a little lumpy, but I think the bottom line will be going in. The second half of the year, we're going to show profitability in totality. And obviously, iGaming for us is a key thing, recognizing it's in 5 states, 6 states, of which 3 are meaningful for us.

我認為你說得很好。看，去年第二季度對我們來說有一點利潤。如果你還記得，第三節和大家一樣，我們跳進或撞上了足球，這在足球開始時總是一個巨大的促銷推動力。我不懷疑這會改變很多。顯然，有幾個玩家。我們都變得更有紀律了。但我認為它會有點起伏，但我認為底線將會進入。今年下半年，我們將全面展示盈利能力。顯然，iGaming 對我們來說是一件關鍵的事情，認識到它在 5 個州，6 個州，其中 3 個對我們有意義。

The next question will be from Brandt Montour from Barclays.

下一個問題將來自巴克萊銀行的 Brandt Montour。

I just wanted to follow up on Joe's first question about Las Vegas room rates and understanding that the weekend is driving most of it. But I was also curious if you're seeing any difference in pricing elasticity between the higher-end properties and the lower-end properties recently?

我只是想跟進 Joe 關於拉斯維加斯房價的第一個問題，並了解到週末是大部分時間。但我也很好奇，您最近是否發現高端物業和低端物業之間的定價彈性有任何差異？

The growth for us has really been in the higher-end properties. I mean we think all our properties are higher end. But certainly, the luxury properties have seen more of the growth. Price elasticity, it's a tough concept to apply here since the properties like the Bellagio, Cosmopolitan, Aria have different customer segments in some ways from the ones say at Mandalay Bay or Luxor, Excalibur. And so we're attempting to drive price wherever we can at each of these properties. But I would say, in the general matter, the weekends are where we have greater pricing power and in the luxury properties.

我們的增長實際上是在高端物業中。我的意思是我們認為我們所有的財產都是高端的。但可以肯定的是，豪宅的增長幅度更大。價格彈性，這是一個很難在這裡應用的概念，因為像 Bellagio、Cosmopolitan、Aria 這樣的酒店在某些方面與 Mandalay Bay 或 Luxor、Excalibur 的客戶群不同。因此，我們正試圖在所有這些屬性中盡可能地提高價格。但我會說，在一般情況下，週末是我們擁有更大定價權和豪華物業的地方。

Okay. That's really helpful. And then one follow-up on Las Vegas. If you, Jonathan, might care to comment on the seasonality for Las Vegas this year, if you think it would be different than pre-COVID years? Anything you'd call out there?

好的。這真的很有幫助。然後是拉斯維加斯的後續行動。喬納森，如果您認為今年拉斯維加斯的季節性與 COVID 之前的年份有所不同，您是否願意評論一下？有什麼你想在那裡打電話的嗎？

I wouldn't say there's any difference in seasonality. If anything, just the strength of the event calendar and just the increased sophistication with which we're marketing to all of our segments, if anything, might reduce the seasonality that we face. We've already, on previous calls, called out the differences in 2023 against last year, with the first quarter and the fourth quarter, for different reasons, probably being a bit stronger year-over-year. But that's really not seasonality as much as just some idiosyncratic issues during this year and last.

我不會說季節性有任何差異。如果有的話，只是活動日曆的強度以及我們向所有細分市場營銷的日益複雜，如果有的話，可能會減少我們面臨的季節性。在之前的電話會議中，我們已經指出了 2023 年與去年的差異，第一季度和第四季度由於不同的原因，可能會比去年同期強一些。但這真的不是季節性，而是今年和去年的一些特殊問題。

In the fourth quarter, we'll see obviously Formula 1 for the foreseeable future. Time will tell how meaningful it ultimately is. There's estimates that will bring $1 billion to the Valley, which obviously we'll take more than our fair share of, hopefully. And then if you go back to '19, the Raiders had just gotten going, that games didn't start until 2020 in the middle of COVID. So that programming is consistent and extremely strong. So in the fourth quarter ought to look better than the average pre-'19. But time will tell, ultimately, where Formula 1, what it brings us.

在第四季度，我們將在可預見的未來明顯看到一級方程式賽車。時間會證明它最終有多大意義。據估計，這將為矽谷帶來 10 億美元的收入，顯然我們希望能從中得到更多。然後，如果你回到 19 年，突襲者隊剛剛開始，那場比賽直到 2020 年 COVID 中期才開始。因此，編程是一致的並且非常強大。因此，第四季度的表現應該比 19 年前的平均水平要好。但時間最終會告訴我們，一級方程式賽車在哪裡，它給我們帶來了什麼。

The next question is from Dan Politzer from Wells Fargo.

下一個問題來自富國銀行的 Dan Politzer。

First, on Macau, how would you say that the margin should trend over time? I think last time you guys talked about high-20s as an exit rate for this year, but it seems like we're tracking above that. I know there was some benefit of hold in the quarter, but would you say you're fully ramped in terms of where you need to be and there should be a lot of leverage as we go forward? Or is there additional head count that you'd look to add?

首先，關於澳門，您認為利潤率應該如何隨時間變化？我想上次你們談到了 20 多歲作為今年的退出率，但似乎我們正在追踪高於這個水平。我知道本季度持有股票有一些好處，但你會說你在你需要的地方已經完全提高了，並且在我們前進的過程中應該有很多槓桿作用嗎？或者您是否希望增加額外的人數？

Hubert, why don't you take it?

休伯特，你為什麼不接受它？

Yes. I think our growth remains the same. Our margin should be in the high-20s. There are a few things in favor of that, the further recovery of the mass driven market and also the continuous deployment of our incremental tables [on the assumption] of mass floor. So this will help to generate high-margin mass business. Some of the labor savings from COVID period will be permanent, particularly at management level. And we are also looking at some innovative games to further attract mass play. So these are the things that will be helpful.

是的。我認為我們的增長保持不變。我們的保證金應該在 20 多歲左右。有幾件事有利於這一點，大眾驅動市場的進一步復甦以及我們的增量表的持續部署[假設]大眾地板。因此，這將有助於產生高利潤的大眾業務。 COVID 期間節省的部分勞動力將是永久性的，尤其是在管理層面。我們也在研究一些創新遊戲，以進一步吸引大眾參與。所以這些都是有用的東西。

But on the flip side, I think that we do know that the gaming tax increased 1% under the new concession contract. And I think some of the labor savings will be rectified through recruitment for understaffed situation. So in the second half of this year, I think that the labor costs will increase because we have to fill some vacancies to address service issues. But overall, I do believe that we will be able to maintain our margin in the high-20s.

但另一方面，我認為我們確實知道，根據新的特許經營合同，博彩稅增加了 1%。而且我認為一些節省的勞動力將通過招聘來解決人手不足的問題。所以在今年下半年，我認為人力成本會增加，因為我們要填補一些空缺來解決服務問題。但總的來說，我確實相信我們能夠將利潤率保持在 20 多歲左右。

Got it. And then just turning to New York. I think you mentioned about $2 billion of CapEx there. I know timing is kind of kind of a moving target here. But as you think about the cash that would come out and maybe the options to finance this through VICI, is there any flexibility there where you might be able to pull forward type of sale leaseback? Or is it you have to build it and then go forward to get an agreement in place?

知道了。然後轉向紐約。我想你在那裡提到了大約 20 億美元的資本支出。我知道時間在這裡是一種移動的目標。但是，當您考慮可能產生的現金以及可能通過 VICI 為其融資的選擇時，您是否可以靈活地推進售後回租類型？還是您必須構建它然後繼續達成協議？

Yes. I think there is some flexibility. Not to speak for VICI, of course, but they are fantastic partners of ours. And as we plan for that project and think about the ways in which we will finance it and the best way to allocate our capital, doing a sale leaseback with VICI at some point certainly could make a lot of sense for us, and that's part of our planning.

是的。我認為有一些靈活性。當然，不是代表 VICI，但他們是我們的絕佳合作夥伴。當我們計劃該項目並考慮我們為其融資的方式以及分配我們資本的最佳方式時，在某個時候與 VICI 進行售後回租對我們來說肯定很有意義，這是我們的計劃。

The next question is from Chad Beynon from Macquarie.

下一個問題來自 Macquarie 的 Chad Beynon。

On Slide 7 and 8 in the deck, you pointed out really strong slot handle and table drop, it looks like, in the regional market and in Vegas. Is there anything to talk about just in terms of additional detail within the segment's strength at the high end? Has that kind of continued as we've expected for the past couple of quarters? Any weakening at the low end or anything else to call out to kind of help frame out where the consumer is within your database?

在甲板上的幻燈片 7 和 8 上，您指出了在區域市場和維加斯看起來非常強大的插槽手柄和桌面下降。就該細分市場在高端領域的實力而言，有什麼可以討論的額外細節嗎？這種情況是否如我們在過去幾個季度所預期的那樣繼續？低端是否有任何減弱或其他任何可以幫助確定消費者在您的數據庫中的位置的信息？

Yes. Chad, it's Corey here. Yes, we're seeing some really strong strength in our database, especially in our Gold Plus customers. Those are ones that may not be hosted but are around 400 plus, and those numbers are pretty significantly. We see not only their trips continuing to increase, but also their play continue to increase. And in most areas of our database, we're seeing increases in both trips and in spend. The one area where we may be seeing a little bit less is the younger customer. They're probably a little bit more impacted than anything we've seen, but nothing materially.

是的。查德，我是科里。是的，我們在我們的數據庫中看到了一些非常強大的力量，尤其是在我們的 Gold Plus 客戶中。這些可能沒有託管，但大約有 400 多個，而且這些數字非常可觀。我們不僅看到他們的行程不斷增加，而且他們的遊玩也在不斷增加。在我們數據庫的大部分區域，我們看到旅行和消費都有所增加。我們可能較少看到的一個領域是年輕客戶。它們可能比我們所見過的任何東西受到的影響都大一點，但沒有實質性的影響。

And then, Chad, maybe one final point, I'll be interested to see how this manifests itself over the next 3 to 6 months. With China reopening up, the one segment we still miss is the high-end Asian/Chinese gamer. And so time will tell. We've gotten about 80% of our visitation back from international play. But those players made up like 50% of the play, and particularly when you think about something like baccarat. And so I see it as an opportunity. I don't know how it manifests itself yet given policy, given capital restraints. but we do see it as something we're going to focus on trying to drive.

然後，乍得，也許最後一點，我很想知道這在接下來的 3 到 6 個月內會如何體現。隨著中國重新開放，我們仍然懷念的一個細分市場是高端亞洲/中國遊戲玩家。所以時間會證明一切。我們已經從國際比賽中獲得了大約 80% 的訪問量。但這些玩家佔遊戲的 50%，尤其是當你想到像百家樂這樣的遊戲時。所以我認為這是一個機會。考慮到政策和資本限制，我不知道它是如何表現出來的。但我們確實將其視為我們將專注於嘗試推動的事情。

Final thing I'd add, Chad, around segmentation is we've now seen it, for a sufficient number of quarters, to say that it's a nice trend, which is just the return of our 65-plus players here in Las Vegas but, more importantly in the regions, their trips just steadily increasing each quarter for the last 3 or 4 quarters, age 65 plus.

乍得，我要補充的最後一件事是，關於細分，我們現在已經看到了足夠多的季度，可以說這是一個很好的趨勢，這只是我們在拉斯維加斯的 65 歲以上玩家的回歸，但是，更重要的是在這些地區，他們的旅行在過去 3 或 4 個季度中每個季度都在穩步增加，年齡在 65 歲以上。

Okay. And then given the conclusion of the U.K. white paper, a market that you'll be in soon, it seems like a win for both the operators and responsible gaming, in general. Does anything change positively or negatively in terms of timing or just your expectations, your excitement, about that market and other global markets as you look to grow this digitally?

好的。然後鑑於英國白皮書的結論，您很快就會進入這個市場，總體而言，這似乎是運營商和負責任博彩的雙贏。當您希望以數字方式發展這個市場時，在時間上或只是您對該市場和其他全球市場的期望、興奮方面有什麼積極或消極的變化嗎？

Yes, Chad. Look, we're excited that it's finally out. I don't think there was any harm in it. A matter of fact, to the contrary, I think it was a good piece in that legislation yet, but a good piece of overview. It's set up standards, obviously, for protecting folks. At the same time, it enabled and let VIP continue. And so there are some promotional opportunities. At one point, if you remember, there was a consideration that you would have to stop all of that activity. For us, I think with LeoVegas, potentially, the opportunity presents itself. We're now excited to go look at that market as a real market to push into and push on. And so I think bottom line, it was done responsibly. It was modified, I think, to a point of it does what it needs to accomplish, but still enables our businesses and others like it to continue to go forward progressively.

是的，乍得。看，我們很高興它終於出來了。我認為這沒有任何害處。事實上，恰恰相反，我認為這是該立法中的一個很好的部分，但是一個很好的概述。顯然，它是為了保護人們而設立的標準。同時啟用並讓VIP繼續。因此有一些促銷機會。有一次，如果你還記得的話，有一個考慮是你必須停止所有的活動。對於我們來說，我認為 LeoVegas 可能會帶來機會。我們現在很高興能夠將這個市場視為一個真正的市場，以推動和推動。所以我認為最重要的是，它是負責任地完成的。我認為它已經過修改，它可以完成它需要完成的事情，但仍然使我們的業務和其他類似的業務能夠繼續逐步向前發展。

And the next question is from Robin Farley from UBS.

下一個問題來自瑞銀的 Robin Farley。

Just wanted to ask about Japan, you laid out a time line, which was really helpful. I'm just wondering at what point does it become where you're committed in terms of the capital investment there? I know you mentioned potentially breaking ground later this year, but I assume somewhere in-between now and then, it becomes sort of where it's a full commitment. I'm just wondering in that time frame.

剛想問問日本的情況，你列出了時間線，真的很有幫助。我只是想知道，就那裡的資本投資而言，它會在什麼時候成為你承諾的地方？我知道你提到今年晚些時候可能會破土動工，但我假設在這之間的某個時候，它變成了一種完全承諾的地方。我只是想知道在那個時間範圍內。

Yes, Robin. Look, I think at this point, we're fairly committed. The idea of going in reverse would be something hard to contemplate. We have to sign the land lease. And I think given the nature of that lease and given the other documents we have to sign with the government of the City of Osaka, they're definitive in nature, and therefore, we're paying out cash. And so within the next 3 months, it's just hard as it's ever going to get. And so we're going to go forward with some excitement from that.

是的，羅賓。看，我認為在這一點上，我們相當投入。倒退的想法很難考慮。我們必須簽署土地租約。我認為，鑑於該租約的性質以及我們必須與大阪市政府簽署的其他文件，它們本質上是確定性的，因此，我們將支付現金。因此，在接下來的 3 個月內，這將是前所未有的艱難。因此，我們將為此感到興奮。

Okay. Great. And just for my follow-up, I had a question on Vegas, in your slide, you break out the same-store Vegas casino revenue down, and I think it's the third consecutive quarter and I'm just wondering if this is -- and obviously, haven't hurt your profitability, of course, this year as the room revenue comes back so strongly. But I'm curious, when you look at that trend with the same-store gaming revenue, is this just kind of, do you think, like a resetting of -- there was a sort of COVID-driven strength and then it kind of resets and will grow again from there? So in other words, maybe there's another quarter where that declines and then we've kind of anniversaried that COVID bump and then it goes back to growth. So just how should we think about that?

好的。偉大的。就我的後續行動而言，我有一個關於維加斯的問題，在你的幻燈片中，你將維加斯賭場的同店收入分解開來，我認為這是連續第三個季度，我只是想知道這是否 -顯然，這並沒有損害您的盈利能力，當然，今年客房收入恢復強勁。但我很好奇，當你看到同店遊戲收入的趨勢時，你認為這是否有點像重置 - 有一種 COVID 驅動的力量然後它有點重置並會從那裡再次增長？所以換句話說，也許還有另一個季度下降，然後我們有點 anniversaried COVID 顛簸然後它又回到增長。那麼我們應該如何考慮呢？

The way to think about that is that the gross gaming revenue, we have net against that for rated players, these customer complementaries that we provide to them. And those are generally priced at retail. The largest portion of that are rooms, but there's certainly food and beverage as well. And the price of those as increased dramatically. Our ADR year-over-year grew 31%. So the cost, which has been assessed to that, and therefore reflected in the casino revenues, goes up. And so the demand for gaming in our business has never been higher across segments, but the cost of the rooms that we provide to these guests to earn those complementaries has gone up.

考慮這一點的方法是，我們對評級玩家的遊戲總收入進行了淨計算，這些客戶是我們為他們提供的補充。這些通常是零售價。其中最大的部分是房間，但當然也有食物和飲料。而且這些產品的價格急劇上漲。我們的 ADR 同比增長 31%。因此，據此評估並因此反映在賭場收入中的成本上升了。因此，我們業務中對遊戲的需求在各個細分市場中從未如此高漲，但我們為這些客人提供客房以賺取這些互補品的成本卻上漲了。

So the profit associated with it, the revenue and profit at the margin, is being monetized in our hotel and food and beverage operations and not as much in gaming. So the trick of it is, at the margin, is that we're making the right decisions about which customers and segments to have on property weekday and weekend to maximize profitability for the company. But I would not interpret that as any reduction of demand on the gaming side.

因此，與之相關的利潤，即利潤的收入和利潤，正在我們的酒店和餐飲業務中貨幣化，而不是在遊戲中貨幣化。因此，它的訣竅在於，在邊際上，我們正在就哪些客戶和細分市場在工作日和周末擁有哪些客戶和細分市場做出正確的決定，以最大限度地提高公司的盈利能力。但我不會將其解釋為遊戲方面需求的任何減少。

And the next question is from John DeCree from CBRE.

下一個問題來自 CBRE 的 John DeCree。

Maybe one, particularly in the regional U.S. markets on the nongaming spend that has been coming back really strong the last couple of quarters, obviously, a longer tail to the recovery. But curious if you could give us some insights into the consumer and that nongaming spend. How much is driven by price? Jonathan, I think you mentioned in your last response that the cost of, obviously, F&B and those types of things has gone up. But is it new customers coming back that you haven't seen in a while? Or are customers just opting to spend more on F&B? Is it timing with the opening of additional restaurants or additional hours in regional markets? How would you characterize the recovery in the nongaming spend? That's been so strong.

也許是一個，特別是在美國區域市場上，非博彩支出在過去幾個季度恢復得非常強勁，顯然，復甦的尾巴更長。但是很好奇您能否給我們一些關於消費者和非遊戲支出的見解。有多少是由價格驅動的？喬納森，我想你在上次回復中提到，顯然，餐飲和那些類型的東西的成本已經上升。但是否有一段時間未見的新客戶回來了？還是客戶只是選擇在餐飲上花費更多？是否與開設更多餐廳或區域市場的額外營業時間同步？您如何描述非博彩支出的複蘇？那太強了

Yes, John, this is Corey. I think last year in the first quarter, especially in our bigger boxes in the regionals, we were constrained on hotel rooms. And this quarter, we had full accessibility, both in Borgata and, as Bill mentioned, the brand-new Beau Rivage room. So we're seeing huge demand in the Beau Rivage rooms from current customers and new customers, but it's also driving a significant amount of hotel revenue and food and beverage revenue that would not have been there last year.

是的，約翰，這是科里。我認為去年第一季度，特別是在我們在地區性的大盒子裡，我們的酒店房間受到限制。本季度，我們在 Borgata 和 Bill 提到的全新 Beau Rivage 會議室都擁有完全無障礙設施。因此，我們看到現有客戶和新客戶對 Beau Rivage 客房的巨大需求，但它也推動了大量的酒店收入和餐飲收入，這是去年不會出現的。

Got it. Maybe revisiting a question from earlier or a comment about the Chinese or Asian gaming play potentially coming back to Las Vegas. Corey, I don't know if you're the best person, if you could kind of remind us how big was that business, I guess, pre-COVID? And then maybe in the context of Cosmo, if they had a good-size Asian gaming business as well, which is now a part of your portfolio that wasn't previously? Just to get a sense of how much more opportunity there could be if that customer does come back?

知道了。也許重新審視之前的問題或關於中國或亞洲博彩業可能重返拉斯維加斯的評論。科里，我不知道你是不是最合適的人選，你能不能提醒我們，我想，在 COVID 之前，那家公司有多大？然後也許在 Cosmo 的背景下，如果他們也有規模龐大的亞洲遊戲業務，現在它是你投資組合的一部分，而以前不是？只是為了了解如果該客戶真的回來了，還有多少機會？

Yes, John. So if we looked at Q1 of '19, that customer would have made up about 45% of our rated win at that time. They are currently about 25% -- 20% of that. So if that comes back, from that perspective, it's pretty meaningful. From a Cosmopolitan, they are pretty big in the international business and, in particular, the Far East and Korea are very strong markets for them. Their size is about 1/10 of what we do.

是的，約翰。因此，如果我們查看 19 年第一季度，該客戶將占我們當時額定贏額的 45% 左右。他們目前大約佔其中的 25% - 20%。所以如果它回來了，從那個角度來看，這是非常有意義的。來自 Cosmopolitan，他們在國際業務中相當大，尤其是遠東和韓國對他們來說是非常強大的市場。它們的大小大約是我們的 1/10。

And John, if you think about baccarat back in '19, it's like $450 million top line.

約翰，如果你回想一下 19 年的百家樂，它的收入大約是 4.5 億美元。

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

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

Yes, I was hoping I could get more color on the non-same-store components of Vegas. How is the Cosmo integration or ramp going relative to your expectations? And then for Mirage, to what extent have you been able to redirect revenues to your remaining properties?

是的，我希望我能在維加斯的非同店組件上獲得更多顏色。 Cosmo 整合或升級與您的預期相比如何？然後對於 Mirage，您在多大程度上能夠將收入重定向到您剩餘的財產？

Yes. This is Corey. The Cosmopolitan operation is going extremely well. We're very happy with the results we're seeing there. The business is continuing to be strong. We are in the process now of finding when we will be converting them over to MGM Rewards. We will make sure, from a customer perspective and employee perspective, it will be a smooth transition. So more to come on that in upcoming quarters.

是的。這是科里。 Cosmopolitan 的運作非常順利。我們對在那裡看到的結果感到非常滿意。業務繼續保持強勁勢頭。我們現在正在尋找何時將它們轉換為 MGM 獎勵。我們將確保，從客戶和員工的角度來看，這將是一個平穩的過渡。在接下來的幾個季度中會有更多的事情發生。

The Mirage is interesting. When we put up for sale, we started seeing customers starting to convert in income over to our other properties. So in general, obviously, there are pure Mirage customers that have stayed pure Mirage customers. But in general, we're happy with what we've been able to obtain in our business.

海市蜃樓很有趣。當我們掛牌出售時，我們開始看到客戶開始將收入轉化為我們的其他房產。所以總的來說，很明顯，有純 Mirage 客戶一直保持純 Mirage 客戶。但總的來說，我們對我們在業務中取得的成就感到滿意。

And as I kind of rewind the tape and look at the capital that we applied to the Cosmopolitan versus that which we freed up from the sale of the Mirage and the incremental EBITDAR, and more importantly, EBITDA, after rent associated with that, this has just been a fantastic set of transactions for MGM and the shareholders.

當我倒帶並查看我們應用於 Cosmopolitan 的資本與我們從 Mirage 的銷售和增量 EBITDAR 中釋放出來的資本，更重要的是，EBITDA，在與此相關的租金之後，這已經對米高梅和股東來說，這是一組很棒的交易。

That sounds great. And then just as a follow-up, can we get an update on your project in Dubai? I'm just curious if you think gaming will come at some point to Dubai or any of the other Emirates for that matter, beyond what's been announced by Wynn?

聽起來不錯。然後作為後續行動，我們能否了解您在迪拜的項目的最新情況？我很好奇您是否認為博彩會在某個時候來到迪拜或任何其他酋長國，超出永利宣布的範圍？

Yes, I'll take that one. Barry. As it relates to Dubai, we are still doing pylons. That property continues to evolve. We were the managers, but the owners yet again, want to upgrade the property, I think, with gaming in mind. But it's up to Abu Dhabi and the national government to ultimately decide. We have had people on the ground there basically nonstop since the first of the year, trying to understand the opportunity in Abu Dhabi and then ultimately, if it will open up. Well, if passed and when passed, it will open up to the other Emirates. Whether the rulers of each Emirate then take it upon themselves to approve it is, a, up to them. Obviously, we're focused on Dubai, given the niche of our projects. We think it would be ideal. There happens to be 150,000 to 200,000 square feet of space that could be converted into such a thing.

是的，我會拿那個。巴里。就迪拜而言，我們仍在做塔。該屬性繼續發展。我們是經理，但我認為業主再次想要升級物業，考慮到博彩。但最終決定權在阿布扎比和國家政府手中。從今年第一年開始，我們就派人在那里基本上不停地工作，試圖了解阿布扎比的機會，然後最終了解它是否會開放。好吧，如果通過，當通過時，它將向其他酋長國開放。每個酋長國的統治者是否會自行批准它，a，取決於他們。顯然，鑑於我們項目的利基市場，我們專注於迪拜。我們認為這將是理想的。恰好有150,000到200,000平方英尺的空間可以轉換成這樣的東西。

But time to tell there, and we're not saying no to Abu Dhabi either. We find both those markets, given the location of the airport right in-between both of them, as compelling. We're hoping "any day." But I got to believe as the summer fulfills itself, we'll hear more news on that.

但是是時候告訴我們了，我們也不會拒絕阿布扎比。考慮到機場位於兩者之間，我們發現這兩個市場都很有吸引力。我們希望“任何一天”。但我必須相信，隨著夏天的到來，我們會聽到更多這方面的消息。

And our final question today will come from Steve Wieczynski from Stifel.

我們今天的最後一個問題將來自 Stifel 的 Steve Wieczynski。

It's obviously very late in the call. Most of my questions have been answered, but I'll just ask one. And this question might be way out there in left field, but I'm going to ask it anyway. So if we think about the impact that the Raiders, the Knights, have had on visitation to the city, you're now going to get the A's at some point probably in the near future. And we're talking about, let's call it, 81 home games or so and typically at slower visitation periods. It might be too early to know, but just wondering if you guys have thought about this at all and maybe what type of impact you might eventually see there?

通話顯然已經很晚了。我的大部分問題都已得到解答，但我只問一個。這個問題可能是在左邊的地方，但我還是要問。因此，如果我們考慮襲擊者、騎士團對這座城市的訪問所產生的影響，您現在可能會在不久的將來的某個時候獲得 A。我們正在談論，讓我們稱之為，81 場主場比賽，而且通常在較慢的訪問期間。現在下結論可能還為時過早，但只是想知道你們是否考慮過這個問題，也許你們最終會看到什麼樣的影響？

We have. And obviously, given the location and the conversation of a pedestrian bridge from it to the park, which is obviously where T-Mobile sits, we think it could bring about 400,000 tourists a year to the Valley that wouldn't otherwise come. We think that's a reasonable number. That's a number that's been created by a bunch of folks looking at it. And so we think that part is accretive.

我們有。顯然，考慮到從它到公園的人行天橋的位置和談話，這顯然是 T-Mobile 所在的地方，我們認為它每年可以為山谷帶來大約 400,000 名遊客，否則這些遊客是不會來的。我們認為這是一個合理的數字。這是一群看著它的人創建的數字。所以我們認為這部分是增值的。

We're not a fan of any more tax dollars put into this. We yield the governor's position and assume that this will be done responsibly for the state and ultimately for Clark County. All that said, I, like you, believe it will happen and it will be accretive by the overall visitation.

我們不喜歡在這方面投入更多的稅款。我們屈服於州長的立場，並假設這將對本州負責，並最終對克拉克縣負責。綜上所述，我和你一樣，相信它會發生，並且會隨著整體訪問而增加。

And 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'll be quick. I know it's late. Again, I want to thank everyone for joining us. Just on my earlier comments, we couldn't be happier about the quarter and the progress that we've made on so many fronts. And again, I want to thank all of our employees, particularly this particular quarter, our Macau team for successfully launching.

謝謝你，運營商。我會很快的。我知道已經晚了。再次，我要感謝大家加入我們。就我之前的評論而言，我們對本季度以及我們在許多方面取得的進展感到非常高興。再次，我要感謝我們所有的員工，特別是這個特定的季度，我們的澳門團隊成功推出。

I'm going to be participating with Jonathan in JPMorgan's forum in Toronto next month, and I'll be doing a couple of meetings with Deutsche Bank in New York as well.

下個月我將與 Jonathan 一起參加在多倫多舉行的摩根大通論壇，我還將在紐約與德意志銀行舉行幾次會議。

I thank everyone for their time, and hope you all have a great evening. Hopefully, look forward to speaking to you guys in a couple of months. Thank you.

我感謝大家的寶貴時間，希望大家度過一個愉快的夜晚。有希望地，期待在幾個月後與你們交談。謝謝。

And 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。