美高梅國際酒店集團 (MGM) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International Second 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.

下午好，歡迎參加米高梅國際酒店集團 2023 年第二季度收益電話會議。今天加入公司電話會議的有首席執行官兼總裁 Bill Hornbuckle；科里·桑德斯，首席運營官；喬納森·哈爾克亞德 (Jonathan Halkyard)，首席財務官兼財務主管；王休伯特，米高梅中國總裁兼首席運營官；和投資者關係總監安德魯·查普曼 (Andrew Chapman)。

(Operator Instructions) Please also note that this event is being recorded. I would now like to turn the call over to Andrew Chapman.

（操作員說明）另請注意，該事件正在被記錄。我現在想把電話轉給安德魯·查普曼。

Good afternoon, and welcome to the MGM Resorts International Second 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. 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.

下午好，歡迎參加米高梅國際酒店集團 2023 年第二季度財報電話會議。本次電話會議正在互聯網上進行現場直播：investor.mgmresorts.com。我們還向 SEC 提供了 8-K 表中的新聞稿。在本次電話會議中，我們將根據聯邦證券法的安全港條款做出前瞻性聲明。實際結果可能與這些陳述中預期的結果存在重大差異。

Additional information concerning factors that could cause actual results to 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.

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向美國證券交易委員會提交的定期文件中。除法律要求外，我們不承擔因新信息或其他原因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. Finally, this presentation is being recorded. I will now turn it over to Bill Hornbuckle.

在電話會議期間，我們還將在談論我們的業績時討論非公認會計準則財務指標。您可以在我們網站上的新聞稿和投資者介紹中找到 GAAP 財務指標的調節表。最後，這次演講正在錄製中。我現在將把它交給比爾·霍恩巴克。

Thank you, Andrew, and thank you all for joining us this afternoon. I'm happy to share that MGM Resorts posted an all-time record for consolidated net revenues in the second quarter. We achieved strong earnings across our domestic portfolio with near record second quarter adjusted property EBITDA results at MGM China and the first quarter of positive EBITDA at BetMGM. At a high level, we're seeing strong demand trends in Las Vegas, with casino drop and handle up year-over-year, alongside increasing hotel revenues with our fourth quarter hotel revenues forecasted to be the highest of all time.

謝謝你，安德魯，也謝謝大家今天下午加入我們。我很高興地告訴大家，米高梅度假村第二季度的綜合淨收入創下了歷史新高。我們的國內投資組合實現了強勁的盈利，米高梅中國第二季度調整後房地產 EBITDA 業績接近創紀錄水平，BetMGM 第一季度 EBITDA 為正值。從高水平來看，我們看到拉斯維加斯的強勁需求趨勢，賭場逐年下降和處理量上升，同時酒店收入不斷增加，預計第四季度的酒店收入將達到歷史最高水平。

In our regional operations, we achieved year-over-year top line growth on a same-store basis, taking into consideration the sale of the Gold Strike Tunica with profit margins in the range of prior quarters. We are continuing to evaluate our business and evolve our products to ensure that we are maximizing profit while maintaining great customer service levels.

在我們的區域業務中，考慮到 Gold Strike Tunica 的銷售和前幾個季度的利潤率，我們實現了同店收入的同比增長。我們將繼續評估我們的業務並改進我們的產品，以確保我們在保持良好的客戶服務水平的同時實現利潤最大化。

Our second quarter results are a continued testament to our 75,000-plus employees and their commitment to offering world-class service and memories for our guests. Simply stated, our employees are the best in the business, and I want to thank them for helping us deliver another outstanding quarter in Las Vegas and our regional locations and ultimately, in Macau.

我們第二季度的業績繼續證明了我們 75,000 多名員工及其為客人提供世界一流服務和回憶的承諾。簡而言之，我們的員工是業內最優秀的，我要感謝他們幫助我們在拉斯維加斯和我們的區域辦事處以及最終在澳門實現了另一個出色的季度。

While we're certainly pleased with the results we've achieved in the first half of this year, we frankly are even more excited about what's to come in the back half, starting with the historic long-term agreement with Marriott International that we announced last month. As part of this agreement, we've created a new MGM collection with Marriott Bonvoy, allowing its more than 180 million members to book rooms and earn and redeem Marriott Bonvoy points at 17 MGM Resorts domestic properties.

雖然我們對今年上半年取得的成果當然感到滿意，但坦率地說，我們對下半年將發生的事情更加興奮，首先是我們宣布與萬豪國際集團達成的歷史性長期協議上個月。作為該協議的一部分，我們與萬豪旅享家創建了一個新的米高梅系列，允許其超過 1.8 億會員在 17 家米高梅度假村國內酒店預訂客房並賺取和兌換萬豪旅享家積分。

This agreement will enhance our profitability by driving lower customer acquisition costs and with a better mix and higher ADRs and on property spend. By 2025, our expectation is that the Marriott customer base represent a meaningful segment of our hotel mix at premium rates. Jonathan will expand further on this business case in his section.

該協議將通過降低客戶獲取成本、更好的產品組合、更高的 ADR 和房地產支出來提高我們的盈利能力。到 2025 年，我們預計萬豪客戶群將成為我們高價酒店組合中的重要組成部分。喬納森將在他的部分進一步擴展此業務案例。

I'd like to personally thank Tony Capuano and his team for the partnership and collaboration throughout this effort, and we can't wait to get started in the fall. Looking into the third quarter, we have great programming, including Black Hat at Mandalay Bay, MAGIC at the Convention Center and Beyoncé at Allegiant. Bookings are strengthening for the remainder of the year and as we get closer to the Formula One in November. We've also got a great fall home schedule for the Raiders, which will have fans flocking into Vegas from Green Bay, Pittsburgh, Kansas City and New England, among other cities that all travel well.

我要親自感謝托尼·卡普阿諾和他的團隊在整個過程中的合作與協作，我們迫不及待地想在秋天開始。展望第三季度，我們有精彩的節目，包括曼德勒灣的 Black Hat、會議中心的 MAGIC 和 Allegiant 的 Beyoncé。隨著 11 月份一級方程式比賽的臨近，今年剩餘時間的預訂量正在增加。我們還為突襲者隊制定了一份很棒的秋季主場賽程表，屆時球迷將從綠灣、匹茲堡、堪薩斯城和新英格蘭以及其他交通便利的城市湧入維加斯。

For Formula One, while still early, we already have twice the occupancy on the books and at 4x the average rate compared to last year and with more than 70% of our ticket inventory already committed. A portion of these tickets will go to our gaming customers, and early front money and credit data suggested Formula One is shaping up to be an all-time record casino event for the company.

對於一級方程式賽車來說，雖然還為時過早，但與去年相比，我們的預訂上座率已經是去年的兩倍，平均利用率是去年的四倍，而且我們的門票庫存已經承諾了70% 以上。這些門票的一部分將提供給我們的博彩客戶，早期的預付款和信用數據表明一級方程式賽車正在成為該公司歷史最高的賭場賽事。

Our pace into the second quarter of 2024 is also setting up quite well -- excuse me, in the first quarter, highlighted by the Super Bowl at Allegiant Stadium in February. We're already seeing stronger rates than a typical Super Bowl weekend with exceptional early business from sponsors and media that has led to 3 to 4x higher room rates on the books.

我們進入 2024 年第二季度的步伐也相當順利——對不起，是第一季度，特別是 2 月份在忠誠體育場舉行的超級碗比賽。我們已經看到比典型的超級碗週末更高的房價，贊助商和媒體的早期業務非常出色，導致賬面上的房價上漲了 3 到 4 倍。

Looking longer term, we're excited by the possibilities of welcoming the A's to Las Vegas literally in our front yard at the current Tropicana site. The A's proposing a 30,000-seat stadium, representing an additional 2.4 million seats every year during the regular season, that should drive over 400,000 new tourists during and a focus on midweek business. The Raiders and the Stanley Cup Champion Golden Knights have shown that Las Vegas is the go-to destination for away fans seeking a fun and entertaining getaway to see their favorite teams play and when we think the A's will be no different.

從長遠來看，我們很高興能夠在我們當前 Tropicana 場地的前院歡迎 A 隊來到拉斯維加斯。 A 提議建造一座擁有 30,000 個座位的體育場，意味著每年常規賽期間增加 240 萬個座位，這將在期間吸引超過 400,000 名新遊客，並重點關注周中業務。突襲者隊和斯坦利杯冠軍金騎士隊已經證明，拉斯維加斯是客場球迷的首選目的地，他們尋求一個有趣的假期，觀看他們最喜歡的球隊的比賽，而我們認為運動家隊也不會有什麼不同。

The A's stadium, Allegiant and T-Mobile, represent 100,000 seats holding 3 professional sports teams that are directly adjacent to one or more of our properties with a possibility for multiple events on the same day. It's clear that Las Vegas has become the world's premier sports and entertainment destination.

A 隊的 Allegiant 體育場和 T-Mobile 體育場擁有 100,000 個座位，擁有 3 支職業運動隊，這些體育場緊鄰我們的一處或多處場地，可以在同一天舉辦多場比賽。顯然，拉斯維加斯已成為世界首屈一指的體育和娛樂目的地。

Turning to Macau. We posted another outstanding quarter of performance with adjusted property EBITDAR surpassing the second quarter of 2019. Margins were in the high 20s, a great story that we feel confident can be sustained for the long term. Our outsized performance in Macau as a result of exceptional execution by the team at MGM China, who has done an incredible job positioning our properties to main share in the mid-teens and the market that has seen significant increase in hotel supply during the quarter.

轉向澳門。我們發布了又一個出色的季度業績，調整後的房地產 EBITDAR 超過了 2019 年第二季度。利潤率高達 20 多美元，我們有信心能夠長期維持這個偉大的故事。我們在澳門的出色表現得益於米高梅中國團隊的出色執行力，他們出色地完成了我們的酒店定位，將我們的酒店定位在十幾歲左右的市場中，並且該市場的酒店供應量在本季度大幅增加。

Just a few weeks ago, we reconfigured an enhanced Pit 7 at MGM Macau, and the Lotus room and MGM Cotai and expect to complete the deployment optimization in Q3 of our tables. In Macau, we are focused on 4 key priorities: activating our incremental 200 tables; making optimistic changes to our casino floor to maximize yield; taking care of our premium mass customers; and driving international customers to our property through our global branch office network.

就在幾週前，我們重新配置了澳門美高梅的七號坑增強版、蓮花廳和美獅美高梅，並預計在第三季度完成賭台的部署優化。在澳門，我們重點關注 4 個關鍵優先事項：激活增量 200 張賭桌；對我們的賭場大廳做出樂觀的改變，以最大限度地提高收益；照顧我們的優質大眾客戶；通過我們的全球分支機構網絡吸引國際客戶來到我們的酒店。

We're committed to helping shape the future of Macau as a global tourism destination through our concession commitments with investments being beginning this year. I think Macau capital will cover a wide range of opportunities, including investments in art and culture, entertainment and the expansion of our international customer base. I'd like to thank the Macau's government for their continued support.

我們致力於通過今年開始的投資承諾，幫助塑造澳門作為全球旅遊目的地的未來。我認為澳門資本將涵蓋廣泛的機會，包括投資藝術和文化、娛樂以及擴大我們的國際客戶群。我要感謝澳門政府一直以來的支持。

Turning now to BetMGM. As the team announced last week, we are on track for second half 2023 profitability, and we're pleased with the meaningful progress we've made towards Single Account, Single Wallet. In fact, this week, we expect to be live with this feature in 14 markets, which cover more than 50% of our database.

現在轉向 BetMGM。正如該團隊上周宣布的那樣，我們有望在 2023 年下半年實現盈利，我們對單一賬戶、單一錢包方面取得的有意義的進展感到高興。事實上，本週，我們預計將在 14 個市場推出此功能，這些市場覆蓋我們數據庫的 50% 以上。

Our partner has announced acquisition of Angstrom is also a positive step towards improving BetMGM's product and refining our pricing tools, both of which we expect to drive customer satisfaction and ultimately margins. One of the meaningful benefits that MGM Resorts brings to BetMGM is 37,000 rooms in Las Vegas that import new customers nightly. All of our resort guests are exposed to BetMGM marketing throughout their stay.

我們的合作夥伴宣布收購 Angstrom 也是改進 BetMGM 產品和完善定價工具的積極一步，我們希望這兩者都能提高客戶滿意度並最終提高利潤。米高梅度假村給 BetMGM 帶來的有意義的好處之一是在拉斯維加斯擁有 37,000 間客房，每晚都會引入新客戶。我們所有的度假村客人在入住期間都會接觸到 BetMGM 的營銷活動。

And on average, BetMGM acquires 30,000 customers monthly, who have originated or had a prior relationship with MGM Resorts, with half of those coming from Nevada. As we roll out Single Account, Single Wallet across the country, BetMGM will be able to truly activate our unparalleled footprint in Las Vegas as part of our omnichannel strategy.

平均而言，BetMGM 每月會吸引 30,000 名客戶，這些客戶源自米高梅度假村或之前與米高梅度假村有過關係，其中一半來自內華達州。隨著我們在全國范圍內推出單一賬戶、單一錢包，BetMGM 將能夠真正激活我們在拉斯維加斯無與倫比的足跡，作為我們全渠道戰略的一部分。

We expect acquisition and engagement metrics to grow as players get to enjoy seamless experience using the BetMGM app across state borders. We're also focused on growing our international digital business through LeoVegas. And last quarter announced acquisition of Push Gaming, a gaming content studio. That acquisition is scheduled to close later this fall. We developed our digital presence internationally through improved content, technology and distribution.

我們預計，隨著玩家能夠跨州使用 BetMGM 應用程序享受無縫體驗，獲取和參與度指標將會增長。我們還致力於通過 LeoVegas 發展我們的國際數字業務。上季度宣布收購遊戲內容工作室 Push Gaming。該收購計劃於今年秋季晚些時候完成。我們通過改進內容、技術和發行來發展我們的國際數字業務。

Now lastly, on the development front, in New York, we hope to receive a license in the first half of 2024. In Japan, next step is entering into an implementation agreement with the central government, which we also expect in the fall. In closing, our agreement with Marriott, ongoing investments into our operations and a fantastic sports entertainment backdrop in Las Vegas position us well to create operating leverage by growing our EBITDAR against our fixed rent escalators.

最後，在開發方面，在紐約，我們希望在 2024 年上半年獲得許可。在日本，下一步是與中央政府簽訂實施協議，我們也預計在秋季簽署。最後，我們與萬豪的協議、對我們運營的持續投資以及拉斯維加斯出色的體育娛樂背景使我們能夠通過相對固定租金自動扶梯增長我們的 EBITDAR 來創造運營槓桿。

The stability of our domestic business will be supplemented by outsized earnings opportunities in Macau as that business ramps in the beginning of profitability in BetMGM. We also have longer tail opportunities with our developments in Japan and New York and with our international digital strategy with LeoVegas. When you connect each of these opportunities for cash flow generation together, add to the strength of our balance sheet and with more cash than debt, then excluding MGM China, then consider the fact that we reduced our share count by approximately 30% since the beginning of 2021, we believe the company is tremendously positioned for growth as we accelerate our free cash flow yield.

隨著 BetMGM 盈利初期業務的增長，澳門巨大的盈利機會將補充我們國內業務的穩定性。我們在日本和紐約的發展以及與 LeoVegas 的國際數字戰略也帶來了長尾機會。當你把這些產生現金流的機會聯繫在一起時，增加我們資產負債表的實力，現金多於債務，然後排除米高梅中國，然後考慮我們從一開始就減少了大約30%的股份數量的事實到 2021 年，我們相信，隨著我們自由現金流收益率的加快，該公司已做好了巨大的增長準備。

With that, I'll turn this over to Jonathan for more detail on the quarter. Jonathan?

這樣，我會將其轉交給喬納森，以了解有關本季度的更多詳細信息。喬納森？

Thanks very much, Bill. And I, too, want to start my remarks by thanking our employees for all their hard work in delivering another robust quarter results. Bill said, our employees are the best in the business, and I couldn't agree more. In the second quarter, we achieved strong earnings across our domestic portfolio and near second quarter all-time record adjusted property EBITDAR results at MGM China.

非常感謝，比爾。我也想在發言開始時感謝我們的員工為實現又一個強勁的季度業績所做的辛勤工作。比爾說，我們的員工是業內最優秀的，我完全同意。第二季度，我們的國內投資組合實現了強勁的盈利，美高梅中國的調整後房地產 EBITDAR 業績接近第二季度歷史最高紀錄。

Before I get into the results, let me begin with the financial benefits we believe the Marriott agreement brings to MGM. In Las Vegas, MGM Resorts fills roughly 12 million room nights a year. Based on data from The Cosmopolitan as well as Marriott, we believe we can replace approximately 5% to 7% of our lowest yielding rooms with Marriott direct bookings, representing 600,000 to 800,000 rooms per year.

在討論結果之前，讓我先介紹一下我們認為萬豪協議給米高梅帶來的經濟利益。在拉斯維加斯，米高梅度假村每年接待大約 1,200 萬間夜。根據大都會酒店和萬豪酒店的數據，我們相信我們可以通過萬豪直接預訂取代約 5% 至 7% 的收益最低的客房，即每年 600,000 至 800,000 間客房。

Upgrading these lower-yielding room nights with Marriott brings a lower customer acquisition costs, higher ADR and a higher-yielding customer with more on property spend. Based on our research and our prior experience with The Cosmopolitan, we expect to increase profit per room by approximately $100 per night, driving $60 million to $75 million in annual profit once stabilized.

通過萬豪升級這些收益較低的間夜，可以降低獲客成本、提高平均房價，並獲得更高收益的客戶以及更多的酒店支出。根據我們的研究以及之前在大都會酒店的經驗，我們預計每間客房每晚的利潤將增加約 100 美元，一旦穩定，年利潤將增加 6,000 萬至 7,500 萬美元。

This estimate doesn't include any further upside from our regional operations, group or occupancy lift. All in all, we're excited about this agreement with Marriott and look forward to kicking things off in October.

這一估計不包括我們的區域業務、團體或入住率提升帶來的任何進一步上漲。總而言之，我們對與萬豪的這項協議感到非常興奮，並期待著 10 月份的啟動。

Now turning to our results. Our consolidated businesses generated all-time record revenues of $3.9 billion, up 21% from last year and adjusted EBITDAR of $1.1 billion. During the quarter, net cash from operating activities was $577 million. Less capital expenditures, free cash flow was $323 million. It's important to note that $166 million in cash flow from operating activities and $14 million in CapEx related to MGM China were included in the quarter.

現在轉向我們的結果。我們的合併業務創造了創紀錄的收入 39 億美元，比去年增長 21%，調整後的 EBITDAR 為 11 億美元。本季度經營活動產生的淨現金為 5.77 億美元。減去資本支出，自由現金流為 3.23 億美元。值得注意的是，本季度包括來自經營活動的 1.66 億美元現金流和與米高梅中國相關的 1,400 萬美元資本支出。

Here in Las Vegas, revenues of $2.1 billion were steady compared to prior year, and adjusted property EBITDAR was down 6% to $777 million. It's a good number for Las Vegas. On a same-store basis, excluding The Mirage and The Cosmopolitan, revenues were level and adjusted property EBITDAR decreased 8%. Margins of 36% were well above 2019 levels. Second quarter occupancy was 96%, and ADR was $234, an increase of 4% year-over-year.

在拉斯維加斯，收入為 21 億美元，與上年相比保持穩定，調整後的房地產 EBITDAR 下降 6%，至 7.77 億美元。對於拉斯維加斯來說，這是一個不錯的數字。以同店計算（不包括幻影酒店和大都會酒店），收入持平，調整後酒店 EBITDAR 下降 8%。 36% 的利潤率遠高於 2019 年的水平。第二季度入住率為 96%，平均房價為 234 美元，同比增長 4%。

Looking forward, our pace, which reflects on the booked rooms, is up year-over-year for every month beginning in 2023 -- or, remaining in 2023. In terms of where we are seeing strength in Las Vegas, it's clear that it's coming from the luxury segment, which for this purpose, we define as our properties, which have a higher ADR than the strip average of $185, and that's our business.

展望未來，從2023 年開始（或者到2023 年），我們每個月的增長速度（反映在預訂客房上）都在逐年上升。就我們在拉斯維加斯看到的優勢而言，很明顯，來自豪華細分市場，為此，我們將其定義為我們的房產，其 ADR 高於地帶平均值 185 美元，這就是我們的業務。

This segment represents approximately 65% of our rooms and over 80% of our EBITDAR in the second quarter. In the regions, revenues of $926 million were down 3% compared to prior year and adjusted property EBITDAR was down 14% to $294 million. Of course, this quarter, we did not have the results of the Gold Strike. So same-store revenues, excluding the Gold Strike, grew 2% with adjusted property EBITDAR decreasing 7%.

該部門約占我們第二季度客房數量的 65%，以及 EBITDAR 的 80% 以上。在這些地區，收入為 9.26 億美元，較上年下降 3%，調整後的房地產 EBITDAR 下降 14%，至 2.94 億美元。當然，這個季度我們還沒有看到Gold Strike的結果。因此，不包括 Gold Strike 在內的同店收入增長了 2%，而調整後的酒店 EBITDAR 則下降了 7%。

We continue to see stable trends in our regional operations. And while EBITDAR was down year-over-year on a same-store basis, most of that decline is attributable to 2 properties: the Borgata and MGM Grand Detroit, both of which lead their highly competitive markets. Regional adjusted EBITDAR margins were 32% in the quarter. As you will recall, in the third quarter of 2022, we brought back our normal service and amenity levels to our regional properties, which has led to consistent margins in the 32% to 33% range sense.

我們繼續看到區域業務的穩定趨勢。雖然同店 EBITDAR 同比下降，但下降的大部分歸因於兩家酒店：Borgata 和 MGM Grand Detroit，這兩家酒店在競爭激烈的市場中處於領先地位。本季度區域調整後 EBITDAR 利潤率為 32%。您可能還記得，2022 年第三季度，我們為區域酒店恢復了正常的服務和設施水平，這使得利潤率保持在 32% 至 33% 的範圍內。

Turning to Macau. Our adjusted property EBITDAR of $209 million was an increase of 21% versus the second quarter of 2019 with a 28% margin. Gross gaming revenues exceeded second quarter 2019 levels, led by our main floor win, which was 37% higher than 2019. The flow-through created from net revenues to adjusted property EBITDAR was over 100% when compared to 2019. We made progress in improving MGM China's credit profile with the July announcement of the amendment and extension of our 2 revolving credit facilities with their new maturity date in 2026, and this was an important step in [security] and extending our access to liquidity.

轉向澳門。我們調整後的房地產 EBITDAR 為 2.09 億美元，與 2019 年第二季度相比增長了 21%，利潤率為 28%。博彩總收入超過 2019 年第二季度的水平，主要是我們的主場胜利，比 2019 年高出 37%。與 2019 年相比，從淨收入到調整後財產 EBITDAR 的流量超過 100%。我們在改善美高梅中國的信用狀況，7月份宣布修改和延長我們的兩項循環信貸額度，新的到期日為2026年，這是[安全]和擴大我們的流動性渠道的重要一步。

In the first half of 2023, BetMGM generated net revenues associated with operations of $944 million, which is an improvement of 55% compared to the first half last year. BetMGM is well on track to achieve our forecast of $1.8 billion to $2 billion in net revenues from operations for the year. Our 50% of BetMGM's operating losses in the second quarter were $22 million.

2023 年上半年，BetMGM 產生了 9.44 億美元的運營淨收入，比去年上半年增長了 55%。 BetMGM 有望實現我們今年 18 億至 20 億美元運營淨收入的預測。 BetMGM 第二季度運營虧損的 50% 為 2200 萬美元。

As you recall, BetMGM -- sorry, MGM reports BetMGM 1 month in arrears. So our second quarter reporting reflects March through May, and that explains the variance to BetMGM's positive EBITDA in the calendar quarter. Let me close on capital allocation and valuation. As we just lapped the 1-year mark at The Cosmopolitan and with The Mirage and Gold Strike transactions behind us, it's a good time to reflect on the impact of these portfolio moves on our financial picture.

正如您所記得的，BetMGM - 抱歉，MGM 報告 BetMGM 欠款 1 個月。因此，我們的第二季度報告反映了 3 月至 5 月的情況，這解釋了 BetMGM 在該日曆季度的正 EBITDA 的差異。讓我結束資本配置和估值。由於我們剛剛在 The Cosmopolitan 度過了 1 年大關，並且 The Mirage 和 Gold Strike 交易也已過去，因此現在是反思這些投資組合變動對我們財務狀況的影響的好時機。

We committed a net $460 million of capital to our domestic opcos with the acquisition of The Cosmopolitan and the subsequent dispositions of The Mirage and the Gold Strike. On a trailing 12-month basis, the incremental adjusted property EBITDAR generated from The Cosmopolitan less the amount lost with the dispositions was $258 million.

通過收購 The Cosmopolitan 以及隨後處置 The Mirage 和 Gold Strike，我們向國內運營公司承諾淨資本 4.6 億美元。在過去 12 個月的基礎上，The Cosmopolitan 產生的增量調整後財產 EBITDAR 減去處置損失金額為 2.58 億美元。

Backing out the change to cash rent with these transactions results in a net increase of $188 million on $460 million of capital. This implies a creation multiple of 2.4x or said another way, a return on investment of 41% for a property, The Cosmopolitan of Las Vegas, that is now the youngest in our Las Vegas portfolio with the attending low CapEx requirement.

通過這些交易取消對現金租金的更改，導致 4.6 億美元的資本淨增加 1.88 億美元。這意味著拉斯維加斯大都會酒店的創造倍數為2.4 倍，或者換句話說，投資回報率為41%，該酒店目前是我們拉斯維加斯投資組合中最年輕的，資本支出要求較低。

We take capital allocation seriously here, and we're proud of these moves and the execution of The Cosmopolitan, which made it all possible. This year, through today, we also returned capital to shareholders by purchasing over 28 million shares for $1.2 billion. We're currently trading at 30% higher than our average weighted cost of shares since the program resumed in early 2021, yet our valuation still remains very attractive.

我們在這裡認真對待資本配置，我們為這些舉措和大都會的執行感到自豪，它使這一切成為可能。今年截至今天，我們還以 12 億美元購買了超過 2800 萬股股票，向股東返還資本。自 2021 年初恢復該計劃以來，我們目前的交易價格比平均加權股票成本高出 30%，但我們的估值仍然非常有吸引力。

In our earnings presentation posted this afternoon, I revisit our adjusted EBITDAR multiple at current trading levels. Using consensus valuation estimates for our share of BetMGM and the current market value of MGM China, we're trading at 5x trailing adjusted EBITDA. Bill, back to you.

在今天下午發布的收益報告中，我重新審視了當前交易水平下調整後的 EBITDAR 倍數。根據我們對 BetMGM 股份的共識估值以及米高梅中國當前的市值，我們的交易價格為 5 倍的跟踪調整後 EBITDA。比爾，回到你身邊。

Thanks, Jonathan. Hopefully, you've heard the business case come through loud and clear. MGM Resorts offers consistent earnings through our Las Vegas and regional properties with near-term growth and diversification through BetMGM shift to profitability and MGM China's rapid inflection as well as long-term growth opportunities in international, digital and to our expansion efforts in New York and Japan, plus a fortified balance sheet allows us the ability to make optimistic investments and acquisitions as well as return capital to shareholders through share repurchases.

謝謝，喬納森。希望您已經清楚地聽到了該業務案例。米高梅度假村通過我們的拉斯維加斯和區域性物業提供穩定的收益，並通過BetMGM 向盈利能力的轉變和米高梅中國的快速轉變以及國際、數字領域的長期增長機會以及我們在紐約和紐約的擴張努力實現短期增長和多元化。日本以及強化的資產負債表使我們能夠進行樂觀的投資和收購，並通過股票回購向股東返還資本。

As Jonathan mentioned, we believe our shares will still be priced at an attractive level. And as we stand today, I am certainly encouraged by our ability to grow free cash flow significantly and believe as a sum of the parts evaluation we've included in the deck suggests our core business is trading at multiples, well below our competitors, providing for future growth and value to our shareholders. With that, operator, we'll take questions.

正如喬納森提到的，我們相信我們的股票定價仍將處於有吸引力的水平。正如我們今天所站的那樣，我當然對我們顯著增加自由現金流的能力感到鼓舞，並相信我們在甲板上包含的各個部分評估的總和表明我們的核心業務的交易倍數遠低於我們的競爭對手，提供為我們的股東帶來未來的增長和價值。接線員，我們將回答問題。

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

（操作員說明）今天我們的第一個問題將來自摩根大通的 Joe Greff。

You did a fairly thorough job talking about your current operations and the trend lines in Las Vegas and the regional Macau as well as BetMGM. So I have a couple of sort of big picture questions or one big picture question in them, sort of one thought on New York. But my first question is, if you could just give us an update on any digital or any M&A aspirations in digital, how much of a strategic priority is that for you, both in international markets and in North America? And then maybe for each, how big is too big? Is there a size constraint?

您相當詳盡地談論了您當前的運營以及拉斯維加斯和澳門地區以及 BetMGM 的趨勢線。所以我有幾個大局問題或其中一個大局問題，有點關於紐約的想法。但我的第一個問題是，如果您能給我們提供有關數字化或數字化併購願望的最新信息，那麼無論是在國際市場還是在北美，這對您來說有多大的戰略重點？然後也許對於每個人來說，多大才算太大？有尺寸限制嗎？

And then my follow-up question relates to the 3 downstate licenses here in New York -- or New York (inaudible) if -- could the 2 existing facilities get licenses if there's contention or uncertainty around the third license? And what's your expectation in terms of communications regarding the next steps in New York? I think, Bill, you may have been in New York fairly recently. So I'm sure you're current. That's all for me.

然後我的後續問題涉及紐約州下州的 3 個許可證 - 或者紐約（聽不清）如果 - 如果第三個許可證存在爭議或不確定性，這兩個現有設施能否獲得許可證？您對紐約下一步的溝通有何期望？我想，比爾，你最近可能去過紐約。所以我確信你是最新的。這就是我的全部。

Thanks, Joe. Let me take those. As it relates to digital, we're focused on working alongside our partners with a collective goal to maximize the growth and profitability of MGM and LeoVegas. I think we're making good progress on both those fronts. And that's really all we're going to say. I think on the second one, it has been interesting. I'm hopeful in the next month or so that we're going to hear something from the commission and ultimately get the process rolling.

謝謝，喬。讓我拿走那些。在數字化方面，我們專注於與合作夥伴一起努力，共同實現米高梅和 LeoVegas 的增長和盈利最大化的共同目標。我認為我們在這兩個方面都取得了良好進展。這就是我們要說的全部。我認為第二個很有趣。我希望在下個月左右的時間裡，我們能夠聽到委員會的消息，並最終推動這一進程。

As you know, we've submitted questions. I think we submitted like 84, 85 questions about the actual build in the process. The moment they begin to return those questions to us, the 90-day starts. We've not got any specific indication, but we do believe it will happen shortly and are hopeful to that. So that remains on track, I think, for some time in '24, getting license and then pushing on from there would be our goal and our hope, but nothing definitive there either.

如您所知，我們已經提交了問題。我認為我們在此過程中提交了大約 84、85 個有關實際構建的問題。從他們開始向我們返回這些問題的那一刻起，90 天就開始了。我們沒有任何具體跡象，但我們相信這很快就會發生，並對此充滿希望。因此，我認為，在 24 年的一段時間內，這仍然在正軌上，獲得許可，然後從那裡繼續前進將是我們的目標和希望，但也沒有什麼確定的。

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

我們的下一個問題將來自美國銀行的肖恩·凱利。

So I just want to dig into sort of the Las Vegas outlook a little bit, but probably a little bit more through a margin or cost lens. So I think across the quarter and certainly across lots of other leisure-oriented businesses, we're starting to see the top line just normalize a little bit, and it's pretty understandable after such a good year last year.

因此，我只想深入了解一下拉斯維加斯的前景，但可能會從利潤或成本的角度進行更多探討。因此，我認為在整個季度，當然還有許多其他以休閒為導向的企業，我們開始看到收入稍微正常化，在去年如此好的一年之後，這是可以理解的。

Just -- could you help us think a little bit about what kind of revenue growth MGM needs in the back half or kind of moving forward to get a bit of cost lever to either hold margin or get a bit of cost leverage from a bit of a more normalized level? I think in the back half, ex Formula One, things are going to start to look a little bit more normal.

只是 - 您能否幫助我們思考一下米高梅在下半年需要什麼樣的收入增長，或者向前邁進以獲得一點成本槓桿以保持利潤率或從一點點獲得一點成本槓桿更正常化的水平？我認為在後半段，前一級方程式，事情會開始看起來更正常一些。

So just help us think about what are you experiencing on the inflation front? What would you need? Would you -- could you lever a 2% or 3% growth rate? Would you need a little bit more than that just given the existing inflationary environment? How do you kind of think about those puts and takes?

那麼請幫助我們思考一下您在通脹方面經歷了什麼？你需要什麼？你能——你能撬動 2% 或 3% 的增長率嗎？考慮到現有的通脹環境，您是否還需要更多一點？您如何看待這些看跌期權？

I'll kick it off and turn it over to my colleagues. Look, obviously, Formula One is a unique opportunity. And it sounds like one that's going to repeat itself for us often and the economics around that are substantial. That being said, we've relooked at our forecast for the second half of the year and particularly on top line, driven by rooms and driven by luxury, feel really good about it, both individually by property, and particularly as you go up the luxury spectrum and then ultimately overall.

我會啟動它並將其交給我的同事。顯然，一級方程式是一個獨特的機會。這聽起來像是我們經常會重複的事情，而且它帶來的經濟效益是巨大的。話雖這麼說，我們已經重新審視了今年下半年的預測，特別是在營收方面，由客房和豪華設施推動，感覺非常好，無論是按酒店單獨劃分，還是當您上升時奢華範圍，然後最終是整體。

I think the big thing that's going to impact us is going to be ultimately wage. You all know the culinary and the company -- all of Las Vegas companies are now out in negotiating process, which is going well. We have decades of history with them on doing this. This town hasn't seen a strike since the '80s. And so I think we'll come to a reasonable result. There are issues there around housekeeping of note in their core contingency of people that we're going to need to address.

我認為對我們影響最大的事情最終將是工資。你們都知道烹飪和公司——拉斯維加斯所有的公司現在都在談判過程中，進展順利。我們與他們在這方面有數十年的歷史。這個鎮自八十年代以來就沒有發生過罷工。所以我認為我們會得出一個合理的結果。在我們需要解決的人員核心突發事件中，存在一些值得注意的內務管理問題。

But labor, I think, is the biggest thing that sits out there. But again, the top line has been holding up exceptionally well. So Corey, do you want to...

但我認為，勞動力是最重要的事情。但同樣，收入一直表現得非常好。那麼科里，你想...

It's Jonathan. Shaun, I'll add a couple of comments. Year-on-year, we're experiencing some increases in Las Vegas and the regional markets in our FTE counts, not severe low single-digit increases, and that's because of the dynamics we described during our prepared remarks, mostly around full staffing in the regions around actually a fairly dramatic increase in non-gaming revenues in our regional properties.

這是喬納森。肖恩，我要添加一些評論。與去年同期相比，我們在拉斯維加斯和區域市場的FTE 數量有所增加，而不是嚴重的低個位數增長，這是因為我們在準備好的講話中描述的動態，主要是圍繞全員配備實際上，我們周邊地區的區域產業的非博彩收入增長相當顯著。

But as you look sequentially as we go forward into the third, fourth quarter, first quarter of next year, I think we'll just need a few percentage points of growth in order to maintain margins in and around these current levels. And interestingly in Las Vegas, the fourth quarter has become a seasonal higher quarter for us with, of course, F1, the event schedule around The Raiders and other things that we're doing. So that tends to help margins as well. Corey?

但當我們進入明年第三季度、第四季度和第一季度時，你會依次觀察，我認為我們只需要幾個百分點的增長即可將利潤率維持在當前水平及其附近。有趣的是，在拉斯維加斯，第四季度對我們來說已經成為季節性較高的季度，當然還有 F1、圍繞突襲者隊的賽事安排以及我們正在做的其他事情。因此這也有助於提高利潤率。科里？

I think you covered it, Jonathan. And Shaun, I would just for reaffirmation on margins. We've now landed, I think, what we said we would land. I think that's pretty history would say that, and we intend to stay there. And so we'll continue to adjust the business accordingly. But we understand the importance of the margins and where we are and where we need and want to be. And I think we're just about there.

我想你已經涵蓋了，喬納森。肖恩，我只是想在邊緣重申一下。我想，我們現在已經實現了我們所說的目標。我認為歷史會這麼說，我們打算留在那裡。因此我們將繼續相應地調整業務。但我們了解利潤的重要性以及我們所處的位置以及我們需要和想要達到的位置。我想我們就到了。

That's super helpful color. As my follow-up, a small one, but Jonathan, thanks for the sort of extra detail on the Marriott agreement. Just sort of one specific one on that, but the $60 million to $75 million in annual profit you outlined, is that -- is a number like that net or gross, meaning is that after the incremental cost to Marriott for that? So would that just be pure savings to MGM? Or do we have to net out whatever the costs are the fees to Marriott as a part of that?

這是超級有用的顏色。作為我的後續行動，這是一個小問題，但喬納森，感謝您提供有關萬豪協議的額外細節。只是一個具體的例子，但是您概述的 6000 萬至 7500 萬美元的年利潤是——是一個類似淨值還是毛值的數字，意思是在萬豪為此增加的成本之後？那麼這對米高梅來說只是純粹的節省嗎？或者我們是否必須扣除向萬豪收取的所有費用？

No. We see that as net of -- net benefit to the company and also doesn't include benefits in the regional markets and in occupancy recognizing we already operate at very high occupancies, but that's a net number.

不。我們認為這是公司的淨收益，也不包括區域市場和入住率的收益，因為我們已經以非常高的入住率運營，但這是一個淨數字。

Our next question will come from David Katz with Jefferies.

我們的下一個問題將來自杰弗里斯的大衛·卡茨。

I wanted to talk about the regional business just a bit. We've seen a number of regional operators report so far, and there's been just some pressure, right, on the top and the bottom. Can you just give us your current state of the state -- of the regional business? Is this kind of a momentary pressure? Is it economically driven? What is your outlook for that business competitively, et cetera?

我想談談區域業務。到目前為止，我們已經看到許多區域運營商的報告，並且頂部和底部都面臨著一些壓力。您能否向我們介紹一下您所在地區的業務現狀？這是一時的壓力嗎？是經濟驅動的嗎？您對該業務的競爭前景有何看法？

Yes, David, it's Corey. I think the business is fairly stable as we look across all of our lines of business. The one area we're seeing a little bit of a decline in is our table games at a few of the properties that Jonathan mentioned earlier about the decline in our business. The non-gaming amenities are holding up extremely well and have been very strong this summer.

是的，大衛，我是科里。從我們所有的業務範圍來看，我認為業務相當穩定。我們看到略有下降的一個領域是喬納森之前提到的有關我們業務下降的一些酒店的賭桌遊戲。非博彩設施保持得非常好，並且今年夏天非常強勁。

On the labor front, I think we're pretty well dialed in there. We're still down significantly from our peak FTEs and have a good understanding of our cost. So that business maintaining, I see is most likely happening in the future quarters.

在勞動力方面，我認為我們在這方面做得很好。我們的 FTE 峰值仍顯著下降，並且對我們的成本有很好的了解。因此，我認為業務維持最有可能發生在未來幾個季度。

I was just going to add a couple of comments, which is that ours is a unique regional portfolio in that not only are virtually all of the properties have commanding market positions but now with the conclusion of the room renovation at the Water Club as well as the Beau Rivage, these are properties which are as a group point to be extremely strong free cash flow generators for the enterprise over the next several years with a lot of the major CapEx behind us. So they play a very important part for the portfolio because of that.

我只是想補充幾條評論，那就是我們的房產組合是一個獨特的區域投資組合，不僅幾乎所有房產都擁有主導市場地位，而且現在水俱樂部的房間裝修已經完成， Beau Rivage，這些資產作為一個集團點，將在未來幾年為企業提供極其強大的自由現金流發生器，並為我們提供大量主要資本支出。因此，它們在投資組合中發揮著非常重要的作用。

Understood. And one of the other topics we haven't talked about in a while, Jonathan, is focusing on digital investment, investment in the loyalty program -- MGM's loyalty program. Can you update us on what's going on there and what benefits you may be seeing or any ways to measure?

明白了。喬納森，我們有一段時間沒有談論的其他話題之一是關注數字投資，對忠誠度計劃的投資——米高梅的忠誠度計劃。您能否向我們介紹一下那裡發生的最新情況以及您可能看到的好處或任何衡量方法？

Sure. Most of our investments in the loyalty program have been around technology enablement for our MGM Rewards members so that they can make their reservations online, they can check-in through mobile check-in, et cetera, and also introducing benefits to the program whereby they can redeem their MGM Reward points for non-gaming as well as other amenities and earn the points on non-gaming amenities.

當然。我們對忠誠度計劃的大部分投資都是圍繞為我們的米高梅獎勵計劃會員提供技術支持，以便他們可以在線預訂，可以通過移動辦理登機手續等辦理登機手續，並為該計劃引入好處，使他們能夠可以將其米高梅獎勵積分兌換為非博彩設施以及其他設施，並在非博彩設施上賺取積分。

All of these are seeing steady progress as we go through quarter-to-quarter. And it's an increasingly important part of the business. The capital investment requirement is fairly modest. It's more around operational standards and just increasing the awareness of our MGM Rewards customers the benefits associated with the program.

隨著我們每個季度的進展，所有這些都在穩步進展。它是業務中越來越重要的一部分。資本投資要求相當適中。它更多地圍繞運營標準，只是提高我們的米高梅獎勵客戶對該計劃相關好處的認識。

And just a few other points, Jonathan. We just have changed our platforms, which will allow us to do gamification, which we think from a loyalty perspective will help increase wallet share. And then we just announced that The Cosmopolitan in Las Vegas in February will shift to our loyalty program. So we're looking forward to the opportunities there also.

還有其他幾點，喬納森。我們剛剛改變了我們的平台，這將使我們能夠進行遊戲化，我們認為從忠誠度的角度來看，這將有助於增加錢包份額。然後我們剛剛宣布，二月份拉斯維加斯的 The Cosmopolitan 將轉向我們的忠誠度計劃。所以我們也期待那裡的機會。

And maybe last comment our casino segmentation is up almost 10 points as a percentage of our mix generally. The program and all of its attributes have been a key driver in that. And so we've seen a good deal of pickup throughout the course of the last year. Even if I take out BetMGM, which is, as I've said in my prepared comments, a huge driver of new sign-ups.

也許最後的評論是，我們的賭場細分占我們總體組合的百分比上升了近 10 個百分點。該計劃及其所有屬性是其中的關鍵驅動因素。因此，我們在去年看到了很大的增長。即使我把 BetMGM 拿出來，正如我在準備好的評論中所說，它是新註冊的巨大推動力。

If you take that up, I want to -- and I'll be off on the number here, but I think we have like 12% or 13% growth in that program. And so -- and ultimately, awareness, obviously, going from M life to MGM Rewards, the awareness of the program and what it means across the portfolio has been beneficial.

如果你接受這個問題，我想——我會在這裡放棄這個數字，但我認為我們在該計劃中有 12% 或 13% 的增長。因此，最終，意識，顯然，從 M life 到米高梅獎勵計劃，對該計劃的意識及其在整個投資組合中的意義是有益的。

And our next question will come from Barry Jonas with Truist Securities.

我們的下一個問題將來自 Truist Securities 的巴里·喬納斯 (Barry Jonas)。

I appreciate the commentary on margins. You've previously talked about 400 to 600 basis points of margin improvement on 2019 for the domestic properties. I believe you've been exceeding that. Just curious if that's still the right range that 200 basis point range? Or if you think it's a little tighter now?

我很欣賞關於邊緣的評論。您之前曾談到，2019 年國內房地產的利潤率將提高 400 至 600 個基點。我相信你已經超出了這個範圍。只是好奇這是否仍然是 200 個基點範圍的正確範圍？或者您認為現在有點緊了？

No, I'm still comfortable with that range, and I appreciate the observation. We look at it very closely where we get very specific in terms of where that margin improvement is coming from. But then again, 2019 was a long time ago. So we're focusing on the business as it is now, but we're still comfortable with that as a benchmark.

不，我仍然對這個範圍感到滿意，並且我很欣賞這種觀察。我們非常仔細地研究它，並非常具體地了解利潤率改善的來源。但話又說回來，2019 年已經是很久以前的事了。因此，我們現在專注於業務，但我們仍然對此作為基準感到滿意。

Okay. Understood. And then just as a follow-up, you've given a lot of great color on the Marriott deal. Maybe just can you talk a little bit more about any integrations with that MGM and how you could see upside there?

好的。明白了。作為後續行動，您對萬豪酒店的交易進行了很多精彩的闡述。也許您能多談談與米高梅的任何整合以及您如何看待那裡的好處嗎？

Ultimately, it's our ability to market to their customers and then their customers having an opportunity to do BetMGM MGM in its context. We have a program, I think, that's going to motivate Bonvoy points for those folks ultimately. It sits independent with BetMGM today, but I think it will be a key driver.

最終，我們有能力向他們的客戶進行營銷，然後他們的客戶就有機會在 BetMGM MGM 的背景下進行營銷。我認為，我們有一個計劃，最終會為這些人激發 Bonvoy 積分。如今，它與 BetMGM 保持獨立，但我認為它將成為一個關鍵驅動因素。

And when you have 180 million people aware of a product, we think it's pretty significant and interesting and they can get rewarded in Bonvoy points and ultimately do things, both inside their organization and ultimately back within our own. So it's a pretty straightforward deal, whether it's a fee for acquisitions for us and then they open up the benefits programming to all of their members and our members to each other.

當有 1.8 億人知道某個產品時，我們認為它非常重要且有趣，他們可以獲得 Bonvoy 積分獎勵，並最終在他們的組織內部以及最終回到我們自己的組織內做一些事情。因此，這是一項非常簡單的交易，無論是我們的收購費用，還是他們向所有會員和我們的會員開放福利計劃。

And our next question will come from Carlo Santarelli with Deutsche Bank.

我們的下一個問題將來自德意志銀行的卡洛桑塔雷利。

I was just hoping maybe if we could kind of look at the same-store results in Las Vegas and maybe you guys kind of help me better understand some of the ins and outs. But I thought if you look at the margins on the same-store portfolio, down 350 basis points, but still kind of within a range of what you guys talked about relative to 2019.

我只是希望我們能看看拉斯維加斯的同店結果，也許你們能幫助我更好地了解一些細節。但我認為，如果你看看同店投資組合的利潤率，下降了 350 個基點，但相對於 2019 年，仍然在你們談論的範圍內。

For starters, there was no reference to hold or anything, so I wanted to ask if that was normal? And secondly, I wanted to ask, with the union contracts upcoming, is there any kind of booking of potential incremental labor increases that took place in the quarter and might take place in the third quarter as well, given the contracts ended at the end of May?

首先，沒有提到保持或任何東西，所以我想問這是否正常？其次，我想問，隨著工會合同即將到來，考慮到合同在年底結束，是否有任何形式的潛在增量勞動力增加的預訂發生在本季度，也可能發生在第三季度。可能？

The -- in terms of the margin performance year-on-year, again, it was fairly consistent with what we experienced in the second quarter in terms of margin performance in Las Vegas. But as we look year-on-year, a lot of the difference is coming from labor. As we came out of this -- came into the second quarter in 2022, we weren't yet fully staffed. And so we were comping against a lighter labor load in the second quarter of 2022.

就同​​比利潤率表現而言，這與我們在拉斯維加斯第二季度的利潤率表現相當一致。但當我們逐年觀察時，很多差異來自於勞動力。當我們走出困境時——進入 2022 年第二季度，我們的人員尚未配備完畢。因此，我們面臨 2022 年第二季度勞動力負擔較輕的情況。

And then it was a mixed bag of a number of small items. None of which are -- I think, are worth going into. Hold was not a significant factor, and those all contributed to it. But like you noted in the premise of your question, we're kind of in that margin zone that we anticipated getting to and have been now for a couple of quarters.

然後它是一個由許多小物品組成的混合包。我認為，這些都不值得深入探討。持有並不是一個重要因素，而這些都是促成因素。但正如您在問題前提中指出的那樣，我們處於我們預期會達到的邊緣區域，而且現在已經有幾個季度了。

Okay. And then just getting back to the accounting for BetMGM and obviously, the EBITDA loss in the quarter, given the different calendar accounting. Clearly, June was a positive month based on that. July and August tend to be seasonally softer months, I would say, within the sports calendar, et cetera.

好的。然後回到 BetMGM 的會計，顯然，考慮到不同的日曆會計，該季度的 EBITDA 損失。顯然，六月是一個積極的月份。我想說，在體育日曆等方面，七月和八月往往是季節性較淡的月份。

Is it possible that, that kind of 3Q, which is generally a weaker quarter in general from an EBITDA perspective could actually be breakeven to slightly positive prior to, obviously, what would be expected to be a stronger 4Q?

從 EBITDA 的角度來看，第三季度通常是一個疲軟的季度，但顯然，在預計第四季度會表現強勁之前，是否有可能實際上實現盈虧平衡，略為正值？

I mean, I'd prefer not to parse the quarters. I think you're directionally correct in terms of the relative strength of the different quarters. We think the second quarter calendar result was terrific, and we stand by that second half profitability comment.

我的意思是，我不想解析季度。我認為就不同季度的相對實力而言，你的方向是正確的。我們認為第二季度的業績非常好，我們支持下半年盈利能力的評論。

Okay. And sorry, just so I'm clear, that's -- obviously you guys are thinking aggregate second half as reported positive but not necessarily each quarter positive. Is that the right way to interpret that?

好的。抱歉，我很清楚，顯然你們認為下半年的總體情況是積極的，但不一定每個季度都是積極的。這是正確的解釋方式嗎？

Yes. You've gotten football, obviously kicking up in the third quarter. So the answer is yes.

是的。你已經得到了足球，顯然在第三節就開始了。所以答案是肯定的。

And our next question will come from Stephen Grambling with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的斯蒂芬·格蘭布林。

Maybe one more on BetMGM. I know you didn't disclose or BetMGM didn't disclose the EBITDA exactly. But from what we can tell, it looks like the margin there may be a little bit lower than one of your closest peers. But I know there's some puts and takes to try to compare these things. Anything that you can call out to help investors that they try to compare and benchmark?

也許 BetMGM 上還有一個。我知道你沒有披露或者 BetMGM 沒有準確披露 EBITDA。但據我們所知，該公司的利潤率可能比最接近的同行之一要低一些。但我知道有一些嘗試可以比較這些東西。您可以提出哪些建議來幫助投資者進行比較和基準測試？

Yes. Look, I think -- and we've said this on a prior call, and I think the great news is we finally got single wallet in motion. I think the opportunity with Angstrom will drive more product, more parlay, more frequency and recency around bets in-game and otherwise. And those are big margin businesses. And so if you look at, I think gross, we're a little over 9%. I know there's a goal to break through 10 once we get Angstrom fully deployed, which will probably come in a couple of phases through football and then post football.

是的。聽著，我想——我們在之前的電話會議上已經說過了，我認為好消息是我們終於啟動了單一錢包。我認為與 Angstrom 合作的機會將推動更多的產品、更多的連贏、更多的頻率和圍繞遊戲內投注和其他方面的新近度。這些都是利潤豐厚的業務。所以如果你看一下，我認為總體而言，我們的比例略高於 9%。我知道一旦我們完全部署了Angstrom，我們的目標就是突破10，這可能會在足球比賽中分幾個階段進行，然後在足球比賽結束後進行。

And so I think if you look at the businesses, that's the biggest delta between the two is the product offering and more importantly, the type of products that potentially someone like a FanDuel or DraftKings will offer versus the velocity of things that we offer. We're simply going to have more high-margin bets available for customers as we deploy Angstrom.

因此，我認為，如果你看看業務，就會發現兩者之間最大的差異是產品提供，更重要的是，像FanDuel 或DraftKings 這樣的潛在公司將提供的產品類型與我們提供的產品的速度相比。當我們部署 Angstrom 時，我們將為客戶提供更多高利潤的賭注。

And Stephen, it's Jonathan. If you look at our second quarter, some of the KPIs that we called out in the earnings presentation, I mean, as the leading indicators, we're very excited about them for the profitability of the business, lower customer acquisition costs, higher margin on online sports betting, increased play by our loyal known customers and then all of our pre-2023 markets now contribution positive. I mean all those things bode very well for improving profitability in the future.

斯蒂芬，這是喬納森。如果你看一下我們第二季度的一些關鍵績效指標，我們在收益報告中提到，我的意思是，作為領先指標，我們對它們的業務盈利能力、更低的客戶獲取成本、更高的利潤率感到非常興奮在在線體育博彩方面，我們忠實的已知客戶的參與度增加，然後我們所有 2023 年之前的市場現在都做出了積極的貢獻。我的意思是，所有這些都預示著未來盈利能力的提高。

That's super helpful. And one follow-up just on kind of BetMGM, but also the regional properties. It looks like the properties that were in the states with legalized iGaming had a little bit weaker gross gaming revenue than those without. Any color on how to assess cannibalization from iGaming or BetMGM specifically?

這非常有幫助。後續行動不僅涉及 BetMGM，還涉及區域性資產。看起來在線博彩合法化州的賭場的總博彩收入比那些沒有合法化的州的賭場要弱一些。關於如何具體評估 iGaming 或 BetMGM 的蠶食有什麼顏色嗎？

Well, I think, in macro, it's beginning to be a slight factor. But I think if you look at it in aggregate, obviously, what's happened in a place like Michigan where it's gone almost 100% more than brick-and-mortar. It's meaningful to the business and meaningful collectively. We continue to hold our market share. I don't know, Corey, recently, what it is 48% or whatever it is...

嗯，我認為，從宏觀來看，這開始成為一個輕微的因素。但我認為，如果你從總體上看，顯然，像密歇根這樣的地方所發生的事情比實體店多了幾乎 100%。這對企業和集體都有意義。我們繼續保持我們的市場份額。我不知道，科里，最近，48% 是什麼，或者什麼......

46%.

46%。

46%. So in totality, we think it's to our betterment, and we're excited by it long term. And again, I think once we get more of this omnichannel in play, we can begin to motivate back into the property level with tournaments and other activity cases that will drive people back into brick and mortar.

46%。所以總的來說，我們認為這對我們來說是更好的，而且從長遠來看我們對此感到興奮。再說一次，我認為，一旦我們更多地發揮這種全渠道的作用，我們就可以開始通過錦標賽和其他活動案例來激勵人們重返房地產層面，從而促使人們回到實體店。

Makes sense. And ultimately, free cash flow margin accretive.

說得通。最終，自由現金流利潤率會增加。

Yes, clearly.

是的，很明顯。

And our next question will come from Dan Politzer with Wells Fargo.

我們的下一個問題將來自富國銀行的丹·波利策 (Dan Politzer)。

I guess a high-level one on Vegas. You've done a good job kind of laying out the near-term and medium-term outlook. But, I guess, as we look past the Super Bowl into 2024, can you maybe highlight some of the key events that you have on the calendar? Or I guess, where you are in terms of the group and convention pacing, where you are -- versus where you typically are? Yes, just any color as we kind of look further out into the demand picture would be great?

我猜是維加斯的一個高層。您在製定近期和中期前景方面做得很好。但是，我想，當我們展望 2024 年超級碗比賽時，您能否強調一下日曆上的一些關鍵賽事？或者我猜，就團體和會議的節奏而言，你處於什麼位置——與你通常處於什麼位置？是的，只要我們進一步了解需求情況，任何顏色都會很棒嗎？

This is for you, Corey.

這是給你的，科里。

Yes. So 2024 from a convention booking perspective looks really positive for our company. We'll be up about 6% in room nights. Just as a reminder, Mandalay Bay has been under remodel. So that's impacted the number of convention room nights we've had in the second and third quarter here. So we have been a little bit down on the convention side, which puts some pressure on the legacy properties in the midweek.

是的。因此，從會議預訂的角度來看，2024 年對我們公司來說確實是積極的。我們的間夜價格將上漲約 6%。提醒一下，曼德勒灣一直在改造中。因此，這影響了我們第二季度和第三季度的會議室過夜數量。因此，我們在大會方面有點下滑，這給周中的遺留資產帶來了一些壓力。

But as we look at '24 and the pace that we're seeing in where those rooms are being booked, it should make up the difference that we saw in the last few quarters.

但當我們看看 24 年以及我們在這些房間預訂中看到的速度時，它應該彌補我們在過去幾個季度看到的差異。

And then if you think just more macro in terms of events activity, the great news is we're still a net beneficiary where carriers like to bring their aircraft. I think we're sitting at 115% or 116% of inventory seats over where we were prepandemic. So that's been great news. Conventions, as Corey mentioned, will pick pace. We have yet to see the full return of international business to Las Vegas, particularly from Asia. I think that will pick some pace.

然後，如果您從活動活動的角度考慮更宏觀的問題，那麼好消息是我們仍然是航空公司喜歡攜帶飛機的淨受益者。我認為我們目前的庫存席位是大流行前的 115% 或 116%。這是個好消息。正如科里提到的，大會將加快步伐。我們尚未看到國際業務，特別是來自亞洲的國際業務全面回歸拉斯維加斯。我認為這會加快步伐。

We're excited by what we think Marriott can do from a -- if not a displacement but probably a little bit of both, a higher-value customer against an occupancy creep up because we've seen what's happened to Cosmopolitan. If we stretch it across the portfolio, we think that's meaningful. We have several bids in for several NCAA tournaments, the college championship game, the Final Four, Frozen -- not frozen, whatever they call their Final Four for hockey, I think it's called Frozen Fury.

我們對萬豪酒店能夠做的事情感到興奮——即使不是位移，但可能兩者兼而有之，高價值客戶反對入住率的上升，因為我們已經看到了麗都酒店所發生的事情。如果我們將其擴展到整個投資組合，我們認為這是有意義的。我們對幾項NCAA 錦標賽、大學冠軍賽、四強賽、《冰雪奇緣》——不是《冰雪奇緣》進行了多次投標，無論他們如何稱呼曲棍球四強賽，我認為它被稱為《冰雪奇緣之怒》。

And so -- and the programming of legion and the opportunity it provides has proven to be highly successful for whether it's Beyonce that's coming in later this month or others. Selling out in Las Vegas is almost given the nature of the activity, it's not a 3-hour event, it's a 3-day event. And so we keep getting more than our fair share of looks at all of those things as a community. And we, as individual properties, obviously, with T-Mobile in our portfolio, et cetera. So overall, I'm pretty excited by all of it.

因此，事實證明，無論是本月晚些時候即將到來的碧昂斯還是其他人，《軍團》的節目及其提供的機會都非常成功。拉斯維加斯的售空幾乎是由活動性質決定的，這不是一個3小時的活動，而是一個為期3天的活動。因此，作為一個社區，我們對所有這些事情的關注不斷超過我們應有的份額。顯然，我們作為個人資產，在我們的投資組合中包含 T-Mobile 等。總的來說，我對這一切感到非常興奮。

And then thinking of the Sphere with U2, which at 20,000 people a night has to help the entire city. And I think boxing is definitely coming back. We just hosted fight last week and that was spectacular for us. So...

然後想到 U2 的 Sphere，每晚 20,000 人必須幫助整個城市。我認為拳擊肯定會回歸。我們上周剛剛舉辦了一場比賽，這對我們來說非常精彩。所以...

Got it. And then just pivoting to digital and BetMGM. Obviously, if we look through your slides and we see the data, share has kind of edged downwards a bit. So maybe can you talk about the priorities at the JV level as it relates to growth and market share versus profitability, which obviously inflected here into calendar 2Q?

知道了。然後轉向數字化和 BetMGM。顯然，如果我們瀏覽你的幻燈片並看到數據，份額會略有下降。那麼，也許您可​​以談談合資企業層面的優先事項，因為它與增長和市場份額與盈利能力有關，這顯然會影響到日曆第二季度？

It's 2 things. You kind of touched on both of them. Drive to profitability, we see cohorts maturing in 24 to 36 months, particularly in sports. Hopefully, a little sooner in iGaming -- hopefully, they are maturing a little sooner in iGaming. We've seen our CPAs come down from 400s down below 300s. And so there's active maturity there in the context of how we're marketing into whom and we're more disciplined about all of that.

這是兩件事。你有點觸及了他們兩個。為了實現盈利，我們看到群體會在 24 至 36 個月內成熟，尤其是在體育領域。希望 iGaming 能早一點——希望他們在 iGaming 方面能早一點成熟。我們已經看到我們的 CPA 從 400 降到了 300 以下。因此，在我們如何向誰進行營銷方面，我們已經非常成熟，並且我們對所有這些都更加自律。

And candidly, it's back what I said earlier. Our product is not where we want it to be. I think the moves that we're now making though with Entain, our partner, with the moves we're going to make with Angstrom as an onboarded partner for BetMGM will get us to a place where we'll be back in that game in a meaningful way and hopefully begin to gain some share back.

坦白說，這又回到了我之前所說的。我們的產品沒有達到我們想要的效果。我認為，我們現在與我們的合作夥伴 Entain 採取的行動，以及我們將與 Angstrom 作為 BetMGM 的合作夥伴採取的行動，將使我們能夠回到那個遊戲中。一種有意義的方式，並希望開始重新獲得一些份額。

On the casino side, it's simply sports bettors, about 30% of them migrate over to the casino. If you take that out of the equation -- if you leave that in the equation, it's part of the reason iGaming come down a couple of points, but we continue to dominate. We're not naive that they're not coming after us in that forum. We continue to innovate. We've got new games going on the floor, go back to the question we just had around is hurting brick-and-mortar that have jackpots that extend from digital over to brick-and-mortar and vice versa. And so we're continuing to figure out ways to tie both products together to promote both ends of the spectrum.

在賭場方面，只是體育博彩玩家，其中大約 30% 遷移到賭場。如果你把它從等式中剔除——如果你把它留在等式中，這就是 iGaming 下降幾分的部分原因，但我們仍然佔據主導地位。我們並不天真，他們沒有在那個論壇上追捕我們。我們不斷創新。我們已經推出了新遊戲，回到我們剛才遇到的問題，即傷害實體店，因為這些遊戲的頭獎從數字延伸到實體，反之亦然。因此，我們正在繼續尋找將這兩種產品結合在一起的方法，以促進兩端的發展。

And our next question will come from Brandt Montour with Barclays.

我們的下一個問題將來自巴克萊銀行的布蘭特·蒙圖爾。

I was wondering if in the regionals if you wanted to -- if you were able to give us a little more color on what happened in -- at the Borgata and in Detroit this quarter? And if it's fair to assume that if you adjusted for that, you would have ended up comfortably in that 32% to 33% margin range that you talked about, Jonathan?

我想知道在區域賽中，您是否願意 - 您能否給我們更多關於本季度在 Borgata 和底特律發生的事情的信息？如果可以公平地假設，如果你對此進行調整，你最終會輕鬆地達到你所說的 32% 到 33% 的利潤範圍，喬納森？

Sure. Yes, at the Borgata, it was a matter of a couple of pretty significant table game events moving from June into July. And MGM Detroit, it was some issues around hold for the property in the quarter. But again, going forward, we're comfortable being in that range.

當然。是的，在 Borgata，從六月到七月舉行了幾場相當重要的桌面遊戲活動。底特律米高梅在本季度也出現了一些與持有該物業有關的問題。但同樣，展望未來，我們對處於這個範圍內感到滿意。

Borgata was the big dragger of the margin.

Borgata 是利潤率的最大拖累者。

Okay. Great. That's helpful. And then over in Macau, as you look at the markets recovery and where you guys think the recovery is coming from here, and looking at your own capacity and your own sort of expertise, can you tell us what gives you confidence that you'll be able to hold the market share gains that you've gotten and how you sort of think that can trend from here?

好的。偉大的。這很有幫助。然後在澳門，當您觀察市場復甦以及你們認為複蘇來自何處時，並考慮您自己的能力和您自己的專業知識，您能否告訴我們是什麼讓您有信心，您會能夠保持您所獲得的市場份額收益以及您認為此後的趨勢如何？

I'll kick it off and turn it over to Hubert, who obviously lives this every day. Look, we are uniquely positioned in the way we've historically shaped for decades our marketing organization around knowing our own customers and delivering them to our properties. And obviously, now with the demise of junkets, we've seen that network go to work. And frankly, we're expanding on that network. We've opened a couple more offices, and so that's been meaningful and helpful.

我會把它交給休伯特，他顯然每天都過著這樣的生活。看，我們處於獨特的地位，幾十年來，我們一直圍繞著了解我們自己的客戶並將他們運送到我們的酒店來塑造我們的營銷組織。顯然，隨著中介人的消亡，我們已經看到該網絡開始發揮作用。坦率地說，我們正在擴展該網絡。我們又開設了幾個辦事處，這很有意義，也很有幫助。

And then I think it is interesting to us that the moves that we made on the casino floor itself and the reconfigurations and the velocity in the way we offer up games and the proximity to each other, others have now begun to replicate. And so that's real, and it may or may not take its course. But here we are -- July was yet a record month. Here we are 7 months into this, and we continue to hold share, where I think you've seen almost 10,000 hotel rooms open up in the marketplace.

然後我認為對我們來說有趣的是，我們在賭場大廳本身所做的舉動以及我們提供遊戲的方式和彼此接近的重新配置和速度，其他人現在已經開始復制。所以這是真實的，而且它可能會也可能不會順其自然。但我們現在看到的是——七月仍然是創紀錄的月份。我們已經進入了 7 個月，並且我們繼續持有份額，我想您已經看到市場上開放了近 10,000 個酒店客房。

And so look, if there's always tomorrow, we're not overly tacky about it. But we do think we've done a good job of deploying the 200 tables we got. There's about 150 in play with 50 more to go. And I think that will help our share story as we get to the second half of the year. Hubert, anything to add?

所以看，如果總有明天，我們對此並不會過於俗氣。但我們確實認為我們在部署 200 個表方面做得很好。大約有 150 場比賽正在進行，還有 50 場比賽即將結束。我認為這將有助於我們在下半年分享故事。休伯特，有什麼要補充的嗎？

Yes. Thank you, Bill. Other than the table and floor optimization you talked about, I think that we are also looking at sales team expansion. Obviously, I think that this is going to be very important for our customer acquisition. Another thing is that we're going to leverage our network that MGM Resorts has internationally to push the overseas market.

是的。謝謝你，比爾。除了你提到的桌子和地板優化之外，我認為我們還在考慮銷售團隊的擴張。顯然，我認為這對於我們的客戶獲取非常重要。另一件事是，我們將利用米高梅度假村在國際上的網絡來推動海外市場。

I think that we have already made a lot of progress, and we're going to open more offices and double our head count, sales and marketing people in these areas. Other than that, I think capital projects and enhancement remain a very important element to improve our customers' experience, particularly at the premium mass side.

我認為我們已經取得了很大進展，我們將開設更多辦事處，並將這些領域的銷售和營銷人員人數增加一倍。除此之外，我認為資本項目和增強仍然是改善客戶體驗的非常重要的因素，特別是在高端大眾方面。

So we are looking at -- for example, at MGM Macau side, we're going to do Villa renovation in the coming months and the quarters. And there are also a lot of nongaming programs and products that we're going to either renovate or build under the retendering concession commitment. So there are a lot of things that we are doing and focusing on to defend our market share.

因此，我們正在考慮，例如，在澳門美高梅方面，我們將在未來幾個月和幾個季度進行別墅翻新。我們還將根據重新招標特許權承諾來翻新或建造許多非博彩項目和產品。因此，我們正在做很多事情並專注於捍衛我們的市場份額。

Just to give you some color on the recovery, I think our July results are very strong, robust, and it's showing continuous improvement on a lot of fronts and a lot of KPIs vis-a-vis second quarter. So whether it's daily GGR or mass GGR recovery rates and even EBITDAR recovery rate. So we are looking at higher numbers than the second quarter. So I'm very optimistic on the balance of the year in terms of recovery and the financial results.

只是為了讓您對複蘇有一些了解，我認為我們 7 月份的業績非常強勁、強勁，並且與第二季度相比，在很多方面和很多 KPI 上都顯示出持續改進。因此，無論是每日 GGR 還是批量 GGR 恢復率，甚至 EBITDAR 恢復率。因此，我們看到的數字高於第二季度。因此，我對今年剩餘時間的複蘇和財務業績非常樂觀。

And our next question will come from Robin Farley with UBS.

我們的下一個問題將來自瑞銀集團的羅賓·法利。

I just wanted to follow up on the Marriott agreement. It seems like a great distribution agreement. Can you describe it as a franchise agreement, which would suggest that you're paying a share of rooms revenue from -- you mentioned you expect them to fill maybe 5% to 7% of the lowest rooms. Are you paying a share of room revenues from the other 90-plus percent of rooms in the agreement?

我只是想跟進萬豪協議。這似乎是一個很棒的分銷協議。您能否將其描述為特許經營協議，該協議表明您將支付一定比例的客房收入——您提到您希望他們能夠入住最低客房的 5% 到 7%。您是否支付協議中其他 90% 以上客房的客房收入份額？

Robin, the whole agreement is basically a hybrid, given the nature of Las Vegas, given our occupancies. And so yes, we're paying fees on some rooms, not all. And so look, I think you long understand the nature of the story here and what we've been able to do, whether it was more of -- just a loyalty program. This goes a little deeper and longer, which we're excited by, but it is rewarded on performance.

羅賓，考慮到拉斯維加斯的性質和我們的佔用情況，整個協議基本上是一個混合體。所以，是的，我們為一些房間付費，而不是全部。所以看，我認為您很早就了解這裡故事的本質以及我們能夠做的事情，無論它是否更多 - 只是一個忠誠度計劃。這有點更深、更長，我們對此感到興奮，但它會根據性能得到獎勵。

So the more room nights they drive and the more room nights they bring us, the better they do and ultimately, I think the better we will do. But it's a hybrid deal. It wouldn't be in the general context of how you think about our franchise agreement.

因此，他們開車的住宿夜數越多，為我們帶來的住宿夜數越多，他們做得就越好，最終，我認為我們也會做得更好。但這是一項混合交易。這不會在您如何看待我們的特許經營協議的一般背景下發生。

So not a share of revenues on the rooms that you already fill yourself, is that the way to think about it?

那麼，不是從你已經入住的房間中分享收入，是這樣考慮的嗎？

Yes. We're not going to go into the details of the agreement. We actually feel like we've been pretty transparent in terms of what we think they'll deliver, what they think they'll deliver in terms of rooms and the incremental value associated with those rooms on a net basis, but that's as far as we're going to go in terms of describing the transaction.

是的。我們不打算討論協議的細節。事實上，我們覺得我們在我們認為他們將提供什麼、他們認為他們將在房間方面提供什麼以及與這些房間相關的淨增量價值方面一直相當透明，但僅限於此。我們將繼續描述交易。

Our next question will come from John DeCree with CBRE.

我們的下一個問題將來自 CBRE 的 John DeCree。

In your prepared remarks, you've mentioned about the A's in the backyard for you guys. So maybe a little bit further looking, but are there potential reinvestment opportunities on the south ends of the strip for your properties that might make ROI sense now that maybe didn't previously? Is there things that you're starting to consider and that you might be able to do with that potential anchor down there in your backyard?

在你們準備好的發言中，你們提到了你們後院的 A。因此，也許需要進一步考慮一下，但在該地帶的南端是否有潛在的再投資機會，可以為您的房產帶來投資回報率，而以前可能沒有？您是否開始考慮一些事情，並且您可以利用後院的潛在錨點來做一些事情？

John, thanks for the question. I think the answer is yes to a degree. I mean we're going to keep the velocity of capital we spend in Las Vegas when we're sitting here, particularly on that corner when we own all 3 properties in measure. Having said that, it's a $1.5 billion stadium. It's going to deliver hundreds of thousands of new folks. MGM is 30 years old and need some love anyways.

約翰，謝謝你的提問。我認為答案在某種程度上是肯定的。我的意思是，當我們坐在這裡時，我們將保持在拉斯維加斯的資本支出速度，特別是當我們擁有全部三處房產時，在那個角落。話雖如此，這是一座耗資 15 億美元的體育場。它將帶來數十萬新人。米高梅已經30歲了，無論如何都需要一些愛。

We're not pleased about the way it all connects right now, so we'd like to work on connectivity on that corner. We'd like to work on, particularly the front end of MGM. We think, frankly, the further you get away from the elevators, the worse the property gets not the better. And we'd like to think our front door could be enhanced and I know it can. And this will be a catalyst to that dialogue, where we go and how much time to tell. But yes, we do think there's an opportunity there.

我們對目前的連接方式並不滿意，因此我們希望致力於該角落的連接。我們願意致力於，特別是米高梅的前端。坦白說，我們認為，距離電梯越遠，房子的情況就越差，而不是越好。我們認為我們的前門可以得到加強，我知道它可以。這將成為對話的催化劑，我們要去哪里以及需要多少時間來講述。但是，是的，我們確實認為那裡有機會。

And maybe one more also circling back to the prepared remarks if you could provide a little bit of color. There's obviously been strength on the strip at the luxury properties that you gave us some color on. But smaller piece of the business, perhaps the nonluxury properties, if you could give us a little color as to what you're seeing there in terms of the differential from luxury properties, if you could call it, softness and what opportunities are there? Is it economic? Is it still just that midweek occupancy that needs to come back as conventions roll in citywide fill-ups or kind of how are you thinking about those other properties that could maybe see some opportunities?

如果您能提供一點顏色，也許還可以回到準備好的評論。顯然，您給我們提供了一些關於豪華地產的實力。但對於較小的業務，也許是非豪華地產，如果您能給我們一些關於您所看到的與豪華地產的差異（如果您可以稱之為“軟性”）的信息，以及存在哪些機會？經濟嗎？隨著會議的召開，全市範圍內的人滿為患，是否仍然需要恢復周中的入住率，或者您如何看待那些可能會看到一些機會的其他房產？

John, I'll take it off and turn it to Corey because he knows this more intimately. But I would say this park is enjoying its best year ever by far. And so it sits in the epicenter with T-Mobile of activity. And we see bleed over from Luxor when conventions are there. Obviously, we'll see bleed over in Luxor and Excalibur when sports kick -- when sports -- when football kicks back up. New York, New York is enjoying a decent year. So it's a little bit of a mixed bag, but generally, Corey?

約翰，我會把它摘下來交給科里，因為他更清楚這一點。但我想說這個公園正在享受迄今為止最好的一年。因此，它與 T-Mobile 處於活動中心。當大會召開時，我們會看到盧克索的流血事件。顯然，當體育運動開始時，當體育運動開始時，當足球運動重新開始時，我們會看到盧克索和神劍的流血。紐約，紐約正在享受美好的一年。所以這有點魚龍混雜，但總的來說，科里？

Yes. I think, in general, there's plenty of demand to fill the properties. It just comes to the rate on midweeks. And in particular, when you look at Luxor and Excalibur, they've been impacted by Mandalay's construction going on over there. So they haven't had the flow over from those convention room nights.

是的。我認為，總的來說，有足夠的需求來填補這些房產。這只是周中的利率。特別是，當你看看盧克索和神劍時，它們受到了曼德勒那邊正在進行的建設的影響。所以他們還沒有從那些會議室之夜中獲得流量。

When there are conventions in town, we have pricing even at those -- pricing power even at those properties. But the summer has been a little bit low on the convention business, not just for us, but from what we've heard from some of our competitors, but we're still happy with the occupancy we're seeing in there.

當鎮上有會議時，我們甚至對這些會議也有定價權——即使對那些房產也有定價權。但今年夏天的會議業務有點低迷，不僅對我們來說，而且從我們從一些競爭對手那裡聽到的情況來看，但我們仍然對那裡的入住率感到滿意。

And our next question will come from Chad Beynon with Macquarie.

我們的下一個問題將來自麥格理的查德·貝農。

First, I wanted to ask about your share repurchases, 15 million in the quarter, that was the highest in 4 quarters. Just wondering how you're thinking about the pace of repurchases as we get through the back half of the year and then beyond?

首先，我想問一下你們的股票回購情況，本季度回購了1500萬股，是四個季度以來最高的。只是想知道您如何看待今年下半年及以後的回購步伐？

Yes. Thanks for the question. This is an important part of our capital allocation program. It has been now for over 2 years. We try to be consistent but also opportunistic depending upon where we see the shares as compared to our own estimated value of the company. And this quarter was aggressive, although not terribly more so than the first quarter. This will continue to be a part of our capital allocation approach and the pace will be dictated by the market as well as some of the other opportunities that we have before us.

是的。謝謝你的提問。這是我們資本配置計劃的重要組成部分。到現在已經有2年多了。我們努力保持一致，但也根據我們對股票的看法與我們自己對公司的估計價值相比，採取機會主義態度。本季度的表現非常激進，儘管並不比第一季度嚴重。這將繼續成為我們資本配置方法的一部分，其步伐將由市場以及我們面臨的其他一些機會決定。

But we do have close to $2 billion still of excess cash on the balance sheet. And one of the best we think our valuation right now, one of the best homes for that capital is repurchasing our own shares.

但我們的資產負債表上仍有近 20 億美元的過剩現金。我們認為目前最好的估值之一、資本的最佳歸宿之一就是回購我們自己的股票。

Great. And then I wanted to go back to Macau to Hubert. Nice to hear about the quarter and that July is trending in the right direction. We've seen that the State Council recently published a 20-point measure to potentially expand consumption in China. I think we've all been waiting for a resumption of that further out traveler or visitor, non-Guangdong to come back to the market.

偉大的。然後我想回到澳門去找休伯特。很高興聽到這個季度的消息，並且 7 月份的趨勢是正確的。我們看到國務院最近出台了20條擴大消費的措施。我認為我們都在等待非廣東省以外的旅行者或遊客恢復市場。

So a two-part question on that. First off, do you think this could be the catalyst that gets them going? And what would be? And then secondly, do you need that customer to come back or given your results that you're showing right now, are you pretty happy with the current customers that you have in your properties?

這是一個由兩部分組成的問題。首先，你認為這可能是讓他們前進的催化劑嗎？那會是什麼？其次，您是否需要該客戶回來或給出您現在展示的結果，您對您的房產中現有的客戶感到非常滿意嗎？

Yes. I think that's a great question. I think the stimulation package that the government instituted in China, I think it's going to be another push for the mass segment and particularly at the mid- to lower end of mass. This market, frankly, I think that is so far driven by the premium mass segment. But I think the longer-term recovery of growth will be a broad spectrum -- much broad spectrum than just that, particularly with all the nongaming programs that all the concessionaires are implementing.

是的。我認為這是一個很好的問題。我認為政府在中國製定的刺激計劃將是對大眾市場的又一次推動，特別是在中低端大眾市場。坦率地說，我認為到目前為止，這個市場是由高端大眾市場驅動的。但我認為，長期增長復甦將是一個廣泛的範圍——遠不止於此，特別是所有特許經營商正在實施的所有非博彩計劃。

I think that the demand will come from -- a lot of that will come from the lower to mid-end of the mass. So I think that, again, bodes well for everybody in the market. For MGM, actually, we talk about recovery. But for us, I think we are already moving beyond recovery. We are talking about growth. So we are focusing on all segments.

我認為需求將來自——其中很大一部分將來自大眾的中低端。因此，我認為這對市場上的每個人來說都是好兆頭。對於米高梅來說，實際上我們談論的是複蘇。但對我們來說，我認為我們已經超越了復甦。我們正在談論增長。所以我們專注於所有細分市場。

Of course, premium mass, given the profit footprint, et cetera, I think we focus on that, but a lot of programs will be supported by every segment of the mass. So I think that bodes well for us as well in the coming months and quarters for the business growth.

當然，考慮到利潤足蹟等，優質大眾，我認為我們會重點關注這一點，但很多計劃將得到大眾各個部分的支持。因此，我認為這對我們未來幾個月和幾個季度的業務增長來說也是個好兆頭。

Ladies gentlemen, this concludes our question-and-answer session. I'd 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。我想將會議轉回比爾·霍恩巴克 (Bill Hornbuckle) 發表閉幕詞。

Thank you, operator. Just quickly, before you all go, look, I think you've heard, we continue to have a really strong top line story in Las Vegas. It's led by event activity, it's led by luxury, which we -- again, to Jonathan's comment, 80% of our earnings are coming from the luxury segment and sector. You heard us talk about Marriott think about what we just did. We've just partnered with the world's largest hospitality organization and with 180 million members directly tied to our programs and ultimately to our properties.

謝謝你，接線員。快點，在你們走之前，聽著，我想你們已經聽說了，我們在拉斯維加斯繼續有一個非常強大的頭條故事。它以活動活動為主導，以奢侈品為主導，我們再次重申，根據喬納森的評論，我們 80% 的收入來自奢侈品細分市場和行業。你聽到我們談論萬豪，想想我們剛剛做了什麼。我們剛剛與世界上最大的酒店組織合作，擁有 1.8 億會員，這些會員與我們的計劃以及最終與我們的酒店直接相關。

You know BetMGM is now at an inflection point. You heard us talk about margin retention and margin stabilization going forward. I think we're at the numbers we should and want to be both in Las Vegas and regional, and we'll continue to work towards that end. You heard about our balance sheet being in great shape and the value that it presents to shareholders, particularly given the trading multiple that we're at remains very opportunistic in our view, but it sits there loud and clear.

您知道 BetMGM 現在正處於一個拐點。您聽到我們談論未來的利潤保留和利潤穩定。我認為我們在拉斯維加斯和地區都達到了我們應該並且希望達到的數字，我們將繼續為此而努力。您聽說過我們的資產負債表狀況良好，並且為股東帶來了價值，特別是考慮到我們目前的交易倍數在我們看來仍然非常機會主義，但它擺在那裡響亮而清晰。

So for that, I thank you for all your support and you are here and have a great evening.

因此，我感謝你們的支持，祝你們在這裡度過了一個愉快的夜晚。

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

會議現已結束。非常感謝您參加今天的演講。您現在可以斷開線路。