美高梅國際酒店集團 (MGM) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the MGM Resorts International Third 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，歡迎參加米高梅國際飯店集團 2023 年第三季財報電話會議。今天加入公司電話會議的有執行長兼總裁 Bill Hornbuckle；科里·桑德斯，營運長；喬納森‧哈爾克亞德 (Jonathan Halkyard)，財務長兼財務主管；王休伯特，米高梅中國總裁兼營運長；和投資者關係總監安德魯查普曼 (Andrew Chapman)。 （操作員說明）請注意，本次會議正在錄製中。

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

現在我想把電話轉給安德魯·查普曼。請繼續。

Good afternoon, and welcome to the MGM Resorts International Third 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，歡迎參加米高梅國際酒店集團 2023 年第三季財報電話會議。此次電話會議正在 Investors.mgmresorts.com 上進行網路直播，我們也向 SEC 提供了 8-K 表格中的新聞稿。

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有重大差異。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資​​訊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，我們不承擔因新資訊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 when talking about our performance. You can find the reconciliation of 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績效時討論非公認會計準則財務指標。您可以在我們的新聞稿和投資者簡報中找到 GAAP 財務指標的調整表，這些內容可在我們的網站上找到。最後，這場演講正在錄製中。

I will now turn it over to Bill Hornbuckle.

我現在將把它交給比爾·霍恩巴克。

Thanks, Andrew, and thank you all for joining us today. In the third quarter, we had a fantastic results as evidenced by our record consolidated net revenues. And despite the disruption across our portfolio, we achieved record same-store ADRs in Las Vegas as well as a record third quarter regional net revenues on a same-store basis.

謝謝安德魯，也謝謝大家今天加入我們。第三季度，我們取得了出色的業績，創紀錄的合併淨收入證明了這一點。儘管我們的產品組合受到干擾，但我們在拉斯維加斯實現了創紀錄的同店 ADR，以及創紀錄的第三季同店區域淨收入。

To say the least, we're off to a strong start prior to the cybersecurity issue. And to briefly summarize, on September 12, we disclosed that we identified a cybersecurity issue affecting certain of our U.S. systems. As a precautionary measure, we proactively shut down certain systems to mitigate risk to customer information, which resulted in disruption at some of our properties. Over the following weeks, we systematically restored to enhance these systems, and we're fully operational by the end of the month of September.

至少可以說，在網路安全問題出現之前，我們已經有了一個好的開始。簡而言之，9 月 12 日，我們揭露，我們發現了一個影響我們某些美國系統的網路安全問題。作為預防措施，我們主動關閉了某些系統，以降低客戶資訊的風險，這導致我們的一些飯店受到干擾。在接下來的幾周里，我們系統地恢復以增強這些系統，並在 9 月底全面投入運作。

Following the issues, we have seen incredible resiliency in our business to start the fourth quarter. Going forward, we do not anticipate any further operational disruptions from the incent as expected that insurance will cover the losses incurred. We expect to receive insurance reimbursements in the upcoming quarters and Jonathan will provide more detailed information on the quarterly financial impacts in his remarks.

在這些問題之後，我們看到第四季開始我們的業務具有令人難以置信的彈性。展望未來，我們預計保險將彌補所發生的損失，並且預計不會造成任何進一步的營運中斷。我們預計將在接下來的幾個季度收到保險報銷，喬納森將在他的演講中提供有關季度財務影響的更詳細資訊。

I want to express my deep appreciation once again to our employees for the response during a challenging few weeks. They showed resilience and professionalism, but more importantly, a commitment to our culture of taking care of our guests and each other. We've been humbled by the feedback from many of our guests who took the time to call out the exceptional service they received. We're coming out of this stronger as a team and as a culture with a focus on the culture of yes from both our guests and employees.

我想再次對我們的員工在充滿挑戰的幾週內做出的反應表示深深的感謝。他們表現出了韌性和專業精神，但更重要的是，他們致力於維護我們照顧客人和彼此的文化。我們對許多客人的回饋深感榮幸，他們花時間稱讚他們所獲得的卓越服務。作為一個團隊和一種文化，我們正在走出困境，變得更加強大，我們的重點是來自我們的客人和員工的「是」文化。

One last thing on the employees. We continue to negotiate in good faith with the unions in both Las Vegas and Detroit with the goal of reaching agreement on new record contracts that work for everyone.

關於員工的最後一件事。我們繼續與拉斯維加斯和底特律的工會進行真誠的談判，目標是就適合所有人的新唱片合約達成協議。

In Las Vegas, as you know, Caesars Entertainment came to a new tenant of collective bargain agreement this morning, and we are literally in session as we speak, and I believe we will come to a deal today. We know from listening to our employees that they are looking for a pay increase, to combat inflation, as well as reduced workloads among other concerns. This deal when announced, we'll do just that and will result in the largest pay increase in the history of our negotiations with the culinary union.

如您所知，在拉斯維加斯，凱撒娛樂公司今天早上與新租戶簽訂了集體談判協議，我們實際上正在開會，我相信我們今天會達成協議。我們從員工的心聲中得知，他們正在尋求加薪、應對通貨膨脹以及減少工作量等問題。這筆交易一旦宣布，我們將做到這一點，並將帶來我們與烹飪工會談判史上最大的加薪。

As we shift our remarks to the fourth quarter, we anticipate the rival Las Vegas inaugural Formula 1 race next week. We are well prepared to welcome our guests for that what promises to be an exciting and enduring tentpole event. We sold out our Bellagio Fountain Club and grandstand seats. Cash roommates are several multiples have had of the same week in prior years, and the casino front money deposits indicate Formula One will be an all-time record casino event.

當我們將評論轉移到第四季度時，我們預計下週將舉行競爭對手拉斯維加斯首屆一級方程式賽車。我們已做好充分準備，歡迎賓客前來參加，這將是一場令人興奮且持久的盛會。我們的貝拉吉歐噴泉俱樂部和看台座位全部售空。現金室友的數量是前幾年同一周的好幾倍，賭場的預存款表明一級方程式賽車將成為賭場賽事的歷史記錄。

As we look into 2024, we see strength in future bookings rate and group pace into the first half of the year, and we're encouraged by a number of tailwinds, including the launch of Marriott's direct bookings in the first quarter, a fully renovated Mandalay Bay Convention Center, which will return 100,000 primary midweek room nights lost in 2023, International Baccarat play further coming back opportunities to enhance our omnichannel marketing offerings to bet MGM and MGM Rewards customers, improving cross-play between regionals and Las Vegas, exceptional high Super Bowl demand as well as a strong event calendar for the balance of the year, including the return of Formula 1 in the fall of '24. And plus the recent completion of the bridge connecting the Cosmopolitan City Center and Bellagio. We've been diligently also working on deploying capital in meaningful ways of our existing resorts with numerous hotel, restaurant and entertainment refreshes.

展望 2024 年，我們看到未來預訂率和上半年的集團步伐將強勁，並且受到一系列有利因素的鼓舞，包括第一季推出萬豪直接預訂、全面翻新的萬豪酒店曼德勒灣會議中心將彌補2023 年失去的100,000 個主要周中間夜數，國際百家樂將進一步發揮回來的機會，增強我們為米高梅和米高梅獎勵客戶投注的全渠道營銷服務，改善地區和拉斯維加斯之間的交叉遊戲，異常高超級碗需求以及今年餘下時間的強勁賽事日曆，包括 24 年秋季回歸的一級方程式賽車。再加上最近完工的連接大都會市中心和貝拉吉奧的橋樑。我們也一直在努力以有意義的方式對我們現有的度假村進行資本配置，對眾多酒店、餐廳和娛樂設施進行更新。

Beyond these domestic operating tailwinds we are underway in Japan, we believe we are well positioned to be awarded a commercial gaming license in New York, and BetMGM is now on a positive path and more of those in just a moment.

除了這些國內運營順風之外，我們在日本也取得了進展，我們相信我們完全有能力在紐約獲得商業博彩牌照，BetMGM 現在正走在一條積極的道路上，而且很快就會有更多這樣的道路。

Turning to our regional operations. Top line trends were solid. In fact, as mentioned previously, we had a record third quarter same-store regional net revenues despite the disruption. Margins were expected in the low 30s. In the Macau market, it is clearly evident that business is booming. In fact, it was a third quarter net revenue adjusted property EBITDA record and surpassed 2019 and adjusted property EBITDAR, mass GGR and visitation. Then to kick off the fourth quarter, we had an amazing Golden Week that led to a market share for October of over 15% and an all-time record adjusted property EBITDAR for the month.

轉向我們的區域業務。營收趨勢穩健。事實上，如同前面所提到的，儘管受到干擾，我們第三季同店區域淨收入仍創歷史新高。預計利潤率在 30 左右。在澳門市場，生意的熱門是顯而易見的。事實上，這是第三季淨收入調整後的房地產 EBITDA 記錄，超過了 2019 年並調整後的房地產 EBITDAR、大眾 GGR 和訪問量。然後，在第四季度伊始，我們度過了一個令人驚嘆的黃金周，導致 10 月份的市場份額超過 15%，並且當月調整後的房地產 EBITDAR 創歷史新高。

Results have been outstanding because of the ingenuity and execution of the team at the MGM China. Looking forward, we are still laser-focused on three key priorities: making opportunistic changes to our casino floor and existing room products to maximize yield, taking care of our mass and premium mass customers and driving international tourism. At MGM Cotai, we will start remodeling of our platinum area for completion early next year. And at the MGM Macau, we have begun planning for a villa upgrade and the addition of six new villas.

米高梅中國團隊的聰明才智和執行力讓我們取得如此出色的成績。展望未來，我們仍然專注於三個關鍵優先事項：對我們的賭場樓層和現有房間產品進行機會性改變，以最大限度地提高收益、照顧我們的大眾和優質大眾客戶以及推動國際旅遊業。在美獅美高梅，我們將開始改造白金區，預計明年初完工。在澳門美高梅，我們已開始規劃別墅升級並增加六棟新別墅。

BetMGM in the U.S. is now live in 28 markets. The team is making great progress with the integration of Angstrom in our sports products adding a merriment of betting options not offered before and single account, single wallet has launched in all the states, but Nevada. The BetMGM team will provide a comprehensive business update next month on their progress.

BetMGM 目前已在美國 28 個市場開展業務。該團隊正在取得巨大進展，將 Angstrom 整合到我們的體育產品中，增加了以前未提供的投注選項，並且單一帳戶、單一錢包已在除內華達州外的所有州推出。 BetMGM 團隊將於下個月提供有關其進展的全面業務更新。

Specific to our international digital efforts and September MGM Resorts and LeoVegas, launched a multimedia marketing supporting the BetMGM brand in the U.K. with Chris Rock leading the campaign. U.K. market is ideal for an initial launch due to its size and the brand recognition of MGM with U.K. customers. Initial KPIs are very encouraging with the first time deposits much higher than expected. We will leverage our recent acquisition of Push Gaming to bring innovative games to the U.K. and ultimately to BetMGM. We will also look for Push to extend into further international markets through existing B2B relationships.

針對我們的國際數位化努力，MGM Resorts 和 LeoVegas 在 9 月推出了支持英國 BetMGM 品牌的多媒體行銷活動，由 Chris Rock 領導。由於其規模以及米高梅在英國客戶中的品牌認知度，英國市場是首次推出的理想市場。初始 KPI 非常令人鼓舞，首次存款遠高於預期。我們將利用最近收購的 Push Gaming 將創新遊戲引入英國，並最終引入 BetMGM。我們也將尋求 Push 透過現有的 B2B 關係擴展到更多的國際市場。

On the development front, we signed our implementation agreement with the City of Osaka in September, and this is effectively our green light to begin the project. The total project cost of JPY 1.27 trillion of which MGM's expected equity contributions of approximately JPY 300 billion, which at current spot is roughly $2 billion, costs have inflated through the course of the progress -- process we have kept the budget unchanged by reducing minor scope around certain areas that will not impact the project returns and by locking in very attractive foreign exchange rates.

在開發方面，我們在九月與大阪市簽署了實施協議，這實際上為我們啟動該計畫開了綠燈。專案總成本為1.27 兆日元，其中米高梅預計的股權出資約為3,000 億日元，目前約為20 億美元，成本在整個進展過程中不斷膨脹——在此過程中，我們透過減少小額支出來保持預算不變圍繞著某些不會影響專案回報的領域進行範圍，並鎖定非常有吸引力的外匯匯率。

We look forward to breaking ground Osaka for it will be Japan's first ever integrated resort. In New York, we have submitted our second round RFA questions to the Gaming Commission and we're prepared to submit our application within 30 days of the date at which the Gaming Commission answers those questions. We believe our existing facility, brand recognition and strong ties for the anchors community, making us a great contender for 1 of those 3 available licenses.

我們期待大阪破土動工，因為它將成為日本首個綜合度假村。在紐約，我們已向博彩委員會提交了第二輪 RFA 問題，並準備在博彩委員會回答這些問題之日起 30 天內提交申請。我們相信，我們現有的設施、品牌知名度以及與主播社群的緊密聯繫，使我們成為這 3 個可用許可證之一的有力競爭者。

In Dubai, our partner [wasl] is under construction on a luxury development, including 1,400 hotel rooms with the MGM Grand, Bellagio and Aria brands. We currently have a hospitality management deal requiring no capital from us. That said, we do significantly -- we do see a significant opportunity if gaming were to be legalized, first in UAE and ultimately in Dubai. We believe they have the best gaming hospitality brands in the world with the best location in Dubai and our existing project could include a world-class gaming component, if approved. And finally, we expect the launch of our strategic relationship with Marriott to begin in early 2024 when we will begin to start taking reservations.

在杜拜，我們的合作夥伴 [wasl] 正在建造一個豪華開發項目，其中包括 MGM Grand、Bellagio 和 Aria 品牌的 1,400 間飯店客房。我們目前有一項酒店管理交易，不需要我們提供資金。也就是說，我們確實做了很多事情——如果博彩合法化，我們確實看到了一個巨大的機會，首先是在阿聯酋，最終是在杜拜。我們相信他們擁有世界上最好的博彩酒店品牌，在杜拜擁有最好的地理位置，如果獲得批准，我們現有的項目可能包括世界一流的博彩組件。最後，我們預計與萬豪的策略關係將於 2024 年初開始啟動，屆時我們將開始接受預訂。

We have launched the official landing page, and we'll soon announce the exciting loyalty benefits we plan to offer to both MGM Rewards and Marriott Bonvoy members and its 180 million members.

我們已經推出了官方登陸頁面，並將很快宣布我們計劃向米高梅禮賞和萬豪旅享家會員及其 1.8 億會員提供令人興奮的忠誠度福利。

In closing, the stability of our domestic business and the focus on margins will be supplemented by BetMGM is approaching profitability as well as by outsized earnings opportunities in Macau as the business continues to ramp further.

最後，我們國內業務的穩定性和對利潤率的關注將得到 BetMGM 接近盈利的補充，以及隨著業務繼續進一步發展，澳門巨大的盈利機會。

We also have long-term drivers with our developments in Japan and New York and our international digital strategy with LeoVegas. When you connect each of these prospects for cash flow generation together, add to it a fortress balance sheet with more cash than debt when excluding MGM China and then considering the fact that we have reduced our current share count by approximately 31% in less than 3 years, and our Board recently approved an additional $2 billion share buyback authorization, we are confident that the company is tremendously positioned to grow its free cash flow going forward.

我們在日本和紐約的發展以及與 LeoVegas 的國際數位策略也有長期驅動力。當你將這些產生現金流的前景聯繫在一起時，如果不包括米高梅中國，再加上我們在不到3 年的時間裡減少了大約31% 的當前股份數量，那麼就會在其中添加一個現金多於債務的堡壘資產負債表。多年來，我們的董事會最近批准了額外 20 億美元的股票回購授權，我們相信該公司在未來增長其自由現金流方面處於有利地位。

With that, and before I lose my voice completely, I will turn this over to Jonathan for more details on the quarter.

這樣，在我完全失聲之前，我會將其轉交給喬納森，以了解有關本季的更多詳細資訊。

Thanks, Bill. Before I get into the financial results, I, too, would like to commend the selfless efforts of all of our employees during our recent cyber security issue. I personally witnessed so many people on our teams go above and beyond to support their colleagues and take care of our customers. As you likely saw in the 8-K, we highlighted an estimated adjusted property EBITDAR impact from the cybersecurity event of approximately $100 million in September.

謝謝，比爾。在公佈財務業績之前，我也要讚揚我們所有員工在最近的網路安全問題中所做的無私努力。我親眼目睹了我們團隊中的許多人竭盡全力支持他們的同事並照顧我們的客戶。正如您可能在 8-K 中看到的那樣，我們強調了 9 月份網路安全事件對調整後財產 EBITDAR 的估計影響約為 1 億美元。

Most of this impact was from a loss in revenue from room cancellations in Las Vegas and our service recovery efforts. We expect the Q4 impact to be limited. With some hotel bookings lost in the first part of October and a brief disruption to the direct mail cadence in our calendar, which affects the regionals more meaningfully than Las Vegas. We remain confident that the losses will be covered by our cyber insurance.

大部分影響是由於拉斯維加斯客房取消和我們的服務恢復工作造成的收入損失。我們預計第四季的影響有限。由於 10 月上半月一些酒店預訂遺失，並且我們日曆中的直郵節奏出現短暫中斷，這對地區的影響比拉斯維加斯更有意義。我們仍然相信我們的網路保險將彌補損失。

Now turning to the results for the quarter. Our consolidated businesses generated net revenues of $4 billion, up 16% from last year. Net income of $161 million and adjusted EBITDAR of $1.1 billion with significant contribution from MGM China.

現在轉向本季的業績。我們的合併業務產生了 40 億美元的淨收入，比去年成長 16%。淨利潤達 1.61 億美元，調整後 EBITDAR 達 11 億美元，其中米高梅中國做出了重大貢獻。

During the quarter, net cash from operating activities was $694 million and free cash flow was $484 million, it's important to note that $197 million in cash flow from operating activities and $8 million in capital expenditures related to MGM China and were included in the quarter.

本季經營活動產生的現金淨額為6.94 億美元，自由現金流為4.84 億美元，值得注意的是，本季包含與米高梅中國相關的1.97 億美元經營活動現金流和800 萬美元資本支出。

In Las Vegas, net revenues of $2.1 billion were down $195 million or 8% compared to the prior year. Adjusted property EBITDAR was down 16% to $714 million. Same-store net revenues, which excludes Mirage from last year were down 2% and same-store adjusted property EBITDAR was down 11%. Las Vegas adjusted property EBITDAR margins were 34%, and we estimate about 200 basis points of margin impact in Las Vegas was related to the cybersecurity issue.

在拉斯維加斯，淨收入為 21 億美元，比前一年減少 1.95 億美元，即 8%。調整後的房地產 EBITDAR 下降 16%，至 7.14 億美元。同店淨收入（不包括 Mirage）去年下降了 2%，同店調整後的飯店 EBITDAR 下降了 11%。拉斯維加斯調整後的房地產 EBITDAR 利潤率為 34%，我們估計拉斯維加斯約 200 個基點的利潤率影響與網路安全問題有關。

At the start of the third quarter, trends were solid in Las Vegas. July and August combined net revenues on a same-store basis were essentially flat versus 2022. Occupancy for the first 2 months was up 100 basis points year-over-year and then fell to 88% in September, down 6 percentage points year-over-year. That being said, we drove a sharp recovery in October with occupancy back up to 95% in Las Vegas.

第三季初，拉斯維加斯的趨勢很穩定。 7 月和 8 月的同店淨收入合計與 2022 年基本持平。前 2 個月的入住率年增 100 個基點，隨後 9 月降至 88%，年減 6 個百分點-年。話雖如此，我們在 10 月實現了大幅復甦，拉斯維加斯的入住率恢復至 95%。

Importantly, while we're still working to negotiate a new collective bargaining agreement with the Culinary Union, we have been accruing for an increase since June 1. We will not provide the full details of that accrual at this time given that we're still in active negotiations, and we'll look to technology and process improvements to help offset the incremental labor costs we expect.

重要的是，雖然我們仍在努力與烹飪聯盟談判一項新的集體談判協議，但自6 月1 日以來，我們一直在增加應計費用。鑑於我們仍在考慮，我們目前不會提供該應計費用的完整細節。在積極的談判中，我們將尋求技術和流程的改進，以幫助抵消我們預期的增量勞動成本。

Turning to the regions. In September, the cybersecurity event also affected the regional properties. Prior to this incident, July and August had a strong start to the third quarter with a 2% increase in same-store net revenues versus last year. Full third quarter revenues of $925 million though were down 5% compared to the prior year, and adjusted property EBITDAR was down 9% to $293 million. Same-store revenues, which exclude Gold Strike were up 1% and same-store adjusted property EBITDAR was down just 2% or $6 million even with the impact of the cyber incident.

轉向地區。 9月的網路安全事件也影響到了區域地產。在此事件之前，7 月和 8 月第三季開局強勁，同店淨收入較去年增長 2%。第三季總收入為 9.25 億美元，較上年同期下降 5%，調整後的房地產 EBITDAR 下降 9%，至 2.93 億美元。即使受到網路事件的影響，同店收入（不包括 Gold Strike）增加了 1%，同店調整後的財產 EBITDAR 僅下降了 2%，即 600 萬美元。

In Macau, our adjusted property EBITDAR of $226 million was a 23% increase compared to the third quarter of 2019. We achieved 28% margins helps them what, by a benefit of $18 million from hold in the quarter. Casino revenues exceeded third quarter 2019 levels, primarily driven by our main floor win. And discounts and incentives as a percentage of gross win were 600 basis points lower compared to 2019, mainly due to the shift from VIP to mass.

在澳門，我們調整後的房地產EBITDAR 為2.26 億美元，與2019 年第三季相比成長了23%。我們實現了28% 的利潤率，這為他們帶來了幫助，本季持有的收益為1800 萬美元。賭場收入超過了 2019 年第三季的水平，這主要是由於我們在主場獲勝的推動。與 2019 年相比，折扣和獎勵佔總利潤的百分比下降了 600 個基點，這主要是由於從 VIP 轉向大眾。

BetMGM is well on pace to achieve its forecast of $1.8 billion to $2.0 billion in net revenues from operations for the year. Our 50% share of BetMGM's operating income in the third quarter was $13 million, marking our first quarter of profitability at BetMGM. We now anticipate fourth quarter corporate expense to be roughly $115 million bringing full year corporate expense less share-based compensation to approximately $450 million.

BetMGM 預計將實現今年 18 億至 20 億美元營運淨收入的預測。第三季我們在 BetMGM 營業收入中所佔的 50% 份額為 1,300 萬美元，這標誌著 BetMGM 第一季實現盈利。我們現在預計第四季度的公司費用約為 1.15 億美元，全年公司費用減去股權激勵後將達到約 4.5 億美元。

This upward adjustment relates to incentive fees in Japan related to the signing of the implementation agreement IT and cybersecurity issue related expenses as well as costs related to the integration of the Cosmopolitan.

此次上調涉及日本境內與簽署實施協議相關的激勵費用、IT和網路安全問題相關費用以及與Cosmopolitan整合相關的費用。

On the development front, in Japan, we expect to commit approximately $2 billion over the next 5 years. Our New York expansion, if approved, will be an all-in project estimated also at $2 billion, of which $1.5 billion will be invested on improvements and $500 million expected for the license fee. We plan to fully fund these projects through free cash flow generated by our operations.

在日本的發展方面，我們預計未來 5 年內將投入約 20 億美元。如果獲得批准，我們的紐約擴建項目將是一個總投資 20 億美元的項目，其中 15 億美元將用於改進，預計 5 億美元將用於許可費。我們計劃透過我們營運產生的自由現金流為這些項目提供全額資金。

I'll conclude with an overview of our free cash flow per share growth algorithm and it's pretty straightforward. First, we're committed to growing EBITDAR by improving our core operational performance, deploying growth capital and high-return projects and by focusing on margins. We create operating leverage by growing our EBITDAR more than our fixed 2% rent escalators.

最後，我將概述我們的每股自由現金流成長演算法，它非常簡單。首先，我們致力於透過提高核心營運績效、部署成長資本和高回報項目以及關注利潤率來成長 EBITDAR。我們透過將 EBITDAR 成長至超過 2% 的固定租金自動扶梯來創造營運槓桿。

Second, we'll continue to buy back our shares as evidenced by the new $2 billion share repurchase program authorized by our Board. In addition to returning share -- or cash to our shareholders, these repurchases turbocharge our free cash flow per share growth. And there is more free cash flow growth on the horizon as we're making significant progress with BetMGM, and we have those 2 exciting growth projects in the pipeline.

其次，我們將繼續回購我們的股票，董事會授權的新的 20 億美元股票回購計畫就是證明。除了向股東返還股票或現金之外，這些回購還促進了我們每股自由現金流的成長。隨著我們與 BetMGM 取得重大進展，更多的自由現金流成長即將到來，我們正在籌備這兩個令人興奮的成長項目。

With that, Bill, back to you.

說到這裡，比爾，回到你身邊。

Thanks, Jonathan. And just some open comments before we talk questions.

謝謝，喬納森。在我們討論問題之前，請先發表一些公開評論。

I'm reminded about the resiliency of this market in our company and our employees. Candidly, this quarter, we went to hell in back with what we all went through with cyber attack. And I'm proud of what we've accomplished, put ourselves back on track.

我想起了我們公司和員工的這個市場的彈性。坦白說，本季度，我們都經歷了網路攻擊，這讓我們陷入了困境。我為我們所取得的成就感到自豪，讓我們重回正軌。

But more importantly, I think as an indicator of this market, fundamentals have changed. We've gone from a month ago in distress to getting ready for the biggest event on one of the second worst weekends as (inaudible) City has ever seen in its ongoing history of occupancy to the biggest event we've ever seen with Formula 1. And so fundamentally, this marketplace has changed. Macau continues to do exceptionally well. Very proud of that team.

但更重要的是，我認為作為這個市場的指標，基本面已經改變了。我們從一個月前的困境，到在第二糟糕的周末之一為最大的賽事做準備，這是（聽不清楚）曼城在其持續佔用歷史上所見過的最大的賽事，再到我們在一級方程式賽車上見過的最大的賽事……從根本上來說，這個市場已經改變了。澳門繼續表現出色。為這個團隊感到非常自豪。

You've seen the market share that it has gained and it will keep. And given that we ultimately have about 3% of the suite product I think we're kicking on all cylinders there and doing the right things, and we're going to look to correct that. If I think about the future, I think about development in Japan in the long haul, hopefully, New York in the midterm, and next year, I think about the ability to unleash 180 million Bonvoy members and Marriott, I get very excited.

您已經看到它已經獲得並將保持的市場份額。考慮到我們最終擁有大約 3% 的套件產品，我認為我們正在全力以赴並做正確的事情，我們將尋求糾正這個問題。如果我考慮未來，我會考慮長期在日本的發展，希望中期會考慮紐約的發展，明年，我會考慮釋放1.8億旅享家會員和萬豪的能力，我感到非常興奮。

And then ultimately, the balance sheet. I think we've been very good fiduciaries. I think the company, Jonathan of note, has done a great job managing it. And we find ourselves in a great position to think about the future and things to do and invest in.

最後是資產負債表。我認為我們一直是非常好的受託人。我認為該公司，尤其是喬納森，在管理方面做得非常出色。我們發現自己處於一個很好的位置來思考未來以及要做的事情和投資的事情。

And with that, operator, I will open this up for questions. So thank you.

那麼，接線員，我將開放這個問題供大家提問。所以謝謝。

(Operator Instructions) And our first question is from Joe Greff with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Joe Greff。

Congratulations on the results. Maybe this is a question for Corey, but for anybody who wants to take it. I kind of think the Mandalay Bay Convention Center coming back is underappreciated as a driver for growth for next year. Can you talk about the group mix for next year? And where you think you'll end up for the group mix for this year in Las Vegas?

祝賀結果。也許這是科里的問題，但對於任何想接受這個問題的人來說。我認為曼德勒灣會議中心的回歸作為明年的成長動力被低估了。能談談明年的陣容嗎？你認為今年在拉斯維加斯的團體組合你會在哪裡結束？

Yes, Joe, this is Corey. We also think it is a big deal. The convention space will be fully renovated by the second quarter of next year. We expect to pick up about 100,000 extra rooms there next year with still opportunities to increase it. And the beauty of that is that's at a high single-digit ADR increase compared to where we are today. So I think all in all, strategically, as that building goes, it fills the South Strip which fills Excalibur, Luxor, which is to the benefit of us as a company.

是的，喬，這是科里。我們也認為這是一件大事。會議空間將於明年第二季全面翻修。我們預計明年將在那裡新增約 10 萬間客房，並且仍有機會增加。其美妙之處在於，與我們今天的情況相比，ADR 的增幅高達個位數。所以我認為總而言之，從戰略上講，隨著這座建築的發展，它填滿了南大道，填滿了盧克索的 Excalibur，這對我們作為一家公司來說是有利的。

Great. And then I think I might know how you're going to answer this one, Bill. Regarding F1. Last night, the Red Rock guys thought that certain casino operator internal expectations for F1 had come down more recently. Can you talk about what you're expecting for F1, if any internal expectations at least directionally have been ratcheted down and I know Caesars in the past that said they thought in isolation, F1 would be an incremental 5% of quarterly EBITDAR. If you kind of want to take a stab, maybe where you think the contribution could end up being for F1 for you guys in Las Vegas? And that's all for me.

偉大的。然後我想我可能知道你將如何回答這個問題，比爾。關於F1。昨晚，紅岩隊的人認為某些賭場營運商內部對 F1 的期望最近有所下降。您能談談您對 F1 的期望嗎？如果任何內部預期至少定向降低，我知道凱撒集團過去曾表示，他們孤立地認為，F1 季度 EBITDAR 將增加 5%。如果你想嘗試一下，也許你認為拉斯維加斯的 F1 貢獻可能會在哪裡？這就是我的全部。

Thanks, Joe. I appreciate the question because if someone wasn't going to ask it, I was going to answer it anyways. We sold over 10,000 tickets to F1. We've sold out a really cool experience with the Bellagio Fountain Club. I think something extremely unique anywhere in the whole sport, but particularly given its location. Our average rate is over $900 for the company. We're going to do over $60 million in incremental hotel revenue for the weekend. And it is 50% above, 50% above any other event we've had in terms of theoretical win.

謝謝，喬。我很欣賞這個問題，因為如果有人不問這個問題，我無論如何都會回答。我們售出了 10,000 多張 F1 門票。我們已經賣完了貝拉吉歐噴泉俱樂部的超酷體驗。我認為在整個運動中任何地方都有一些極其獨特的東西，特別是考慮到它的位置。我們公司的平均費率超過 900 美元。週末我們將增加超過 6000 萬美元的酒店收入。就理論上的勝利而言，它比我們參加過的任何其他賽事都高出 50%。

Now we all know what could happen to theoretical, knock on wood. But there's been nothing quite like it and to have it placed in the weekend that it is, we think, going to be an incredible opportunity for the company and ultimately for the city long term. It has not been without its challenges. Believe me, I'm a local, I get the traffic. I understand it. I understand what our employees are going through.

現在我們都知道理論上會發生什麼，敲木頭。但沒有什麼比這更好的了，我們認為，把它安排在周末，這對公司乃至整個城市的長期發展來說將是一個難以置信的機會。這並非沒有挑戰。相信我，我是當地人，我有交通工具。我明白。我理解我們的員工正在經歷什麼。

But I think long term, it's going to be a big winner. We will figure it all out. There's been a great deal of money invested not only by the properties but ultimately by Liberty and F1. And I think it's going to be an exciting week. It will look back on and say, Yes, we're going to learn some things. But ultimately, something to be cherished for a long time here.

但我認為從長遠來看，它將成為一個大贏家。我們會解決一切的。不僅是房地產公司也投入了大量資金，最終 Liberty 和 F1 也投入了大量資金。我認為這將是令人興奮的一周。它會回顧並說，是的，我們會學到一些東西。但最終，這裡有一些值得長期珍惜的東西。

So, what I would add is this is truly a luxury event, and our properties are completely geared up for that. The location, we have the right database to make this a premium event for our company.

所以，我要補充的是，這確實是一場奢華的活動，我們的酒店已經為此做好了充分的準備。地點，我們擁有合適的資料庫，使這成為我們公司的優質活動。

The next question is from Carlo Santarelli with Deutsche Bank.

下一個問題來自德意志銀行的 Carlo Santarelli。

Bill, you talked a lot about kind of the outlook for next year and obviously, a lot of favorable drivers. As you look at the business today and kind of looking at the nonevent times, how do those -- and I get it in the quarter, obviously, a lot of disruption from the cyber stuff and whatnot. But how do those periods look relative to, say, last year?

比爾，您談到了很多明年的前景，顯然，還有很多有利的驅動因素。當你審視當今的業務以及平淡的時期時，我在本季得到的結果是，顯然，網路等因素造成了很多幹擾。但這些時期與去年相比如何？

Look, and you know how this works, Carlo, better than most. We have a short window in terms of FIT, but we do know events. And so when I think about the Super Bowl, I think about Formula 1 coming back, I think about the fact that we have an NFL team in town that's going to guarantee us at least 8 games, et cetera.

聽著，你知道這是如何運作的，卡洛，比大多數人都清楚。就散客而言，我們的窗口期很短，但我們確實了解事件。因此，當我想到超級盃時，我想到一級方程式賽車的回歸，我想到我們鎮上有一支 NFL 球隊，這將保證我們至少參加 8 場比賽，等等。

It is fundamentally a foundation for business going forward that we haven't had. And back to, Carlo, further -- or prior question, around convention, it continues to grow. We continue to get back to the market mix that we're about 18%, 19% of our base in convention which is obviously the premium rate.

從根本上來說，這是我們目前還沒有的業務發展基礎。回到卡洛，進一步——或者之前的問題，圍繞著慣例，它繼續增長。我們繼續回到市場組合，我們大約是傳統基礎的 18%、19%，這顯然是溢價率。

And so we're excited by all of that. We, through COVID learned a lot. I think you know this, but generally, our casino market share is up, our market mix about 10%. And so we can lean into that, we continue to lean into that heavily. And I do believe Marriott at scale will make a difference. And so while early to tell the pressures that are on us, whether they be wage or for insurance or other premiums are real, but I feel every bit of confidence that we can overcome that, particularly here in Las Vegas and push forward with the kind of results I hope you all expect.

所以我們對這一切感到興奮。我們透過新冠疫情學到了很多。我想你知道這一點，但總的來說，我們的賭場市佔率上升了，我們的市場組合約為 10%。所以我們可以依靠這一點，我們繼續大力依靠這一點。我確實相信萬豪的規模化將會帶來改變。因此，雖然很早就告訴我們面臨的壓力，無論是工資、保險還是其他保費都是真實存在的，但我對我們能夠克服這一點充滿信心，特別是在拉斯維加斯，並以這種方式向前推進的結果希望大家期待。

That's super helpful. And then just if I could follow up. Obviously, Las Vegas table hold, which we saw in the Nevada filings throughout the quarter was very high for the industry on the baccarat side. You guys held well -- so kind of a two-part question. Any help quantifying the EBITDA impact in the period from the higher hold?

這非常有幫助。如果我能跟進的話。顯然，我們在整個季度的內華達州備案文件中看到，拉斯維加斯的賭桌持有量對於百家樂產業而言非常高。你們表現得很好——這是一個由兩部分組成的問題。有什麼幫助量化較高持有期間的 EBITDA 影響嗎？

And the second part is, is there something that's changed outside of game math, which was a long time ago, that's kind of driving what seems to be consistently higher holds for you guys going forward? And is there any thought in kind of reevaluating where those theoretical numbers should be?

第二部分是，在很久以前的遊戲數學之外，是否有一些變化，這在某種程度上推動了你們前進的方向，似乎一直保持在更高的水平？是否有任何想法重新評估這些理論數字應該在哪裡？

Well, I'll take the second one first and turn it over to Jonathan or Corey on the broader one, although I don't want to give because we want it because we lost. But having said that, look, we have more domestic baccarat business than we've ever had. There are three now bets, basically in every baccarat game that people are taking advantage of because they're fun and exciting. But no surprise out there. There's the house advantage couple of the bets are 10% bets on behalf of the house.

好吧，我會先拿第二個，然後把更廣泛的一個交給喬納森或科里，儘管我不想放棄，因為我們想要它，因為我們輸了。但話雖如此，你看，我們的國內百家樂業務比以往任何時候都多。現在有三種賭注，基本上在每個百家樂遊戲中，人們都在利用它們，因為它們既有趣又令人興奮。但並不奇怪。有賭場優勢，其中一些賭注是代表賭場的 10% 賭注。

And so a little shift in play, definite shift in market in terms of international versus domestic. I think some of that bounces itself out. And the other thing we've seen is there's a quantum of very, very high-end customers who really swing this number more than I've seen historically versus a balance of customers all the way through mid-tier and all the way up to the very high end. And so I think you're seeing some of that volatility as well, obviously, this quarter in our favor.

因此，遊戲規則發生了一點變化，國際市場和國內市場的明顯變化。我認為其中一些會自行反彈。我們看到的另一件事是，有一大批非常非常高端的客戶，他們的數位變化確實比我歷史上看到的要大，而客戶的平衡一直到中端，一直到上層。非常高端。因此，我認為您也看到了一些波動，顯然，本季對我們有利。

And as it relates, Carlo to the financial impact of these swings, we've at least domestically tried to get out of the business of giving the puts and takes related to hold. We did, as you noted in my prepared remarks around Macau. But in the domestic business, we're not going to get into that detail.

正如卡羅所說，對於這些波動的財務影響，我們至少在國內試圖擺脫提供與持有相關的看跌期權和看跌期權的業務。正如你在我準備好的關於澳門的演講中指出的那樣，我們做到了。但在國內業務中，我們不打算討論這個細節。

Next question is from Shaun Kelley with Bank of America.

下一個問題來自美國銀行的 Shaun Kelley。

I just want to dig into the sort of the domestic margins a little bit more if it was possible. Obviously, a lot going on between hold, which we just talked about, the impact on cyber and everything else. But I think if we try and adjust for some of these, including the union approval, it looks to us like the margin performance was very good, if we kind of stripped this out, both in regional and in Vegas. When we just look at it versus what happened last quarter.

如果可能的話，我只是想進一步研究一下國內的利潤率。顯然，在暫停之間發生了很多事情，我們剛才談到了對網路和其他一切的影響。但我認為，如果我們嘗試調整其中的一些內容，包括工會的批准，那麼在我們看來，如果我們在地區和維加斯將其剔除，利潤表現會非常好。當我們將其與上季度發生的情況進行比較時。

And I was kind of wondering, does that directionally fit with what you're seeing? And were there any either operating expense improvements or things you were able to kind of do or isolate that helped offset some of the just broad inflationary pressure that we hear about out there across the business?

我有點想知道，這與你所看到的有方向性嗎？是否有任何營運費用改善或您能夠做或隔離的事情有助於抵消我們在整個企業中聽到的一些廣泛的通膨壓力？

Shaun, it's Jonathan. We agree. We think both in the Las Vegas market and in the regional markets when adjusting for the impact of the cyber incident whether you look at it year-over-year or sequentially from the second quarter to the third quarter that our margins were flat to up in those comparisons.

肖恩，我是喬納森。我們同意。我們認為，在拉斯維加斯市場和區域市場，在調整網路事件的影響時，無論是同比還是從第二季到第三季的順序來看，我們的利潤率持平到上升那些比較。

The impact in Las Vegas on margins was about 200 basis points. There was some impact from the accrual in the third quarter that I mentioned related to anticipated increases in labor costs. So when correcting for those, the margin. I thought the margin performance year-over-year and sequentially was pretty good.

拉斯維加斯對利潤率的影響約為 200 個基點。我提到的第三季應計費用與勞動成本的預期增加有關。因此，在糾正這些時，邊距。我認為年比和季比的利潤率表現都相當不錯。

The regions, the margin impact from the cybersecurity incident was less severe, it's less than 100 basis points. For a number of reasons. But even with that modest adjustment, you can see that our margins in the low 30s compared pretty well, both sequentially and year-over-year despite some continued labor cost increases in the regions and actually some more labor content in that business.

在這些地區，網路安全事件對利潤率的影響較不嚴重，不到 100 個基點。出於多種原因。但即使進行了這種適度的調整，你也可以看到，儘管各地區的勞動力成本持續上漲，而且該業務的勞動力含量實際上有所增加，但我們在30 多歲左右的利潤率相比，無論是環比還是同比都相當不錯。

Great. As my follow-up, just quickly, if I could. We've heard more and more about just promotional levels picking up a bit in Macau. And I was wondering if yourselves are, I don't know if Hubert's on the line or somebody could comment a little bit more on just what you're seeing over there?

偉大的。作為我的後續行動，如果可以的話，請盡快。我們越來越常聽到有關澳門促銷力度提升的消息。我想知道你們自己是否是這樣，我不知道休伯特是否在線，或者有人可以對你們在那裡看到的內容發表更多評論嗎？

It seems like based on the share number you disclosed for October and what you talked about, Bill, in the prepared remarks, you guys are doing really well there. But just you talk about that competitive climate a little bit and maybe the margin structure around the really highest end part of premium mass, that would be helpful?

比爾，根據您在 10 月披露的股票數量以及您在準備好的發言中所談論的內容，看來你們做得非常好。但是，只要您稍微談論一下競爭環境，也許圍繞著優質大眾的真正最高端部分的利潤結構，這會有幫助嗎？

Hubert, since we have you up, why don't we kick it to you.

休伯特，既然我們已經把你抓起來了，我們為什麼不把它踢給你。

Sure. Thank you, Bill. Yes. Shaun, I think for the most part, the marketing programs, promotion programs in the market remain pretty rational. We haven't seen irrational behavior among all the operators. And in terms of our own reinvestment, it stays pretty stable quarter after quarter even at the premium mass level. So that's what I see in general. There are a lot of concerts and events that draw a lot of people into the town. And I think that from that perspective, it's incremental to the GGR not only to the market but also to us as well. So I leave it at that.

當然。謝謝你，比爾。是的。肖恩，我認為在很大程度上，市場上的行銷計劃、促銷計劃仍然相當理性。我們還沒有看到所有經營者有非理性的行為。就我們自己的再投資而言，即使在優質大眾層面上，它也每季都保持相當穩定。這就是我的整體看法。有很多音樂會和活動吸引了很多人來到這個小鎮。我認為從這個角度來看，它不僅對市場而且對我們來說都是 GGR 的增量。所以我就這樣吧。

The next question is from David Katz with Jefferies.

下一個問題是來自 Jefferies 的 David Katz。

I wanted to just talk about updated thoughts on leverage on a lease adjusted basis and how you think about that in the context of returning capital. We just have many discussions with management teams about where they'd like to be, whether it's 3 to 4, 4 plus in most cases, lower -- some cases, lower than that. And I would just love your perspective?

我只想談談關於租賃調整後槓桿的最新想法，以及您在返還資本的背景下如何看待這一點。我們只是與管理團隊進行了多次討論，討論他們想要達到的目標，無論是 3 到 4，還是在大多數情況下 4+，或者更低——在某些情況下，低於這個數字。我只是喜歡你的觀點？

Sure. It's Jonathan. And I appreciate the question. It's something we think about a great deal right now on a lease-adjusted basis, suggesting the lease payments by a multiple of 8x. Our leverage is about 3.5x. It's a full turn below what we've talked about as our leverage cap.

當然。這是喬納森。我很欣賞這個問題。我們現在在租賃調整後的基礎上考慮了很多事情，建議租賃付款增加 8 倍。我們的槓桿約為3.5倍。它完全低於我們所謂的槓桿上限。

So a full turn on EBITDAR for us is over $4 billion. We have zero net debt right now. We've been aggressive repurchases of shares. I will say that at these levels of trading in our shares and the value that we think is in there. We would certainly consider taking on some additional financial leverage in order to enable further share repurchases.

因此，EBITDAR 為我們帶來的全面收益超過 40 億美元。我們現在的淨債務為零。我們一直在積極回購股票。我想說的是，在我們股票的交易水準以及我們認為其中的價值。我們當然會考慮採取一些額外的財務槓桿，以實現進一步的股票回購。

Now we have to be mindful, of course, of some of the investments that we have coming up in '24, including in Japan, potentially in New York, depending upon timing. But we feel very comfortable with the leverage levels that we are at and going to that higher level. And one more reason is just because of, we think, the increased diversification of our cash flows and the resiliency of the revenues that we've seen here.

當然，現在我們必須留意我們在 24 年即將進行的一些投資，包括在日本，也可能在紐約，這取決於時機。但我們對目前所處的槓桿水平感到非常滿意，並且將達到更高的水平。我們認為，還有一個原因是我們的現金流日益多樣化以及我們在這裡看到的收入的彈性。

Understood. And if I can, just as my follow-up, we also have a number of discussions with management teams around how they're thinking about dividends among your peers, and how they should be sized and their importance and relevance. And I'd love your thoughts there, too.

明白了。如果可以的話，正如我的後續行動一樣，我們也與管理團隊進行了多次討論，討論他們如何考慮同業之間的股息，以及股息的規模及其重要性和相關性。我也很喜歡你的想法。

Yes. We've made -- and our Board has made the determination that at least for the time being, and I think probably into 2024 that returning cash to our shareholders through share repurchases is going to be the predominant method of doing that. And that's the best way for us to do it right now as opposed to the dividends. So I don't expect to see our dividend policy changing in the next -- certainly in the next 12 months. But the Board will ultimately.

是的。我們和我們的董事會已經做出決定，至少在目前，我認為可能到 2024 年，透過股票回購向股東返還現金將是實現這一目標的主要方法。這是我們現在做這件事的最好方式，而不是股息。因此，我預計我們的股利政策在接下來的時間內（當然在接下來的 12 個月內）不會改變。但董事會最終會這樣做。

The next question is from Dan Politzer with Wells Fargo.

下一個問題來自富國銀行的 Dan Politzer。

First, just following the cybersecurity incident in the quarter, any updated way to think about investments in your IT infrastructure or OpEx related to this as we think about next year?

首先，就在本季發生網路安全事件之後，我們明年是否會考慮與此相關的 IT 基礎設施或營運支出投資的更新方式？

And then just as a follow-up along with that cost structure. I mean, other than the labor uptick, are there any other costs that we should be thinking about that you guys plan to offset for next year, whether it's property insurance or anything else that we should be aware of?

然後作為成本結構的後續行動。我的意思是，除了勞動力增加之外，還有其他我們應該考慮的成本，你們計劃在明年抵消，無論是財產保險還是我們應該注意的其他成本？

Dan, let me kick it off. As it relates to the -- obviously, we've done a whole lot to lock down systems now. But we're going to look at architecture and how we're designed and how we go forward. And so we're probably looking at sometime into next year a $30 million or $40 million capitalization. In terms of IT hardware and Cap that goes into it.

丹，讓我開始吧。顯然，我們現在已經做了很多工作來鎖定係統。但我們將專注於架構、我們的設計方式以及我們如何前進。因此，我們可能會考慮在明年某個時候實現 3000 萬或 4000 萬美元的資本化。就 IT 硬體和資本而言。

In terms of OpEx, while there are things to do, I don't know that they're overly meaningful. A lot of that will get captured by CapEx, but is that 20? 10 to 20 range in terms of operating. The capital we'll find in the general fund, we generally go around $800 million a year to keep this place fresh, and we've got a couple of big remodels next year. So that's not expected to change that greatly.

就營運支出而言，雖然有一些事情要做，但我不知道它們是否太有意義。其中許多將被資本支出捕獲，但這就是 20 嗎？就操作而言，範圍為 10 至 20。我們將在普通基金中找到資金，通常每年花費約 8 億美元來保持這個地方的新鮮感，明年我們將進行幾次重大改造。所以預計這不會有太大改變。

Obviously, the wage increase that is being talked about now with the culinary, Ultimately, I think you all know we're in strike in Detroit, which is a similar program and similar request I might add.

顯然，現在正在與烹飪討論工資增加，最終，我想你們都知道我們在底特律進行罷工，這是一個類似的計劃和我可能會添加的類似要求。

In terms of the percentage, we'll be in play insurance will be in play. Those are probably the two biggest things in terms of a percentage. But even the insurance, cyber and otherwise, well, it has continued to go up and is a staggering thing for you to understand since '19 -- Las Vegas insurance has gone up twofold. And since '19, it's gone up fourfold since in our regional casinos.

就百分比而言，我們將參與保險將發揮作用。就百分比而言，這可能是最重要的兩件事。但即使是保險、網路保險和其他保險，嗯，它也在繼續上漲，自 19 年以來，這是一件令人震驚的事情——拉斯維加斯的保險已經上漲了兩倍。自 19 年以來，我們地區賭場的收入成長了四倍。

So it's something we watch closely. But the overall number and the scale of what we're talking about is still pretty de minimis, and we think we can overcome it, particularly here in Las Vegas.

所以這是我們密切關注的事情。但我們正在談論的總體數量和規模仍然相當微不足道，我們認為我們可以克服它，特別是在拉斯維加斯。

Got it. That's helpful. And then -- just turning bigger picture and longer term, I guess, as you think about Dubai, I mean, do you see a realistic path to getting game legalized there?

知道了。這很有幫助。然後——我想，當你想到杜拜時，我想，只是轉向更大的前景和更長遠的目標，我的意思是，你是否看到了在那裡使遊戲合法化的現實途徑？

And then along with that, if there's any way to obviously have the rendering in the back of the deck, but any way to think about timing, CapEx, ownership structure or path to full ownership, just high level would be helpful?

除此之外，如果有任何方法可以明顯地將渲染放在甲板後面，但有任何方法可以考慮時間、資本支出、所有權結構或完全所有權的路徑，只是高水平會有幫助嗎？

Yes. I mean, look, we think so. Obviously, we've got boots on the ground. I think you all understand our former CEO is now Chair of the Gaming Commission there, which is very real. And so they've taken a swag at it. You all know what Wynn is doing. We like Dubai for all the obvious reasons. There's 20-odd million visitors, they've got 140,000 hotel rooms. That sounds familiar. The current structure we have is hospitality management only. To the extent we actually get into casino, it's obviously we're not a management company for a casino.

是的。我的意思是，看，我們是這麼認為的。顯然，我們已經腳踏實地了。我想你們都知道我們的前執行長現在是那裡的博彩委員會主席，這是非常真實的。所以他們對此很感興趣。大家都知道永利在做什麼。我們喜歡杜拜的原因顯而易見。這裡有20多萬遊客，有14萬間飯店房間。這聽起來很熟悉。我們目前的架構只是酒店管理。就我們實際進入賭場而言，顯然我們不是賭場的管理公司。

We will look to invest equity. Or we will lease the casino. We just don't know. It depends on what a partner and potentially our existing partner wants to do, but know that we literally have somebody on the ground today in discussion. And so it's very front and center with us. It's something we'd like to participate in. We think it could be very meaningful for the company and frankly, the industry, and so we're there at scale.

我們將尋求股權投資。或者我們會租用賭場。我們只是不知道。這取決於合作夥伴以及潛在的我們現有合作夥伴想要做什麼，但要知道我們今天確實有人在現場討論。所以它對我們來說非常重要。這是我們願意參與的事情。我們認為這對公司乃至整個行業都非常有意義，因此我們正在大規模參與。

The next question is from Robin Farley with UBS.

下一個問題來自瑞銀集團 (UBS) 的羅賓法利 (Robin Farley)。

I had a question about, if I'm understanding the slides correctly. You talked about the decline in Vegas, and you said $80 million was due to the cyber issue. And I guess total EBITDA was down $91 million and maybe would have been more without some hold. I know it's -- you won't quantify, but if we -- so if we're thinking about that other $10 million, is that -- is there anything else you would call out because it looks like, I guess, same-store EBITDA would have been down a little bit even without the cyber issue. So just anything else you'd call out there?

我有一個問題，我是否正確理解了幻燈片。你談到了維加斯的衰退，並說 8000 萬美元是由於網路問題造成的。我猜 EBITDA 總額減少了 9,100 萬美元，如果沒有一些保留的話，可能會減少更多。我知道它——你不會量化，但如果我們——所以如果我們考慮另外的 1000 萬美元，是——還有什麼你會說的，因為它看起來像，我猜，是一樣的——即使沒有網路問題，商店EBITDA 也會略有下降。那麼您還有什麼要說的嗎？

Not in particular, only just differences year-over-year that occur. Sometimes it's in gaming results. Sometimes it's in other cost elements, but other than the things that we called out, nothing in particular that we would...

沒有什麼特別的，只是逐年發生的差異。有時它體現在遊戲結果中。有時它是在其他成本要素中，但除了我們指出的事情之外，我們沒有什麼特別的...

And I think obviously, 2022, particularly third quarter was an all-time quarter. And so just as an equal comparative, you've got to keep that in perspective.

我認為顯然，2022 年，特別是第三季是歷史上最出色的季度。因此，作為平等比較，你必須正確看待這一點。

Okay. Great. Helpful. And then just as a follow-up, looking at the level of repurchase. I know I think at times during the third quarter, you talked about sort of potentially looking at different international iGaming opportunities. And should we conclude given the amount of repurchase, if you continue with this rate, you will have kind of used up maybe, I think you can call it excess liquidity or something in your slides that, that will be down to just a couple of hundred million by the end of the year if you kind of maintain the same rate of repurchase that we saw here. Should we think about that as a sign that you're less interested in making an acquisition in iGaming internationally?

好的。偉大的。有幫助。然後作為後續行動，看看回購的水平。我知道我認為在第三季度，您有時談到了可能尋找不同的國際 iGaming 機會。如果我們得出結論，考慮到回購的數量，如果你繼續維持這個利率，你可能會用完，我想你可以稱之為流動性過剩，或者幻燈片中的其他東西，這將下降到只有幾個如果你保持與我們在這裡看到的相同的回購率，那麼到今年年底將達到 1 億美元。我們是否應該將此視為您對收購國際 iGaming 不太感興趣的跡象？

Well, look, if you're referencing Entain, which I think you are, our position has not changed. If we think about iGaming and the platform, obviously, we've gotten aggressive in U.K. and we're excited by what that opportunity brings. Obviously, it's a highly developed market, but we've taken some share. We've got a meaningful brand, and it's good to see our LeoVegas team go up against, I think, some of the best and say all they can do.

好吧，聽著，如果你指的是 Entain（我認為你是這樣），我們的立場沒有改變。如果我們考慮 iGaming 和平台，顯然我們在英國已經變得積極進取，我們對這個機會帶來的東西感到興奮。顯然，這是一個高度發展的市場，但我們已經佔據了一些份額。我們擁有一個有意義的品牌，很高興看到我們的 LeoVegas 團隊與我認為最優秀的團隊進行對抗，並竭盡全力。

We look to take that to other places. We're looking at Brazil closely. We're looking at other European countries closely. We -- obviously, with the advent or the purchase of Push Gaming, we're in the content business now, both for ourselves, hopefully for BetMGM and for other customers that they had when we acquired them. And so we'll continue to look to expand internationally. Gary Fritz is leading that effort mostly through our LeoVegas enterprise, and we'll see where it all goes.

我們希望將其帶到其他地方。我們正在密切關注巴西。我們正在密切關注其他歐洲國家。顯然，隨著 Push Gaming 的出現或收購，我們現在進入了內容業務，無論是為了我們自己，還是為了 BetMGM，以及我們收購他們時他們擁有的其他客戶。因此，我們將繼續尋求國際擴張。加里·弗里茨 (Gary Fritz) 主要透過我們的 LeoVegas 企業領導這項工作，我們將看看這一切會走向何方。

And I thought that you might -- last week and he said something about how they expect to invest more in the joint venture next year even though you guys have talked about being EBITDA positive. And you didn't necessarily call that out, but would we assume that you would invest equally. In other words, that you would maintain that 50%, if they're talking about investing more, you're thinking about doing the same thing for BetMGM. And then that's it?

我認為你們可能會——上週，他談到了他們希望明年對合資企業進行更多投資的事情，儘管你們已經談到了 EBITDA 為正值。您不一定會指出這一點，但我們會假設您會進行同等投資嗎？換句話說，你會維持 50%，如果他們談論更多投資，你會考慮為 BetMGM 做同樣的事情。然後就這樣了？

Okay. Thanks, Robin. And look, I'd love them to invest more than us, but that's not the way it's going to work. So yes, we'll invest on purpose side by side. We believe in that business, we recognize, particularly as it relates to sports that our product over the last 18 months wasn't where it needed to be. And you've seen us do a great deal of work around single account, single wallet and Entain bought Angstrom, which we think will be a very -- not will be is, and becoming a very good push for us with Parley product for odds, the quantum of odds that we set, the amount that we can put out there. And so we're excited by that acquisition and what that's brought to the business.

好的。謝謝，羅賓。看，我希望他們比我們投資更多，但這不是它的運作方式。所以，是的，我們將並肩進行有目的的投資。我們相信這項業務，我們認識到，特別是與體育相關的業務，我們的產品在過去 18 個月中沒有達到其所需的水平。你已經看到我們圍繞單一帳戶、單一錢包做了很多工作，Entain 收購了 Angstrom，我們認為這將是一個非常——不會是的，並且通過 Parley 產品成為一個非常好的推動力。 ，我們設定的賠率，我們可以投入的金額。因此，我們對此次收購及其對業務帶來的影響感到興奮。

Ultimately, we will get attained in Nevada, we believe, in the first quarter. which will then make single wallet available and therefore, omnichannel throughout our network, principally here with our decisive advantage of Las Vegas as a single wallet account. We think that will be meaningful. And we will then see once product is understood, more clearly how much to invest.

我們相信，最終我們將在第一季在內華達州取得勝利。然後，這將使單一錢包可用，因此在整個網路中實現全通路，主要是憑藉我們拉斯維加斯作為單一錢包帳戶的決定性優勢。我們認為這將是有意義的。一旦了解了產品，我們就會更清楚知道要投資多少。

But when you talk about a quantum of dollars and you think about the overall scheme of what's been accomplished, it won't be large. It's not like where we've been. But if somebody said you need to invest another $50 million to make sure your long-term value is there. I'm shooting for end of '25 as a goal. Where are we going to be? Has this thing really begun to do the kinds of things, I think we all think and expect and hoping to do.

但當你談論一筆資金並考慮已完成的總體計劃時，它不會很大。這不像我們去過的地方。但如果有人說你需要再投資 5000 萬美元才能確保你的長期價值存在。我的目標是 25 年底。我們要去哪裡？我想這件事真的開始做我們都在思考、期待、希望做的事情了嗎？

And so we'll continue to invest accordingly and appropriately and purposefully with these guys because we believe -- look, we're still #3. We're still #1, although I noted DraftKings this month. But year in and year out, we've been #1 in iGaming. And so we've got a very big position we want to protect and we'll continue to do so.

因此，我們將繼續對這些人進行相應、適當和有目的地的投資，因為我們相信——看，我們仍然是第三名。儘管我本月注意到了 DraftKings，但我們仍然排名第一。但年復一年，我們在 iGaming 領域一直排名第一。因此，我們想要保護一個非常重要的地位，我們將繼續這樣做。

The next question is from Barry Jonas with Truist Securities. Mr. Jonas, perhaps your phone is on mute.

下一個問題來自 Truist Securities 的 Barry Jonas。喬納斯先生，也許您的手機處於靜音狀態。

I appreciate the commentary on F1, but curious if you can provide any additional color or metrics on how Super Bowl is shaping up?

我很欣賞對 F1 的評論，但很好奇您能否提供有關超級碗如何形成的任何其他顏色或指標？

Yes, I'll kick it off, with Corey. It's interesting, where we've seen a great deal of international single visitation on F1, Super Bowl, maybe not to your surprise is about Corporate America. And so it is showing up in multiples in terms of multiple groups taking -- Corey, if you take just a great deal of inventory.

是的，我會和科里一起開始。有趣的是，我們在 F1、超級盃上看到了大量的國際單次訪問，也許您對美國企業界的訪問並不感到驚訝。因此，如果您只提取大量庫存，那麼就多個組的獲取而言，它會以倍數的形式出現——科里。

Yes. If you look at the large -- the groups that have booked for programs for F1, we're actually about double in Super Bowl. So we're seeing some really strong demand there. It's driving ADR. We're pretty optimistic about what Super Bowl will bring for us from a casino and leisure side.

是的。如果你看看那些已經預訂了 F1 計畫的大型團體，你會發現我們在超級盃比賽中的人數實際上大約是兩倍。所以我們看到那裡有一些非常強勁的需求。它正在推動 ADR。我們對超級盃將為我們帶來賭場和休閒方面的影響非常樂觀。

Great. Great. And then just as a follow-up. As you look across your markets or other parts, maybe parts of the database, are you seeing any noticeable impact from the macro environment we're in?

偉大的。偉大的。然後作為後續行動。當您查看市場或其他部分（也許是資料庫的部分）時，您是否看到我們所處的宏觀環境有任何明顯的影響？

No, we're not really seeing any -- we continue to book at the elevated ADRs, the regional trips and rated days customer values seem to be where they've been in the past.

不，我們並沒有真正看到任何變化——我們繼續以較高的平均房價預訂，區域旅行和評級天數的客戶價值似乎與過去相同。

Barry, I think the discussion will ultimately come down to the regionals, not necessarily top line but bottom line in margin. And just keeping those things going strong. obviously, we'll wait and see what happens in Detroit here, but we'll come out of that like we always do. And then it will be about regional margins, I think, in bottom line more than top line, at least as anything we can see to suggest that.

巴里，我認為討論最終將歸結為地區問題，不一定是頂線，而是利潤率的底線。並且讓這些事情保持強勁。顯然，我們會等著看底特律會發生什麼，但我們會像往常一樣走出困境。然後，我認為，這將是關於區域利潤的，在底線方面比在頂線方面更重要，至少我們可以看到任何表明這一點的情況。

The next question is from John DeCree with CBRE.

下一個問題來自 CBRE 的 John DeCree。

Maybe one more to shift back to Macau. If you were still with us. The trends in recovery in Macau are still tracking along nicely for the market as a whole. There's obviously a lot of discussion about macroeconomic issues in China. So there seems to be a decoupling.

也許還有一趟要轉回澳門。如果你還在我們身邊就好了。對於整個市場來說，澳門的復甦趨勢仍然良好。顯然，中國有很多關於宏觀經濟問題的討論。因此，似乎存在脫鉤。

Curious to get your thoughts on that. And then more specifically, the next leg of the recovery as we march forward. Obviously, airlift back to Macau and Hong Kong is still a place of recovery. But curious your views on the differences in Macau and China consumer more broadly and then how you see the next leg of the recovery playing out?

很想知道你對此的想法。更具體地說，是我們前進時復甦的下一步。顯然，空運回澳門和香港仍然是一個恢復地點。但想知道您對澳門和中國大陸消費者更廣泛的差異的看法，以及您如何看待下一步的復甦？

Go ahead, Hubert.

繼續吧，休伯特。

Yes. Thanks, John, for your question. I think that, first of all, I think Macau, I believe that the recovery is going to continue. The government issued their forecast for next year during their budget session. And we are looking at a GGR number for next year, around USD 27 billion for the entire year. And this is quite consistent with our belief, our own expectation and the market consensus as well.

是的。謝謝約翰的提問。我認為，首先，我認為澳門，我相信復甦將會持續下去。政府在預算會議上發布了對明年的預測。我們正在考慮明年的 GGR 數字，全年約為 270 億美元。這與我們的信念、我們自己的期望、市場的共識非常一致。

Now I think, yes, in China, there is some softness in its overall macroeconomic situation. The GDP growth is around 4% to 5%, which is at the trough, if you look at the long-term window period. But I believe that Macau is not the average of -- reflection of the average GDP growth or spending pattern in China. .

現在我認為，是的，在中國，其整體宏觀經濟狀況有些疲軟。從長期窗口期來看，GDP成長率在4%到5%左右，處於低潮。但我相信澳門並不是中國平均GDP成長或支出模式的反映。 。

We, as a town, cater to about 30 million visitations a year. The unique visitation is probably less than half of that. It's still a very small number in the grand scheme of population in China. So we cater to the really the, I would say, the economic -- in China, the middle class and upper middle class.

作為一個城鎮，我們每年接待約 3000 萬人次的遊客。獨特的訪問量可能還不到一半。在中國龐大的人口計劃中，這仍然是一個很小的數字。因此，我想說的是，我們真正迎合的是經濟——在中國，中產階級和中上階級。

And there is a recent report if you can refer to also talk about, even in China, the consumption of the team high-income group and the base mass is very different. You see continued growth on luxury goods purchase at the high income group, while the mass you have seen a decline.

而且最近有一份報告大家可以參考一下也講一下，即使是在中國，團隊高收入群體和基層群眾的消費也是有很大不同的。高收入群體的奢侈品購買量持續成長，而大眾群體的奢侈品購買量卻在下降。

So I think that Macau is positioned to cater to the group with high spending. And this is I think what every concession there, along with the government is trying to do to capture that group and their visitation into the market. So I think -- I hope that answers your question, John.

所以我認為澳門的定位是迎合高消費族群。我認為這就是那裡的每項讓步以及政府正在努力吸引該群體及其進入市場的機會。所以我想——我希望這能回答你的問題，約翰。

Yes. Hubert that's great. I appreciate that commentary, very helpful. Maybe one for Bill or Jonathan back on the U.S. as a follow-up. Couple of different questions on OpEx, inflation, and property insurance being a big one that a lot of folks have talked about, Bill, you've just commented on that. But maybe looking ahead, excluding labor, which we've talked about, is it your visibility and OpEx? Does it feel like the inflationary impacts have been borne already? Or what do you expect going forward? I guess, kind of your outlook for cost inflation over the next couple of months from where you have visibility?

是的。休伯特，太棒了。我很欣賞這個評論，非常有幫助。也許比爾或喬納森回到美國作為後續行動。關於營運支出、通貨膨脹和財產保險的幾個不同問題是很多人談論的一個大問題，比爾，你剛剛對此發表了評論。但也許展望未來，排除我們已經討論過的勞動力，是您的可見性和營運支出嗎？是不是覺得通膨的影響已經被承受了？或者說你對未來有何期待？我想，從您的可見度來看，您對未來幾個月的成本通膨有何展望？

Yes, setting -- it's Jonathan. Thanks, John. Setting labor cost aside for a moment and even insurance, which is in a way, it's more pronounced in a couple of our regional properties than it is in our Las Vegas businesses. We expect inflation in our -- some of our core inputs to be low single digits. And -- but at the same time, Corey and his team have dozens of initiatives against our cost structure so that we can minimize the impact on that overall and maintain margins in our Las Vegas businesses in the range that they've been for the past several quarters.

是的，背景——這是喬納森。謝謝，約翰。暫時拋開勞動力成本，甚至保險成本，在某種程度上，它在我們的一些區域性物業中比在我們的拉斯維加斯業務中更為明顯。我們預計我們的一些核心投入的通膨率將低至個位數。但與此同時，科里和他的團隊針對我們的成本結構採取了數十項舉措，以便我們可以最大限度地減少對整體成本的影響，並將拉斯維加斯業務的利潤率維持在過去的範圍內幾季。

So the thing is in Las Vegas, we have quite a few levers that we can use to offset the impact of that. So again, setting the labor aside, we're confident that we can hold the line on those other costs.

因此，在拉斯維加斯，我們有很多槓桿可以用來抵消其影響。因此，拋開人工因素不談，我們有信心控制其他成本。

The next question is from Chad Beynon with Macquarie.

下一個問題來自麥格理的查德貝農 (Chad Beynon)。

I know a few calls ago, we spent a lot of time on the Marriott strategic partnership. And Bill, you talked about that as a catalyst for '24 when that launches. Can you just give us an update since it was slightly delayed just in terms of how we're thinking about the overall impact kind of replacing those lower-yielding rooms to Marriott direct customers. If we should start to see that real benefit in '24. Or does it just appear that the city is busy enough right now where maybe we're not getting that full benefit, and this will be more of a '25 and beyond positive for you guys?

我知道在幾次通話之前，我們在萬豪戰略合作夥伴關係上花了很多時間。比爾，你談到這是 '24 推出時的催化劑。您能否向我們介紹最新情況，因為我們考慮將那些收益較低的客房更換為萬豪直接客戶的整體影響方面略有延遲。如果我們應該在 24 年開始看到真正的好處。或者只是看起來這座城市現在已經足夠繁忙了，也許我們沒有得到充分的好處，而這對你們來說將是 25 年及以後的更積極的事情？

No. I think it's '24 because I think the booking cycle for Las Vegas, even with this group because we've seen it obviously mirrored Cosmopolitan is pretty much in line with everything else. They go a little earlier because they want to make sure they can use their points, et cetera. But there's a clear window over the next couple of months.

不。我認為是 24 年，因為我認為拉斯維加斯的預訂週期，即使是這個團體，因為我們已經看到它明顯反映了 Cosmopolitan 的情況，與其他一切都非常一致。他們提前一點去，因為他們想確保他們可以使用他們的積分，等等。但未來幾個月有一個明確的窗口。

So once we launch it, we think it ramps fairly quickly. And I think by the third and fourth quarter of next year, this time next year, we ought to be -- have a real good feel for what it's going to provide. The group activity that will be part of it is a little different discussion and we'll take more time given the obvious nature and cycle of that business. And remember, I think the first year, we're looking for $50 million to $75 million in incremental.

因此，一旦我們推出它，我們認為它的成長速度相當快。我認為到明年第三和第四季度，也就是明年的這個時候，我們應該對它將提供的功能有一個真正的良好感覺。其中的小組活動會進行一些不同的討論，考慮到該業務的明顯性質和週期，我們將花費更多時間。請記住，我認為第一年我們需要 5,000 萬至 7,500 萬美元的增量。

And there's nothing to believe even despite the delay candidly, there's nothing to believe we won't recognize or realize that.

坦白說，儘管有延誤，但沒有什麼值得相信的，沒有什麼可以相信我們不會認識或意識到這一點。

Okay. Great. Another one with respect to '24 in terms of Lunar New Year. I believe Lunar New Year and Super Bowl are coinciding over the same periods. Have you seen any indication just in terms of bookings from some of that international Bacc play? Does that come in a little bit closer to that event? And given that Super Bowl is around the same time, should we expect a lower positive from that?

好的。偉大的。另一篇是關於24年農曆新年的。我相信農曆新年和超級盃是在同一時期發生的。您是否在一些國際 Bacc 比賽的預訂方面看到過任何跡象？這是否與該事件更接近一些？鑑於超級盃大約在同一時間舉行，我們是否應該期待較低的正面結果？

Well, yes, they do line up. So I can't change that. But it's one of the few years that they do. So what I think you'll see, we've seen increasing international Bacc play as year has gone on, and I think we'll see it hopefully and believe it will continue into 2024. I think we're going to see a lot of folks at a football game who don't necessarily know football very well whether or inviting guests or want to see a spectacle. And so yes, there's some overlap to it.

嗯，是的，他們確實在排隊。所以我無法改變這一點。但這是他們為數不多的幾年之一。所以我想你會看到，隨著時間的推移，我們看到國際Bacc 比賽的數量不斷增加，我認為我們會滿懷希望地看到它，並相信它會持續到2024 年。我認為我們會看到許多觀看足球比賽的人不一定非常了解足球，無論是邀請客人還是想看一場精彩的比賽。是的，其中有一些重疊。

But we feel pretty positive. It's just frankly too early to tell. Most of those customers other than a holiday period, which I guess this is, but they react fairly quickly at the last minute and say I'm coming. And so we'll know about 60 days, 45 days out, really more what the activity case will look like.

但我們感覺非常積極。坦白說，現在下結論還為時過早。大多數顧客都不是假期，我猜這是假期，但他們在最後一刻反應相當快，說我要來。因此，我們將了解大約 60 天、45 天後的情況，並進一步了解活動案例的情況。

And for that holiday, it does expand for a little bit over a week. So we will separate the party from the Super Bowl to make sure that we maximize both opportunities.

對於那個假期，它確實延長了一周多一點。因此，我們將把派對與超級盃分開，以確保我們最大限度地利用這兩個機會。

Hopefully, there's a compounding effect. I appreciate it.

希望能產生複合效應。我很感激。

And the last question today is from Jordan Bender with JMP Securities.

今天的最後一個問題來自 JMP 證券的 Jordan Bender。

We've talked about in past calls just on the ease -- relocation -- and if there is a CapEx requirement, maybe is part of that. But does it make sense to maybe potentially expand the asset base on the south end of the strip just given your liquidity position?

我們在過去的電話會議中只討論了搬遷的便利性，如果有資本支出要求，也許是其中的一部分。但考慮到您的流動性狀況，擴大該地帶南端的資產基礎是否有意義？

So update, I literally was with their team and their owner yesterday. They are excited to be coming. The vote is, I think, on the 16th for the owners. And obviously, they have to get through that. They won their court case this week, which was important. There was a petition here in Nevada to slow them down. And so -- and they actually showed me the design, which was spectacular, I might add. So we're all excited by that.

所以更新一下，昨天我確實和他們的團隊和老闆在一起。他們很高興能來。我認為，業主投票將於 16 日進行。顯然，他們必須渡過難關。他們本週贏了官司，這很重要。內華達州有人請願，要求放慢速度。所以——他們實際上向我展示了設計，我可以補充說，這非常壯觀。所以我們都對此感到興奮。

Look, I think you'll see is, particularly, I've mentioned this briefly, rethink about the MGM of note. It's our legacy brand. It's on the corner of Tropicana Las Vegas Boulevard. It's 30 years old and it needs some attention, particularly at the front end of intersection. And so I think you'll see us invest there.

看，我想你會看到，特別是，我已經簡要地提到過這一點，重新思考值得注意的米高梅。這是我們的傳統品牌。它位於 Tropicana 拉斯維加斯大道的拐角處。它已經有 30 年歷史了，需要一些關注，特別是在十字路口的前端。所以我想你會看到我們在那裡投資。

I think you'll see us invest in the way people move around that corner and make it in concert and synergistic with the design I saw yesterday. We've already connected our architect with theirs to kind of talk about all of that. And to the extent we really see this thing going up in the air, and I think we will. I think over time, if Las Vegas continues to do the kinds of things it's been doing, we'd be foolish not to.

我想你會看到我們對人們在那個角落移動的方式進行投資，並使其與我昨天看到的設計保持一致和協同。我們已經將我們的建築師與他們的建築師聯繫起來，討論所有這些。就我們真正看到這件事在空中升起的程度而言，我想我們會的。我認為隨著時間的推移，如果拉斯維加斯繼續做它一直在做的事情，我們不這樣做就太愚蠢了。

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。我想將會議轉回比爾·霍恩巴克 (Bill Hornbuckle) 發表閉幕詞。

Thanks, operator. I made my comments earlier. Again, I just want to call out to our staff here for getting us through the cyber attack. I appreciate everyone's patience with us. I appreciate your trust in us, and ultimately, anyone coming next week, let's go racing because I want to have some fun for (inaudible) at this. Thank you all.

謝謝，接線生。我早些時候發表過我的評論。再次，我想向我們的員工表示感謝，感謝他們幫助我們度過了網路攻擊。我感謝大家對我們的耐心。我感謝您對我們的信任，最後，下週來的任何人，讓我們去比賽吧，因為我想從中獲得一些樂趣（聽不清楚）。謝謝你們。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。